Company Formation Survey 2008


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		1. Company law	Companies Ordinance 1981. (As amended)
		2. Types of company: (a) type of company preferred for international transactions:	Ordinary, exempt, foreign, limited life company (LLC), companies limited by guarantee, non profit associations.
		(a) type of company preferred for international transactions:	Exempt companies, protected cell companies.
		(b) shareless companies:	Companies limited by guarantee, unlimited company.
		3. Capital requirements:	No minimum paid up share capital is required for exempt companies.
		4. Costs to incorporate, excluding government fees:	USD750-2,500.
		5. Fees paid to authorities to incorporate:	For ordinary companies: USD275. For exempt companies: USD100. (The fee increases for companies with nominal capital of more than USD5,000).
		6. Annual fees paid to authorities:	Ordinary companies: USD250. For exempt companies: USD300.
		7. Taxation rates applied to companies generally:	Nil.
		(a) the taxation of companies in 2 (a)	Nil. In addition, the government guarantees not to impose taxes for 20 years.
		8. Method of incorporation:	Three copies of Memorandum and Articles in prescribed form, lodged with company's registry with fee. Subscribers of exempt companies required to declare operations will be outside the islands.
		9. Who may incorporate - specify what, if any, local representatives/ professionals required?	Any person or licensed agent.
		(a) are ready made companies available?	Yes.
		10. Length of time to incorporate:	24 hours.
		11. Minimum members:	One, individual or corporation.
		12. Registered office:	Must have registered office in TCI and exempt companies nominate a resident representative.
		(a)Can the registered office be a bank/ lawyer/ accountant's office (brass plate)?	Yes.
		13. Directors and secretary:	One or more directors, who may be a non-resident and a secretary who may be individual or corporation. A sole director may act as secretary.
		(a) Must a director/ secretary be resident?	No.
		(b) Are Corporate Directors allowed?	Yes.
		14. Appointee directors/ secretary possible?	Yes.
		15. Amount of fees payable to appointee directors/ secretary:	USD750-1,500.
		16. Meetings:	Annual meeting only required by ordinary companies
		17. Annual return:	Ordinary companies require details of share capital and shareholders, directors and secretaries; exempt companies file a declaration that requirements have been completed and operations are outside the islands.
		(a) Must financial statements of a company be audited?	No.
		18. Is disclosure of profits required by filing balance sheets with annual returns?	No.
		19. Are there any exchange control or other financial restraints imposed upon a company?	None.
		20. Companies formed in the last year:	2,288.
		21. Number of companies on the company register altogether:	15,955.
		22. How, if any, is migration into and out of the jurisdiction achieved?	Specified in Companies Ordinance 1981 (Part IX), which covers the transfer of companies from and to another jurisdiction.
		23. Is migration out of your country provided for?	Yes.
		24. Any amendments to company law over the last 12 months:	Revised Companies Ordinance.
		25. Anticipated amendments to company law over the next 12 months:	Not at this time.
S I T E M A P BACK TO TOP			Compiled by Tim Prudhoe, Bishop Papachristous & Prudhoe