Procedure of company registration
The BVI Business Company Act of 2004 (the BVI BC Act) replaced all existing legislation with regards to the legislation and regulations of offshore companies.
This has provided more credibility for the BVI as a place in which to locate an offshore company.
The procedure for the formation of a British Virgin Islands company is still fast and efficient.
For an Individual the following documents are required:
- An application form is completed with details of preferred name and details of beneficial Directors and Shareholders (nationality, country of residence, address, profession etc).
- A scanned and notarised copy of the passport of the beneficial directors and shareholders is required.
- A photocopy of another official document (such as Driving License, ID Card etc) notarised to confirm the copy is a true copy and the photo is a true likeness.
- An original proof of residence showing the name and address of the individua is required. This can be in the form of a utility bill or bank statement and must not be older than 3 months.
- One original letter of introduction is required. This letter can be from a bank, lawyer, accountant or similar profession.
- Completed and signed Beneficial Owners Declaration (BOD) by all Shareholders and Directors.
For a Company the following documents are required:
- Certified copy of the Certificate of Incorporation.
- Certified copy of the Company’s Memorandum and Articles of Association.
- Certified copy of the Registered Shareholders with details of shares held by each.
- Certified copy of Register of Directors.
- Certified copy of the Register of Offices.
- For at least 2 Directors the documents set out in ‘Individual section’ above.
- At this point Eltoma will issue an invoice for a British Virgin Islands Company Formation. Upon receipt of money we start the incorporation process.
- The Memorandum and Articles of Association and any other associated documents required to register a BVI IBC are sent to the Registrar. The Memorandum of Association will include; the name of the company, the address of the registered office of the company, the function and objectives of the company, the share capital of the company and an explanation of liability.
- When the Memorandum of Association is accepted then a Certificate of Incorporation will be issued.
- The company’s Certificate of Incorporation, Memorandum and Articles of Association are required to be submitted to the Companies Regstry at the time of the company formation. No additional documents are required for incorporation. These documents will not state the identity of the Directors or Shareholders therefore maintaining confidentiality.
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.