Every business starts with an idea. But sooner or later, any entrepreneur must register a company in his country or abroad in order to embody ideas and carry out activities legally. However, sometimes it is necessary to incorporate a new legal entity not only for those who start entrepreneurship but also for those who have been doing this for a long time. For example, you need a new holding with other classes of activities in order to introduce a new kind of business. Or register a subsidiary enterprise, branch, representative office in another country to enter the transnational market.
Each state has its own rules for citizens and foreigners wishing to start a business. Sometimes a person can change jurisdiction due to new perspectives, tax benefits or simplicity of doing business, and lack of bureaucracy. The goals are different for everyone, but the meaning is the same. To work in the legal field, you need to register with the state as a company and officially pay taxes.
What is company registration?
In the international sense, the process of company registration implies the inclusion of a unique record in the State Register of Legal Entities. To register a company the applicant (usually the owner himself or his authorized representative) submits an application for the signup of a new legal entity. This should be a new title that is not used by other firms. After the relevant entry is made in the State Register, the owner receives a special paper certifying his ownership rights.
Typically, all establishments have a unique registration number by which they can be identified. After full company registration, it can receive a taxpayer number, apply for necessary permissions with any other government agencies and formally enter into contracts with local and international customers and contractors. Also, an officially incorporated firm can set up accounts with local and international banks.
Each country has its own procedures and rules. Frequently, national authorities require a certain collection of documents about the founders, directors, and planned activities. You also need to pay a state fee. Sometimes you can submit documents online remotely, but in many cases, you ought to submit the originals certified by a notary. Enrollment deadlines also depend on the territory. As a rule, in most countries, it is possible to set up a new enterprise within one week.
Why do I need to register my company with fintecharbor.com?
Fintecharbor is the one-stop solution for novice and mature entrepreneurs questioning where to register my business. Here are some reasons why you should choose us.
How do we register your business organization?
First, an experienced lawyer met with you to find out the goals of your business and potential activities, as well as the markets in which you plan to work. After that, we will recommend the most suitable type of company and taxation option for you. We will advise in which country it is better to register a company.
When the preliminary details are received, we will draw up a list of demanded papers and announce the approximate time frame to register a new company. We will help you gather the essential certificates, if necessary, translate them into English and notarize them.
In most cases, we will be able to submit applications by power of attorney to the authorized bodies. You do not need to personally visit the state registrar or tax office. Most of the services will be provided remotely. The assigned lawyer will be accountable to the client at every stage.
I represent a large cross-border IT holding. Every time we need to register a new business when entering a new market, we contact our dedicated expert and get advice on the process. Next, the team arranges documents for verification by our in-house lawyers. This saves a lot of time.
My partner and I already had a company and wanted to open a foreign representative office. The lawyers helped us a lot in the process, we picked the optimal taxation option, found local auditors, and many other helpful professionals. The employees were always in touch and responded to our every inquiry in great detail.
In most jurisdictions, it is possible to register your business as a limited liability company, holding institution, trust fund, parent and subsidiary firm, representative office, or branch. For those who plan to engage in activities related to finance, sometimes such a type as an investment enterprise is conditioned. You can incorporate a partnership, association, or joint-stock corporation. Each type of firm has its own characteristics, rights, obligations, and relationships between shareholders. Companies are divided into residents and non-residents. Resident businesses carry out their activities within the jurisdiction in which they are enlisted. Non-resident ones operate exclusively with foreign clients. An establishment in any land can be registered by both a citizen of this nation and a foreigner.
In many jurisdictions, when registering a new legal entity, you must pay a state duty in the prescribed amount. However, this is not a tax. The company becomes a full-fledged taxpayer only after the completion of the registration procedure and is registered with the tax office of their country. The taxation depends on the type of activity, source of income, and many other factors. To register my company, it is frequently essential to deposit the authorized capital into a bank account. This is required to prove the company’s trustworthiness. The riskier the activity is planned (for example, the banking or financial sector), the higher the amount paid. The difference between the authorized capital and the duty is that the duty is paid to the state and is non-refundable, even in case of refusal. While the authorized capital remains on the account, it can be utilized for development and investments.
The cost depends on many factors and is negotiated individually in each case.
Deadlines depend on the selected country and type of activity. In many countries company registration online is possible, that takes 1-3 days, in other cases several weeks.
You can register a new company without an account. You will need to set it up later to engage in commercial activities.
The conditions for new legal entities differ depending on the country and type of activity. It is imperative to provide information about the owners and persons who will be managing. You also need to have a legal address.