Procedure of company formation
Incorporation of a Belize IBC is very efficient and can be completed within a matter of days. The International Business Companies Act (1990) provides the legal framework for the incorporation of a Belize IBC.
The summary below provides an overview of the process and the documents required.
- To form a Belize IBC an application form must be completed, signed and scanned containing information about a preferred name, details of directors and details of shareholders
- A beneficial owner declaration to be filled in, signed, scanned and sent to Eltoma
- A scanned copy of the passport for the directors and shareholders is required
- A scanned copy of proof of residence (utility bill, bank statement or bank reference not older than 3 month)
- At this point Eltoma will confirm the company name availability and issue an invoice
- Upon receipt of money Eltoma will start the Belize Company Incorporation Process. It takes approximately 5 working days to fully incorporate an offshore company in Belize and up to 5 working days for a courier delivery
- At the beginning of every year Eltoma will issue an annual invoice for US$400 to cover renewal fees
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.