| 1.
| Advantages
| One
of the newest Caribbean jurisdictions that, as a result, has benefited
from mistakes that others have made by implementing highly flexible
legislation which allows operation of the company's affairs in the way
most desired by the beneficial owner
Very cost effective
Speedy incorporation time
|
| 2.
| Disadvantages
| Because
of lack of public registers, ownership can be difficult to prove
Not recommended for high profile trading
operations
|
| 3.
| Company
Status
|
| International
Business Company (IBC)
|
| 4.
| Corporate
legislation
| Common Law -
International Business Companies Act 1990
|
| 5.
| Company
Name
| Certain words
are prohibited, eg Royal, Imperial, Bank, Insurance, etc
|
| 6.
| Time taken
to incorporate
| 1-2 days
|
| 7.
| Are shelf
companies available?
| Yes
|
| 8.
| Usual
minimum capital
| No minimum,
but shelf companies generally have a capital of US$50,000
|
| 9.
| Capital
Duty
| US$100
|
| 10.
| Minimum
number of shareholders
| One
|
| 11.
| Are bearer
shares/shares of no par value possible?
| Yes but must
be held by a recognised professional such as ourselves / Yes
|
| 12.
| Directors:
minimum number / corporate directors allowed / location
| One / Yes / No
restriction
|
| 13.
| Secretary:
mandatory / corporate secretary allowed / location
| No / Yes / No
restriction
|
| 14.
| Is there a
requirement for a Registered Office / Registered Agent?
| Yes / Yes
|
| 15.
| Is any
information required by the authorities prior to incorporation or prior
to tax status being granted?
| None
|
| 16.
| What
information is available on the public file?
| Memorandum
& Articles of Association / Registered Office & Registered Agent
|
| 17.
| What
documents must be kept at the Registered Office?
| Copies of the
Register of Members and Register of Directors (if maintained) together
with an impression of the seal.
|
| 18.
| Corporate
books & seal
| Company must
have a seal, and the above registers
|
| 19.
| Are
accounts required / filed?
| No / No
|
| 20.
| Is an
annual return required?
| No
|
| 21.
| Where are
meetings to be held?
| No restriction
|
| 22.
| Annual fees
payable to the government: Tax / Annual Return Filing Fee
| US$100 if
authorised capital is US$50,000 or less
US$1,000 if authorised capital is more than US$50,000
US$350 if authorised capital is shares with no par value
|
| 23.
| Are there
any exchange controls?
| Yes, but not
applicable to International Business Companies
|
| 24.
| Double tax
treaties
| None
|
