Incorporation of Company
Card PMT provides professional assistance for the incorporation and maintenance of companies in many convenient jurisdictions for your business. Our vast experience and contacts enable us to carry out the full range of procedural formalities in the shortest time frame. We provide our clients with a full range of services on non-residential shelf company purchases (maximum 1 day) or registration (your own company name), renewal and maintenance, certification of the company’s constitution documents by a Notary, by Apostille or by consular services, providing accounting and audit reports for offshore and companies subject to tax. Registration or purchase may be carried out remotely, without your presence.
We provide the full range of fiduciary services for non-resident company owners and founders who for myriad reasons require anonymity with respect to company formation and administration. Whereas the company register is inaccessible to public scrutiny in the majority of jurisdictions we offer, for those clients for whom full anonymity and complete privacy is preferable we recommend the use of nominees. Nominees can comprise: the Director, Shareholders, Company Secretary and or Board of Directors and are contractually bound by an escrow agreement. The escrow agreement is a legally binding, fully protected mandate by which the true owner (beneficial owner) can issue instructions through a trustee or act through a designated general power of attorney. The true owner retains full authority over their corporation, management of the company and power of disposal without disclosing that ownership overtly.
The global list of classic offshore jurisdictions includes most of the small states of the Caribbean and the Pacific. The most popular of these are Panama, British Virgin Islands and Belize.
Companies registered in these jurisdictions are quite popular with entrepreneurs and are preferred due to the following advantages:
- zero taxation in the country of incorporation. Typically, in these jurisdictions, there is no taxation at all or the territorial principle of taxation is applied in that income earned outside the jurisdiction is not taxable. Instead of taxation of income only a fixed annual fee is charged which does not exceed USD 350 per year in most cases;
- simple procedures for incorporation and ongoing maintenance of companies;
- possibility to buy shelf companies;
- no requirement for crediting or freezing all or part of the share capital specified in the constituent documents in the account;
- reduced costs of preparing financial statements. Currently, most of the classic offshore jurisdictions have no requirement for filing annual financial statements but at the same time many jurisdictions continue to have a requirement for keeping the original business and accounting documentation.
In the world of corporate practice, there are many jurisdictions that are not tax-exempt countries, but which are used by entrepreneurs for international operations due to their favorable tax laws or tax privileges available to specific types of company.
This group covers jurisdictions where it is possible to incorporate companies with a zero tax status depending on the type of enterprise (for example, Limited Liability Partnership in the UK) as well as full taxpaying companies (for example, Private Limited company in the UK), which can be operated in a moderate tax regime, given the particular advantages of tax laws of such countries.
Most companies operating from these countries share the following characteristics:
- High rating of the jurisdiction. Usually these countries are not included in any “black lists”.
- Companies operating in these countries have to file annual financial statements. In some countries or under specific financial criteria, the report needs to be certified by a licensed auditor.
- Compared with classic tax-exempt jurisdictions normally the countries of this group have higher incorporation and ongoing maintenance costs.
- In some cases, there are additional requirements for officers of companies incorporated in these countries. As an example, in a number of jurisdictions, directors of the company have to be individuals. Other jurisdictions may require that one or more of the directors should be resident in the country where the company is incorporated.
- Companies formed within this group of jurisdictions where a respectable and prestigious corporate instrument is required. This is subject to the demands of business partners or a specific commercial situation.