Offshore company formation procedure

COMPANY FORMATION-PROCEDURE

As a result of extensive professional contacts on four continents, we are able to set up new companies at competitive prices in virtually all Offshore Centers (OCs) and in most developed countries of the world. Focusing on a specific groups of OCs is no accident - we have spent the last seven years carefully picking and choosing the best offshore tools available.

We suggest the following process of company formation:

Fill in the Incorporation Order Form and mail to Asset Protection s.r.o. at http://www.growthstock.net/en/order.html. Attach your current e-mail address for an ease of communicating.
Based on your Incorporation Order Form, we shall issue an invoice and e-mail it to you, forthwith.
You shall pay the invoice in full to a bank account designated by Asset Protection s.r.o., and inform us about the payment by e-mail, as soon as possible, so there is no delay in your job order processing.
If you have purchased a “shelf company” (already existing company but dormant) you shall obtain the incorporation documentation from Asset Protection s.r.o. via bonded courier, within a matter of a few days. As such a company already has an incorporation number, documentation and sometimes also a bank account, it is necessary to file the change and reregister the new Directors and Officers of this Company with the Registrar of Companies in the given jurisdiction, in concurrence with the local specifications and regulations on Directors and Officers. Presumably the new Directors and Officers are your nominees or you (and local person if require).
If you have ordered a newly incorporated company (with required specifications provided by you in your job Order Form), Asset Protection s.r.o. shall commence the process of incorporation without any delay.
Directors and officers of the newly incorporated Company are set up according to the requirements of the chosen jurisdiction and your specific needs. We will always inform you ahead of undertaking the incorporation on the local specifications and regulations on Directors and Officers.
Once the incorporation is accomplished, Asset Protection s.r.o. shall deliver to you the incorporation documents (as per your request either Apostilled or not) via a bonded courier, once the incorporation has been accomplished (in most jurisdictions it is a matter of days).
If you have ordered opening of a bank account, one set of the Apostilled documents shall be delivered to the designated bank, which bank retains it in its archives for good. For that reason, it is prudent to order sufficient number of Apostilled documents.
Concurrently, you fill in our bank account information form required for opening of the bank account, either in your corporate or personal name and return it to Asset Protection s.r.o.
Based on information provided by you, we shall fill in the application form for the bank account opening.
We e-mail this filled-in application form to you for signing (some banks may request a notarized signatures).
Signed bank account application form together with a notarized copy of your passport (for your identification should you present yourself at the counter of the bank) shall be returned to the designated bank. The Bank, which is opening your new account, may request a bank confirmation, specifying that you maintain a bank account with another bank. As a rule, in order to obtain this bank confirmation, you need not tell your bank the reason for which you request this bank confirmation. Some banks offer this bank confirmation letter as a standard service to their clients.
The designated bank has by now also obtained the Apostilled copy of the new company incorporation documents and proceeds to open your account. Once the account application set is completed at the designated bank, the account itself is usually opened within three to ten banking days (the application set consists of the Apostilled company incorporation documents, signed bank account application form, certified copy of your passport and the bank client confirmation letter).
To activate you account it is necessary to deposit the minimum required amount by the respective bank.

NOTE:

The names must end with the words reflecting the legal form of the company: “LTD”, “Corp.”, “Inc.”, “SA”, “LLC”, etc.
The endings may be designated by either the full (e.g. “Limited Liability Company”) or the abbreviated (e.g. “LLC”) form.
In most jurisdictions the company names should not be offensive, and should not be identical with or nearly resembling the ones of the companies already registered.
If the company has not obtained a relevant license or permit from the local authorities, such words as "Assurance", "Bank", "Building Society", "Chamber of Commerce", "Chartered", "Cooperative", "Imperial", "Insurance", "Municipal", "Royal", "Trust Company", "Trustee Company" are not welcome by most registrars.
We will confirm reservation of your company name within 24 to 48 hours.

As soon as we receive the payment depending on the structure of your order, we either send you the company documents such as in the case of a shelf company, or we start the new corporation formation (incorporation) process. In most cases, the process normally takes from 14 to 28 business days depending on the jurisdiction and structure of your order, specified in the Order Form.

Specimens of a bank confirmation letter specifying you have an account there:

“We hereby confirm, that Mr._________________, full address_______________ , ZIP, City, Country, has an account number ______________, with the local branch of XYZ Bank”.

As for the bank account activation we recommend that you deposit an amount sufficient for a charge free maintenance of the account, if available from bank chosen by you.

GENERAL POWER OF ATTORNEY (POA)

The Board of Directors may grant a general power of attorney to any person, whether or not connected with the corporation. When said power of attorney is granted to be used abroad, it is possible not to register said power of attorney to maintain the confidentiality.

RESIDENT AGENT

By law every corporation must have resident or registered agent. Our fee for acting as resident agent is satisfactory. However, the first year of the resident agent’s fee is also included in the cost of incorporation.

All annual fees and taxes must be paid promptly every year to maintain the company in good standing. Late payment will produce high penalties and strike off from the Register.

ANNUAL FRANCHISE TAX

Every Panamanian, BVI or Bahamian corporation has to pay an annual tax, imposed by law. The law requires corporations to pay said amount in order to remain in good standing. Good standing is taken to mean valid registration at the Public Registry of Panama. All annual fees and taxes must be paid promptly every year to maintain the company in good standing. Late payment will produce high penalties and strike off from the Register. An additional penalty caused by non-payment is that documents subject to registration will not be recorded nor will any certification of good standing or others be issued, except when requested by a competent authority.

TAXATION

The income tax of Panama, BVI or Bahamas is levied only upon net income derived from operations within the territory of the respective country. Income obtained from operations consummated outside of these jurisdictions is not income obtained from “sources within the jurisdiction and, therefore, is not taxable under local Law.

IMPORTANT NOTES

The fees and costs include applicable Minimal Government Registration fee, a current year Registered Agent and Registered Office fee, Certificate of Incorporation, Memorandum & Articles of Association, Minutes with Appointment of Initial director(s), Share Certificates.

For Delaware LLC the fees and costs include $US 200 State Tax and Filing fee, first year Registered Agent fee, Certificate of Formation, Member Agreement, Minutes with Appointment of Initial Managers, Membership Certificates.

When required the extra services (Nominal Director(s) and/or Shareholders, a Power of Attorney, documents' authentication with Apostille, opening of bank and/or brokerage accounts, virtual office, credit cards) are available for an additional fee. Please see OUR SERVICES for details.

For general information about International Business Companies and their applications, see OFFSHORE TOOLS - INTERNATIONAL BUSINESS COMPANIES.

We reserve the right to change fees without notice.
The payment options are: wire transfer.

Copyright Asset Protection s.r.o. © 2007, All rights reserved.
Asset Protection s.r.o. is not a law firm and does not provide legal advices or legal services. We recommended to consult licensed professionals with regards to local tax and legal matters.