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Finalising the incorporation of your company

Once your company is registered it is almost fully operational, but there are still some things that need to be done before you can run your business. Although you can start making enquiries at an earlier stage, these steps can only be completed after the company has been successfully registered and you have been issued with a registration certificate.

five steps after company registration

Depending on the type of business you plan to run and various other factors, you might need to register for a VAT number at the local tax office (read more about VAT here), open a permanent corporate bank account or apply for certain licences/permits, if applicable. At this stage, all documents must be signed by a director representing the company, but shareholders are not usually involved in company management. If you are using a nominee director, you will be authorised by power of attorney to run your company on behalf of the appointed director. In this scenario, you may sign any documents as the authorised third party.

Opening a bank account

One of the most important steps is to open a permanent corporate bank account — an essential component of any company and vital for conducting business in general. This task is exclusively reserved for the company director, and in most cases cannot be performed by an authorised third party. After the company has been officially registered, you will need to choose the most suitable bank and open an account. Please note that your company’s bank account may be opened in a foreign bank located in another state or jurisdiction.

facade of bank building

Choosing the right bank is essential, especially if one of your ultimate goals is to protect your privacy and the confidentiality of your identity, as different banks have different requirements regarding the information and documents to be provided as well as different due diligence procedures. However, nowadays most banks will want to know who the beneficiary of the company is, regardless of the circumstances, even if you are using nominee services.

Usually, we would advise our clients to open a bank account in one of the tax haven zones.

Registering for a value-added tax (VAT) number

A value-added tax (also known as VAT) is levied in some countries on the sale/purchase of certain goods and services. Generally, VAT can be defined as a consumption tax estimated and charged on the basis of the value being added. In most countries, your company may apply for VAT status voluntarily; however, there may be a number of conditions affecting when a company is required to register for VAT and submit VAT reports.

As soon as the company is registered for a VAT number, it must file regular VAT reports containing information on incoming and outgoing invoices, even if issued/received by other counterparties and partners. Most importantly, all transactions must be declared in the VAT report, including invoices where 0% VAT was applied. If you plan to establish a trading company, you will probably have to deal with VAT-related issues sooner or later.

Licence/permit acquisition

Depending on the industry in which your business operates, there is a chance that you will require a special licence or permit in order to carry out your activities. Legal regulations governing such requirements are the competence of each individual sovereign state, and so we cannot offer a generalised list of industries requiring additional permits, as these will vary from country to country. However, the following industries require licences or special permits in most countries:

The list above is not definitive, as each country has its own legal regulations. We would therefore advise you to contact our lawyers for full information.

Confidus Solutions

Confidus Solutions’ professional team of lawyers will give you guidance and advice at every step of the company incorporation process. We are able to establish a company in any country worldwide, as well as providing you with all associated business support services on request. Contact us now to proceed with forming an offshore company.