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Business Report
Exempted Companies
If a company is registered for tax purposes and does not actually trade in this country, they will not be obliged to file much information at the registry.
The report will usually contain the following details:-
- Date of Incorporation
- Registered Office
- Registered Name and any subsequent changes of name
- Registered Agent if any
- Registered Number
- Authorised Share Capital
- Whether Live/Dissolved etc.
Ordinary Company
If a company is not registered as an exempt company then they have to disclose further information and then the report will contain the above information but may also contain the following details:-
Please note that even for ordinary companies it is probably unlikely to be able to obtain anything with regards to their financial status. As our correspondents do not have financial information, we cannot give credit opinions as there is no information to base these
opinions on. A standard recommendation to trade on fully secured terms is usually given.
Principal Business Types
Limited Liability Company
Must have at least five shareholders. There is a minimum capital requirement. There is no distinction between public and private companies. Share transfer is normally restricted. The liability of a shareholder is limited to the amount, if any, unpaid on the shares held. Special conditions apply to banks, insurance companies and trusts.
General Partnership
An association of individuals or companies or a combination in which each is laible for the debts and obligations of the partnership.
Limited Partnership
An association of individuals or companies or a combination in which at least one party is liable for all debts and obligations of the partnership and others are liable only to the extent of their capital contribution. The last word in the partnership name must be "Limited".
Branch of a Foreign Company
The foreign company assumes liability for all the debts of the branch.
Joint Venture
Can operate either as a locally incorporated company or as a partnership.
Sole Proprietorship
The business of an individual where liability for all debts is unlimited.
General Information
IBC companies have to have a minimum of 2 members. They also have to have 1 director who may be a nominee. There is no minimum capital. They do not file annual returns.
As at April 1994 there were 61000 companies registered.
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