Procedure of company registration
Seychelle IBC’s are incorporated under the regulations laid down by the 1994 International Business Companies Act. All IBC’s that conduct their business outside the Seychelles are allowed providing that their business is not banking, insurance or trust services. IBC’s must be registered through a locally registered agent.
The procedure for the formation of a Seychelles offshore company is fast and efficient.
The general process is as follows:
- 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.
- 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.
- A certificate of good standing is required.
- At this point Eltoma will issue an invoice for a Seychelles Company Formation. Upon receipt of payment we start the incorporation process.
- The application form, associated required personal documents and preferred company name is submitted to the Registrar. The Registrar will reserve and issue a unique company number of the proposed IBC upon which time the company’s Memorandum of Association is prepared and submitted.
- Upon acceptance of the Memorandum, the Registrar will incorporate and issue the Company’s certificate of incorporation. The Articles of Association must be submitted within 30 days of the date of incorporation.
New licensing regulations for Trusts & Service Providers in Hong Kong
As per new regulations, all Hong Kong businesses providing Trustee Services, including Corporate Service Providers will not be able to operate without a valid trading license after March the 1st 2018. The new scheme is designed to better regulate individuals carrying out services within the financial sphere in Hong Kong and will be overseen and administered by the Hong Kong Companies Registry.
The terms of Hong Kong's new register of significant controllers and what it means for companies
As per new legislation, from March 1st 2018, every company incorporated in Hong Kong will be required to keep and maintain a register of all persons who have significant control of the company. The record must be updated as required and kept at the registered company address, even if there are no persons of significant control.
The pros & cons of European Passport-by-Investment schemes
In a bid to rebuild the dwindling economy in Cyprus shortly after the financial crisis four years ago, the government launched a passport-by-investment program to temp wealthy foreigners with citizenship in exchange for an investment of no less than €2 million into the Cyprus economy.
Using the Cyprus Non-Dom scheme for beneficial tax planning
In an attempt to improve and simplify the Cyprus tax system as well as to remain a highly compliant and attractive jurisdiction, the introduction of the non-domicile (shortened to Non-Dom) scheme aims to give Cyprus a competitive edge over other jurisdictions.
How are Cyprus banks handling the island's high rate of NPLs? Can more be done to combat them?
It is no secret that the Cyprus banking sector is struggling with the overwhelming level of Non-Performing Loans (NPLs), no matter the efforts exerted by the main banks in Cyprus by following conventional banking models to balance their profit/loss reports, NPLs remain to be the proverbial hole in the bucket.
Income tax exemptions for expats living in Cyprus: what are your options?
Situated in the Eastern Mediterranean, the Republic of Cyprus boasts a strategic geographical location at the hub of three continents; Europe, Asia and Africa and a pleasant sunny climate year round.
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.