COMPANY FORMATIONS

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COMPANY FORMATIONS

We do not believe in purchasing shelf companies due to the fact that although a shelf company can be purchased in a very short period of time it will then be necessary to reserve a name and change the name of the company, appoint new directors, appoint new auditors, ensure that the existing directors and shareholders resign and that the required documents are submitted to the Registrar of Companies to ensure that all these matters are completed. 

The procedures above are very time consuming and the Registrar of Companies sometimes takes an inordinate period of time to process these documents. 

We by far prefer to register new companies at which time the name of the company is in accordance with clients’ instructions, clients are appointed directors of the company at the inception together with the auditors and the shares are issued to the shareholders and all other aspects of the company relate particularly to clients’ instructions.  With our experience and contacts we are able to form a company within 48 hours.

By virtue of the provisions of the Companies Act 2008, it is no longer possible to form close corporations or to convert companies to close corporations.  The provisions of the Companies Act 2008, which completely replaces the provisions of the previous Companies Act, are highly complicated and it is essential that the public instructs an expert in this field of the law to ensure that these matters are attended to correctly and expeditiously. 

At the time of the formation of a company it may be necessary to enter into a shareholders’ agreement and other documents to protect the members of the company and to set out their rights and obligations clearly so that each shareholder and director will know exactly what he is entitled to do, the powers he is bestowed with and his obligations to his co-shareholder and to his company.  We are also able to assist all our clients with obtaining a Value Added Tax certificate in a very short time and if urgent we most probably will be able to obtain the registration within 14 days from the date of instruction.