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.
Cyprus Regulatory Update: Shell Company Definition & Exceptions
The Central Bank of Cyprus has released new guidance for all credit institutions on the island, refining the definition for shell companies and subsidiary entities; coming into effect from November 2018, which are detailed as follows:
Singapore Variable Capital Company VCC: New Features & Benefits
The introduction of the VCC is a significant positive for the Singapore funds industry. Its aim is to retain Singapore as an attractive business destination and to keep investors wishing to domicile locally.
Consolidated Accounts for Hong Kong Companies: Subsidiary Requirements
As per Hong Kong company’s ordinance subdivision 3 section 379 subsection 1, a Company Director will have to prepare year-end financial accounts that comply with sections 380 and 383.
Challenges of Our Time: Cryptocurrencies & Their Regulation
The very concept of cryptocurrencies derives from technologies and the creation of alternatives to existing payment systems, which for the most part is caused by the negative consequences of financial crises and the injustice within the sphere of financial and legal regulation. Many people are convinced that the cryptocurrency is likely to become an alternative to the established global financial system and open new opportunities to those segments of the population and citizens of those countries that are deprived of the opportunity to work with the banking financial system.
The Tax System in Poland: Benefits & Overview
The tax system in Poland is one of the most loyal for both large and small businesses in the country. There are two levels in the system that relate not only to residents of Poland, but also to foreigners. The Polish tax system consists of administrative taxes (duties are paid directly to state bodies) and local taxes (the process is similar to the previous type). Therefore, Poland is one of the European countries with a stable economic position, whose attractive system attracts citizens from neighbouring countries to conduct business within the country. It is the Polish taxation system that is advantageous for businessmen willing to enter the international market.
The reasons of abolition of the Company Secretary in UK Private Companies
The role of Corporate Secretary can be a position in a private sector company or within the public sector organisation. In large, publicly-listed corporations, a Company Secretary is typically named a Corporate Secretary or just a Secretary. The Company Secretary is responsible for the efficient administration of a company, particularly with regards to ensuring compliance with statutory and regulatory requirements and also for ensuring that decisions of the board of directors are implemented.
The Dematerialisation of Shares in the UK: Current Update & Assessment
Business is an area that is continuously developing. An integral part of both business and economics are companies. It is possible to say that companies dictate the conditions of the market to a certain extent. Any public or private company has its own shares; a share is a security that provides a portion of ownership of the company and gives the holder the right to a part of the profits.
Current Information on the Payment of Cyprus Taxes for Pensions & Rental Income
Cyprus employees who are considered to have tax resident status, pay tax on their global income. Employees not considered to be tax resident are only charged for specific types of income that are originating from Cyprus-based sources.