Any company, whether local or offshore, has to be registered to be considered legal and get a permit to operate. The registration process varies from one place to another and the type of company being registered. In addition, company owners who have experience in the procedures of registering companies may undertake the registration process themselves.
However, the best way is to involve a firm that deals with the registration of offshore companies to avoid missing an important detail. It is important to take some time and find out as much as you can about the registration process, as this helps avoid being duped to paying fees that are fictional. The main advantages of registering the company are the enjoying good trading conditions, more privacy, improved protection of your assets and more legal backing. The process is as below.
Knowing the jurisdictions
Offshore companies run under various jurisdictions and the first thing in the registration procedure is to know what jurisdictions are available and will serve your company in the best way. It is at this point where one is advised to hire a consulting firm in the country where they wish to register the company, as the firm is more knowledgeable of all the jurisdictions. The jurisdictions vary in terms of taxation, asset protection and legal affairs.
Getting knowledge of all the requirements
Once the jurisdiction has been narrowed down, the next thing is to find out what documentation will be needed to register the company. This is a vital stage in that it prepares to get everything ready. In some cases, you might be required to give documentation showing the amount of capital you have and knowing this beforehand helps.
Getting the necessary licences
Once you are done with the above two stages, the next thing to do is to start communication with the authorities to make have them give you all the needed licenses for you to commence officially establishing the company. In this step, you can hire the services of a consulting firm to assists you in the paperwork. Once duly filled, the documents are returned to the authorities for approval.
Business presentation
Some jurisdictions demand that you present a business plan as you embark on the establishment process. This is simply used to assess if your business would pose any risk to that particular jurisdiction. The plan should clearly detail the objective of the company. Once this is drawn and attached to the government documents, all that remains is for approval and legal trading can commence.
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