Company Registration FAQ
Here you can find the answers to the most frequently asked questions about Company Incorporation. If you have further questions, please, contact our consultants. We would be happy to help you completely free of charge and without any obligations.
May I register the company if I am not the resident of the state of incorporation?
Yes, sure! It is not important where you live and what nationality you have. We provide you with everything you need.
Does the process of registration require my personal presence?
No! You can register your company sitting at your workplace. We will do everything for you.
What is “offshore”?
“Offshore” means that you have to pay the fixed tax only once a year. And as there is no requirement for mandatory submission of the auditor’s reports and accounting statements you do not need to hold back the information about your income and expenses!
How can I choose the name of the company?
You can suggest the name of the company yourself.
We recommend suggesting of three variants.
The suggested names shall be examined by the relevant authorities in the jurisdiction of incorporation. They may be rejected as the names similar to the names of the existing companies.
Wenzel Group of Lawyers presents to its prospective customers the list of names approved by the authorities, and the Customer may chose one of them he/she likes most of all.
How long does it take to register the company?
As a rule the registration takes up to 24 hours. After that all documents shall be executed and sent to you by ordinary mail or by courier. Thus, within 5 days you will get your company.
You can purchase the company from the list (ready-made company) within one hour.
What are the types of activities of the company?
Under the legislation of some jurisdictions the Memorandum of Articles of the company shall list the types of its activities.
Wenzel Group of Lawyers indicates the most complete list of the types of activities for the company to have the possibility to be engaged in any type of activity.
Under the legislation of some jurisdictions the Memorandum may include the articles releasing the company from any restrictions in respect of the types of activity.
Wenzel Group of Lawyers includes such article into the Memorandum of the companies registered in such jurisdictions.
What is the amount of the minimum paid authorized capital?
There is a wrong belief that such amount shall be entered into the bank account and kept there as long as the company exists. Actually, the capital may be introduced by means of introduction of assets and payment of liabilities. Paying the registration fees the founders introduce the capital to the registered company.
Hence after the company registration there are no additional requirements in respect of the capital.
Share certificates shall be issued for the amount corresponding to the regulations of the country of the company registration in respect of the minimum paid capital.
Shareholders shall not be obliged to increase the amount of the paid capital up to the amount of the stated capital but shall be entitled to do so.
Who are directors of the company?
Appointing the directors you should take into consideration two factors.
The first is anonymity. If the owners of the company are willing to keep anonymity, Wenzel Group of Lawyers shall appoint local Nominee Directors – individuals or legal entities.
The second is management. It is more convenient to manage the company through the local directors if you need to sign the documents required for operations. But it is possible to appoint the directors selected by the founders themselves.
If I use Nominee Services how can I prove my ownership rights for the company?
Wenzel Group of Lawyers shall prepare all required documents certifying you right for the company. Such documents shall be prepared in duplicate, one shall be delivered to you, and the second shall be kept on the files of our company.
How can my heirs acquire ownership rights for the company in the case of my death?
Wenzel Group of Lawyers and you will sign the agreement for management of your company specifying the obligation of our company to transfer all rights for the company to the new owner in the case of creation of right to inherit. Thus after the conclusion of such agreement you may be sure that you property is duly protected.
Is there any guarantee of company’s owner information protection?
Firstly, you register the purchase of the company through the lawyers of Wenzel Group of Lawyers that means the overall protection of the Customer’s information. Only lawyer can guarantee the confidentiality of your information.
Secondly, your lawyer of Wenzel Group of Lawyers is located outside your country. All documents may be submitted only upon the request of the court of your lawyer’s residence country.
Is there any guarantee that Nominee Director shall not execute any actions without approval of company’s owner?
The rights of Nominee Directors and their liability to the Beneficiary Owners shall be regulated by the bilateral nominee services agreement with the detailed specification of all obligations of the Nominee Directors including the liability for careless performance of the instructions of the Beneficiary Owners.
Who is a secretary of the company?
Individual or legal entity may be appointed as the secretary of the company and is liable for the fulfillment of the juridical and legislation requirements by the company, such as preparation of annual statements and payment of taxes.
Wenzel Group of Lawyers has its secretary firms used for performance of such tasks. Unfortunately, we use the same term as for the black-coated worker known as “secretary“, and sometimes our prospective customers are misled by such fact.
What is a registered address?
According to the legislation the company shall have the registered address in the jurisdiction of its registration. Wenzel Group of Lawyers provides such address to the company.
Shall the company be obliged to maintain the office in the jurisdiction of its incorporation?
No. The legal registered address is enough, it is usually provided by Wenzel Group of Lawyers. At his/her option the Customer may use the Virtual Office.
Shall the company be managed from the country of the jurisdiction of its incorporation?
No. The management of company may be located anywhere. All resolutions in respect of the transactions, payments, allocation of capital may be approved by the shareholder irrespective of their location.
What documents shall be provided to the shareholders?
The owner of the company shall fill in the standard form of Wenzel Group of Lawyers providing the information for registration and management of the company.
At what stage shall Wenzel Group of Lawyers assume the obligation for accomplishment of the registration procedure?
Wenzel Group of Lawyers shall consider the Order for the company accepted and subject to execution after it receives the required information and invoiced payment from the Customer.
What is the procedure of documents delivery?
The Customer shall receive the documents personally in one of the offices of Wenzel Group of Lawyers. At the option of the Customer the documents may be delivered by DHL or other international express mail.
What is the procedure of Bank Account Opening?
Wenzel Group of Lawyers helps its customers to open accounts including the required certification of signatures. After that the customers may work directly with the bank.
How can I work with banks?
You can work with the bank where the account of offshore company is open by fax or via the Internet.
Are there any restrictions for the offshore company’s operations?
Offshore company may carry on business in any country of the world except the jurisdiction of its incorporation.
What is the connection between my offshore company and the legislation of my country?
There is absolutely no connection. Your international company is an independent legal entity of the country of its incorporation. You are not obliged to register, accredit it in any other country or otherwise report to the authorities of any other country.
Shall I be protected from the financial loss?
Yes! Only the company itself shall be responsible for the operations under the name of the company. The director of the company may not be held liable for its operation, in contrast to, for example, Germany.
How can I protect my property?
You can register the company only for the purpose of your property administration. Your property shall be owned by that company not involved into the commercial activity. Thus nobody shall be able to state any claims against such company. The ordinary commercial activity may be carried out by another company.
Where can I establish the branches of my company?
You can open the branches of your company almost in all countries of the world. All states joined the Hague Convention shall give you permission to open a branch of your company.
Am I obliged to submit the tax reports?
The reports in respect of the paid taxes shall be submitted by the companies registered in European Union countries, and at the same time the offshore companies are not obliged to do so. For further details please consult our experts.
What are the legal requirements for the management of the company?
Annual Meetings
Most legislative authorities require to hold annual meetings of the founders for discussion and approval of some resolutions
Accounting and Financial Statements
Yearly accounting is usually summarized in the financial statements that usually include Balance Sheet and Income Statement. Both accounting and financial statements shall correspond to the accounting principals and practice of jurisdiction concerned.
Audit and Financial Statements
According to the requirements of some jurisdictions the financial statements prepared by the local accountants shall be examined by the independent expert auditor. The Auditor certifies the accuracy and appropriateness of the financial statements on the basis of available information.
Annual Statements
Annual statements are the statements of the company submitted to the relevant authorities of the jurisdiction of its incorporation. The information in the report shall specify the legal structure of the company (directors, shareholders) and its changes for the last year if any.
What documents shall the Customer submit as accounting statements?
Once a year the company shall submit the financial statements and shall be audited. The commercial documents for each amount transferred through the account of the company are required for the preparation of such statements. This may include the copies or original of the invoices, contracts, etc. The accountant shall document the nature of the amount whether it is turnover, expenses, credit, withdrawal by the shareholder or whatever. If required WENZEL GROUP OF LAWYERS may take an active part in the preparation of the accounting statements.
What is the taxation procedure?
Western accounting does not establish the standards for expense items. This includes all expenses connected with income received by the company, planned income, loss of profit or sustenance. The expenses include the salary and fees. The earnings less all expenses form the taxable income. The offshore companies are released from payment of any taxes.
May I resort to your help after the registration of the company?
Sure! We are ready to assist you before, during and after the registration of your company.
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