Company Registration

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Company Registration

s it possible to pay for a virtual office on a monthly basis?

As standard practice, we use a pre-payment for the financial year for the rental of our virtual offices. This however depends on jurisdiction specific requirements. For example, in some countries in the provision of services for sending postal correspondence is used in a deposit system. In addition to the minimum annual payment for the service, it is also necessary to top the deposit up as and when it is required.

What is included in company extension without the use of nominee services?

Standard terms regarding company extension without nominee services include the cost of registration and address of the company secretary for the financial year. However, for the most part, the cost of the extension depends on the particular jurisdiction. For example, in Hong Kong, in addition to the above services, the price includes the extension of any payments associated with the filing of the zero declaration documents, as well as the preparation and submission of any annual reports.

How long is the incorporation process and sending of documents?

The length of registration for an overseas company varies depending on the jurisdiction. Typically it ranges from about 3 days to 1 month. Immediately after the certified incorporation, we will send the customer scanned copies of registration documents. Shipment of the original set of registration documents of the Company may take anywhere from 3 to 7 days. We use FedEx as our offical courier for shipping all documentation.

How long is the incorporation process for a company in China?

Depending on the speed of approval and registration, the incorporation of companies around different regions in China takes approximately 3.5 to 6 months. It is also worth to note, the company is considered to be established from the moment the receipt of the certificate is received, which officially approves all economic conduct the company will undertake, this usually takes 1.5-2 months.

Are there any restrictions when choosing a name for a company in Singapore?

The company name cannot be identical or similar to the name of another commercial organisation; it should not violate the rights of registered trademarks or patents. Company names containing the word “bank” or finance companies, insurance companies, schools, universities, travel agencies, etc. are subject to prior approval by the regulatory authority of company registration.

What forms of payment do you accept?

We accept the following forms of payment:

  • Cash payment to one of our representatives in a number of countries.
  • Bank wire to our bank account either in Cyprus, Russia or Singapore.
  • Credit/debit card.

*Additional charges may apply.

Our company does not have a foreign currency account. What currency do you accept payment in?

Yes, you can pay for an offshore company in euro, ruble, sterling and Singapore dollar. You can pay by bank transfer to local bank accounts for these jurisdictions.

What is a Shelf Company?

It previously established company, with good standing and rankings that has not previously been trading. This is a good option for those who need to demonstrate that its business is not recently established and need to open bank accounts in jurisdictions with strict benchmarks.

Do you have ready-made shelf companies?

Yes, there are such companies available. Please find a list of companies.

Is it possible to incorporate overseas confidentially without physical presence?

Yes, our company ensures and guarantees complete confidentiality within overseas banks. Your presence is not always necessary to incorporate the company online. The documentation needed to carry out the process can be transported by our international courier anywhere in the world. You can ensure that your information does not need to become known to the tax authorities. In addition, we provide Nominee Directors and Shareholders services for overseas, allowing complete discretion in the documents of the company.

Do I need to submit any documents for the registration of an offshore company?

To officially incorporate an offshore company, you are required to scan a copy of the registration and passport of the person wanting to register such company. Also, information for completing the application necessary for the registration of the company and the Beneficial Owners Declaration (we provide these forms).

How and when will I receive documentation for my company?

Upon receipt of the final payment for our services upon the incorporation of the company, we present you with a complete set of registration documents. Shipment of readymade documentation is usually received from 3 to 7 days (via Express Mail FedEx).

Can anyone help me in the purchase of an existing company?

Let us know and we can send you a list of ready-made companies. Companies have been previously reported without trading. Prices are slightly higher than that of a newly opened company. This is due to the fact that certain costs were incurred in the maintenance of these companies (payment of fees, service agents, secretary’s, if necessary, with audited documents, etc.).

Which name is allowed to be used for the company name?

Any names which are not registered in the jurisdiction of your choice. Except those that are banned for use, as a general rule, words that may be misleading as to the company’s services are prohibited.  For example: state, royal etc. Normally, when registering a comprehensive list of banned names is supplied.

What are the minimum tax rates on the authorised capital of an offshore company?

The authorised capital of overseas companies are not generally subject to any taxes.

What are the limitations on the number of Shareholders for an overseas company?

There are no restrictions. A minimum of one shareholder is required, however the shareholder may also hold share for another company at the same time.

Can the Shareholders meeting be conducted outside the jurisdiction?

Yes, and in addition, may be carried out with the help of modern communication methods online if participants may be in different parts of the world. The only requirement is that all members of the meeting must be able to hear each other clearly.

What is the minimum number of Directors needed to form a legitimate company?

A minimum of one; a Director can be both a physical and legal person.

Is it necessary to have a local Director, resident in the jurisdiction?

This may vary depending on the jurisdiction. For example, in Singapore, it is mandatory to appoint a resident Singapore Director however in most other jurisdictions you will find this is not required.

Is the submission of annual accounting reports required?

Typically this is not required. However certain jurisdictions such as Cyprus, Hong Kong and Singapore impose such requirements on their territory as per relevant company law.

Does my overseas company have annual tax payable to my resident country?

No, however a fixed annual fee is required to maintain your offshore company.  Look at the prices for our services regarding maintenance fees and running costs relating to overseas companies.

Do I need permission from any authority or governmental body to increase the reduction of authorised capital?

No, permission does not need to be sought.

What are bearer shares?

When any action did not specify the name of the owner, nor in any legal documentation or registers of the company, this constitutes a bearer share. Bearer shares are negotiable without endorsement and transferred by delivery. Accordingly, no record of ownership is maintained.

What do you recommend using bearer shares and Nominee Shareholders for my overseas company?

After doing your own research on the benefits of these services, the ultimate decision is of course up to you. However we would advise appointing a Nominee Shareholder, otherwise there may be issues with the opening of bank accounts and so on. We provide a Nominee Shareholder service free of charge.

Do I have to pay annual fees for the maintenance of offshore companies?

Yes, in any jurisdictions, the payment of necessary to pay for the maintenance of any company.

Do you provide a contract for the provision of services?

Yes, we have a model contract for the provision of offshore company registration services. You can provide your own version of the contract should you wish, we consider all external contracts which can be agreed based on all parties.

What are the rights of Shareholders in a Cyprus company?

Shareholders` rights are limited to their contribution to the authorised capital. They have the right to participate in Shareholder meetings. However, Shareholders have no rights to company property or ownership. They only have rights to their dividends paid in accordance with the Articles of Association.

What is Compulsory Liquidation?

It is a way to officially dissolve the company and remove it from the registrar of companies. Usually it is initiated by a court decision, as per the announcement of creditors if the company is not able to pay its debts or outstanding annual fees etc.

What are the AGM (Annual General Meeting) requirements for a Cyprus company?

• A company incorporated in the Republic of Cyprus is obliged to submit to the Registrar’s audited financial statements and the Annual Report on Form HE32 each financial year.

• The Annual Report must be prepared within 14 days after the AGM and deposited with the Registrar no later than 42 days following the annual meeting of Shareholders .

• The Annual Report must be supplied once a year, no later than 15 months from the date of the Annual Report for the previous year.

What is meant by the annual renewal of a company?

This is the payment of the company’s annual fees, charged by the country of its incorporation and includes fees such as the payment for a registered office, secretarial services and nominee services. If the annual renewal of the company is not carried out, the company is excluded from the Register.

“What is the procedure for KYC?

KYC means “know your client”. Currently, all service providers operating within the framework of international legislation, extends the requirement to conduct an annual review of each client. The components of this test can be different: the verification procedure, the collection of documents to verify Customer Due Diligence, and check international databases. Verification: The origin of the English word verification comes from the latin for truth. Verification is the process of confirming the authenticity of the data. Verification is typically used, in order to confirm his identity documents.

Due Diligence: The term Due diligence is used to refer to measures implemented to ensure compliance with regulatory and legal acts, the exclusion of involvement in illegal activities, including activities related to the legalisation (laundering) of proceeds from crime, terrorist financing, etc. These checks should be carried out in accordance with the legal provisions; checks should be carried out annually. For carrying out these audits is subject to a yearly cost. In the first year the process longer and more complex, and therefore the cost is higher than for subsequent years.

Does our Cyprus company need to register for VIES?

Companies that are selling goods or providing services to EU countries are required to register in VIES. VIES declarations are submitted on a monthly basis. Once a company is registered in VAT & VIES Authorities it must submit its declarations on time. Failure to do so results in the payment of monthly and quarterly penalties.