Professional Documents
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® Member of
CYPRUS
LAVECO LIMITED
Despina Sofia Complex
Ap. 102, 8 Inomenon Ethnon
Drosia 6042, Larnaca, Cyprus
Tel.: +357-24-636-919
Fax: +357-24-636-920
cyprus@laveco.com
General Information
HONG KONG
LAVECO LIMITED
Office Unit No.6, 26th F.,
Kin Sang Commercial Centre
No. 49 King Yip Street
Kwun Tong, Hong Kong
Tel.: +852-2388-8049
Offshore Jurisdictions
Fax: + 852-2388-2960
hongkong@laveco.com
HUNGARY
LAVECO Kft.
33/a Raday Street
Secretarial Services
1092 Budapest, Hungary
Tel.: +36-1-456-72-00
Fax: +36-1-456-72-01
hungary@laveco.com
BULGARIA
LAVECO EOOD
104 Akad. Ivan Geshov Blvd
Entrance A, 5th Floor, Office 8,
1612 Sofia, Bulgaria
Tel.: +359-2-953-2989
Mob: +359-888-126-013
Fax: +359-2-953-3502
bulgaria@laveco.com
SEYCHELLES
LAVECO LTD.
Suite 2, Olivier Maradan Bld.
Olivier Maradan Street,Victoria
Mahé, Seychelles
Tel.: +248-4-322-261
Fax: +248-4-324-932
seychelles@laveco.com
UAE
LAVECO
MIDDLE EAST FZC
Conrad Dubai, 19th Floor,
Sheikh Zayed Road
Dubai S610 UAE
Tel.: +971-4-3827-758
Mob.: +971-50-173-4428
Fax: +971-4-3266-202
middleeast@laveco.com
www.laveco.com
11/12/2018
TABLE OF CONTENTS
TAX HAVENS, OFFSHORE COMPANIES
SERVICES PROVIDED BY LAVECO LTD. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . page 4
3
SERVICES PROVIDED BY LAVECO LTD.
Jurisdictions in Central and Southern America and the Caribbean:
Belize The British Virgin Islands Montserrat
Panama The Bahamas The Cayman Islands
St. Vincent Netherlands Antilles Barbados
Nevis Turks and Caicos
4
WITH OR WITHOUT AN OFFSHORE COMPANY?
To pay or not to pay tax is a question which stirs the imagination of every businessman, particularly those who
already own or manage one, or several, companies in their own countries, and which often affects the very existence of a
venture.
At the same time, taking the first steps towards the establishment of an offshore company may seem rather hard.
These steps involve a great deal of uncertainty for the entrepreneur, and, at first sight, appear technically difficult and
psychologically depressing.
Later, of course, it turns out that the establishment and operation of an offshore company are no more compli-
cated than in the case of a domestic firm. On the contrary, in a number of cases these tasks are more simple. It is possible
to raise or reduce the registered capital of the company, to transfer the shares, to remove the directors and to appoint new
ones. The merger of several offshore companies, as well as the separation of individual offshore companies are also permit-
ted. It is possible to close down a company officially without having to carry
out final accounting with the tax office and the office of company registra-
tion in the given location.
The following questions of primary importance for an entrepreneur
will be answered throughout the text:
BASIC TERMS
What is an offshore company?
The English term “offshore” denotes something that is away or far from the shore. So, an offshore company is a
venture which is registered in a country (or in a sovereign territory of a country with independent legislation), but does
not pursue economic activities in the given territory. In other words, a company in this status does not derive revenues
from the country of registration, but from outside the borders of that country. Theoretically, an offshore company may exist
in any country in the world but it is by no means certain that any kind of tax benefits will be attached to this status.
5
WHAT IS THE PURPOSE OF THE
ESTABLISHMENT OF AN OFFSHORE COMPANY?
This is one of the most important issues concerning the establishment of companies. There may be a number of
goals and objectives, in the same way that the business relations evolving in a market economy may involve an infinite
number of combinations.
Therefore, to a certain extent, the client himself should find the answer to the above question because nobody
knows his business activities better than the client himself. We can only briefly outline the purposes for which offshore
companies are most frequently used.
6
Offshore companies formed for owning a property give an opportunity to reduce - or even eliminate - inherit-
ance taxes and capital gains tax. Besides, if the owner of any property is a company, it is possible to simplify considerably
a process of this property's sale: in this case only the shares of the company are sold and transferred to another owner, but
the company remains the owner of the property. In this way it is not necessary to pay the state duties imposed when a
property is sold or given as a gift.
Offshore companies engaged in rendering services (in advertisement, management, marketing, consulting
etc.): People and companies gaining large incomes conducting activities in the field of service provision may reduce taxes
greatly by assigning the rights to obtain remuneration for their activities to an offshore company. In the future the remu-
neration, or a part of it, will be paid to an adviser by an offshore company, but payments will be structured in such a man-
ner that taxes will be minimalised.
Offshore companies dealing with personnel recruitment are used by employers actively for the purpose of
reducing taxes on their employees' salaries. In this case the money to be used for the employees' salaries is transferred to
accounts of the offshore company, in which the employees actually work and its sum may be considerably greater than
that paid to the personnel in the country of residence. The difference is accumulated in the employees' offshore accounts
and therefore no tax is imposed on their real income.
Offshore companies formed to hold intellectual property (patents, trademarks, copyrights, techniques etc.):
Such companies may acquire any property from its original owner. An offshore company may patent a property or con-
clude contracts for transferring it into use, thus getting a non-taxable profit by using it.
Offshore ship-owner companies may be formed to reduce taxes on ship-owner and shipping activities by means
of the purchase or rent of ships, and the profit earned from their activities may be accumulated in areas of reduced taxation.
Offshore private funds for the ownership and confidential management of private property may be formed in
Liechtenstein and Panama. The use of funds provides for either partial or total reduction in taxes on incomes, capital and
inheritance. Furthermore, it guarantees that the distribution of income earned by the property or by its inheritance be car-
ried out according to the will of the property owner.
Offshore investment funds are fully recognised by the international investment community. Usually they pay
neither taxes on profit nor extremely high organisational and legal duties. Besides, dividends and interest are either taxed
at a decreased level or are exempt from taxes in general. The pooling of small investors of capital in a fund makes it pos-
sible to participate in more expensive projects, and means savings on research of the market, commission and managerial
expenses. A founder (manager) enjoys the greatest advantage; he has the flexibility to carry on activities abroad, since it
makes it possible to attract investors from a huge number of jurisdictions by means of an unrestricted sale of shares; he
can also make investments in many jurisdictions without taxation and can conduct foreign trade activities.
Of course, these companies offer a number of other advantages, all of which we cannot describe in this general
information material. The offshore company registered in a tax haven is only an economic form that has a wide range of
uses, filled with concrete contents by the owners and managers whose responsibility is to consider and evaluate the advan-
tages and disadvantages attached to the company.
7
WHAT KIND OF ADVANTAGES
DO OFFSHORE COMPANIES OFFER?
1. Direct taxation advantages/benefits
These advantages do not require specific explanation. The amount of revenue generated is taxed in the country of
the offshore company. Taking advantage of the fact that these countries provide a wide range of tax benefits for enter-
prises of this kind, we may secure considerable tax savings.
2. Additional benefits
This other group of advantages is composed of benefits independent of taxation which are not to be ignored by
certain types of businesses in certain situations. Some of these benefits are listed below, though the list is by no means
exhaustive:
• Full anonymity: Full anonymity is provided by law in certain tax havens because neither the directors, nor the
owners of the companies are recorded among public corporate details. As a result, the personal details of the own-
ers and directors are hidden from the public and this can be used favourably.
• Lack of bookkeeping obligation: In a number of tax havens offshore companies are not required to keep books.
This, too, results in a considerable saving since, if we look at the data of a domestic (non-offshore) company of a
similar size, the annual bookkeeping fee alone usually amounts to several hundred - or even thousand dollars.
• Enforcement of prestige-related considerations: It may happen that in certain business situations a foreign com-
pany may offer more advantageous terms and conditions. The participation of a “foreign investor” in a domestic
enterprise sometimes creates considerably more trust and confidence in a potential business partner, or it may even
provide exemption from customs duties in certain cases, etc.
8
Why is it advantageous for the country of registration to
provide tax benefits?
These locations are usually situated in geographically small countries. The population is usually small. Tourism
and various services play the most important role in their economies. Offshore businesses generate
considerable revenue for them. On the one hand, concrete employment opportunities are created: various law offices,
a state registration apparatus, representatives, banks registered on these territories, etc. are required. On the other hand,
through the state duties (registration and re-registration fees) and taxes the population of the country obtains considerable
revenue. Let us consider some statistics. The British Virgin Islands have a population of 23 500 and currently some
450 000 offshore companies are registered there. If all the companies registered on this territory pay the annual duty of
350 US dollars, then the duties paid by the offshore companies alone represent 6700 US dollars per local resident.
9
• It is compulsory to keep books. Countries falling into this category are Cyprus, United Kingdom (LLPs), etc. Of
course, in this case, what we have in question is not just bookkeeping of any kind, but accounts of a nature that sat-
isfy and comply with the legal rules of the given country and contain a clause by the local auditor guaranteeing the
validity of the accounts.
The bookkeeping of most offshore companies is not at all complicated, provided that the company has no tangible
assets or real properties and pursues no cash transactions, because then the transactions effected on the company's bank
account constitute the majority of the company's business. Although, compared with the situation described in the previous
paragraph, the operation of the company appears to be considerably more complicated if books are required to be kept,
this does not necessarily entail a permanent bookkeeping obligation. Most offshore companies obliged to keep books carry
out their own bookkeeping requirements and have the report audited during the period preceding the submission of the
report.
10
• Partial publicity. For instance, in the case of Panama, the owners of a company are not entered in the companies
register, whereas all the details of the directors are public.
• Wide publicity. A number of details concerning the company are accessible in the companies register. For instance,
in the case of Cyprus, the details of the owners and directors are available (name, nationality, passport number, date
of birth, residence, etc.).
11
When and why is it practical to use the services
of the nominee owner and the nominee director?
The use of nominee owners is most useful in the case of locations where the details of the owners are
openly available to the public; that is, on the basis of the company register, anybody may become familiar with the iden-
tity of the owners. Countries of this type are UK and Cyprus, where owners' details are entered in the
company register. If, therefore, you wish to remain anonymous in these locations, it is necessary to have the details of
another person, a so-called nominee owner, entered in the company register. In this case, it is very important that the
nominee owner should not act against the wishes of the actual beneficiary, and should not abuse his or her rights. This
problem is overcome by an agreement between the nominee owner and the actual beneficiary - the so-called Trust Deed.
In practice, the use of nominee directors and owners requires, in both cases, perfect and complete trust between
the commissioning and the commissioned parties, since the nominee directors formally have considerable economic
power in the company. Abuse of such power, though theoretically possible, in practice is virtually unheard of since the
nominee directors are usually employees of the local law office which generally also represents the company locally.
These offices take good care to work only with reliable partners. The “corporate industry” provides them with a living and
any scandal involving them would result in the loss of trust in the given law office, and consequently, a dramatic fall in
the number of orders.
Therefore, the most important rule is that the nominee directors direct and may direct the company only on the
basis of the instructions of the beneficiaries. And another important rule: the use of nominee directors is, in most cases,
recommended but by no means compulsory.
The nominee directors and owners work for several hundred ventures simultaneously. Their considerable income
is derived from the annual commission fees paid by the companies on a regular basis, as well as from the
individually modest, but collectively substantial, fees paid on a case-to-case basis for any work actually performed (sign-
ing of contracts, etc.).
12
ORDER OF REGISTRATION
Before starting to describe the procedure for the registration of a company we would like to emphasise that this
general information material is (or may be) concerned only with the most essential basic terms and concepts, and even
with those only in a summary manner. It is only possible to become familiar with the details in the course of more thorough
consultations.
One of the most important things that our would-be partners should consider is whether they really need an off-
shore company and what the purpose of establishing such a company is. An offshore company is always only the form
which is filled with concrete contents by the given transaction or activity, and it is only through this that you may hope to
generate a profit. The establishment of an offshore company in itself does not make anybody a millionaire, if he does not
succeed in operating and using it well.
LAVECO LTD. always has at its disposal a large number of shelf companies incorporated in different jurisdictions
(more detailed information on this subject can be found in the special brochure enclosed). Please ask for a list of
shelf companies from the office of LAVECO LTD.
13
Compulsory costs incurred during the 1st year of the company's existence
The compulsory costs of the first year of the existence of the company are payable prior to the incorporation (or
purchase) of the company and include the following:
ــ Registration fee. This includes the fees related to the legal establishment of the company, that is, the fees charged
both by the foreign law office and by LAVECO LTD. The amount referred to here usually includes the following
documents/services:
* formation of the company
* duties payable to the local authorities for the incorporation of the company
* Certificate of Incorporation with Apostille authentication, or Notary public authentication where it is not possible to
obtain Apostille
* provision of Memorandum & Articles of Association/By-Laws of the company with Registrar/Notary Public authen-
tication
* Appointment of First Directors (or relevant document) with Apostille/Notary Public authentication
* Share certificates
* initial forms and minutes
* luxury leather corporate kit
* two company seals
The exact list of company formation documents and services varies slightly from jurisdiction to jurisdiction. For
details please see the enclosed brochure on “Incorporation Details and Fees”.
ــAnnual tax/duty payable to the local authorities. Where the annual tax or duty is fixed, it is to be paid by a date
defined by law. Payment is effected through the local representative. Payment of the annual tax is very important since
failure to meet this obligation results in the imposition of sanctions in every location. For instance, failure to meet the
obligation of payment is recorded in the companies register, which is available to the public, and may, in turn, prove
detrimental to the reputation of the company. After a certain period of time, the company court judge may delete the
company from the companies register, following which all transactions effected on behalf of the company will be void.
ــRemuneration payable for the local registered address and to the local registered agent. The role of the registered
agent and address and why it is important to transfer their remuneration will be explained later. As in the case of the
annual governmental duty, this remuneration is also payable annually and is to be renewed.
Optional costs
In addition to the compulsory costs, a number of optional costs may also be incurred in the course of the establish-
ment and subsequent operation of the company. As we have already mentioned these optional services above, they will
only be covered very briefly in this section.The optional costs which may be incurred cover the following services:
• opening of corporate bank accounts,
• bookkeeping, audit fees,
• remuneration payable to nominee directors and/or owners,
• fees for the provision of Power of Attorney
• fees for the provision of Certificates of Good Standing, copies of incorporation documents, etc.
• fee payable for office rental,
• telephone, facsimile and mail forwarding fees.
The use of these services is not compulsory. At the same time, there are some business activities which require a more
sophisticated appearance in the course of a business or financial transaction. The services listed above are offered for such
cases.
14
Explanation of annual maintenance costs and optional expenses involved
in the operation of an offshore company
In the previous section of this brochure we dispelled the widespread belief that the operation of offshore compa-
nies is both tax-free and cost-free. Although exemption from the payment of taxes is usually granted,
exemption from costs is not. The maintenance of the company, as an organisation, even if it is only formal and nominee
maintenance, does result in some costs, which should be taken into account prior to registration. In the following section
we shall describe the costs that are typically incurred in more detail.
Annual state duty / tax. We have already described the possible types of taxes above.
Fees payable for the registered office and the registered agent. In the offshore zones, almost without exception, it is a
legal requirement that the company should have a seat registered in the given location and, in a number of cases, also a
so-called local representative (agent, secretary, etc.). In general, these two are not separated, because the compulsory seat
address is also the address of the local representative, and is usually a law office. This law office provides the address
(seat) for the companies registered by it and undertakes to represent them against the payment of a set annual fee. In fact,
this representation is, in most locations, minimal. It is usually confined to the representative forwarding the amount of the
annual tax, transferred to it by the registered company, to the state budget once a year. (The country of registration is,
through this single legal requirement, able to create several hundred or even thousand jobs, and provides a living for a
proportion of the population for a number of years.) The maintenance fees are payable annually. If the offshore company
does not pay this amount, the local representative renounces his right of representation and reports his resignation to the
office of registration. As a result, the company violates the law concerning the compulsory employment of a local repre-
sentative, and in a number of locations it is possible for the office of registration to delete the company from the companies
register. As a result, the company becomes legally non-existent, all of whose transactions will be void following deletion.
Remuneration payable to the nominee directors and owners. Nominee directors and owners are used if the actual own-
ers and directors of the venture do not wish to be named formally in the legal documents of the company. In return they
receive a fixed annual fee, plus a small charge for each and every service performed on behalf of the company.
Mail forwarding costs. If the company requests its partners to send all mail to the address of registration, a fee is, of
course, payable for the forwarding of that mail to the actual place of operation. This amount may take the form of a fixed
annual fee or an actual fee per item.
Provision of office space, use of secretarial services and administration costs. The provision of a registered address
does not mean that the offshore company is in fact entitled to use the office located at the address defined in the legal
documents of the company. If the client does require office space, he should indicate so in advance, and should order the
provision of telephone and facsimile numbers, and the taking and forwarding of messages (by telephone, facsimile or
mail) separately. A fee is also payable for contracts signed by the nominee directors and invoices compiled and sent to the
location, etc. The so-called “secretarial services” are explained in more detail starting on page 33.
Fees payable for the re-issue of various documents. It may be, for a number of reasons, that at some time after the
incorporation of the company replacement copies of vari-
ous official documents may be required. If, for example,
the certificate of registration of a company is either lost or
destroyed, then obviously such an important document will
need to be replaced, and the issuing office will charge a fee
for this service.
Of the above costs, the first two items are compulsory in
the case of every company, while the other items are
optional (may be opted for as required).
In this general information material we have only outlined
the most frequently incurred cost elements, in addition to
which, however, a number of other additional costs may
arise, according to the individual needs and requirements
of the owners and directors.
15
Is it necessary to visit the place
of incorporation when establishing a company?
Contrary to popular belief, it is not necessary to travel to the given offshore location. In fact, it is not actually
necessary to travel anywhere at all. A company can be purchased or incorporated simply by filling in the order form sup-
plied by LAVECO LTD., returning it to us by facsimile or mail, and transferring the necessary advance payment to our
account.
Most new clients, however, do like to discuss the purchase of a company in person, particularly if they are not just
new to us, but new to the offshore world in general. In this case it is possible to visit either our main customer service
office in Hungary, or our customer service offices in the UK, Cyprus, Romania and Bulgaria. In fact, as we place great
emphasis on our relationships with clients, we positively encourage an initial meeting in one of our offices.
Of course, we are also always glad to welcome our existing clients in our offices. We are not only interested in
the establishment of new companies; our consultants are always available to answer any questions which may arise in
connection with the day-to-day activities of any offshore company which we have helped to establish.
DOCUMENTS/DEEDS OF FOUNDATION
In this section we are going to describe the documentation involved in companies incorporated in the most fre-
quently used, traditional offshore jurisdictions (the Seychell Islands, the British Virgin Islands, Delaware, Panama etc.).
Requirements and documentation vary from jurisdiction to jurisdiction, and the information below is intended as a gen-
eral guideline. For precise information on specific locations please see the separate brochure entitled "Description of
offshore jurisdictions" or contact one of our offices.
Certificate of registration: This deed is issued by the office of registration, and certifies that the company has been
entered by the office of registration in the companies register on the given day and under the given name. A so-called
"Apostille" is usually attached to the certificate of registration (usually referred to as "The Certificate of Incorporation").
The Apostille is a certificate issued by the central authority of the country or state of incorporation (Supreme Court or
Court of Company Registration), guaranteeing that the certificate of registration has indeed been issued by the office of
registration, and is an internationally recognised and accepted document, regulated by the Hague Convention of October
5th, 1961.
Articles of Association: This document contains the basic regulations relating to the operation of the company. It is, for
the most part, a standard format document, usually drawn up on the basis of the text of the legislation of the given loca-
tion. Of course, as in all by-laws, here too, the by-laws may be freely amended by the owners and directors of the com-
pany. The following items, among others, are defined in the by-laws: authorised activities of the company, registered
capital, name of the company, order of the appointment of the directors, rights of the directors, rules relating to the issue
of shares, etc.
Appointment of the first management: After signing the deeds and documents of foundation, the founder will appoint
the first management and will delegate the rights related to the company to them.
Minutes of the first meeting: The minutes of the first meeting of the directors usually contain the first steps to be taken
by the company, in particular, the fact of foundation, approval of the seat and the dry seal of the company.
Minutes concerning the issue of shares: These contain the details of the owners subscribing to and buying the shares, as
well as details of the shares or share certificates issued.
Subscriber's resignation letter: In this document, the founder, who is usually the legal representative of the company,
transfers all the rights related to the operation of the company to the company and its beneficiaries.
Corporate seal: The use of seals in the countries concerned is different from the way in which they are generally used. It
is usually a legal requirement that the company should have a so-called dry seal which is to be approved at the company's
meeting of foundation. However, this stamp is not used for stamping contracts and invoices (a simple signature is enough
there) but for sealing the share notes issued by the company, as well as the regulations and minutes of the company.
16
BELIZE
INCORPORATION DATASHEET
1. Method of incorporation / registration The Memorandum and Articles of Association must be signed by the
subscribers. The subscriber must be a local person licensed for the purpose.
2. Company legal form Private Limited Company by shares
3. Company status International Business Company (I.B.C.)
4. Source of corporate legislation Common Law - International Business Company Act, 1990.
5. Possible suffixes to company name Ltd., Limited, Incorporated, Inc., S.A., Corp., Corporation.
6. Restrictions on company name The terms Bank, Imperial, Insurance, Trust, Trustee, Chamber of Commerce
and Royal may not appear in the company name.
7. Time required for incorporation 2 - 3 weeks.
8. Number of directors Minimum 1 of any nationality.
9. Number of shareholders Minimum 1.
10. Capitalisation No minimum.
11. Accounting / reporting requirements Accounts not required, but documents of transactions must be kept.
12. Type of shares Bearer or registered. Bearer share certificates must be kept by the registered agent in Belize.
13. Annual tax and duties Minimum 150 USD if the authorized capital less than 50 000 USD.
14. Information publicly available Registered office and registered agent.
15. Disclosure of beneficiaries Not required.
16. Registered office Local registered office is required by law.
17. Registered secretary / agent Local registered agent is required by law.
18. Double tax treaty Belizean IBCs are not subject to DTTs.
Incorporation fee 200 USD Registered office and registered agent 780 USD
Notarial certification 200 USD Annual tax and duties 150 USD
International authentication (Apostille) 110 USD Due diligence checking fee 300 USD
Legal expenses, filing fees and stamp duties 100 USD Annual accounting declaration 100 USD
The annual fees for the first year are payable at the time of incorporation, and include the
Issuing of share certificates and initial minutes and forms 80 USD tax and registered agent fees for the calendar year in which the company is incorporated.
The amount of 1330 USD, payable annually, is due in the year following incorporation as
follows:
Corporate seal 50 USD - for companies incorporated between January and July, by the first day of the month preced-
ing the month of incorporation, but by July 1st at the latest
- for companies incorporated between August and December, by July 1st of the subject year.
Courier fees 50 USD Failure to pay the annual fees will result in the company being struck off the register of
companies.
The amount of 2120 USD includes the following services: formation of the company, duties payable to the local authorities for the registration of the
company, registration-related administration, provision of registered office and agent for 1 year, annual tax for the 1st year, delivery of the company
documents to the relevant office of the LAVECO Group, handmade luxury leather corporate kit containing the following documents: Certificate of
Incorporation, Memorandum & Articles of Association, Appointment of First Directors, bound copy of the 3 documents mentioned above with notary
public and Apostille, minutes of directors’ and shareholders’ meetings, share certificate(s), registers of directors and shareholders, company seal, com-
pany stamp. The price contains no hidden costs.
OPTIONAL COSTS
Nominee director (private person) 1250 USD Power of Attorney with Notarial Certification 490 USD
Nominee shareholder 0 USD Notarial Certification or Apostille 160 USD
Certificate of Incumbency 330 USD Certificate of Good Standing 330 USD
In cases where the company has more than 3 private individuals or more than 2 private individuals and one company in its structure (directors,
shareholders, attorneys, UBOs together), an additional DD fee of EUR 100 for each private individual and an additional fee of EUR 500 for each
company in the structure is applicable. It also refers for all companies, that are behind the direct owners.
LAVECO LTD. is pleased to offer its clients shelf companies in Belize which are available at the same cost. In the case of purchase of a shelf company
the paperwork and documentation involved can be completed in 1 week. Contact our office for details and a list of shelf companies!
SHELF COMPANY PACKAGE
Formation fees including annual fees for the calendar year in which the company is incorporated.
Ready-made company in Belize with incorporation and annual fees for the calendar year in which the company is incorpo- 3860 USD
rated, nominee director and shareholder, and a certified power of attorney with Apostille.
Fees payable from the second year.
Annual tax and duties, registered office and registered agent, nominee director and shareholder 3070 USD
notarised Power of Attorney, Due diligence checking fee and Annual accounting declaration
17
BRITISH VIRGIN ISLANDS
INCORPORATION DATASHEET
1. Method of incorporation / registration The Memorandum and Articles of Association must be signed by the
subscriber. The subscriber must be a local person, licensed for the purpose.
2. Company legal form Private Limited Company by shares
3. Company status International Business Company (I.B.C.)
4. Source of corporate legislation The International Business Companies Ordinance, 1984.
5. Possible suffixes to company name Limited, Ltd., Corporation, Corp., Incorporated, Inc. or S.A.,
6. Restrictions on company name The terms Bank , Insurance, Trust, Trustee, Chamber of Commerce, Municipal, Royal,
British may not appear in the company name.
7. Time required for incorporation 4 - 5 weeks.
8. Number of directors Minimum 1 of any nationality.
9. Number of shareholders Minimum 1.
10. Capitalisation No minimum requirements.
11. Accounting / reporting requirements Accounts not required, but documents of transactions must be kept.
12. Type of shares Registered.
13. Annual tax and duties Minimum 350 USD if the authorized capital less than 50 000 USD.
14. Information publicly available Memorandum and Articles of Association, registered office and registered agent.
15. Disclosure of beneficiaries Not required.
16. Registered office Local registered office is required by law.
17. Registered secretary / agent Local registered agent is required by law.
18. Double tax treaty The BVI have DTTs with Japan and Switzerland.
COMPULSORY COSTS (payable prior to registration)
FORMATION FEES ANNUAL FEES *
Incorporation fee 380 USD Registered office and registered agent 890 USD
Notarial certification 160 USD Annual tax and duties 350 USD
International authentication (Apostille) 160 USD Due diligence checking fee 300 USD
Legal expenses, filing fees and stamp duties 110 USD Annual accounting declaration 100 USD
Issuing of share certificates and initial minutes
70 USD *The annual fees for the first year are payable at the time of incorporation, and include the tax and
and forms
registered agent fees for the calendar year in which the company is incorporated.
Corporate seal 50 USD The amount of 1640 USD, payable annually, is due in the year following incorporation as follows:
- for companies incorporated in the first half of the year, by April 1st of the subject year
Courier fees 50 USD - for companies incorporated in the second half of the year, by October 1st of the subject year
The amount of 2620 USD includes the following services: formation of the company with authorised capital up to 50 000 USD, duties payable to the
local authorities for the registration of the company, registration-related administration, provision of registered office and agent for the calendar year
in which the company is incorporated, annual tax for the calendar year in which the company is incorporated, delivery of the company documents to
the relevant office of the LAVECO Group, handmade luxury leather corporate kit containing the following documents: Certificate of Incorporation,
Memorandum & Articles of Association, Appointment of First Directors, bound copy of the 3 documents mentioned above with notary public and
Apostille, minutes of directors’ and shareholders’ meetings, share certificate(s), registers of directors and shareholders, company seal, company stamp.
The price contains no hidden costs!
OPTIONAL COSTS
Nominee director (private person) 1250 USD Power of Attorney with Notarial Certification 490 USD
Nominee shareholder 0 USD Notarial Certification or Apostille 160 USD
Certificate of Incumbency 430 USD Certificate of Good Standing 430 USD
In cases where the company has more than 3 private individuals or more than 2 private individuals and one company in its structure (directors,
shareholders, attorneys, UBOs together), an additional DD fee of EUR 100 for each private individual and an additional fee of EUR 500 for each
company in the structure is applicable. It also refers for all companies, that are behind the direct owners.
18
CYPRUS - RESIDENT COMPANY
INCORPORATION DATASHEET
1. Method of incorporation / registration The Memorandum and Articles of Association must be signed by the shareholders of
the company. The minimum number of shareholders is 1.
2. Company legal form Private Limited Company by shares
3. Company status Resident Company
4. Source of corporate legislation International Trust Law of Cyprus.
5. Possible suffixes to company name Limited, Ltd.
6. Restrictions on company name The terms Bank, Insurance, Global, National, Imperial, European, Cooperative,
World-wide, Investment, Financial and Trust may not appear in the company name.
7. Time required for incorporation 6 - 8 weeks.
8. Number of directors Minimum 1 of any nationality. 1 local director is requested for tax resident companies.
9. Number of shareholders Minimum 1.
10. Capitalisation No minimum requirement, usually 1000 EUR the payment of which is not obligatory.
11. Accounting / reporting requirements Yes. Audited accounts are required annually.
12. Type of shares Registered.
13. Annual tax and duties 12.5% of net profit and 350 EUR.
14. Information publicly available Registered office, directors, secretary, shareholders.
15. Disclosure of beneficiaries Not required.
16. Registered office Registered office is required by law.
17. Registered secretary / agent Company secretary is required by law.
18. Double tax treaty Cyprus has an extensive network of DTTs. Resident companies are subjects of DTTs.
The amount of 1870 EUR includes the following services: formation of the company, duties payable to the local authorities for the registration of
the company, registration-related administration, provision of registered office and secretary for 1 year, delivery of the company documents to the
relevant office of the LAVECO Group, handmade luxury leather corporate kit containing the following documents: Certificate of Incorporation in
Greek, official English translation of the Certificate of Incorporation with Apostille, Memorandum & Articles of Association in Greek with official
English translation with Apostille, Appointment of First Directors, Certificate of Directors and Secretary with Apostille, Certificate of Shareholders
with Apostille, Certificate of Registered Office with Apostille, minutes of directors’ and shareholders’ meetings, share certificate(s), registers of direc-
tors, secretaries and shareholders, company seal, company stamp. The price contains no hidden costs!
OPTIONAL COSTS
Nominee director (private person) 1250 EUR Certificate of Tax Residence with Apostille 275 EUR
Part-time employee 980 EUR Special Power of Attorney with Apostille (private person) 390 EUR
Nominee shareholder 210 EUR Notarial Certification or Apostille 90 EUR
Certificate of Good Standing 90 EUR Accounting & auditing fees: Varies according to the number of transactions involved.
In cases where the company has more than 3 private individuals or more than 2 private individuals and one company in its structure (directors,
shareholders, attorneys, UBOs together), an additional DD fee of EUR 100 for each private individual and an additional fee of EUR 500 for each
company in the structure is applicable. It also refers for all companies, that are behind the direct owners.
19
CYPRUS - NON-RESIDENT COMPANY
INCORPORATION DATASHEET
1. Method of incorporation / registration The Memorandum and Articles of Association must be signed by the shareholders of
the company. The minimum number of shareholders is 1.
2. Company legal form Private Limited Company by shares
3. Company status Non-Resident Company
4. Source of corporate legislation International Trust Law of Cyprus.
5. Possible suffixes to company name Limited, Ltd.
6. Restrictions on company name The terms Bank, Insurance, Global, National, Imperial, European, Cooperative,
World-wide, Investment, Financial and Trust may not appear in the company name.
7. Time required for incorporation 6 - 8 weeks.
8. Number of directors Minimum 1 of any nationality. The majority of directors have to be non-resident.
9. Number of shareholders Minimum 1.
10. Capitalisation No minimum requirement, usually 1000 EUR the payment of which is not obligatory.
11. Accounting / reporting requirements Yes. Audited accounts are required annually.
12. Type of shares Registered.
13. Annual tax and duties 0% of net profit and 350 EUR.
14. Information publicly available Registered office, directors, secretary, shareholders.
15. Disclosure of beneficiaries Not required.
16. Registered office Registered office is required by law.
17. Registered secretary / agent Company secretary is required by law.
18. Double tax treaty Cyprus has an extensive network of DTTs. Non-resident companies are not subjects of DTTs.
The amount of 1870 EUR includes the following services: formation of the company, duties payable to the local authorities for the registration of
the company, registration-related administration, provision of registered office and secretary for 1 year, delivery of the company documents to the
relevant office of the LAVECO Group, handmade luxury leather corporate kit containing the following documents: Certificate of Incorporation in
Greek, official English translation of the Certificate of Incorporation with Apostille, Memorandum & Articles of Association in Greek with official
English translation with Apostille, Appointment of First Directors, Certificate of Directors and Secretary with Apostille, Certificate of Shareholders
with Apostille, Certificate of Registered Office with Apostille, minutes of directors’ and shareholders’ meetings, share certificate(s), registers of direc-
tors, secretaries and shareholders, company seal, company stamp. The price contains no hidden costs!
OPTIONAL COSTS
Nominee director (private person) 1250 EUR Certificate of Tax Residence with Apostille 275 EUR
Part-time employee 980 EUR Special Power of Attorney with Apostille (private person) 390 EUR
Nominee shareholder 210 EUR Notarial Certification or Apostille 90 EUR
Certificate of Good Standing 90 EUR Accounting & auditing fees: Varies according to the number of transactions involved.
In cases where the company has more than 3 private individuals or more than 2 private individuals and one company in its structure (directors,
shareholders, attorneys, UBOs together), an additional DD fee of EUR 100 for each private individual and an additional fee of EUR 500 for each
company in the structure is applicable. It also refers for all companies, that are behind the direct owners.
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DIFFERENCES BETWEEN CYPRIOT RESIDENT
AND NON-RESIDENT COMPANIES
On the basis of the practice of the tax authorities in Cyprus, a company is considered tax-resident in
Cyprus, if at least one of its directors is resident in Cyprus for tax purposes. This somewhat contradicts the
principles of "place of effective management", according to which a company is considered tax resident in
Cyprus, if the majority of the directors are resident in the island nation for tax purposes, and the company
is effectively managed from Cyprus. The assessment of this status is based on an examination of a
combination of factors (management of bank account, rights delegated by power of attorney, existence of
a real office, employees, etc.).
In cases where the majority of a company’s directors are not resident in Cyprus for tax purposes, the
company can apply to the tax authority to be granted non-resident status. This is a separate procedure, and
an application can be made to the tax authority once the company has been incorporated. In this case, the
majority (or preferably all) of the company directors must be non-resident in Cyprus for tax purposes.
21
HONG KONG
INCORPORATION DATASHEET
1. Method of incorporation / registration Companies are incorporated by the subscribers.
2. Company legal form Private Limited Company by shares
3. Company status Resident Company
4. Source of corporate legislation The Companies Ordinance
5. Possible suffixes to company name All names must end in “Limited”.
6. Restrictions on company name The terms Royal, Bank, Government etc. may not appear in the company name.
7. Time required for incorporation Min. 6 weeks.
8. Number of directors Min. 1
9. Number of shareholders Min. 1
10. Capitalisation Min. 1 HK$, there is no maximum restriction on the share capitals.
11. Accounting / reporting requirements Yes. Audited accounts are required.
12. Type of shares Registered.
13. Annual tax and duties 416 USD
14. Information publicly available Registered office, company secretary, Memorandum & Articles of Association,
directors, annual return, shareholders.
15. Disclosure of beneficiaries Not required.
16. Registered office Local registered office is required by law.
17. Registered secretary / agent Resident secretary is required by law.
18. Double tax treaty Hong Kong has DTTs with mainland China and a number of countries for
shipping and aviation.
COMPULSORY COSTS (payable prior to registration)
FORMATION FEES ANNUAL FEES *
Incorporation fee 239 USD Registered office and local company secretary 900 USD
International authentication 160 USD Annual business registration and filing 416 USD
Legal expenses, filing fees and stamp duties 70 USD Annual return filing fee 150 USD
Issuing of share certificates
50 USD Due diligence checking fee 300 USD
and initial minutes and forms
* The annual fees for the first year of existence of the company are payable
Corporate seal 50 USD prior to registration. Subsequently the amount of 1766 USD is payable annually,
beginning from the second year of existence of the company.
Non-payment of the annual fees results in the company being struck off the
Courier fees 85 USD
Company Register.
Subtotal: 654 USD Subtotal: 1766 USD
Total: 2420 USD
The amount of 2420 USD includes the following services: formation of the company, duties payable to the local authorities for the registration of the
company, registration-related administration, provision of registered office and local company secretary for one year, fixed annual tax and duty for
the first year, delivery of the company documents to the relevant office of the LAVECO Group, luxury handmade leather corporate kit containing the
following documents: 2 x Certificate of Incorporation (one of which is certified by Apostille), Memorandum and Articles of Association with Apos-
tille, fresh Company Particulars Report with Apostille, appointment of first directors, minutes of the meeting of directors founding the company,
minutes of shareholders’ meetings, share certificates, registers of directors and shareholders, company seal and company stamp.
The price contains no hidden costs!
OPTIONAL COSTS
Nominee director 1250 USD Power of Attorney with Apostille certification 590 USD
Nominee shareholders 290 USD Extract of Public Registry + Apostille 590 USD
Notarial Certification 325 USD Certificate of Good Standing + Apostille 590 USD
Notarial Certification with Apostille 395 USD
In cases where the company has more than 3 private individuals or more than 2 private individuals and one company in its structure (directors,
shareholders, attorneys, UBOs together), an additional DD fee of EUR 100 for each private individual and an additional fee of EUR 500 for each
company in the structure is applicable. It also refers for all companies, that are behind the direct owners.
22
MALTA
INCORPORATION DATASHEET
1. Method of incorporation / registration The Memorandum and Articles of Association must be signed by the shareholders of the
company. The minimum number of shareholders is 1, but 2 is the norm.
2. Company legal form Private Limited Company by shares.
3. Company status Resident Company by shares.
4. Source of corporate legislation The Company Act of 1995.
5. Possible suffixes to company name Ltd., Limited.
6. Restrictions on company name The terms Bank, Insurance, Global, National, Imperial, European, Cooperative, World-wide,
Investment, Financial and Trust may not appear in the company name.
7. Time required for incorporation 3 - 4 weeks.
8. Number of directors Minimum 1 of any nationality.
9. Number of shareholders Minimum 1 but 2 is the norm.
10. Capitalisation No minimum requirement, standard amount is 1500 EUR of which 20% must be paid up.
11. Accounting / reporting requirements Audited accounts are required annually.
12. Type of shares Registered.
13. Annual tax and duties The stndard corporate tax rate is 35%; the effective rates are 0/5/10% and 100-1400 EUR annual
duty (depending ont he capitalization) in case the company was active in the subject year.
14. Information publicly available Registered office, directors, secretary, shareholders.
15. Disclosure of beneficiaries Not required.
16. Registered office Registered office is required by law.
17. Registered secretary / agent Company secretary is required by law, should be a private person.
18. Double tax treaty Malta has an extensive network of DTTs.
Share capital paid up fee* 300 EUR Registered office: 650 EUR
(minimum price)
Notarial certification 120 EUR Company secretary: 650 EUR
International authentication (Apostille) 120 EUR Annual tax and duties: 0/5/15/35% of net profit**
Legal expenses, filing fees and stamp duties 240 EUR Due diligence checking fee: 300 EUR
Compulsory Tax Registration Fee 200 EUR * In case of 1500 EUR authorised capital.
Corporate seal 50 EUR ** and 100 EUR in case the company was active in the subject year.
The amount of 3590 EUR includes the following services: formation of the company, duties payable to the local authorities for the registration of the company,
registration-related administration, provision of registered office and secretary for 1 year, delivery of the company documents to the relevant office of the LAVECO
Group, handmade luxury leather corporate kit containing the following documents: Certificate of Incorporation, Memorandum & Articles of Association, copy
of Certificate of Incorporation and Memorandum & Articles of Association authorized with Apostille, minutes of directors’ and shareholders’ meetings, share
certificate(s), registers of directors, secretaries and shareholders, company seal, company stamp. The price contains no hidden costs.
ANNUAL FEES***
Registered office 650 EUR
Company Secretary 650 EUR *** The annual fees for the first year of existence of the company are payable
prior to registration. Subsequently the amount of 1685 EUR is payable
Annual tax and duties 0/5/15/35% of net profit**** annually, beginning from the second year of existence of the company. Non-
Due diligence checking fee 300 EUR payment of the annual fees results in the company being struck off the
Company Register.
Registration fee 85 EUR (minimum price) **** and 100 EUR in case the company was active in the subject year.
Subtotal: 1685 EUR
OPTIONAL COSTS
Nominee director (private person) 1250 EUR Special Power of Attorney with Apostille (director is private person) 490 EUR
Nominee shareholder 990 EUR Notarial Certification or Apostille 190 EUR
Certificate of Tax Residence 375 EUR Certificate of Good Standing 290 EUR
Accounting & auditing fees Varies according to the number of transactions involved.
In cases where the company has more than 3 private individuals or more than 2 private individuals and one company in its structure (directors,
shareholders, attorneys, UBOs together), an additional DD fee of EUR 100 for each private individual and an additional fee of EUR 500 for each
company in the structure is applicable. It also refers for all companies, that are behind the direct owners.
23
MARSHALL ISLANDS
INCORPORATION DATASHEET
1. Method of incorporation / registration The Memorandum and Articles of Association must be signed by the subscribers. The sub
scriber must be a local person licensed for the purpose.
2. Company legal form Private Limited Company by shares
3. Company status Exempt
4. Source of corporate legislation Marshall Islands Associations Law of 1990.
5. Possible suffixes to company name Ltd., Limited, Incorporated, Inc., Company.
6. Restrictions on company name The terms Bank, Imperial, Insurance, Trust, Trustee, Chamber of Commerce and Royal may
not appear in the company name.
7. Time required for incorporation 2 - 3 weeks. *
8. Number of directors Minimum 1 of any nationality.
9. Number of shareholders Minimum 1.
10. Capitalisation No minimum.
11. Accounting / reporting requirements Not applicable.
12. Type of shares Bearer or registered.
13. Annual tax and duties No annual tax or duties.
14. Information publicly available Registered office and registered agent.
15. Disclosure of beneficiaries Not required.
16. Registered office Local registered office is required by law.
17. Registered secretary / agent Local registered agent is required by law.
18. Double tax treaty Exempt companies are not subject to DTTs.
The amount of 2290 USD includes the following services: formation of the company, duties payable to the local authorities for the
registration of the company, provision of registered office and registered agent for 1 year, luxury leather corporate kit containing Certificate of
Incorporation with Apostille, Memorandum & Articles of Association authenticated by Registrar, Appointment of First Directors with Notary Public
authentication, share certificates, initial forms and minutes, and 2 company seals. The price contains no hidden costs.
OPTIONAL COSTS
Nominee director (private person) 1250 USD Power of Attorney with Notarial Certification 490 USD
Nominee shareholder 290 USD Notarial Certification or Apostille 160 USD
Certificate of Incumbency 330 USD Certificate of Good Standing 330 USD
In cases where the company has more than 3 private individuals or more than 2 private individuals and one company in its structure (directors,
shareholders, attorneys, UBOs together), an additional DD fee of EUR 100 for each private individual and an additional fee of EUR 500 for each
company in the structure is applicable. It also refers for all companies, that are behind the direct owners.
24
PANAMA
INCORPORATION DATASHEET
1. Method of incorporation / registration The Subscribers incorporate the company and nominate the directors.
2. Company legal form Private Limited Company by shares
3. Company status Resident company
4. Source of corporate legislation Civil Law, Law Number 32 of 1927 on Corporations and others.
5. Possible suffixes to company name All names must end with S.A., Inc., Corp.
6. Restrictions on company name A special licence is needed if the words Finance, Trust or Insurance appear in
the company name. The terms Ltd. and Limited may not appear in the company
name.
7. Time required for incorporation 5 - 6 weeks.
8. Number of directors 3 of any nationality.
9. Number of shareholders Minimum 1.
10. Capitalisation There are no restrictions on the share capital.
11. Accounting / reporting requirements Panamanian companies are not required to keep accounts.
12. Type of shares Registered.
13. Annual tax and duties 300 USD
14. Information publicly available Registered office, registered agent, Memorandum & Articles of Association,
directors
15. Disclosure of beneficiaries The identity of the beneficial owners does not have to be disclosed.
16. Registered office Local registered office is required by law.
17. Registered secretary / agent Local registered agent is required by law.
18. Double tax treaty Panamanian companies are not subject to Double Tax treaties.
The amount of 3140 USD includes the following services: formation of the company, duties payable to the local authorities for the
registration of the company, provision of registered office and registered agent for 1 year, annual tax for the 1st year, luxury leather
corporate kit containing Certificate of Incorporation with Apostille, Memorandum & Articles of Association authenticated by Registrar, Appointment
of First Directors with Notary Public authentication, share certificates, initial forms and minutes, and 2 company seals.
The price contains no hidden costs!
OPTIONAL COSTS
Nominee director (3 private persons) 1250 USD Power of Attorney 590 USD
Nominee shareholder 295 USD Notarial Certification or Apostille 250 USD
Certificate of Good Standing 495 USD Certificate of Incumbency 650 USD
In cases where the company has more than 3 private individuals or more than 2 private individuals and one company in its structure (directors,
shareholders, attorneys, UBOs together), an additional DD fee of EUR 100 for each private individual and an additional fee of EUR 500 for each
company in the structure is applicable. It also refers for all companies, that are behind the direct owners.
25
THE SEYCHELLES
INCORPORATION DATASHEET
1. Method of incorporation/registration The Memorandum and Articles of Association must be signed by the subscriber. The subscriber must be
a local person licensed for the purpose.
2. Company legal form Private Limited Company by shares
3. Company status International Business Company (IBC).
4. Source of corporate legislation International Business Company Act,1994
5. Possible suffixes to company name Limited, Ltd., Corp., Corporation, Incorporated, Inc., S.A.
6. Restrictions on company name The terms Bank, Imperial, Royal, Insurance, Chamber of Commerce, Municipal and Trust may not ap-
pear in the company name.
7. Time required for registration 2 - 3 weeks
8. Number of directors Minimum 1 of any nationality
9. Number of shareholder Minimum 1
10. Capitalisation No minimum requirements.
11. Accounting / reporting requirements Accounts not required, but documents of transactions must be kept.
12. Type of shares Registered
13. Annual tax and duties Minimum 100 USD if the authorized capital less than 100 000 USD
14. Information publicly available Registered office and registered agent
15. Disclosure of beneficiaries Not required.
16. Registered office Local registered office is required by law
17. Registered secretary / agent Local registered agent is required by law
18. Double tax treaty Seychelles IBCs are not subject to DTTs.
26
OTHER JURISDICTIONS
Fee for
Formation Registered Office Annual Tax
Flag Jurisdiction
fees and Registered and Duties
Agent
Cayman - Islands
Price on request!
(Exempt)
Isle of Man
Price on request!
(Exempt)
27
Fee for
Formation Registered Office Annual Tax
Flag Jurisdiction
fees and Registered and Duties
Agent
Saint Vincent
Price on request!
& Grenadines
Washington D.C. -
Price on request!
LLC
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TEL / FAX / MAIL FORWARDING SERVICES
LAVECO LTD. renders tel/fax/mail forwarding services to its customers (that is, companies incorporated with the
assistance of LAVECO LTD.) These services include:
- providing the company with a postal address, and telephone and fax numbers in the country of incorporation or in
another country,
- receiving, holding and forwarding correspondence received in the company's name.
When a client takes advantage of this service, LAVECO LTD. guarantees full confidence, precise and prompt
forwarding of information, proper preparation of documents, and observance of the client's instructions.
In order to use the tel/fax/mail forwarding services offered by LAVECO LTD. the client is required to fill in an
order form for these services, a copy of which is included with this material and to make the necessary payment according
to an invoice which will be drawn up by LAVECO LTD.
29
How do the tel/fax/mail forwarding services work?
The holding and forwarding of correspondence:
All correspondence (letters, packages, parcels) received by a company (client) at the address provided by
LAVECO LTD. within the framework of the tel/fax/mail forwarding services is either held at this address or forwarded
by ordinary or registered post or by courier according to the instructions given by the client.
The transmission of information by fax:
All information received by fax by a company (client) on a fax number provided by LAVECO LTD. within the
framework of the tel/fax/mail forwarding services is either held by LAVECO LTD. or transmitted by fax to a pre-arranged
fax number, according to the instructions of the client.
The transfer of information received by telephone:
In the event of a client of LAVECO LTD. receiving telephone calls on the telephone number provided within the
framework of the tel/fax/mail forwarding services, a qualified secretary takes the call. A message can be taken in the name
of the client (company); when required, the secretary can pass on information, which he has been authorised to do by the
client, to the caller; any information received from a subscriber can then be passed on to the client.
We should emphasise at this point that the use of the tel/fax/mail forwarding services is entirely optional, i.e. additional,
and not obligatory for the clients of LAVECO LTD. The service is available both to new clients of the Company and to
those who acquired their company at an earlier date.
Expenses incurred when using the tel/fax/mail forwarding services can be divided into two groups:
Fixed expenses: these include the fees charged by LAVECO LTD. for the provision of a postal address/tele-
phone/fax for the client. The amount of this fixed fee is laid down in the order form for the tel/fax/mail forwarding ser-
vices, and is payable at regular intervals determined in the form (annually or half-yearly). The amount is fixed and inde-
pendent of the actual use of the service by the client.
Working expenses: these include expenses incurred during the forwarding or transmitting of correspondence
and information (postal expenses, telephone and fax charges).
********************
We are sure that using the tel/fax/mail forwarding services provided by LAVECO LTD. will raise the inter-
national image of your company and make it easier for your business to build up the necessary confidence in it.
Should you require any further information, please contact the experts at LAVECO LTD., who will be glad to offer
their assistance.
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FEES FOR SECRETARIAL SERVICES
CYPRUS - Larnaca 240 EUR 360 EUR 960 EUR 200 EUR
N.B. * The fees indicated below include only the basic service fees and do
not include postage, telephone, fax, expenses etc.
** The purpose of the deposit is to cover the expenese connected with
mail, tel/fax forwarding (postage expenses, processing of fax
messages, international calls, courier fees where applicable, etc.).
Any amount remaining at the end of the period of service will be
refunded.
Mail forwarding (registered mail) Postal delivery fee + 25% Postal delivery fee + 25%
Courier services Courier delivery fee + 25% Courier delivery fee + 25%
********************
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This general information material is protected under copyright. The written consent and permission of the authors is required for the copying or reproduction of the whole or any part of this
general information material by any means, as well as for the utilisation of the contents of this general information material in other publications. The authors assume no responsibility for any
typing, setting or printing errors that may occur in the material.
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