Companies

Gibraltar

Features of Gibraltar Companies

GOVERNING LAW

• The Gibraltar Companies Act 1930, as amended in 2011 ("Gibraltar Companies Act").

BUSINESS TRANSACTIONS

• Gibraltar companies may engage in any lawful business in any country and may carry on transactions in whatever currencies they choose.
• Any business activity or transaction carried out by a Gibraltar Company outside of Gibraltar is fully exempt from taxation in Gibraltar.

COMPANY NAME

• All names are granted at the discretion of the registrar.
• Names containing sensitive terms such as "Royal, Bank, Charter, International, Group, Majesty, Gibraltar Heritage" (to name but a few), or any other name which implies a licensable activity are subject to special authorisation.
• Names similar enough to existing companies to create confusion; that are offensive, or are otherwise deemed to be undesirable will not be granted.
• Names may be in any language providing the wording is in the Latin alphabet.

OBJECTS

• There is no requirement to specifically state the purposes of a Gibraltar company in the Memorandum and Articles of Association, provided that they are lawful objects. The company constitution documents can simply state that the company may carry any activities that are lawful according to Gibraltar Law.

SHARES

• Companies can have only one shareholder.
• Corporate shareholders are permitted.
• The shareholder(s) do not need to be local.
• The name, residential address and occupation of all shareholders (and officers) of the company are recorded on the public register, which is open for inspection, at a fee.
• The identity of the ultimate beneficial owner can remain confidential if nominee corporate shareholders are engaged to act as the nominal shareholder on their behalf.
• The minimum authorised number of shares for a Gibraltar company is 100.
• Bearer shares are not permitted.

DIRECTORS / OFFICERS (SECRETARY) AND SHAREHOLDERS

• Shareholders, directors and/or officers can be either corporate entities or natural persons.
• Initial or ongoing changes of directors and/or officers need to be filed on the Register of Director(s) and Officer(s), of which a copy must be kept at the Registered Office.
• The directors may grant special or general powers of attorney.
• Companies are allowed to have a sole director.
• The acceptance and resignation of director(s) is mandatory.
• Neither the directors nor the officers need to be shareholders.
• Shareholders, directors and officers may be of any nationality and may be residents of any country.
• Shareholders and directors may hold their meetings in any country and may attend such meetings by proxy or by any electronic means (phone, fax, etc).

ANNUAL FILING

• Requirement to file annual returns and financial statements; annual general meetings of shareholders may be dispensed of via a special resolution.

INCORPORATION AND ADMINISTRATION

• Excellent availability of company names for incorporation.
• Familiarity of incorporation documents (Memorandum & Articles of Association, Certificate of Incorporation)
• The words "Limited" and "Public Limited Company" may be used as a company's name ending.
• Speedy incorporation procedure and simple ongoing administration.
• Incorporation procedure takes from 2 to 4 days depending whether urgent or standard incorporation.
• Shelf companies are not available from the registry.

RECORD KEEPING

• The company's accounting books, records and minutes may be kept in any place or country chosen by the director.
• Annual accounts are required to be filed.
• An annual return is required to be filed.

REGISTERED OFFICE, CORPORATE SEAL AND LEGALISATION

• Registered Office in Gibraltar required.
• Corporate seal mandatory.
• The Registered Office must be maintained in Gibraltar. The registers of Directors and other Officers have to be kept at the Registered Office with a copy of all Minutes, the Share Register and the company Seal.

LOCAL REQUIREMENTS

• The Registered Office must be maintained in Gibraltar. The registers of Directors and other Officers have to be kept at the Registered Office with a copy of all Minutes, the Share Register and the company Seal.

COSTS AND FEES

• Reasonable formation and maintenance costs and fees.

CONTINUATION

• Foreign companies can be speedily re-domiciled to Gibraltar.

USES OF GIBRALTAR COMPANIES

• Holder of bank accounts, fixed deposits, investment plans and any other financial or commercial title.
• Owner of the shares of other companies or legal entities.
• Owner of apartments, houses, buildings, vessels and any other movable or immovable property or goods.
• Manager or promoter of international business transactions.
• International leasing of vehicles, machinery, vessels and others.
• Lending or borrowing money, paying or receiving money in accordance with the law on commissions or others.
• Marketing and promotion of products and services.
• Other commercial and financial activities.

HIGHLIGHTS OF GIBRALTAR

• Excellent corporation law.
• Good geographical location and bilingual territory (English and Spanish)
• Excellent reputation, stable government and special status within the European Union
• Cost effectiveness and attractive fiscal regime for offshore investors.
• Excellent infrastructure and communications.
• Skilled personnel.
• No capital gains, inheritance, VAT and withholding tax.
• Corporation tax is charged at 10% for companies with income derived in Gibraltar. If the income is derived outside of Gibraltar, Corporation tax is charged at 0%

SOCIAL AND ECONOMIC INDICATORS

Location:	Southern end of the Iberian Peninsula, northern border with Andalucia, Spain
Area:	A peninsula with an area of 6.843 square kilometers (2.642 square miles)
Population:	29,431 (last estimate 2009)
Climate:	Sub-Tropical Mediterranean
Official Language:	English
Government:	British Overseas Territory
Living Standard:	High
Banking:	Worldwide banking facilities available
Legal Tender:	Currency of Pound Sterling
Industry:	Tourism, financial services and gaming.

British Virgin Islands

Features of BVI Business Companies (BCs)

GOVERNING LAW

• The BVI Business Companies Act 2004, as amended in 2005 and 2006 ("BVI BC Act").

BUSINESS TRANSACTIONS

• BCs may engage in any lawful business in any country and may carry on transactions in whatever currencies they choose.
• Any business activity or transaction carried out by a BC outside the British Virgin Islands is fully exempt from taxation.

COMPANY NAME

• The name of a BC may comprise the expression "BVI Company Number" followed by its company number in figures and the ending required.
• A BC may have an additional foreign character name approved by the Registrar.

OBJECTS

• There is no requirement to specify the purposes of the BC in the Memorandum and Articles of Association.

SHARES

• There is no authorised capital or authorised share capital in the BC.
• An unlimited number of shares is acceptable.
• The par value of shares is not required.
• Bearer shares are allowed, but subject to custodian services.

DIRECTORS / OFFICERS (SECRETARY) AND SHAREHOLDERS

• Shareholders, directors and/or officers can be either corporate entities or natural persons.
• Initial or ongoing changes of directors and/or officers need to be filed on the Register of Director(s) and Officer(s), of which a copy must be kept at the Registered Office.
• First directors must be appointed within 6 months of the incorporation date.
• The directors may grant special or general powers of attorney.
• Companies are allowed to have a sole director.
• Where a BC has only one member who is an individual and that member is also the sole director, such sole member/director may appoint a reserve director to act in his place in the event of his death.
• The acceptance and resignation of director(s) is mandatory.
• Neither the directors nor the officers need to be shareholders.
• Shareholders, directors and officers may be of any nationality and may be residents of any country.
• Shareholders and directors may hold their meetings in any country and may attend such meetings by proxy or by any electronic means (phone, fax, etc).

ANNUAL FILING

• No requirement to file annual returns or financial statements; no requirement to hold annual general meetings of shareholders or directors.

INCORPORATION AND ADMINISTRATION

• Excellent availability of company names for incorporation.
• Familiarity of incorporation documents (Memorandum & Articles of Association, Certificate of Incorporation) because the British Virgin Islands belong to the British Commonwealth.
• The words "Limited", "Corporation", "Incorporated", or "Sociedad Anónima", or the abbreviations "Ltd.", "Inc." or "S.A." may be used as a company's name ending.
• Incorporation documents may be drafted in Spanish or any language and submitted together with an English translation.
• Speedy incorporation procedure and simple ongoing administration.
• Incorporation procedure takes from 5 to 6 days.
• The BVI Registry is equipped with modern sophisticated computer equipment improving speed and efficiency in the processing of documents in a timely manner.
• Shelf companies available.
• Registration of mortgages on vessels and aircraft available.

RECORD KEEPING

• The company's accounting books, records and minutes may be kept in any place or country chosen by the director.
• Where a BC keeps a copy of the Register of Members and/or the Register of Directors at the Registered Office, it shall within 15 days of any change in the register notify the registered agent, in writing, of the change, and provide the registered agent with a written record of the address of the place or places at which the original Register of Members or the original Register of Directors is kept.
• Where the place at which the original of the Register of Members and/or original of the Register of Directors is changed, the BC shall provide the registered agent with the physical address of the new location of the register within 14 days of the change of location.
• Annual accounts are neither required nor need be filed.

REGISTERED OFFICE, CORPORATE SEAL AND LEGALISATION

• Registered Office in the British Virgin Islands required.
• Corporate seal mandatory.
• The apostille is normally used to legalise documentation.

COSTS AND FEES

• Reasonable formation and maintenance costs and fees.

CONTINUATION

• Foreign companies can be speedily continued to BVI.

TRANSITIONAL PROVISIONS

• All matters relating to existing IBCs are regulated by the Transitional Provisions (an Appendix of the BVI BC Act).
• The IBC Act was in force until 1st January 2007.
• On 1st January 2007, all existing IBCs not voluntarily re-registered were automatically re-registered under the BVI BC Act. All IBCs incorporated up to 31st December 2004 are subject to the Transitional Provisions (special regulations).

USES OF BRITISH VIRGIN ISLANDS BUSINESS COMPANIES (BCs)

• Holder of bank accounts, fixed deposits, investment plans and any other financial or commercial title.
• Owner of the shares of other companies or legal entities.
• Owner of apartments, houses, buildings, vessels and any other movable or immovable property or goods.
• Manager or promoter of international business transactions.
• International leasing of vehicles, machinery, vessels and others.
• Lending or borrowing money, paying or receiving money in accordance with the law on commissions or others.
• Marketing and promotion of products and services.
• Other commercial and financial activities.

HIGHLIGHTS OF BRITISH VIRGIN ISLANDS

• Excellent corporation law.
• Flexible company law.
• No taxes levied on international and banking transactions. No exchange control regulations.
• Political and economic stability.
• Excellent hotel accommodations.
• Excellent worldwide communication facilities.
• Skilled personnel.
• No capital gains, income or other kinds of taxes.

DOCUMENTS REQUIRED TO BE KEPT AT REGISTERED AGENTS OFFICE, IN ACCORDANCE WITH THE LAW

The following information/documents are required to be kept at the Registered Agent office. Same will not be filed at the BVI Registry.

• Appropriate character references and other due diligence documents, as required.
• Copy of the Consent to Act letter signed by every person that would be appointed as director.
• Name, address and copy of identification card of every person that would be appointed as director.
• Address where the original Register of Directors and Register of Members are kept.
• Complete and updated copy of the Register of Directors and Register of Members must be kept at the Registered Agent's office.
• Adoption of corporate seal is mandatory. An impression of same must be kept at the Registered Agent's office.

SOCIAL AND ECONOMIC INDICATORS

Location:	Caribbean (50 miles east of Puerto Rico).
Area:	50 islands comprising 59 square miles, of which approximately 15 are inhabited and the largest is Tortola, with 21 square miles.
Population:	24,491 (latest 2009 est.).
Climate:	Tropical
Official Language:	English
Government:	Ministerial Democracy (colony of Great Britain)
Living Standard:	High
Banking:	Worldwide banking facilities available
Legal Tender:	Currency of the United States of America (US$)
Industry:	Tourism and financial services

Belize

Features of Belize International Business Companies (IBCs)

GOVERNING LAW

• The Belize International Business Companies Act, adopted in 1990 and amended in 2000 ("Belize IIBC Act").

BUSINESS TRANSACTIONS

• IBCs may engage in any lawful business in any country and may carry on transactions in whatever currencies they choose.
• Any business activity or transaction carried out by an IBC in its home jurisdiction or outside of Belize is fully exempt from taxation in Belize.

COMPANY NAME

• The name of an IBC may not be registered under a name that is identical to the name of an existing Belize company or nearly resembles the name
• The name must not contain the words "Building Society", "Chamber of Commerce", "Chartered", "Cooperative", "Imperial", "Municipal", "Royal", "Assurance", "Bank", "Insurance", "Trust".

OBJECTS

• There is no requirement to specify the purposes of the IBC in the Memorandum and Articles of Association.

SHARES

• There does not have to be any minimum paid-up capital requirement.
• Any amount of authorised share capital can be stated in the incorporation documents of the IBC
• There is no limit to the maximum number of shares however over $50,000 increases the annual Government fee.
• Bearer shares are allowed, but subject to custodian services.

DIRECTORS / OFFICERS (SECRETARY) AND SHAREHOLDERS

• Shareholders, directors and/or officers can be either corporate entities or natural persons.
• Initial or ongoing changes of directors and/or officers need to be filed on the Register of Director(s) and Officer(s), of which a copy must be kept at the Registered Office. This is not filed with the Belize registry however.
• The directors may grant special or general powers of attorney.
• Companies are allowed to have a sole director.
• The acceptance and resignation of director(s) is mandatory.
• Neither the directors nor the officers need to be shareholders.
• Shareholders, directors and officers may be of any nationality and may be residents of any country.
• Shareholders and directors may hold their meetings in any country and may attend such meetings by proxy or by any electronic means (phone, fax, etc).

ANNUAL FILING

• No requirement to file annual returns or financial statements; no requirement to hold annual general meetings of shareholders or directors.

INCORPORATION AND ADMINISTRATION

• Excellent availability of company names for incorporation.
• Familiarity of incorporation documents (Memorandum & Articles of Association, Certificate of Incorporation)
• The name of an IBC must contain any of the words "Limited", "Corporation", "Incorporated", "Society Anonyme" or "Sociedad Anonima" or "Aktiengesellschaft" or the abbreviations "Ltd.", "Corp", "Inc.", or "S.A." or "A.S." or "A.G.".
• Speedy incorporation procedure and simple ongoing administration.
• Incorporation procedure can be completed on the same day. Depending on time zones this could take 1 day.
• The Belize Registry is equipped with modern sophisticated computer equipment improving speed and efficiency in the processing of documents in a timely manner.
• Shelf companies available.

RECORD KEEPING

• The company's accounting books, records and minutes may be kept in any place or country chosen by the director.
• Register of Directors and Members to be kept at Registered Agent. No requirement to file with Belize Registry.
• Annual accounts and Annual return are neither required nor need be filed.

REGISTERED OFFICE AND CORPORATE SEAL

• Registered Office in the Belize required.
• Corporate seal mandatory.

COSTS AND FEES

• Reasonable formation and maintenance costs and fees.

CONTINUATION

• Foreign companies can be speedily redomiciled to Belize.

USES OF BELIZE INTERNATIONAL BUSINESS COMPANIES

• Holder of bank accounts, fixed deposits, investment plans and any other financial or commercial title.
• Owner of the shares of other companies or legal entities.
• Owner of apartments, houses, buildings, vessels and any other movable or immovable property or goods.
• Manager or promoter of international business transactions.
• International leasing of vehicles, machinery, vessels and others.
• Lending or borrowing money, paying or receiving money in accordance with the law on commissions or others.
• Marketing and promotion of products and services.
• Other commercial and financial activities.

PROHIBITIONS OF BELIZE INTERNATIONAL BUSINESS COMPANIES

• A Belize IBC may not carry on business with persons resident in Belize
• A Belize IBC may not own an interest in real property located in Belize, except for a lease of property for office purposes.
• A Belize IBC may not carry on banking business, trust business, insurance business, collective investment schemes unless it is specifically licensed to do so.
• A Belize IBC may not carry on the business of providing the registered office for other IBC's.
• A Belize IBC may not hold shares, stock, debt obligations or other securities in a BVI domestic (non-IBC) company.
• A Belize IBC may not issue shares, stock, debt obligations or other securities to any person or company resident in Belize, except where such shares are held by the licensed Registered Agent or its affiliate in a nominee capacity.

HIGHLIGHTS OF BELIZE.

• Excellent corporation law.
• Flexible company law.
• No taxes levied on international and banking transactions. No exchange control regulations.
• Political and economic stability.
• Excellent hotel accommodations.
• Excellent worldwide communication facilities.
• Skilled personnel.
• No capital gains, income or other kinds of taxes.

DOCUMENTS REQUIRED TO BE KEPT AT REGISTERED AGENTS OFFICE, IN ACCORDANCE WITH THE LAW

The following information/documents are required to be kept at the Registered Agent office. Same will not be filed at the BELIZE Registry.

• A bank and a character reference and other due diligence documents, as required.
• Copy of the Consent to Act letter signed by every person that would be appointed as director.
• Name, address and copy of certified identification document of every person that would be appointed as director.
• Address where the original Register of Directors and Register of Members are kept.
• Complete and updated copy of the Register of Directors and Register of Members must be kept at the Registered Agent's office.
• Adoption of corporate seal is mandatory.

SOCIAL AND ECONOMIC INDICATORS

Location:	Caribbean (coast of Northern Central America and bordered with Mexico to the North).
Area:	22,966 kilometres squared (8,867 square miles)
Population:	333,200 (estimate in 2010)
Climate:	Tropical
Official Language:	English
Government:	Parliamentary Democracy and Constitutional Monarchy
Living Standard:	High
Banking:	Worldwide banking facilities available
Legal Tender:	Belize Dollar (BZD)
Industry:	Agriculture, Tourism and financial services

Bahamas

Features of Bahamas' International Business Companies (BAH IBCs)

INTERNATIONAL BUSINESS COMPANIES (IBCs)
BUSINESS TRANSACTIONS

• IBCs may engage in any lawful business in any country and may carry on transactions in whatever currencies they choose.

TAXATION

• Full exemption from taxation for any business activity or transaction carried out outside The Bahamas.

AUTHORISED CAPITAL / SHARES

• Only nominative/registered shares are allowed.
• No minimum or maximum capital requirements.

DIRECTORS / OFFICERS AND SHAREHOLDERS

• Shareholders, directors and/or officers can be either corporate entities or natural persons.
• Initial or ongoing changes of directors and/or officers need to be filed with the Bahamas Registry.
• The directors may grant special or general powers of attorney.
• Companies are allowed to have a sole director.
• Neither the directors nor the officers need to be shareholders.
• Shareholders, directors and officers may be of any nationality and may be residents of any country.
• Shareholders and directors may hold their meetings in any country and may attend such meetings by proxy or by any electronic means (phone, fax, etc).

ANNUAL FILING

• No requirement to file annual returns or financial statements; no requirement to hold annual general meetings of share holders or directors.

INCORPORATION AND ADMINISTRATION

• Excellent availability of company names for incorporation.
• Familiarity of incorporation documents (Memorandum & Articles of Association, Certificate of Incorporation) because The Bahamas belongs to the British Commonwealth.
• The words "Limited", "Corporation", "Incorporated", "Société Anonyme", or "Sociedad Anónima", or the abbreviations "Ltd.", "Inc." or "S.A." may be used as a company's name ending.
• Incorporation documents may be drafted in any language and submitted together with an English translation.
• Speedy incorporation procedure and simple ongoing administration.
• Incorporation procedure takes 3-4 days.
• The Bahamas Registry is equipped with modern sophisticated computer equipment improving speed and efficiency in the processing of documents in a timely manner.
• Shelf companies available.

RECORD KEEPING

• The company's accounting books, records and minutes may be kept in any place or country chosen by the director.

REGISTERED OFFICE, CORPORATE SEAL AND LEGALISATION

• Registered Office in The Bahamas is required.
• Corporate seal is mandatory.
• The apostille is normally used to legalise documentation. Legalisation via a Consulate is also available for some countries.

COSTS AND FEES

• Reasonable formation and maintenance costs and fees (US$350.00 annual licence fee for companies with a capi¬tal of US$50,000 or less).

CONTINUATION

• Foreign companies can be speedily continued to The Bahamas.

USES OF BAHAMAS INTERNATIONAL BUSINESS COMPANIES (IBCs)

• Holder of bank accounts, fixed deposits, investment plans and any other financial or commercial title.
• Owner of the shares of other companies or legal entities.
• Owner of apartments, houses, buildings, vessels and any other movable or immovable property or goods.
• Manager or promoter of international business transactions.
• International leasing of vehicles, machinery and others.
• Borrowing or lending money, paying or receiving commissions, royalties or others.
• Marketing and promotion of products and services.
• Other commercial and financial activities.

HIGHLIGHTS OF THE BAHAMAS

• Excellent corporation law.
• Flexible company law.
• No taxes levied on international and banking transactions.
• No exchange control regulations.
• Political and economic stability
• Serviced by major world airlines.
• Excellent hotel accommodations.
• Excellent worldwide communication facilities.
• Skilled personnel.
• No capital gains, income or other kinds of taxes.

DOCUMENTS REQUIRED TO BE KEPT AT REGISTERED AGENTS OFFICE, IN ACCORDANCE WITH THE LAW.

The following information/documents are required to be kept at the Registered office of the Company.

• Appropriate character references and other due diligence documents, as required.
• Complete and updated Share Register shall be kept at the Registered Office of the company, containing information of the name(s) and address(es) of the shareholders.
• Complete and updated Register of Directors and Officers shall be kept at the Registered Office of the company and a copy of this document to be filed at the Registrar of Companies of The Bahamas.
• Adoption of a corporate seal is mandatory. An impression of same must be kept at the Registered Office of the company.

SOCIAL AND ECONOMIC INDICATORS

Location:	40 - 60 miles east of Florida (U.S.A.)
Area:	700 islands comprising 5,358 square miles. Most Bahamians live in the two major urban centres: Nassau and Freeport.
Population:	307,451 (2009 est.)
Climate:	Tropical
Official Language:	English
Government:	Parliamentary Democracy. Member of the British Commonwealth recognizing Queen Elizabeth II as head of state.
Living Standard:	High
Banking:	Worldwide banking facilities available.
Legal Tender:	Bahamian dollar, which is on a par with the U.S. dollar
Industry:	Tourism, financial services and small industries.

Cyprus

Features of Cyprus International Business Corporations (IBCs)

BUSINESS TRANSACTIONS

• Cyprus IBCs may engage in any lawful business in any country and may carry on transactions in whatever currencies they choose.

TAXATION

• A company is taxed if it is a resident of Cyprus and is considered a tax resident if its management and control is in Cyprus. A resident company is taxed in Cyprus on its worldwide income.

AUTHORISED CAPITAL / SHARES

• Minimum of one shareholder
• No minimum or maximum capital requirements, however customarily companies are set up with a standard authorized capital of EUR 1,000. A company may denominate its capital in any major currency.

DIRECTORS, OFFICERS AND SHAREHOLDERS

• A minimum of one director is required to be appointed – there is no maximum number of directors.
• Shareholders or directors can be either a corporate entity or physical person.
• Nominee directors and shareholders are available providing anonymity and confidentiality.
• Initial or ongoing changes in directorship and shareholding structure of the companies must be filed with the Cyprus Registrar of Companies.
• Directors may grant general or special Powers of Attorney.

ANNUAL FILING

• Annual returns must be filed with the Cyprus Registrar of Companies.
• Annual returns are filed with the details of the directors and shareholders.
• The first annual general meeting must be held within the first 18-months after registration of the company and every year thereafter. The annual general meetings are held for the purpose of the approval of the financial statements.

INCORPORATION AND ADMINISTRATION

• An IBC can either be resident in Cyprus (provided its management and control is in Cyprus), or it can be non-resident (if its management and control is outside Cyprus). Either it can operate from a full-fledged office with permission to employ expatriate staff or it can have its registered office at a local accountant or lawyer or registered agent's office.
• Incorporation documents are drafted and submitted in Greek and documents to clients are printed in English.
• Speedy incorporation procedures and simple ongoing administration.
• Incorporation procedure can usually be completed within 5 working days once a company name is approved.
• Shelf companies are available.
• Comparatively low set-up and maintenance costs.
• Strict confidentiality with the local authorities and banks.
• Legal system is very similar to UK's

COSTS AND FEES

• Reasonable formation and maintenance costs and fees.

CONTINUATION

• Foreign companies can re-domiciled to Cyprus.

USES OF A CYPRUS IBC

• Since its accession into the European Union in 2004, Cyprus has become one of the most important and reputable centers for setting up an International Business Company.
• Lowest corporate tax rate of all EU member countries.

HIGHLIGHTS OF THE REPUBLIC OF CYPRUS

• Excellent common law system
• Political and economic stability
• Advantageous geographical location and time zone
• English as a business language
• EU member since 2004
• High standard of living
• Highly developed and efficient accounting and legal services
• Excellent transport and telecommunication facilities
• High level of professional services
• Readily available and highly trained local staff
• Relatively low cost of living
• Low crime rate
• Serviced by major airlines

SOCIAL AND ECONOMIC INDICATORS

Location:	Eastern Mediterranean, crossroads between Europe and Asia
Area:	9,251 square kilometers.
Population:	1,000,000 (estimated)
Climate:	Sub-tropical
Official Language:	Greek with English widely spoken
Government:	Presidential Republic
Living Standards:	High
Banking:	International banking centre with major worldwide banks
Legal Tender:	Euro
Industry:	Shipping, banking, tourism, metal products

British Anguilla

Features of British Anguilla's International Business Companies (B.A. IBCs)

GOVERNING LAW

• The British Anguilla's (B.A.) International Business Companies' Act 2000, and the International Business Companies Regulations 2000 as amended.

BUSINESS TRANSACTIONS

• IBC's may engage in any lawful business in any country and may carry on transactions in whatever currencies they choose.

TAXATION

• Full exemption from taxation for any business activity or transaction carried out outside British Anguilla (B.A.).

SHARES CAPITAL

• Nominative/registered or redeemable shares at owner's option.
• No paid-in capital is required.
• No minimum or maximum capital requirements.
• Bearer shares are allowed, but subject to custodian services.

DIRECTORS / OFFICERS AND SHAREHOLDERS

• Shareholders, directors and/or officers can be either corporate entities or natural persons.
• Registration at the Companies Registry of the initial directors and/or officers or of any ongoing changes thereof is optional.
• The directors may grant special or general powers of attorney.
• Companies are allowed to have a sole director.
• Neither the directors nor the officers need to be shareholders.
• Shareholders, directors and officers may be of any nationality and may be resident of any country.
• Shareholders and directors may hold their meetings in any country and may attend such meetings by proxy or by phone.

ANNUAL FILING

• No requirement to file annual returns or financial statements; no requirement to hold annual general meetings of shareholders or directors.

INCORPORATION AND ADMINISTRATION

• Excellent availability of company names for incorporation.
• The incorporation documents such as the Articles of Incorporation and By-Laws are familiar.
• The words "Limited", "Corporation", "Incorporated", or "Sociedad Anónima", or the abbreviations "Ltd.", "Inc." or "S.A." may be used as a company's name ending.
• Incorporation documents may be drafted in Spanish or any language and submitted together with an English translation.
• Speedy incorporation procedure and simple ongoing administration.
• The British Anguilla's (B.A.) Companies Registry is equipped with modern sophisticated software (ACORN) improving speed and efficiency in the processing of documents in a timely manner.
• Shelf companies available, however the ACORN system makes them hardly necessary.
• Registration of mortgages and charges available.

RECORD KEEPING

• The company's accounting books, records and minutes may be kept in any place or country chosen by the director.
• Annual accounts are neither required nor be filed.

REGISTERED OFFICE, CORPORATE SEAL AND LEGALISATION

• Registered Office in British Anguilla (B.A.) is required.
• Corporate seal is mandatory.
• The apostille is normally used to legalise documentation.

COSTS AND FEES

• Reasonable formation and maintenance costs and fees.

CONTINUATION

• Foreign companies can be speedily continued to British Anguilla (B.A.).

USES OF BRITISH ANGUILLA'S INTERNATIONAL BUSINESS COMPANIES (B.A. IBCs)

• Holder of bank accounts, fixed deposits, investment plans and any other financial or commercial title.
• Owner of the shares of other companies or legal entities.
• Owner of apartments, houses, buildings, vessels and any other movable or immovable property or goods.
• Manager or promoter of international business transactions.
• International leasing of vehicles, machinery, vessels and others.
• Borrowing or lending money, paying or receiving commissions', royalties or others.
• Marketing and promotion of products and services.
• Other commercial and financial activities.

HIGHLIGHTS OF BRITISH ANGUILLA

• Excellent corporation law.
• Flexible company law.
• No taxes levied on international and banking transactions.
• No exchange control regulations.
• Political and economic stability.
• Excellent hotel accommodations.
• Excellent worldwide communication facilities.
• Skilled personnel.
• No capital gains, income or other kinds of taxes.

DOCUMENTS REQUIRED TO BE KEPT AT REGISTERED AGENTS OFFICE, IN ACCORDANCE WITH THE LAW

The following information/documents are required to be kept at the Registered Office. Same will not be filed at the British Anguilla Registry.

• Appropriate character references and other due diligence documents, as required.
• Copy of the Consent to Act letter signed by every person that would be appointed as director.
• Complete and updated copy of the share register shall be kept at the Registered Office of the company or at the office of the registered agent, containing the information of the name(s) and address(es) of the shareholders.
• Complete and updated copy of the Register of Directors and Officers is recommended to be kept at the Registered Office of the company.
• Adoption of corporate seal is mandatory. An impression of same must be kept at the Registered Office of the company.

SOCIAL AND ECONOMIC INDICATORS

Location:	Caribbean (over 160 kilometres east of Puerto Rico).
Area:	102 square kilometres divided in over 20 islands many of which are not permanently inhabited; the largest being British Anguilla (B.A.) where the capital known as The Valley is located.
Population:	14,436 (2009 est.)
Climate:	Tropical
Official Language:	English
Government:	British Overseas Territory. These are territories which are under the sovereignty of the United Kingdom, but not considered part of the United Kingdom itself.
Living Standard:	High
Banking:	Worldwide banking facilities available
Legal Tender:	British Anguilla's (B.A.) currency is the East Caribbean dollar, though the US dollar is also widely accepted.
Industries:	Tourism and financial services

Panama

FEATURES OF PANAMA CORPORATIONS

BUSINESS TRANSACTIONS

• Panama corporations may engage in any lawful business in any country and may carry on transactions in whatever currencies they choose.

TAXATION

• Full exemption from taxation for any business activity or transaction carried out outside Panama.

AUTHORISED CAPITAL / SHARES

• Nominative or bearer shares at owner's option.
• No paid-in capital is required.
• No Minimum or maximum capital requirements.

DIRECTORS, OFFICERS AND SHAREHOLDERS

• Shareholders, directors and/or officers can be either corporate entities or natural persons.
• Initial or ongoing changes in directors and/or officers need to be filed at the Panama Registry.
• The directors may grant special or general powers of attorney.
• Neither the directors nor the officers need be shareholders.
• Shareholders, directors and officers may be of any nationality and may be residents of any country.
• Shareholders and directors may hold their meetings in any country and may attend such meetings by proxy or by any electronic means (phone, fax, etc).

ANNUAL FILING

• No requirement to file annual returns or financial statements; no requirement to hold annual general meetings of shareholders or directors.

INCORPORATION AND ADMINISTRATION

• Excellent availability of company names for incorporation.
• The words "Corporation", "Incorporated", "Société Anonyme", or "Sociedad Anónima", or the abbreviations "Inc." or "S.A.", may be used in a company's name.
• Incorporation documents may be drafted in any other language together with their Spanish translation.
• Speedy incorporation procedure and simple ongoing administration.
• Incorporation procedure takes from 3 to 4 days.
• The Panama Registry is equipped with modern sophisticated computer equipment, which heightens speed and efficiency in the processing of documents.
• Shelf companies are available.
• Registration of vessels and ship mortgage is available.

RECORD KEEPING

• The accounting books, records and minutes of the company may be kept in any place or country at the directors' choice.

REGISTERED OFFICE, CORPORATE SEAL AND LEGALISATION

• Registered Office in Panama is required.
• Corporate seal is optional.
• Use of Apostille should documentation need to be legalised. Legalisation via a Consulate is also available for some countries.

COSTS AND FEES

• Reasonable formation and maintenance costs and fees.

REDOMICILIATION

• Foreign companies can be redomiciled to Panama.

USES OF A PANAMANIAN CORPORATION

• Holder of bank accounts, fixed deposits, investment plans and any other financial or commercial title.
• Owner of the shares of other companies or legal entities.
• Owner of apartments, houses, buildings, vessels and any other movable or immovable property or goods.
• Manager and promoter of international business transactions.
• International leasing of vehicles, machinery, vessels and others.
• Adequate instrument for borrowing or lending money, paying or receiving commissions, royalties or others.
• Marketing and promotion of products and services.
• Other commercial and financial activities.

HIGHLIGHTS OF THE REPUBLIC OF PANAMA

• Excellent corporation law.
• Flexible company law.
• No taxes levied on offshore and banking transactions.
• No exchange control regulations.
• Political and economic stability.
• Serviced by major world airlines.
• Excellent hotel accommodation.
• Excellent worldwide communication facilities.
• Skilled personnel.
• No capital gains, income or any other kind of tax.
• Conveniently located close to the largest Latin American markets.
• This country is one of the most important Financial Centres of the region with many international banks.
• Panama is one of the major gateways for trade investment and finance into Latin America.

SOCIAL AND ECONOMIC INDICATORS

Location:	Latin America, joining North & South America.
Area:	77,082 square kilometers.
Population:	2,960,784 (July 2003est.)
Climate:	Tropical
Official Language:	Spanish (official), English
Government:	Constitutional Democracy.
Living Standard:	High
Banking:	International banking centre. Major worldwide banks operate from Panama.
Legal Tender:	Balboa (at par with U.S. Dollar which is the only paper currency in Panama).
Industry:	Financial Services, Panama Canal, Colon Free Zone and Tourism.