Procedure of company registration
In order to register a Limited Liability Company the following is required to be submitted to the Register Court:
- Public Deed of Incorporation executed before a Notary Public.
- Declaration of all members of the board of directors stating that either cash contributions or contributions in kind have been made to the company on registration.
- Evidence of appointment of the first officers of the company, together with a list of persons, if they have not been appointed by the deed of company formation.
- Statement of the shareholders, specifying the full names of individual shareholders or corporate name of the shareholders detailing the number and value of shares held by each and signed by the Board of Management.
- Specimen signatures of the members of Board of Directors made in the presence of a court or certified by a notary.
The incorporation process can take between 2-3 months however Eltoma Corporate Services recommend purchasing a shelf company to avoid the long timeframe involved with incorporation. If a shelf company is being purchased a visit to Poland is required in order to complete formalities. The Company can be transferred with a Power of Attorney however there is a charge attached to this (see below) and also the timescale for transfer will take longer, approximately 2 weeks to complete.
Opening a Bank Account in Poland:
Poland is a strong regional center for the international banking community and many major institutions have a presence in Warsaw however opening a bank account in Poland requires a visit to ensure account opening. If you require any additional information please contact Eltoma Corporate Services.
The Belize IBC Amendment Act 2017: 3 notable changes for businesses
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Cryptocurrency & ICOs as securities & virtual commodities as per Hong Kong law
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New licensing regulations for Trusts & Service Providers in Hong Kong
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The terms of Hong Kong's new register of significant controllers and what it means for companies
As per new legislation, from March 1st 2018, every company incorporated in Hong Kong will be required to keep and maintain a register of all persons who have significant control of the company. The record must be updated as required and kept at the registered company address, even if there are no persons of significant control.
The pros & cons of European Passport-by-Investment schemes
In a bid to rebuild the dwindling economy in Cyprus shortly after the financial crisis four years ago, the government launched a passport-by-investment program to temp wealthy foreigners with citizenship in exchange for an investment of no less than €2 million into the Cyprus economy.
Using the Cyprus Non-Dom scheme for beneficial tax planning
In an attempt to improve and simplify the Cyprus tax system as well as to remain a highly compliant and attractive jurisdiction, the introduction of the non-domicile (shortened to Non-Dom) scheme aims to give Cyprus a competitive edge over other jurisdictions.
How are Cyprus banks handling the island's high rate of NPLs? Can more be done to combat them?
It is no secret that the Cyprus banking sector is struggling with the overwhelming level of Non-Performing Loans (NPLs), no matter the efforts exerted by the main banks in Cyprus by following conventional banking models to balance their profit/loss reports, NPLs remain to be the proverbial hole in the bucket.
Income tax exemptions for expats living in Cyprus: what are your options?
Situated in the Eastern Mediterranean, the Republic of Cyprus boasts a strategic geographical location at the hub of three continents; Europe, Asia and Africa and a pleasant sunny climate year round.