| 1.What are the different
types of company that are available to be incorporated? |
Corporations – owned by its
shareholders and managed by a board of directors. There
is no separate corporate law relating to corporations
which are publicly owned. General partnerships. All
partners have unlimited liability |
| 2.What documents
are required to incorporate these companies and what
are the other registration requirements? |
Abbreviated standard forms supplied
by the Secretary of State of the state |
| 3.How long (approximately
in your experience) does this process take from start
to finish? |
Assuming the proposed name is not
in use by another, all entities can be formed in a very
short time (24–48 hours) |
| 4.What are the capital
requirements (minimum amounts, types of capital, limits
of shareholders liability) |
There are no minimum capital requirements,
although certain limitations exist on the valid consideration
for the issuance of shares. |
| 5.What is the minimum
management requirements (e.g. types of office holder
or nationality requirements, etc.)? |
A corporation or an LLC need have
only one shareholder or member. The minimum number of
officers or directors of a corporation is one. With
certain exceptions, a shareholder, member, officer or
director of a business entity need not be a citizen
or resident of the State or the USA. There are no restrictions
or controls on the repatriation of profits. |
| 6.Approximately,
what is the local currency cost in relation to
formation expenses and taxes? |
The existence commences on filing
with the Secretary of State. The formation fee for partnerships
(including LLCs and LLPs) is $70, and $100 for corporations. |
| 7.What publicity
is required (e.g. filing of accounts, publication of
other information)? |
The only public documents are the
Articles of Incorporation (for a corporation), Articles
of Organization (for an LLC) Statement of Limited Partnership
(for a limited partnership) or Statement of Authority
for a General Partnership. All entities must have a
unique federal identification number. Financial statements
or accounts need not be filed or published. Tax returns
are confidential. |
