General Information

Company Law

Companies (Special License) Act of 2003

Type of Entity

Special Licence Company (CSL)

Legislative Language

English and French

Corporate Taxation

Tax Rate of 1.5% of Global Income

Taxation of Foreign Profits

Implement of Double Taxation Avoidance Agreement

Exchange Controls

Yes

Shelf Companies Available

Not Available

Corporate Names

Language

Any language as long as the English or French translation is provided

Name Restrictions

Names identical or similar, offensive words are not allowed

Name Endings Required

Limited

Reservation of Names Permitted

Yes

Requirements of Capital and Shareholders

Minimum Number of Shareholders

Two

Local Shareholders Required

No

Corporate Shareholders Permitted

Yes

Disclosure of Shareholders information

Required to filed with Registry, but information is not publicly accessible

Minimum Paid-up Capital

10% of authorized share capital

Standard Authorized Capital

USD1,000

Bearer Shares Permitted

No

No Par Value Shares Permitted

Yes

Increase or Reduction of shares capital

Yes

Requirements of Directors

Minimum Number of Directors

Two

Local Directors Required

No

Corporate Directors Permitted

No

Disclosure of Directors information

Required to filed with Registry, but information is not publicly accessible

Meetings

Annual General Meeting

Yes

Location of Members Meeting

Anywhere

Location of Directors Meeting

Anywhere

Quorum required for purposes of meetings

Depend on Memorandum and Articles of Association

Local Requirements

Local Registered Agent Required

Yes

Local Registered Office Required

Yes

Local Company Secretary Required

Yes

Register of Member

Shall be kept at the registered office

Register of Directors

Shall be kept at the registered office

Register of Secretaries

Shall be kept at the registered office

Company Seal

Optional

Annual Renewal

Filing Annual Returns

Yes

Prepare Annual Audited Accounts

Yes

Annual License Fee

USD1,000 + 7.5% Tax

Annual Renewal Fee

USD200 + 5% Tax

Annual return and accounts filing due date

The annual returns and accounts must be filed ONLY to the Authority not more than 90 days following the end of each financial year of the company

The filed Annual Returns and Accounts Publicly Accessible Permitted

No

Other Relevant Information

Re-domiciliation Permitted

Yes

Restoration from Registry

Yes

Company Liquation

Compulsory or voluntary winding up and dissolution; and strike-off by non-payment