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How to Duly Establish and Legally Register a Company in Costa Rica

As long as you have an incorporation agent and the so-called Power of Attorney, to register a company in Costa Rica is not as complicated as compared with other countries. It is not a requirement for a corporate owner to be a Costa Rican resident – the assigned agents are legally qualified to establish and register the corporation. After hiring your own agent, below are the further steps you need to take.

Arrange and settle agency fees

Whether the agent that you have is on his own or is part of an agency, you must comply in the agency fees to be required as mobilization payments in the document processing. Inclusive with the payments for the processing itself, the obtainment of documents may have corresponding prices.

Decide and finalize the company structure

A company structure and its system should be finalized and agreed upon by the owners or the company management. To register a company in Costa Rica, a project plan will be created based on this company structure, to which appropriate documents will be processed based on the timeline also dictated and allotted by the government.

Have your company name translated

All company names in Costa Rica are translated in Spanish. A separate firm will be assisting you in translating your proposed firm name. The firm will also take care of the process regarding the reservation of your desired company name with the Costa Rica Registrar of Companies.

Sign the required documents

The processing agency will provide you all the requisites required to register a company in Costa Rica. Affixation of signatures will have to be done for the needed documents and papers to be notarized and legalized. Costa Rica company formation The signed documents must be submitted and returned to the agency, which the agency will prepare for official documentation registration in the corresponding Costa Rican authority.

READ ALSO:  Know More About The 3 Biz Latin Hub New Offices

Create a corporate bank account

The assisting agency or firm that you have hired for the processing of your registration also has the responsibility to open the corporate bank account for the company. They may also pay the necessary incorporation fees as requested by the authorities.

Have an incorporation charter registered

You must also be able to file a company incorporation charter to the mercantile division of the Costa Rican public registry. From this does the firm also gain permission to have the corporation’s bookkeeping be legalized.

Be an official Costa Rican taxpayer

Whilst preparations for an official office address is also being undertaken, the hired firm or agency may use their office address in specifying the corporation’s location in the D-140 form provided by the government. This form registers the company to be a legal taxpayer of the country.

Gather the insurance

To register a company in Costa Rica, it must be taken into account that as an employer, you must obtain insurance for the workers. It is imperative that labor risk insurance be obtained from the National Insurance Institute of Costa Rica.

Be registered with the Costa Rican Social Security

Upon the corporation’s incorporation, the hired firm or agency shall officially register your company as an employer in the CCSS, or the Caja Costarricense de Seguro Social.

Have your Costa Rican company kit delivered

After the successful registration, your hired agency will be sending your complete company kit, wherein the documents filed and received are compiled.

READ ALSO:  Learning About the Statutory Requirements of a Company in Latin America

It is a duty of an aspiring business owner to make sure that all decks are on hand, and all documents are filed to be able to legally register a company in Costa Rica. Policies are not as strict as in others, but that doesn’t mean that the process shouldn’t be taken seriously, or that the application is easy.

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EU law firm provides various legal services in field of business and finance, including company registration all over the world in the most favourable jurisdictions.

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10 Reasons to do business in Latvia

Since 2004, we’ve been enjoying all the advantages that the EU membership offers. Free mobility of products and labor, no roaming charges inside EU – You name it, we have it. In 2014 we also joined the Eurozone.

Latvia isn’t solely the very heart of Baltic States, it’s additionally a point where West meets East. Riga International Airport is the largest air transportation hub within the Baltic States – three times the population of Latvia travels through in a span of a year. The airport serves over a hundred direct flights, as well as those to New York, Dubai, and adds many new direct flights each month. The international bus and train transit is also comfortable, reasonable and frequent.

Looking for Company registration in Latvia? Eu Law Firm offers fast company formation services in Latvia online. 0% Tax on Reinvested Profits. Reputable EU jurisdiction.

BRILLIANT IT INFRASTRUCTURE

Not only is Latvia ranked as the country with the tenth quickest internet worldwide, free wi-fi may be found virtually all over within the center of Riga, the capital city. The largest telecommunications company of Latvia, Lattelecom, has ensured an average of 3 free Wi-Fi connection spots per square-kilometer.

NOT SO SEVERE TAX SYSTEM, LOW PRICE OF BUSINESS AND OVERALL SUPPORT FOR STARTUPS

Latvia really needs you – we introduced a startup visa and an entire Welcome Pack to support your business as you kick-off. We are keen to guide you through practical matters and mundane realities of daily life. With this idea in mind, we have started our own transformation towards becoming a startup one-stop-shop – Magnetic Latvia Startup – which will provide all foreign founders with nowadays concierge service. We are ready to hold your hand when you need us to.

A LOT OF TALENTED PEOPLE

We’re tri-lingual, well-educated and creative! Our startup talent pool varies by age, gender and nationality. It’s will be easily to find and make a professional crew of locals as well.

VIBRANT STARTUP ECOSYSTEM

We throw great startup parties like DFF and TechChill; we’re equipped with thousands of sqm of modern cosy offices and co-workings; we understand our internal market is non-existent and we think global from day zero. Start-up Association has your back, while Business Angel Network and PE&VC Association are working hard towards increasing the available pool of investments. We’ve witnessed many startups exits, and we want more.

UNSATURATED STARTUP MARKET

With four hundred solid startups in Latvia and expanding financing opportunities, the market is far from saturation point. And is also responsive to sensible ideas. What does that mean? To succeed in Silicon Valley, you’ve got to be a genius. In Latvia – at the moment – you simply got to be very very good. However, as both amount and quality of startups increase, this window might be closing shortly. Act on it.

SUSTAINABLE ECONOMIC GROWTH IN THE EUROPEAN UNION

During the last 15 years the GDP of the country has sustainable growth averagely on 7-8% per year:

EU customs zone;

Developed and sound banking system;

Low level of corruption and high level of legal personal property and foreign investment protection.

Most of Latvia’s GDP (~71%) is the market of services, which includes the tourism sector. If you would like to open a business in Latvia in this field, you will have developed infrastructure and ready demand ahead of you.

NATURE

54% of Latvia is forest; 33% of its border is a white-sand-pine-tree coast. Come dip your toes in the serenity. Get lost in the woods, picking mushrooms and wild berries. Give your soul a recreation and see your energy peak!

RIGA: SMART YET LIVEABLE

We seek to boost productivity, upgrade efficiency, increase mobility. That’s all great! What we all forget in the process: the city also needs to be livable – with human interactions and challenges. All those things will convert into anecdotes we’ll tell our grandchildren one day in smart future… Riga is exactly that city! So pack your bag and come live a life here!

LANGUAGE

Latvia has one official language: Latvian. However most of Latvian inhabitants know other languages such as English, Russian and German. Latvia’s approximate structure of inhabitant language knowledge is as follows:

Over 85% of Latvians speak Russian

70% of people under 40 speak English

German, French and Scandinavian languages are also widely spoken

SUMMARY

Latvia is in Europe so there are ties with a lot of countries;

Really good IT infrastructure that leads to one of the best WiFi’s on the planet;

Lenient tax system, low price of business and overall support for start-ups;

A Lot of young talented minds;

Vibrant startup ecosystem;

Unsaturated startup market;

A really good city for your business;

English and Russian are widely spread in Latvia.

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Panama Offshore Company Formation: 5 Important Steps

There are several important benefits associated with forming a Panama offshore company, which is why this country is so attractive to many corporations all over the world.

However, while it is not exactly difficult to get set up in Panama, that doesn’t mean it’s a matter of clicking a few buttons and filling out a few forms. It is obviously a little more involved than that.

Looking for Company registration in Panama? EU LAW FIRM provides fast & affordable company formation service through 100% online process. 0% Corporate tax.

So, what can you do to complete the formation process as smoothly as possible?

These important steps will help make sure that you are fully prepared to form an offshore company and experience the advantages for yourself.

Connect with a Resident Agent

Every Panama offshore corporation must have a Registered Agent. This person will have a wide range of duties to perform, and must be capable of understanding and working within the relevant laws. To that end, the laws in Panama state that the Registered Agent must be an attorney in the country or a Panama law firm.

If there comes a time when you want to replace the Resident Agent, it can be done by making an amendment to the Articles of Incorporation.

Fill the Board of Directors

The Board of Directors will be in charge of the management and administration of your offshore company. Panamanian law requires a minimum of 3 directors/officers. However, they can be of any nationality or a resident of any part of the world. In fact, if the Articles of incorporation authorize it, these directors/officers can be represented at board meetings by proxy holders.

(It should be noted that these proxy holders don’t need to be directors, but they do need to be appointed by the means laid out in the Articles.)

While these board members do not have to be shareholders in the company, they will be the ones in charge of the day-to-day management of the company’s affairs.

However, since the names of the directors/officers will be recorded at the Panama Public Registry, there are instances in which those directors will appoint a nominee board. This way they can maintain the anonymity of the shareholders or real owners.

Take Care of Incorporation Costs

There are, of course, a number of costs to incorporate your business in Panama. They are intended to cover:

Notary and legalization legal fees

Resident Agent fees

Capital Registration Tax on the basis of authorized capital of US $10,000

Power of attorney included in the Articles of Incorporation (if required)

An English translation of the Articles of Incorporation and certificate of good standing

One or two certificates of shares issued in nominative form

Courier expenses

There are a couple additional services that you may employ for a small, extra fee, including:

Nominee Directors services

General Power of Attorney (required if you are using a Nominee Board)

Finally, there is an annual maintenance fee. On the anniversary of the date of incorporation, the company will need to pay the Annual Franchise Tax. This is the only tax an offshore corporation is required to pay, though there could be some extra costs depending on how you use our firm to pay this tax.

Decide on Share Certificates

How do you intend to issue your corporation share certificates? You have a couple choices here: you can issue them either to the “The Bearer,” or in Nominative Form (which means they go to a specific person or entity).

The shareholders can be anonymous, and the beneficial owners of the corporation are not required to be recorded in the Panama Public Registry. This is why Panama offshore corporations are often called “anonymous corporations.”  

And, since the identity of the shareholder is not registered, these shares are normally issued through private documents. However, the Resident Agent will have to know the identity of all shareholders at all times. Of course, the lawyers are bound to keep that information within the firm’s private files and not release it to the public.

Organize and Complete Your Corporate Documentation

There are several documents that must be completed, filed, and resolved in order to form an offshore corporation. Our incorporation package includes a number of documents, such as:

The original copy of the public deed issued by the Notary Public of Panama, notarizing the Articles of Incorporation

An official translation into English of the Articles of Incorporation duly certified by Apostille

Original Certification of Incorporation issued by the Panama Public Registry, stating that the corporation is in good standing, duly certified by Apostille and with its official English translation

Certificates of shares issued in nominate form.

Two (2) Assignments of subscription of shares

Initial Minutes

Official government receipt for the first annual franchise tax payment

Forming a Panama offshore company doesn’t have to be difficult. If you take a measured approach and focus on these important steps, you will be able to set up your company and start enjoying the benefits of incorporating in this country.

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Top 10 Benefits of Offshore Company Registration in Panama

Are you planning to open an offshore company in Panama? If yes, then you are definitely heading in the right direction. In this blog, we will provide you on the details of all the benefits of offshore company registration in Panama.

Panama is a Central American country that has been gaining a reputation worldwide for its respectable corporate and financial services. The government’s documented tax advantages and the promising economic performance of the country are the two factors in which the experts attribute progress. As a result of this, foreigners are more tempted to form an offshore company in Panama.

Panama Offshore Company

Panama is a Central American country that has the fastest growing economy and the largest per capita income. Panama is a presidential independent and sovereign state. It is one of the most developed centers for international businesses.

The laws of Panama only allow the submissions of accounting records, files, or other documents to foreign authorities with the express permission of the Courts of Panama.

Panama is a perfect jurisdiction for an offshore company for asset protection purposes. The legal system of Panama is well developed, tested, and professional. Panama's advanced corporate code allows for maximum protection.

Features of an Offshore Company in Panama

No corporate taxation in a Panama offshore company.

There must be a registered office in Panama.

Minimum government fees excluding tax is the US $250

Bearer shares are allowed but do not allow par value shares

A minimum of three directors is required.

A minimum of only one shareholder is required to form an offshore company in Panama.

Requirements for Incorporation Process of a Panama Offshore Company

Names and addresses of all the shareholders of the company incorporated.

A unique name for the company

Company’s address and objectives

The amount of share capital

The number and nominal value of the shares in which the share capital is divided

List of the board of directors including their designations

A number of shares that each of the shareholders agrees to take.

Name and address of the resident agent

Company’s duration

Benefits of a Panama Offshore Company

Anonymous Ownership

Panama offshore companies share certificates that can be issued in bearer form with or without par value.

No Reporting Requirements or Taxes

A Panama offshore company does not impose any reporting requirements or taxes on non-resident Panamanian companies.

No Piercing the Corporate Veil

A Panama offshore company does not allow "piercing the corporate veil," which is why your corporate books are maintained 100% private and confidential by law.

Nominee Directors

When a Panama offshore company appoints nominee directors for the entities that they establish for their clients, they always provide their clients with pre-signed, undated letters of resignation from the directors.

Favorable Incorporation Laws

A Panama offshore company offers the most favorable and most flexible incorporation laws in the world.

Strict Privacy Laws

Panama has one of the most reliable bank accounts and corporate book secrecy laws in the world. Privacy and confidentiality are not only respected but also vigorously protected by constitutional law in Panama.

Stable Government

Panama has the most stable government in all of Central or South America.

Business and Taxation

Panama is the best place in the world to run a business. It is one of the biggest advantages of Panama as a jurisdiction right now.

Another important thing about local trade-in Panama is that it is restricted to foreigners. The doctors, lawyers, accountants, etc. are restricted to Panamanian citizens, as are retail businesses. The foreigners who want to be in business in Panama focus on tourism-related opportunities or other service-related businesses.

If you’re looking for a place to open an offshore company, you won’t find a better place than Panama.

Structures

The offshore services available here is another very important benefit of Panama as a jurisdiction. Panama corporations do not pay any income tax in their own country. This makes Panama a very good place for you to set up your offshore company.

Pushing For First World Status

Panama is being pushed towards First World status. All the revenues are being thrown off by the Panama Canal and then being invested in infrastructure improvement projects across the country. You will find some or the other construction works when you drive through Panama City. This shows that investment opportunities are tremendous here to base an offshore company in Panama.

EU LAW FIRM Worldwide is a platform to guide you through this. If you need any assistance to open an offshore company in Panama, then you can contact us! We’d be glad to assist you.

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How to open a business bank account in Malta? What documents are required?

Tax optimization is a common and popular way to reduce the monthly costs of running a business. One of the ways to achieve this result is company registration in Malta. Although it is one of the smallest European countries, it offers quite a lot of opportunities for foreign entrepreneurs. When you decide to register a company in this country, you need to become familiar with one more aspect, namely how to set up a business bank account in Malta. Proper preparation for this activity requires the preparation of the necessary documentation. What documents are required for opening such bank account? You will learn more from this article.

Who can set up a bank account in Malta?

As a rule, any resident of Malta can open a bank account there. In justified cases, non-residents, as well as foreign companies, have this possibility. Theoretically, Maltese banks also accept applications from people who are not EU citizens, but in practice, the requirements for opening a bank account are a lot tighter.

It is worth knowing that many banks operating in Malta belong to international corporations, e.g. Sparkasse or HSBC. Due to the above, you can set up a Maltese bank account without having to actually visit the country. However, you must meet several conditions, first and foremost those regarding good financial history. If you have had problems with your debts in the past, a Maltese bank may require you to meet additional criteria, the most common of which is to demand that you obtain a tax residence in Malta for a certain period of time. Then, you can open a bank account for business in this country even if you have declared bankruptcy or have had problems paying off the debt in your home country.

How to open a business account in a bank in Malta?

After meeting the preconditions, it’s time to move on to formal aspects. In general, individuals have a much easier procedure than business clients, especially companies based outside Malta. Depending on the bank you choose, you can complete all the formalities by mail (which usually takes up to 2 weeks) or in person at a Maltese branch. In total, you have a choice of one of 29 financial institutions that have received state accreditation for conducting banking services.

Maltese bank account opening documents

Basically, you may need several documents to open a business bank account in Malta. However, you must know that they will vary from case to case. According to the khg.pl website, most often Maltese banks may require:

1. The “Know-Your-Client” form (abbreviated as KYC), which is the basic document without which it is not possible to register any bank account in Malta, regardless of whether it relates to a private or business account.

2. An application for opening a bank account, in which you must provide some information, such as the type of account, the main operating currency and the preferred method of payment of tax.

3. Copies of the company’s articles of association (so-called “memorandum”) and the organization’s statute.

4. A certified copy of the registration certificate in the Maltese company register.

5. A certified copy of the company’s activities along with current and anticipated turnover.

6. Identity documents with authentication – applies to all directors, signatories, beneficiaries and secretaries.

7. Statements of the company secretary if the entity is listed on the stock exchange.

8. References from the country of origin – banks may require these documents if there are entities or persons from outside Malta in the structure of your company. Banks usually accept letters of reference from a lawyer, for instance.

Malta banks may also request other documents

When deciding to set up a business bank account in Malta, you must be aware that the banks there may require you to submit other documents as well. This is especially true for companies that will deal with less popular industries, such as cryptocurrencies. As reported by kgh.pl, it may happen that companies that have dealt with cryptocurrencies in the past may wait even up to 6 months to open a bank account.

What document translations do you need?

The bank may also require you to submit a translation of your company documents. Most often this is the case if your company’s headquarters are outside of Malta (but still within the EU). In this situation, you must supply a translation of the company’s articles of association, statutes, documents regarding company operations or identity documents of decision-makers. And they don’t have to be Maltese translations. English is one of the official languages ​​of Malta, so documents drawn up in this language will be acceptable. The nature of the authentication of translations remains a separate issue. In some cases, you may need an apostille clause on all translated documents, but make sure you ask about the details in a given Maltese bank.

What banks are available in Malta?

You already know how to set up a company bank account in Malta, you just have to decide which bank to choose. In total, there are 29 financial institutions in the country with state accreditation. Some of them are international organizations that give you the opportunity to set up a Maltese bank account without having to appear in this country in person, although it’s always an individual issue.

Bank of Valletta – Malta’s largest bank

The oldest and longest-operating bank in Malta is the Bank of Valletta, whose name comes from the capital city of the country. It has been on the market since 1974 and offers a comprehensive range of financial services, including access to online banking and a wide range of loans. Opening an account in the Bank of Valletta requires completing a form available on the bank’s website. Then you have to wait a few days for an adviser to contact you and provide the details of further steps.

HSBC – the largest international bank in Malta

HSBC Bank is a different organisation than the Bank of Valletta. First of all, because it is an international entity. You can set up HSBC business account without having to visit Malta provided, however, that you are already its customer in any other country. Standard account opening formalities also apply (at least theoretically). The only difference is that HSBC does not accept letters of reference from a lawyer, but only from another bank. In practice, you may also be required to submit a significantly larger number of additional documentation than, for example, the Bank of Valletta. Furthermore, if you are not an HSBC customer in another country, you must schedule a personal appointment at a Maltese branch for 2 weeks in advance. The waiting time in the queue is quite long.

Business account in MeDirect – the easiest procedures

MeDirect previously operated as a Mediterranean Bank and is the third-largest banking institution in Malta. However, it stands out from the competition by simple procedures for setting up a company account in Malta. The only thing you need to have is an account in any European bank or account number in the SEPA system. That’s all – now, you only need to request a transfer of your data using ID verification and to open a company account in MeDirect. Everything is fully automated and the rest of the formal aspects are completed without your participation.

What if you don’t have a bank account opened elsewhere? You will need to visit one of the three Maltese MeDirect branches in order to undergo manual data verification. The institution stands out from its competition with excellent advice, so such a visit is rather a pleasure. Just remember about one nuance – this is primarily an investment bank, so the costs of running a business account can be high. You may want to consider using one of the available investment instruments to get better terms of cooperation.

How to set up a Business account in a bank in Malta?

After deciding to register a company in Malta, you should think about opening your small business accounts in a bank in this country. In theory, this is possible for both residents of this country and residents of any EU Member State. Procedures are significantly more complicated for people who reside outside the European Community. You must also remember to supply the required documentation, and if necessary, provide translations and certified documents. The choice of the appropriate financial institution where you will learn how to set up a company account in a bank in Malta remains a separate issue. Remember that the procedures may differ depending on which bank you choose. That is why it is worth conducting a detailed analysis of offers to save yourself both time and money.

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How to set a Private limited liability company in Lithuania?

Lithuania is a country situated in the Baltic region of Northern Europe. It is officially called the “Republic of Lithuania”.  Setting up a business in Lithuania is quite hassle-free and straightforward. It can be attributed to Lithuania’s flourishing startup culture. Even the coronavirus crisis hasn’t affected the Lithuanian startup ecosystem in the same way as the rest of Europe.

Usually, foreign investors who would like to start a business in Lithuania get the option of setting up various forms of companies. Among these limited liability companies are the most common way to invest, especially for small investors. Following are some of the key featured of such a company:

Looking for Company registration in Lithuania? EU Law Firm provides fast company formation service through 100% online process. 1# FinTech Jurisdiction in the World. 0-15% Corporate Tax Rate. Easy company formation procedure.

Features of Private limited liability company (UAB)

Authorised capital

The minimum registered capital is EUR 2,900, which must be formed in bank account;

at least 25% must be paid up. The capital is divided into shares, which may not be offered for sale or traded publicly.

Founder

Here even one person can be the founder/s (shareholder/s) of a private limited liability company, who could be a resident or non-resident of the Republic of Lithuania.

Status

A private limited liability company is qualified as a legal entity.

Liability

The company and its shareholders have limited liability. The shareholders’ undertaking is limited to the amount of the invested capital amount only.

Management body

It is determined by the general shareholders meeting without any requirement for board or supervisory council. The maximum number of shareholders in a private limited liability company is 250.

Audit

Annual audits will be done if turnover exceeds EUR1.4m.

Steps to open Lithuanian limited liability company

Check the availability of the chosen name :

The first step is checking the availability of the chosen name at the Public Institution Register Centre. If the name is available, then a reservation can be made.

Prepare Articles of Association (AoA) :

The Articles of Association must be prepared with the following information: thecompany’s name, it’s status as a private limited liability company, the capital amount, the business type, the shares, headquarter, company duration and the signing date of the Articles.

For only one shareholder, a Constitutive Act must be signed.

For more than one member, the Memorandum of Association will be signed. The Memorandum must contain information regarding the incorporator, Articles of Association, the company’s name, shares’ information, the representative’ name and the signing date.

Open a bank account with the minimum share capital of approx. 2900 Euro. A receipt will be used as proof of payment.

The documents regarding headquarter needs to be filled up. A shareholder’s list is also required.

Articles of Association must be notarised and application must be filed,

Receive a Statement of Registration after the above documents are deposited at the Public Institution Register Centre.

Get a company seal to perform the transactions,

Apply for taxes at the State Tax Inspectorate. This process is not cumbersome and will be over within 5 days after the registration.

After you finish the registration procedure, you must hire an accountant. For getting any such assistance please get in touch with our Business specialist in Lithuania.

Costs for setting up a Limited Liability Company in Lithuania

Foreign investors are often curious about the cost of setting up UAB in Lithuania. These costs are as follows:

For getting any such assistance please get in touch with our Business specialist in Lithuania.