Procedure of company registration
The principle corporate legislation in the Cayman Islands is the Company Law (2007 Revision) which is based on the English Companies Act (1948). The type of company commonly used for international business and investment purposes is an Exempt Company. A Cayman Islands Exempt Company has all the powers of a natural person and can be formed with or without liability.
The procedure for the formation of a Cayman Islands Offshore Company is fast and efficient. The general process is as follows:
For an Individual the following documents are required:
- A completed application form with details of preferred name and beneficial directors and shareholders (nationality, country of residence, address, profession etc)
- A scanned and notarized copy of the passports of the beneficial directors and shareholders are required
- A photocopy of another official document (such as Driving License, ID Card etc) notarized 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 individual. This can be in the form of a utility bill or bank statement and must not be older than 3 months
- Two original letters of introduction. This can be from a bank, lawyer, accountant or similar profession.
For a Company the following documents are required:
- Certified copy of the Certificate of Registration
- 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 Cayman Islands Company Formation. Upon receipt of money we start the incorporation process.
- The Memorandum and Articles of Association will be sent to the Registrar of Companies along with a sworn statement that the company will carry out activities outside of the island. 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 The Registrar of Companies will provide the company with a Certificate of Incorporation
Important 2016 reporting deadlines for BVI Financial Institutions
Officials from the British Virgin Islands have come together to clarify various filing deadlines as per the automatic exchange of information systems in a press release.
Thinking of relocating your business to Singapore? Let us help you!
Singapore has quickly become one of the world's most prosperous countries with strong international trading links and per capita GDP equal to that of the leading nations in Western Europe, making it an ideal destination and potential location for Business Owners to relocate and start a new business and lifestyle.
How to register a branch in Cyprus
Overseas companies may register a branch in Cyprus, according to the Companies Law, Chapter 113, regulated by section 347. A branch will not essentially consider as being a new legal entity in Cyprus.
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:
To Brexit or not to Brexit?
To Brexit or not to Brexit - this has been the question of the year for Britain and with the referendum taking place imminently, just two options remain: leave the EU or stay in. Why has this been such a difficult decision to decide upon?
Selecting a Management Information System
A management information system or MIS is used to assist in the analyses and formulation of business strategy, as well as facilitating operational objectives. Selection of an MIS can help increase understanding and control in an organisation and can be scaled to suit the complexity of most modern businesses. If the right MIS is selected and it is implemented correctly it can provide a competitive advantage for the organisations utilising it.
Windows 10 update: having issues with the installation?
By now you have probably about Windows 10, the latest operating system developed by Microsoft.
Accounting support for a Cyprus company located in Russia
When expanding your business overseas, not only do you have to comply with International Financial Reporting Standards (IFRS) and accounting standards, thought must also be given to the specific jurisdictions own rules and regulations.