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 UK Persons of Significant Control Register & its impact on companies
The requirement to maintain a register of people with significant influence or control, more commonly known as the PSC register was introduced to mandate all unlisted companies in the UK, including LLPs and dormant companies to maintain a register identifying those with significant control over a company.
Cyprus implements the Hague Convention, legally recognising Trusts as a type of Equitable Law
This year, the Republic of Cyprus ratified The Hague Conventions’ definition of the legislation applicable to trusts and furthering the regulations surrounding their recognition. Cyprus common law now recognises trusts as a unique legal institution under equity.
SINGAPORE: the regulation of digital currencies & whats to come
The Monetary Authority of Singapore has released its plans to further control and regulate the current elusive virtual currency market and intermediaries that facilitate their online trade in Singapore. The anonymity surrounding so-called crypto currencies such as bitcoin raises questions over potential money laundering & terrorist financing risks.
How to incorporate a company in Cyprus with the required documentation
Cyprus is the perfect location for incorporating an offshore or private company due to its simple incorporation procedures and agreeable tax structure. Below are the steps to company formation, the registration procedure, and all documentation required for incorporation:
ACRA release new initiatives for Singapore Filing Agents
ACRA have released new guidelines introduced to update the current system, bringing it transparently in line with other jurisdictions; going forward, businesses will be offered a copy of their business profile and the amount of information available for public use will increase substantially.
The servicing of documents to a Cyprus company & failure to act
A Creditor may apply to court for the issuance of a liquidation order against a company that does not comply with a demand notice to pay any outstanding debts. The notice of demand is served to the registered office of the company, who then has 21 days to pay the fine; failure to do so may result in the liquidation of the company deemed unable to pay its debts by the creditor who can apply to legally dissolve the company.
Gibraltar companies now have to disclose full Beneficial Ownership details to Central Register
Gibraltar is working to implement all EU legislation relating to the 4th Anti Money Laundering Directive into national law, in addition to the current EU legislation on financial supervision and direct taxation, and to this affect, the Government of Gibraltar have established a Central Register of Beneficial Ownership that will be effective from June 26th 2017.
European Commission publishes tax avoidance disclosure directive
The EC (European Commission) has published its draft legislation compelling financial service providers or intermediaries to disclose any international tax planning schemes they have encouraged, enabled or assisted in any way.