The following reasons made company registration hard: First, the long procedures required in business registration could not make the companies that considered time an important trading factor be operational in time. This made this kind of companies postpone their registration as the targeted client timing had run out. Secondly, some companies could not meet the set standard requirement at their given time of registration. Lastly, the increasing demand to start companies made registry of companies have a tedious and stressful work.
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With this in mind, the company registration corporation started advance creation of companies and put them on the shelf ready for sell to those who needed. When there was need for a person or group of persons to create a company as fast as possible, they could go to the registry firms and get the off-the shelf companies or commonly known age corporation. The only requirement is the exchange necessary for the buyer to fully acquire the company. However, the improved technology has made company registration easy. These companies that offer registration services such as Cleardocs make it almost impossible to wait long to create a new company.
Many off-shore companies have come into existence. This is because of the increased need to have many companies registered. Registration of these companies varies in many countries. This is because Company Registration Act varies according to country of origin. Nevertheless, there some International Standard Company Acts which were formulated to create uniformity in world companies. This was done through the International Business Company (IBC). This company is used as a regulator of international trade and investment. For instance, in British Virgin Island (BVI), the shelf type of registration of businesses was allowed in 1985. The International Business Company Ordinance was the chief regulator of the registered companies globally.
The following procedures are followed in order to register a shelf company:
o The business Memorandum and Articles of Association followed by approved Certificate from Registered Argent is of first importance. This should be able to confirm the requirements of the set Ordinances. If the company is registered locally, it must be able to retain and keep the office address of registration. In BVI, the English law requires the professionals to treat the clients’ affairs with secrecy.
o The name of the company should be clearly defined. It can be in any language but should be licensed for world approval.
o The minimum number of directors should be well defined. According to IBC, the minimum number of directors remains one and their names should not appear in the company archive.
o The share capital recommended is normally 50,000 US$ and this can be articulated in any currency.
o The IBC does not recommend any taxation on the worldwide profits.
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Release 01.11.09
