What is a Shelf Company?

The term “Shelf” refers to the fact that incorporation documents are literally purchased of a bookshelf filled with pre-registered companies that are instantly transferable to the buyer. As the official corporate documents for a new company can often take up to 2 weeks to arrive, company names are normally pre-registered to save waiting time. The cost to purchase a CMS ready made company and a company with your own chosen name is the same. Other common names include a “Shell company” and a “Ready-made company”.

Can I change the name of my company?

Yes. However, the proposed new company name must first be approved by the registrar in the country of incorporation to ensure that the same name does not already exist – CMS will be happy to conduct a name search free of charge. A board resolution must be drafted and signed by the director(s) of the company and the new name must be officially filed with the company registry in the country of incorporation.

Can I change the director(s) of my company?

Yes. A board resolution must be drafted and signed by the director(s) of the company and officially filed with the company registry in the country of incorporation. The new director(s) must provide a copy of their passport, proof of permanent home address, telephone/fax number and email address together with a signed letter stating that they wish to become a director of the company.

Can I change the shareholder(s) of my company?

Yes. A board resolution must be drafted and signed by the director(s) of the company and officially filed with the company registry in the country of incorporation. The new shareholder(s) must provide a copy of their passport, proof of permanent home address, telephone/fax number and email address together with a signed letter stating that they wish to become a shareholder of the company.

Can I establish a bank account for my company?

Yes, however CMS is only able to assist in establishing corporate accounts for companies under our management. All the banks we work with consider the prevention of money laundering and terrorist financing to be of the utmost importance. Banks have adopted ‘know your customer principles’ following the worldwide introduction of new money laundering legislation. These principles make it a requirement for them to know the identity of the beneficial owner, the source of monies being transferred into an account and the type of business a company will undertake. The supply of this information is a legal requirement and clients should expect to provide full and detailed information about themselves, their business activities and their future plans. A personal bank reference and proof of business activities using company brochures, a company website, business contracts, a lease agreement will help support your bank account application.

What happens if I do not need my company anymore?

It is imperative that your company is officially removed from the company registry to avoid any government fines and penalties. Each country has different requirements and procedures to close a company, therefore, we recommend you to discuss the most cost effective solution with our staff.