SEYCHELLES OFFSHORE COMPANY

The path of incorporating a Seychelles International Business Company (IBC) can seem daunting, but with the expert guidance of our law firm, the process becomes seamless. Situated in the western Indian Ocean, the Seychelles archipelago boasts 115 islands spread across 455 square kilometers. Governed by a legal system rooted in English Common Law and French Civil Law, Seychelles offers an ideal environment for international business endeavors.

Our Cyprus lawyers simplify the incorporation procedure, providing comprehensive assistance from start to finish. We help clients choose suitable company names, draft activity descriptions, and gather necessary details of directors and shareholders. Under the governance of the International Business Companies Act 1994 (Act 24 of 1994), Seychelles IBCs can typically be incorporated within a mere 1-2 working days.

The corporate structure of a Seychelles IBC is characterized by its simplicity and flexibility. With only one director and one shareholder required, residency in Seychelles is not mandatory for either role. Additionally, confidentiality is upheld as the names of shareholders and directors remain confidential, offering peace of mind to clients. Moreover, our firm provides nominee services to further safeguard the privacy of beneficiaries.

Capital structuring within a Seychelles IBC allows for versatility, with shares issued in various currencies and bearer shares permitted. Tax benefits are another advantage, as Seychelles IBCs enjoy full exemption from taxes on income derived outside the jurisdiction.

Post-incorporation, our law firm ensures compliance with regulatory requirements, including the maintenance of shareholder and director registers. While meetings are not obligatory, our firm assists in recording minutes if convened.

Operating a Seychelles IBC opens doors to a wide array of global business activities, empowering them to pursue their ventures with confidence. Our incorporation package includes all necessary documentation and support, guaranteeing a smooth and efficient process from inception to operation.

Establishing a Seychelles IBC provides a gateway to international business opportunities, marked by simplicity, flexibility, and confidentiality. Andreas Danos Law Firm will guide you through this journey, ensuring your venture’s success in the vibrant landscape of global commerce.

CYPRUS PERMANENT RESIDENCE

Permanent Residence in Cyprus provides an exciting opportunity for non-EU citizens and their eligible dependents to obtain permanent residence in Cyprus without any restrictions. This status, also known as Cyprus Immigration Permit or Unrestricted Residence, has an indefinite validity period, eliminating the need for renewal issues.

The main categories of Permanent Residency are:

Permanent Residency by Investment: Ideal for investors eyeing property ownership in Cyprus while maintaining stable income sources from abroad.

Cyprus Permanent Residency requires a minimum investment of €300,000 in real estate or other qualifying investment avenues. This accelerated pathway extends residency privileges to the entire family unit, ensuring seamless settlement in Cyprus for the long term.

Category F Residency secure residency with a minimum real estate investment of €100,000 (plus VAT) and stable annual income from overseas, at least €9568 for the principal applicant, along with an additional €4613 for each dependent. This income should derive from foreign sources and may include earnings from employment, pensions, investments in stocks, or rental income.

Dependent status is extended solely to children under the age of 18, whose permanent residency remains valid until they reach adulthood. Parents of the principal applicant are not eligible for dependent status.

While applying for category F permanent residency with a rented property is feasible, there is a risk of rejection by the Migration Department. Based on professional insight, our Cyprus lawyers recommend pursuing residency after property acquisition to enhance the likelihood of a successful application.

Residency with Work Privileges: Tailored for business owners and employees of foreign-affiliated enterprises.

Category C – own a company in Cyprus with a capital injection of approximately €260,000 sourced from abroad. Individuals planning to work as self-employed in a trade or profession in Cyprus must hold the relevant license and possess readily available capital of approximately €260,000 (or an amount determined by the Immigration Control Committee). Their self-employment should not have adverse effects on the overall economy of the Republic.

Category E – secure permanent employment in Cyprus. Individuals who have received offers and intend to accept permanent employment in Cyprus, provided that their employment will not lead to unfair competition within the local job market for the type of work they plan to undertake.

Residency after 5 Years: Non-EU citizens with a five-year legal residency history in Cyprus can pursue long-term residency.

Residency for EU Citizens: EU nationals and their family members can apply after five years of continuous legal residency.

Residency by Marriage to Cypriot: Non-European Union citizens, commonly referred to as third-country nationals, who are married to Cypriot citizens are eligible to apply for a Cyprus residency permit. This provision also extends to certain family members of the Cypriot citizen and their spouse, including:

– Children under 18 years old from a previous marriage.

– Parents-in-law of the Cypriot citizen.

One significant advantage of obtaining a residency permit through marriage is the unrestricted right to reside in Cyprus.

The spouse of a Cypriot citizen, after receiving a residence permit, can apply for Cypriot citizenship if the following conditions are met:

Be married 3 years before the date of application and two years of residence in the republic.

It’s important to stay abreast of regulatory requirements to safeguard your residency status, such as: annual verification and triennial checks. These mean that you have to ensure compliance with initial investments, health insurance, and other statutory obligations and present clean criminal records from both current and home countries at three-year intervals to maintain residency privileges.

After a five-year residency stint in Cyprus, Permanent Residency holders become eligible to apply for Cyprus citizenship.

Navigating the complexities of permanent residence in Cyprus can be challenging, but with Andreas Danos Law Firm you can proceed with confidence. Our Cyprus lawyers of experienced professionals is committed to ensuring a smooth and efficient process, from initial consultation to residence status and beyond.

COMPANY REGISTRATION AND OPERATION IN CYPRUS

Cyprus stands as one of the premier destinations for business relocation. Its advantageous tax regime, coupled with its strategic location and business-friendly environment, makes it an attractive option for entrepreneurs seeking to establish or relocate their businesses.

This article aims to provide a comprehensive overview of procedures involved in Cyprus company formation.

Before initiating the registration process, entrepreneurs must decide on the most suitable legal structure for their business. Options include establishing a new company, changing the jurisdiction of an existing company, or opening a branch office.

One of the initial steps in the registration process is getting permission to register company name. Chosen name has to be unique and not already in use by another entity.

Regardless of the chosen legal structure, applicants must prepare a standard set of documents for registration, including:

Application on form HE1 for company registration which is a statutory declaration signed and sworn by the entrusted lawyer before the court, application on the HE2 form for registration of the company’s legal address and application on the HE3 form for the appointment of a director and a secretary.

The last step is preparing a memorandum and articles of association which should align with the intended company type and be signed by shareholders. And after all these steps all documents must be filed in the Registrar of Companies.

Upon successful registration, the company receives four registration certificates which confirm ownership and are necessary for tax registration and opening a bank account, these are:

  • Registration certificate
  • Certificates of directors and secretary
  • Certificate of legal address
  • Certificate of shareholders

Businesses in Cyprus must obtain a taxpayer identification number from the Cyprus Tax Department and register for VAT if applicable. Registration with the tax authorities can be done in person or online, with the latter requiring the creation of an electronic signature.

Cyprus banks offer accounts to both residents and non-residents. Applicants can open corporate accounts either in person or through a legal representative. Additionally, several international banks with branches in Cyprus provide the option of opening accounts remotely.

Certain types of businesses require specific licenses for operation, such as cafes, hotels, childcare facilities, educational services, trading companies, or export businesses. Applications for business licenses can be submitted in person or online through the Department of Intellectual Property Registration. Prior certification by a qualified lawyer is necessary for online submissions.

To sum up, the process of Cyprus company formation involves several steps and adherence to specific legal requirements. However, with its favorable tax regime, business-friendly environment, and access to international markets, Cyprus remains an attractive destination for entrepreneurs seeking to establish or relocate their businesses. 

PERMANENT RESIDENCE IN CYPRUS

Are you interested in a residence permit? Of course, we can assist you as we have years of experience in the Cyprus Immigration law. Cyprus Permanent Residency can be obtained through purchasing property or legally residing in Cyprus for a continuous period of more than five years. To obtain a Permanent Residency Permit in Cyprus, one can either purchase a property in Cyprus (the fast-track option) or after legally residing in Cyprus for a continuous period of more than 5 years, an individual and his or her family members may apply for the permit. This process may be completed within just 2 months and will grant investors European residency in a safe and secure jurisdiction which vaunts one of the lowest crime rates in the European Union.

Moreover, Cyprus offers a very cost-effective tax regime, with favorable tax rates and an extensive network of double tax agreements.

A highly attractive benefit of Cyprus Permanent Residency for non-European nationals is the ability to travel within Europe.  The permit will grant them the right to visa-free access to a number of Schengen countries.

Permanent Residence Permit for European Citizens (Yellow Slip).

The Yellow Slip is the permit required for European citizens seeking to reside and work in Cyprus, thus spending more than 3 months in the country.

Within just 12 working days, the Yellow Slip programme grants European citizens the opportunity to settle and work in Cyprus permanently without the need to renew the permit.

The applicant may also include members of the family who will be able to reside and work in Cyprus. Family members who are non-European nationals will become eligible for the Pink Slip a temporary and renewable document which is valid for 5 years.

Permanent Residence Permit for non-European citizens residing in Cyprus (Pink Slip)

Third Country Nationals may apply for a Permanent Resident Permit upon legally staying in Cyprus for at least 5 years and having held a Temporary Resident Permit for the entire preceding period.

Family members of non-European citizens living in Cyprus who are non-European citizens themselves may also apply for a Permanent Residence Card which is valid for 5 years and can be extended.

CONCERNING THE COMPANY FORMATION IN CYPRUS

Our law firm is one of the oldest law firms in Cyprus since 1969. We have the experience to make your company formation fast and simple. We provide nominee services (nominee secretary, director, shareholder).

Answer to frequently asked questions:

  • Your presence is not required for your Cyprus company formation. We can do everything remotely.
  • Documentation required is minimal.
  • All foreign people can own a Cyprus company.
  • You don`t need a real office in Cyprus.
  • You can open a bank account for your company in Cyprus. 

The advantages of registering a company in Cyprus:

  • Cyprus is member state of the European Union
  • Cyprus has modern regime acceptable by the European Union
  • Cyprus has one of the lowest corporation tax rates in Europe (12.5%).
  • Dividend income is exempt from corporation tax
  • Effective tax on royalty income of 2.5%.
  • No capital gains tax on profit from sale of securities
  • No withholding tax on payments to non-residents (dividends, interest and royalties)
  • Only 20% of profits generated from IP rights (royalties) are subject to tax
  • Wide treaty network and use of European Union Directives
  • Restructuring legislation in line with the European Union Merger Directive extending to companies in non-European Union countries

Divorce in Cyprus

There is a list of different pieces of legislation, which include provisions regarding the divorce procedure, either for the dissolution of religious or civil marriages. The most recent piece of legislation is the Civil Marriage Law (N.104(I)/2003) which was put in force in Cyprus in 2003, in which there are a number of provisions regulating the divorce procedure.

Regarding the grounds for divorce, which an applicant can invoke, the aforementioned pieces of legislation provide for several grounds for divorce which include, among others, the following:

  • Adultery
  • Immoral, disgraceful or any other repeated unforgivable behavior resulting in serious deterioration of the marital relationship, which makes it intolerable for the applicant to continue to live with his/her spouse.
  • An attempt against life, e.g. physical abuse.
  • Final sentencing to a term of imprisonment longer than seven years
  • Disappearance
  • Sexual incapacity present at the time of marriage and which continues for at least six months and including the time the action is brought.
  • Persistent refusal to give birth to a child despite the other spouse’s desire and/or attempts.
  • Separation for a continuous period of four years.

Generally, the applicant must establish that the marriage has irretrievably broken down. The applicant may also invoke/prove that the respondent has behaved in such a way that the applicant cannot reasonably be expected to continue to live with him/her.

Regarding the procedure, in the event of religious weddings a letter should be dispatched to the Archbishop with the name of the applicant as sender. With such letter the intention of the applicant to file a divorce is notified. The letter shall be sent by registered post. The right to file an application for a divorce in Court is obtained 3 months after receipt of the letter by the Archbishop.

In the event of civil weddings, the party concerned can file a divorce application at any time before the Family Court, without any preceding action.

Furthermore, it should be noted that in Greece and in other jurisdictions, when both parties consent/agree with the divorce, then they both have to sign a series of documents in order for the marriage to be dissolved.

On the other hand, in Cyprus even if both parties agree to the divorce there is not such an option, as the one mentioned above, so the ordinary procedure should be followed. In practice, this means that the one party simply avoids appointing a lawyer, so that the applicant can proceed in his/her absence and the divorce may be issued within a very short period of time.

However if the respondent does not consent to the divorce application, then he/she can appoint a lawyer and proceed with the filing of an objection but in this case the whole procedure will take much longer.

Concerning the divorce application a number of details should be provided from the person concerned to the lawyer of his/her choice, including among others the Certificate of Marriage, the exact day that the wedding took place, the reasons for the divorce, etc. Once the divorce application is ready, it is filed in the Court and served to the other side/party involved.

Last but not least, the legal consequence of the divorce decision is only that the marriage is dissolved. This decision does not affect any property disputes that may arise, any custody proceedings (with the exception of divorces granted due to the physical abuse of children) and neither does it entail an obligation to pay maintenance to the other spouse. All these are independent procedures, which can be brought before the Courts only by way of filing separate applications.

For more information concerning the divorce procedure in Cyprus or other matters arising from the dissolution of a marriage, do not hesitate to contact us

British Virgin Islands entering the “white-list” of the cooperative tax jurisdictions of the EU

In 2018, British Virgin Islands were included on the EU’s ‘grey list’ of cooperative tax jurisdictions, despite its attempts to engage with the EU, because the EU required further progress in order to address its concerns.

Since that date, the BVI has proven its commitment to an effective cooperation with the EU and its dedication to promote good tax governance by passing the Economic Substance (Companies and Limited Partnerships) Act 2018.

There were also other pieces of legislation (either primary or secondary) which passed in order for BVI to achieve the aforementioned goals and at the same time to continue to be one of the most preferred jurisdictions for companies’ registration.

Each of these measures adopted by the BVI further establishes its position as an internationally respected and stable financial centre, which attracts businessmen from all over the world to establish their companies there.

Furthermore BVI seems to be present and committed in a positive dialogue with the EU, in order to meet and comply with the existing international standards.

Up to this end, during the last week of February 2020, EU announced that BVI managed to be included in the EU “white-list” of cooperative tax jurisdictions, among other countries and at the same time it managed not to impose/place irrational restrictions regarding the incorporation of companies.

Thus BVI is now, more than ever, one of the most appealing and stable jurisdictions for company incorporation, with a number of benefits, including among others the low taxation, the fast procedure of incorporation, the availability for residents of any country, etc.

For more information concerning company incorporation in BVI, do not hesitate to contact us directly in info@danoslawfirm.eu.

Andreas Danos Law Firm starts cooperation with Dubai law firm about registering companies

Andreas Danos Law Firm would like to announce that it has started successful cooperation with a Dubai law firm, mainly concerning companies’ registration, which would enable our clients to set up a company in the United Arab Emirates.

Even though the United Arab Emirates do not have the “tax heaven” stigma, registering a company there have a lot of advantages. First of all, for the entities registered in the UAE there is 0% corporate income tax. Further company registration’s details depend on the emirate where the entity is registered and the type of the entity.

There are several legal solutions for foreign companies wishing to conduct a successful business in the UAE. One of them is to register a company in numerous free-trade zones in the UAE. Those areas have a special tax, customs and imports regime and are govern by their own framework of regulations. Within the most investors-friendly free zones in the UAE are Dubai free zones. There are several free zones in Dubai and each of them is specified for the exact branch of business (f.e. Dubai Silicon Oasis, Dubai Media City, Dubai Internet City). Dubai free zone company can be established using the 3 following entities: Free Zone Establishment, Free Zone Company and branch. The two firstly mentioned enjoy limited liability, while the branch has unlimited liability for the parent company. All three types of entities allow the 100% foreign ownership, appointment of corporate directors and visa applications for foreign employees. The Dubai free zones companies are obliged to rent an office in the zone (but it is not necessary to hire the staff), appoint a resident company secretary, submit annual audited financial statements and annually renew the business licence. What is more, free zone companies do not require a UAE national shareholder and are excellent solution for investors wishing to use Dubai as a gateway to the consumer markets in Africa and the Middle East. Exemption on corporate tax minimalizes withholding tax on remittance to other countries and no customs duties are imposed on goods imported or exported from the free zone.

Another solution for the investor is opening a Dubai offshore company, which is an ideal, tax efficient and cost effective corporate structure for entrepreneurs who wish to conduct international trade. An offshore entity is sometimes called the ‘nonresident paper company”, because it allows foreign entrepreneurs to trade with Africa and Middle East without administrative obligations. The main difference between the Dubai free zone company and the Dubai offshore company is that the offshore company is not allowed to trade in Dubai and in the UAE. Besides that, a Dubai offshore company is quick and simple to set up and the shareholders and directors are not required to register their names and details for public record. What is more, an offshore company is exempt from all annual accounting and tax obligations.

The less popular corporate structure is the Dubai Limited Liability Company. This entity is advised for companies wishing to conduct consulting business (legal and accounting consultancy, IT and management consultancy, marketing consultancy). In other industries, the Dubai authorities require foreigners to create a joint venture with an UAE national, who must hold at least 51% of the shares.

REGISTRATION OF FOREX COMPANIES WORLDWIDE

We specialize in registration of Forex Companies worldwide especially in Cyprus, Vanuatu, Belize, etc. and we have recently successfully helped a client for registration of Cyprus Forex company.

FX or Forex (foreign exchange) trading is a relatively new type of market which investment firms worldwide conduct business in. It encompasses generally an over-the-counter market where buyers and sellers conduct foreign exchange transactions.

Why setting up a Forex Company in Cyprus, Vanuatu, Belize, etc?

Cyprus, due to its attractive tax regime, coupled with its EU Member status, its implementation of the Markets in Financial Instruments Directive (‘MiFid’), and regulatory regime has proved the perfect jurisdiction for the incorporation and operation of FX companies.

Vanuatu, a remote archipelago in the South Pacific, a popular tourist attraction is something called land diving. It has zero corporate tax, it also has no income tax, no capital gains tax, no estate tax, no wealth tax, no withholding tax, no gift tax and no other personal income taxes. Aside from a locally applied 12.5% VAT, there are almost no taxes at all.  With such a taxation regime in place for international companies and offshore companies incorporated in the jurisdiction, Vanuatu can rightly be considered as a “Tax Haven” – and one of the most attractive in the World from many perspectives.

Belize, is located on the eastern coast of Central America, is a tax haven in the purest sense, because it provides a simple incorporation process for offshore companies, which do not pay taxes on earnings from abroad. The tax code in Belize defines offshore income as dividends, capital gains, earned interest and revenues. Dividends paid by offshore companies incorporated in Belize to non-citizens of the country are also tax-free.

Especially after the recent changes in EU directives and regulations non-EU regulated forex companies can no longer operate in the EU and/ or the euro as a currency.

So, nowadays there is a big trend of setting up regulated Forex companies in Cyprus, Vanuatu, Belize, etc that in addition have very favorable tax and regulatory regimes coupled with very low operating cost levels and considerable financial services, legal, tax and accounting expertise and infrastructure.

Minimum Capital Requirements:

In February 2014 there was an amendment of Law N.193(I)/2014 Article 10 (Law of the Investment Services and Activities and Regulated Markets), whereby the initial capital requirements of CIFs has been reduced significantly in order to attract further investments in Cyprus.

Hence the initial capital requirements were configured as below:

A CIF that provides one or more of the following investment services and holds clients’ money or/and client’s financial instruments, must have an initial capital of at least one hundred twenty five thousand euro (€125.000):

(a)  The reception and transmission of orders in relation to

financial instruments

(b)  the execution of orders on behalf of clients;

(c)  portfolio management;

(d)  provision of investment advice;

A CIF that provides the investment services stated in subsection (a) or/and (d) above, and does not hold clients’ money or/and clients’ financial instruments, and which for that reason may not at any time place themselves in debt with their clients, may have an initial capital of:

(a)  At least fifty thousand euro (€50.000); or

(b)  at least forty thousand euro (€40.000) and professional indemnity insurance covering all member states or some other comparable guarantee against liability arising from professional negligence, that it enters into with an insurance undertaking, representing an amount of at least one million euro (€1.000.000), per claim, and in aggregate at least one million five hundred thousand euro (€1.500.000) per year for all claims.

A CIF that provides one or more of the following investment services or/and performs the following investment activities shall have an initial capital of at least seven hundred thirty thousand euro (€730.000):

(a)  Dealing on own account;

(b)  Underwriting of financial instruments and/or placing of financial instruments on a firm commitment basis;

(c)  Placing of financial instruments without a firm commitment basis;

(d)  Operation of Multilateral Trading Facility.

Directors:

A Cyprus FX company must have at least one Executive Director, who passes a ‘fit and proper’ requirement test, who is resident in Cyprus. This means that he must have an investment/financial background, has a respected reputation in business circles and has a clean criminal record.

The requirement for Cyprus residency is to enable Cysec to correspond and liaise with him especially in as regards reporting as well as for clarifications and spot checks.

Furthermore, the company must have a General Manager, who is non-executive, and has no requirement to be resident in Cyprus. The requirement is that he visits Cyprus on a regular basis to oversee the functions of the company. The role of the General Manager is mainly to oversee the Executive Director and the Board of Directors in general.

Application Procedure :

All corporate documents of the company (incorporation certificate, certificate of directors/secretary, shareholders, Memorandum & Articles, etc) together with the CIF application form (Form 144-03-01). [The usual time frame for the preparation of the application and supporting documents is 1-2 months, depending on the prompt availability of the required documents].

Together with the above document bundle, a three year business plan, and internal procedures manual and anti-money laundering and know your client procedures must be filed with the application.

Initially, our firm has experience of setting up a Forex Company in Cyprus, Belize, Vanutatu, etc. We prepare the special memorandum and articles of the company

Registration of companies in BVI

Our law office enjoys an excellent reputation for its litigation strength and expertise in all aspects of commercial litigation, insolvency and investment fund disputes.  We have extensive experience in registration of companies worldwide and especially in British Virgin Islands. We have recently successfully helped a client for registration of Company in British Virgin Islands.

The British Virgin Islands, or BVI for short, is a group of fifty islands in the Caribbean forming a British Overseas Territory. The main islands within this group are called Tortola, Virgin Gorda, Anegada and Jost Van Dyke. They have been autonomous from Britain since 1967. While the official name is the Virgin Islands, they are usually called the British Virgin Islands to separate them from the nearby American Virgin Islands.

Why is British Virgin Islands considered to be a tax haven?

A tax haven is – according to the OECD – a jurisdiction that seeks to make itself attractive to businesses and business owners seeking more favorable tax treatments than those available in their country of origin or residence. As such a tax haven provides beneficial terms under which either new companies can be incorporated or off-shore entities of already existing companies can be established.

The “British Virgin Islands tax haven” has come about through the creation of a very simple set of corporate taxation rules that offer a highly beneficial taxation system. The British Virgin Islands does not have any capital gains tax, gift taxes, sales tax, value added tax, profit tax, inheritance tax or corporation tax. Salaries paid to employees employed by an off-shore company established in the BVI tax haven are taxed at 8% for the employee the remaining percentage up to 12% or 14% for the employer for any salaries above $12,000.

The relative simplicity of these tax regulations along with the low tax rates explain why British Virgin Islands has become one of the most popular places for off-shore establishment of businesses. The BVI tax haven also offers another important benefit – relative privacy of details regarding financial transactions as well as corporate incorporations. This allows companies to configure their own corporate structure without harmful interference or risk of competitors gaining access to undue information.

Seven reasons to purchase an offshore company in the BVI:

1) Complete freedom from taxes in the country of registration.

2) The British Virgin Islands – the oldest and most respected offshore jurisdiction in the world.

3) The British Virgin Islands have the most elaborate offshore legislation in the world.

The highest level of security.  Information about the owners, shareholders and directors of the company is safely hidden from inquisitive eyes.

5) The Act does not limit the size of the share capital of BVI companies and does not specify the exact timing of the payment.

6) The law does not require the company to submit financial statements.

7) Free use of directors and shareholders as legal entities.

Documents needed to register a company in the British Virgin Islands:

The prestige of this jurisdiction has a downside. The documentation requirements are generally stricter than in more “democratic” offshore zones. If they seem too off-putting, we recommend that you try Belize or the Seychelles instead, where the process is much simpler.

Mandatory documentation:

1) A certified identification document.

A passport (foreign or domestic) is the most readily-accepted document. Next, in descending order, a national ID-card or driving licence (only acceptable if it contains a photo of the owner). The authenticity of the document must be certified by a notary, lawyer, certified public accountant, an employee of the embassy or consulate, a bank manager, a police officer or other person authorized to certify documents.

If you visit our office in Riga or in the BVI, copies of your document will be made by our staff on-site.

2) Proof of residence.

What is it? Any official document showing your name and address together. The most popular options are: utility bill (except mobile phone bills), bank statement (including credit card statement), a certificate from the housing department, an extract from the register of residents, a letter from a notary, bank official, etc.

3) Reference letter from the bank.

This formal document can easily be provided by almost any bank. Banks are familiar with this procedure and, as a rule, each bank has its own format.

In this letter, the bank confirms that the relevant person has been a customer of the bank for however many years, and declares the absence of any claims to this person .

4) Confirmation of the source of legal funds.

This is usually a bank statement.

Actual figures in this account are not that important. The law only requires proof that the client has legal funds.

Andreas G. Danos law office provides both corporate and litigation services.  Our law office enjoys an excellent reputation for its litigation strength and expertise in all aspects of commercial litigation, insolvency and investment fund disputes.  We have extensive experience in registration of companies worldwide and especially in British Virgin Islands.