Viewpoints
2019-10-25
Introduction The New Act came into force on January 1, 2005. Unlike the International Business Companies Act (IBC Act), this new act allows for the incorporation of international offshore companies as well as locally owned companies doing business in the British Virgin Islands (BVI). There is a two-year transition period during which both the IBC Act and the new Act will be in force. After the two-year period, the new Act will be the sole corporate statute for the BVI and will regulate all BVI companies. Range of Corporate Vehicles The new Act provides for flexibility and choice in the range of corporate vehicles. Seven different types of companies can be incorporated, namely; companies limited by shares, companies limited by guarantee not authorized to issue shares, companies limited by guarantee authorized to issue shares, unlimited companies authorized to issue shares, unlimited companies not authorized to issue shares, restricted purposed […]
2019-10-25
Business Operation in Thailand Company Registration There are certain types of business which are restricted or prohibited for foreigners to carry on in Thailand including service business. Using Thai inactive shareholders to hold majority shares in a company is the alternative mostly used where a foreigner engages in these restricted or prohibited businesses. The Thai shareholders will hold a majority of 51% shares in the company to make the company to be Thai. This company will then be able to engage in businesses as if it was a Thai national. Government Fees The government fee is calculated based on the amount of the registered capital at the amount of approximately US$ 300 per Baht 1,000,000 registered capital. The fee is paid only one time. After the registration is completed, the company status will remain for an unlimited period, until the cancellation of such company is registered. Therefore, […]
2019-10-25
Some twenty years ago, there were only a handful of offshore, (tax havens) and to many, their use was surrounded in ‘mystique’. Also, there were only a few professionals specializing in offshore practice and tax havens, and those that did, typically made use of only one or two jurisdictions. Over the last twenty years, startling advances in technology and the telecommunications revolution, have made it easier to access offshore facilities – so much so, that today’s offshore industry has developed in to a major global business, spanning all quarters of the world, involving, in one way or another, approximately half of the world’s financial transactions by value. Consequently, International Financial Services Centers are no longer surrounded by the ‘mystique’ of twenty years ago. They are used globally, twenty-four hours a day, each and every day, as an integral and important part of the world’s financial system. Possibly […]
2019-10-25
General Type of entity: Exempt Type of law: Common Shelf company availability: Yes Our time to establish a new company: 7-14 Days Minimum government fees (excluding taxation): USD575.00 Corporate taxation: Nil Double taxation treaty access: No Share capital or equivalent Standard currency: USD Permitted currencies: Any Minimum paid up: USD1 Usual authorized: USD50,000 Directors or Managers Minimum number: One Local required: No Publicly accessible records: No Location of meetings: Anywhere Members/Shareholder Minimum number: One Publicly accessible records: No Location of meetings: Anywhere Company Secretary Required: No Local or qualified: No Accounts Requirement to prepare: Yes Audit requirements: No Requirement to file accounts: No Publicly accessible accounts: No Other Requirement to file annual return: No Change in domicile permitted: Yes
2019-10-25
General Information Company Law Company Law No. 32 1927 Type of Company Corporation Language of Legislation and Corporate Documents Spanish Taxation of Foreign Profits Nil Exchange Controls None Length of Time to Incorporate 5 working days Shelf Companies Available Yes Corporate Names Name Restrictions Names identical or similar, offensive words Endings and Abbreviations Required Corporation, Incorporated, Sociedad Anonima, or its abbreviations Length of Time to Verify Name Availability 2 hours Reservation of Names Permitted Yes Language of Name Any language using the Latin alphabet Name of Banks, Insurance, Investment Fund, Trust Company or their equivalents requiring consent or license Yes Capital and Shareholders Minimum Number of Shareholders One Local Shareholders Required No Corporate Shareholders Permitted Yes Disclosure of Shareholders No Minimum Authorised Capital Required Yes Bearer Shares Permitted Yes Registered Shares Permitted Yes No Par Value Shares Permitted Yes Directors and Officers Minimum Number of Directors Three natural persons […]
2019-10-25
General Information Company Law Delaware Limited Liability Company Act Type of Company Limited Liability Company (LLC) Language of Legislation and Corporate Documents English Taxation of Foreign Profits Nil (for single member LLC with no U.S. shareholders) Exchange Controls None Length of Time to Form a LLC 3 weeks (expedite service is available) Shelf Companies Available Yes Corporate Names Name Restrictions Names identical or similar, offensive words Endings and Abbreviations Required Limited Liability Company or its abbreviation LLC Length of Time to Verify Name Availability few minutes Reservation of Names Permitted Yes Language of Name Any language Name of Banks, Insurance, Investment Fund, Trust Company or their equivalents requiring consent or license Yes, especially those Capital and Members Minimum Number of Members One Local Members Required No Corporate Members Permitted Yes Disclosure of Members No Minimum Authorised Capital Required No minimum Bearer Shares Permitted N/A Registered Shares Permitted […]
2019-10-25
General Information Company Law Cayman Islands Companies Law (Cap.22) . Type of Company Exempt Company Language of Legislation and Corporate Documents English Taxation of Foreign Profits Nil Exchange Controls None Length of Time to Incorporate 1 day Shelf Companies Available Yes Corporate Names Name Restrictions Names identical or similar, offensive words Endings and Abbreviations Required Limited or its abbreviation “Ltd”. Length of Time to Verify Name Availability few minutes Reservation of Names Permitted Yes Language of Name Any language Name of Banks, Insurance, Investment Fund, Trust Company or their equivalents requiring consent or license Yes Capital and Shareholders Minimum Number of Shareholders One Local Shareholders Required No Corporate Shareholders Permitted Yes Disclosure of Shareholders No Minimum Authorised Capital Required No minimum Bearer Shares Permitted Yes (but with restricted mobility) Registered Shares Permitted Yes No Par Value Shares Permitted Yes Directors and Officers Minimum Number of Directors One Qualifications of […]
2019-10-25
General Information Company Law Business Companies Act 2004 Type of Company Business Company (BC) Language of Legislation and Corporate Documents English Taxation of Foreign Profits Nil Exchange Controls None Length of Time to Incorporate 2 to 3 working days Shelf Companies Available Yes Corporate Names Name Restrictions Names identical or similar, offensive words Endings and Abbreviations Required Limited, Corporation, Incorporated, Sociedad Anonima, or its abbreviations Length of Time to Verify Name Availability One hour Reservation of Names Permitted Yes Language of Name Any language using the Latin alphabet Name of Banks, Insurance, Investment Fund, Trust Company or their equivalents requiring consent or license Yes Capital and Shareholders Minimum Number of Shareholders One Local Shareholders Required No Corporate Shareholders Permitted Yes Disclosure of Shareholders No Minimum Authorized Shares to be issued No minimum Bearer Shares Permitted Yes Registered Shares Permitted Yes No Par Value Shares Permitted Yes Directors and Officers […]
2019-10-25
Factor Description Income tax in Belize None Conduct business internationally Yes Conduct business within Belize No Formally considered as tax-resident in Belize No Official language / language of documents English Operational objects Anything that is not expressly prohibited by law Minimum authorized capital No minimum required Optimum authorized capital (minimum state duty) $ 50`000 Minimum paid-up capital No minimum required Capital currency Any. US dollar is standard. Bearer shares Yes (but only held in custody by Agent in Belize) Registered Agent in Belize Required Registered Address in Belize Required Minimum number of directors One Non-resident directors Allowed Corporate directors Allowed Register of Directors To be kept by the Registered Agent Register of Directors filed for public record No Minimum number of Members (shareholders) One Register of Members To be kept by the Registered Agent Register of Members filed for public record No Holding of Annual General Meeting Not mandatory […]
2019-10-25
SUMMARY OF BRITISH VIRGIN ISLANDS (BVI) CORPORATE FEATURES GENERAL Type of Company BC Political Stability Good Common or Civil Law Common Disclosure of Beneficial Owner No Migration of Domicile Permitted Yes Tax on Offshore Profits Nil Language of Name Latin Alphabet CORPORATE REQUIREMENTS Minimum Number of Shareholders One Minimum Number of Directors One Bearer Shares Allowed Yes Corporate Directors Permitted Yes Company Secretary Required Yes Standard Authorized Share Capital 50,000 Shares LOCAL REQUIREMENTS Registered Office/Agent Yes Company Secretary No Local Directors No Local Meetings No Government Register of Directors No Government Register of Shareholders No ANNUAL REQUIREMENTS Annual Return No Submit Accounts No RECURRING GOVERNMENT COSTS Minimum Annual Tax/License Fee USD350 Annual Return Filing Fee N/A