General information

Company structure

• ▪ Only one shareholder (can also be a legal person, no nationality restriction)
• ▪ Only one director (can also be a legal person, no nationality or residency restrictions)
• ▪ A Secretary (can also be a legal person, no nationality or residency restrictions)

N.B. A Secretary can be same as director

Confidentiality

• ▪ Beneficial owners’ details – Not part of public record
• ▪ Shareholders’ details – Not part of public record
• ▪ Directors’ details – Not part of public record

Taxation

• ▪ 0 taxes for non-resident companies
• ▪ No double taxation agreement
• ▪ Directors, shareholders and employees operating outside MI are exempt fr om personal income tax

Other benefits

• ▪ No restrictions for doing business outside MI
• ▪ Annual general meetings are not mandatory
• ▪ No requirements for director meetings
• ▪ There is no restriction on form of meeting for shareholders and directors and no restriction for place of meeting

Accounting requirements

No audited accounts or requirement to submit annual statements but it required to keep them in order to display its financial position (they can be held anywhere in the world)

Secretary

Required (can also be a legal person, no nationality or residency restrictions)

Registered Agent

Required (can also be a legal person)

Registered office

Required

Company name

• ▪ Language: Any
• ▪ Letters: From Roman alphabet
• ▪ Company name must end with such sufixes or their abbreviations: Limited, Public Limited Company, Corporation, Incorporated, Proprietary, Sociedad Anónima, Société Anonyme, Aktiengesellschaft, Aktiengesellschaft, Berhad, Besloten Vennootshcap, Naamloze Vennootschap , Société Anonyme à Responsabilité Limitée
• ▪ Restricted words: bank, trust, insurance, chartered, foundation, partnership, establishment

N.B.

• ▪ Restricted connections for company name: name of state, national or local government.
• ▪ Any name that implies illegal activity or implies royal or government patronage is restricted.
• ▪ Registrar may reject any name which it considers undesirable or contrary to the public interest.
  
• ▪ Company name is restricted to be identical or similar that of an existing company.
• ▪ In case when foreign language is used for company name the translation may be asked by Registrar to ensure conformity to above listed restrictions.

Incorporation

• ▪ Verification of Company name
• ▪ Preparation of draft and submission of articles of association
• ▪ Provisional and final registration forms
• ▪ Government fees included
• ▪ Notarial costs
• ▪ Arranging a registered office address
• ▪ Preparation of first minutes of the board of directors
• ▪ Production of shareholders’ register
• ▪ Government issued corporate documents

Please provide us with the following documents and data:

Incorporation

• ▪ A notarized copy of valid passport (of each Shareholder, Director, Beneficial Owner, Authorized Signatory)
• ▪ A copy of proof of residential address (ex. utility bill of each Shareholder, Director, Beneficial Owner, Authorized Signatory that is not older than 3 months) in English
• ▪ Optional: A notarized copy of Bank reference (of each Shareholder, Director, Beneficial Owner, Authorized Signatory)
• ▪ Optional: CV (of each Director and Shareholder)

N.B.

• ▪ If Shareholders and/or directors are legal persons, then it is required to submit full set of apostilled company documents and if company is operating more than 1 year it is required to submit certificate of Good Standing.
• ▪ If documents are not in English language or language of particular country, then they must be accompanied by a notarized translation.

 Capital

• ▪ Amount of paid up capital

 Company name

• ▪ Three company names in order of preference