Procedure of company registration
In order to proceed with formation the following documents are required:
- Certified passport copy for all directors and shareholders
- Residential address proof
- For a Corporate Shareholder the following original documents with Apostille are required (dependent upon jurisdiction of registration) certificate from the commercial register / certificate of incumbency / certificate of registration. Documents will be required to be translated in Hungarian.
The following documents will then be sent for signing. All documents signed are in English and Hungarian. The following documents must be signed and notarized and the originals returned. Once the following has been received then the company will be incorporated in approximately 1 week. It will take another month for the court to register the company however the company can be operational during this period.
- Foundation Document / Articles of Association
- Register of Shareholders
- Declaration of Executive Officer
- Specimen signatures for the Company Manager / Director
- Document of Nominal Capital Paid
- Declaration for Tax Office and Declaration for Register of Court
- Power of Attorney (for carrying out the registration procedure)
When the company has been registered all original corporate documents will be sent by courier.
Protection of Nominee Directors from IRD claims for Cyprus client companies
Legislation re Cyprus Tax Residency:
Cyprus Company Law: Responsibility of Directors for the non-payment of taxes
A Company Director, in a company incorporated under the laws of the Republic of Cyprus, may be found liable by the Inland Revenue or Customs & Excise with regarding tax related issues. As per the legislation, the Inland Revenue or Customs & Excise may personally prosecute the Company Directors who are involved in any taxation offence(s) or related financial matters.
Inward re-domiciliation: changes to the Singapore Companies Act allowing foreign firms to re-domicile to Singapore
In order to ensure that the regulatory regime of Singapore continues to be robust, relevant and in line with international norms, on the 30th of March 2017, the Companies (Amendment) Act 2017 of Singapore was gazetted. Among the number of amendments to the Companies Act, the provisions for the inward re-domiliation regime are arguably the most important in further boosting Singapore’s character as a business hub.
Inward re-domiciliation: Key changes to the Singapore Companies Act make company relocation to Singapore easier than ever
Last March, the Singapore Government amended the Singapore Companies Act 2017 which introduced an inward re-domicile (or relocation) regime in an effort to boost Singapore’s attractiveness as a business hub.
Cryptocurrencies: technical and legal overview
In this article, we will try to succinctly describe the technical and legal characteristics of Cryptocurrencies. The understanding of Cryptocurrencies is crucial for today’s modern payment services and investment opportunities around the world. We have seen the increasing importance that this topic has acquired in the last few months and the rise of the price of the most popular type of Cryptocurrency, the Bitcoin, from $0.06 cents of a dollar in 2010 to $5,518.85 by the 25th of October, 2017.
The Belize IBC Amendment Act 2017: 3 notable changes for businesses
Belize has amended its International Business Companies Act. These changes were to maintain its financial services industry in the increasingly regulated international market & meet the OECD white list requirements.
Cryptocurrency & ICOs as securities & virtual commodities as per Hong Kong law
The Hong Kong Securities and Futures Commission has remarked upon the growth and popularity of Initial Coin Offerings (ICOs) for raising money not only in Hong Kong but other Asian countries. This article confirms and explains how digital tokens that are offered or sold may be defined as "securities" and as such are therefore governed by the relevant securities legislation of Hong Kong.
New licensing regulations for Trusts & Service Providers in Hong Kong
As per new regulations, all Hong Kong businesses providing Trustee Services, including Corporate Service Providers will not be able to operate without a valid trading license after March the 1st 2018. The new scheme is designed to better regulate individuals carrying out services within the financial sphere in Hong Kong and will be overseen and administered by the Hong Kong Companies Registry.