However you must have at least one person (not a company) as a director, and a physical address for the registered office of the company (it can be your home address). The Director must also declare that the company (if commercial) has an accountant and an auditor or local tax ID (or personal tax ID), Social Security number or other forms that satisfy our need to know that your eCompany will report its financial statements properly and that you are using it for a legitimate and proper business.
We do not allow eCompanies to be used for any controversial activity, such as arms dealing, trading pharmaceuticals or any other drugs, sex-related businesses, or businesses involved in ICOs, Cryptocurrencies, gambling or alcohol. Nor do we allow the financing of any activity that is against the local laws of your country and of the countries your eCompany is dealing with.
Unfortunately due to the complexity of the issue, we also cannot allow any positive and peaceful activities that are the early stages of Freedom Movements, as by their nature they are flagged at their beginning as terrorist or revolutionary activities. However, in those cases where the aim is to help fight against genocide or to save lives, or when approved or supported by international organizations such as the UN, World Bank, etc., we will consider each case on an individual basis.
eCompany cannot provide a registered office service or resident director service to applicants which do not have an approved physical address.
eCompanies are not allowed to be registered if they are based in or engaged in business activities connected with any known tax-haven, or countries, companies or individuals that are under the UN sanctions list.
An eCompany that is owned by another company that is registered in another country may be subject to Enhanced Due Diligence, especially if we suspect it is part of money-laundering architecture (commonly and falsely known in the world of Financial Services as “tax planning”).
On the other hand, we are open to providing eCompanies to help immigrants, stateless people, and indeed anyone who is trying to make a living in a legitimate way, regardless of their current status or the hardships they are facing.
We are here to help small and medium businesses, as well as entrepreneurs, to facilitate global commercial presence and activities. However, eCompany is NOT a service that will close its eyes if there is any suspicion that it is being used to break laws or avoid lawful duties.
eCompany allows you to register proprietary companies limited by shares. This is by far the most common form of company and is almost always used for the activities of small- and medium-sized businesses which choose to operate as a company.
You may also specify that your new company will have the sole purpose of being a Charity, NGO, Joint Venture, Special Purpose Vehicle (ad hoc Project), Startup, Holding Company, Family Unit, or a Multinational Business vehicle for a local business that technically cannot trade globally.
eCompany does not support the registration of companies whose business activities are not reported to the local tax authorities (in the countries of both the seller and the buyer).
Please be aware that we welcome requests from tax authorities to receive full, automated reports from us about all eCompanies that are under or trade with their jurisdiction.
The eCompany Operator has an advanced naming system that allows you to have 4 company names at the same time:
1.A web domain name. The web domain name is an obligatory requirement to avoid questions about the right to use the name.
You will have to verify the domain name ownership in order to use it as the company domain ID name.
2. A trading name (optional) which must relate to or reflect your domain name.
3. A name in your local language (optional) which must relate to or reflect your domain name.
4. eCompany ID number. This is automatically assigned by the eCompany Operator to every eCompany as its unique eCompany ID.
However, there are some restrictions.
Generally speaking, an eCompany name will not be registered if, in the opinion of the eCompany Operator, its use would potentially constitute a criminal offense, be offensive to the public, or be misleading or otherwise contrary to the public interest.
For names which contain words that normally require a special licence (e.g. “bank”, “insurance”, etc.) or that are likely to give the impression of a government body, the applicant will need to provide proof of the relevant licence or the justification to use this name without misleading anyone.
In short: your eCompany name must be lawful, it must not mislead, and it must not promote any prohibited activity.
The total Registration fee is $60 which includes all KYC (“Know Your Customer”) fees and our service fee. Every eCompany Registration is valid for 12 months, and automatically renews unless the owners decide not to renew it.
The Renewal fee is $60 for each subsequent year and includes updated KYC.
Yes. Opening a bank account requires just a simple tick in a box as part of registering your eCompany.
You may register a multi-currency digital bank account at the same time that you register your eCompany, simply by ticking the "add bank account" option. The same KYC and approval processes are used for both the eCompany and the bank account.
You may also apply for the same type of bank account anytime later. A separate KYC procedure may be required for that case.
You may also apply to open an account in a bank somewhere else, subject to that bank’s policy allowing you to open an account for your eCompany.
As part of your eCompany registration, you will receive a special electronic Corporate Seal at no additional cost.
This is a block-chain-backed seal, that allows you to control whoever is using this seal to ensure that it is used only on authorized company documents.
Information you will need to gather includes:
• Full name, full residential address, and date and place of birth for each Director or Secretary of the eCompany - as well as their eMail and mobile phone number.
• Full name, address and number of shares for each Member of the eCompany - as well as their eMail and mobile phone number.
• The address of the registered office and the principal place of business.
Please be informed that every Shareholder, Member, Director and Secretary will have to verify themselves personally after you list them, and they must agree to join the eCompany.
We will contact them by email and ask them to pass our verification process (KYC).
If any of the above fails to pass KYC, you will be asked to provide alternative people who are eligible to form an eCompany.
Providing us with false information about the above, will result in us disabling your eCompany, preventing it from functioning. and reporting the case to the relevant authorities.
Likewise, attempting to conceal from us that the nature of your business falls into one of our prohibited categories will result in us disabling your eCompany and submitting a report to the relevant authorities.
We are fully GDPR compliant.
Please note, however: it would be a very wrong decision if you attempt to register and operate an eCompany for any illegal activity. We love and respect privacy – but we are not one of those tax-avoidance heavens-jurisdictions that facilitates illegal activities "in the name of privacy".
Upon approval of your eCompany registration, we immediately email you the following:
• Official certificate of registration, showing the official name(s) of the eCompany, the date of incorporation, the company ID number, the eCompany blockchain hashtag to retrieve and verify your eCompany’s validity and authenticity.
• Official Shareholders’ List as well as official Shares Certificate for each shareholder.
• Official Corporate Directors and eCompany signature rights.
• Official Articles of association for your eCompany
• Official Limited Liability notice that the company is announcing publicly to anyone who is interested in engaging with the eCompany. (But be aware that courts all over the world sometimes reject this limitation and make an order of full liability for any company Member that is found guilty of fraud, tax evasion, etc..).
• Comprehensive, fully-compliant, customized Corporate Ledger and Management back-office to handle your shareholders’ online meetings and voting, public and private eCompany records, statutory and financial reports and corporate official documentation.
• Digital Blockchain Corporate Seal.
• Your invoice.
The eCompany is designed to enable you to operate and trade globally, while you may want to keep your local business managed by a traditional, local, Limited Liability Company.
Your eCompany can be a subsidiary of your local company (to be used for facilitating international and multi-currency trading).
Alternatively your eCompany can own all or some part of your local company (in case you would like to publicly sell and trade the eCompany shares in a Small Business Stock Exchange or raise funds from abroad).
It is up to you to decide, and we recommend you to consult with your local lawyer or acountant to learn from them how to operate your local business while establishing an off shore company for international trading business.
The short answer is: yes.
And this is the good news about the way you can simplify your accounting needs and help your chosen local Accountant and Auditor to service your new off-shore registered eCompany.
The International Financial Reporting Standard 9 (IFRS 9) has been making waves across the financial realm, especially for SMEs.
Many large corporations, publicly-listed companies and financial institutions are ready for early adoption of IFRS 9.
It's a different story for SMEs, however, as this new accounting standard could significantly affect their business operations.
The new IFRS 9 accounting standard is based on the concept of a fair value price, which can be measured by many methods, all of which require financial models such as discounted cash flow and net present value for calculation.
Thus, companies' accountants must not only have accounting knowledge, but also in-depth financial modelling knowledge to prepare for the fair value of assets when they make financial statements.
The more complex calculation method could compel banks to become stricter when considering SME loan applications to avoid increases in expected loan losses, which are calculated under the IFRS 9 framework.
eCompany.org provides the tools to easily adopt and maintain the new IFRS 9 Standard for all registered eCompanies and for their chosen local Accountants and Auditors.
Your eCompany number is your international Tax ID number for consolidated reports if needed.
However, bear in mind that you will have to register a local tax ID (or even a local company) and pay taxes in each and every country you are doing business in/with according to the local tax laws.
As an eCompany you are not required to pay any taxes to us, but you have to be registered with your local tax authority declare and to pay all applicable taxes in the countries in which your eCompany operates in proportion to each shareholder’s income and asset holding.
in other words: there is no "corporate tax" for eCompany, and every income counts as a personal income of each and every shareholder proportional holding.
Yes. Your eCompany shares are transferable, sellable and fully tradable, just the same as any other digital or non-digital assets.
If your eCompany is eligible for public listing on the Small Business Stock Exchange, you can simply link the Small Business Stock Exchange approved application to your eCompany (from the back-office dashboard) and the shares that you allocate for public trading will be automatically managed by the Small Business Stock Exchange.
We do not and cannot aprove your company for pub;ic ;isting and its a sole authority of the Small Business Stock Exchange and their regulation and diligence.
If your eCompany is eligible for public listing on any other Stock Exchange, we will issue them the appropriate documentation upon request.
Please note: your eCompany shares CANNOT be traded by using ICOs or any other unregulated public offerings or trading.
eCompanies cannot be used for any type of gambling, dodgy or manipulative business with excessively high risk such as ICO, and which are often used for fraud and ripping off people's money.
If your application has no errors and does not get flagged for manual approval, your eCompany will normally be registered within 5 minutes of completing the KYC and ID verification.
Your Certificate of Registration, bank account details, documentation and invoice will then be immediately emailed to you right after the approved KYC.
Applications flagged for manual approval by our KYC process typically take an extra 1-2 days to be registered.
Common reasons for a manual approval include your chosen name being marked for manual consideration and comments, missing documents, mistype of ID details, missing email or phone verification, etc..
Once registered, all dealings and changes are made directly from your eCompany dashboard.
The eCompany dashboard provides a number of forms for the ongoing compliance of registered eCompanies.
Forms can be lodged and approved online at any time.
To lodge online you will need your corporate key. This is sent to your registered eCompany CEO upon registration. When you have this key, you can access the eCompany dashboard online to lodge the forms and apply for changes.
Please note that some applications may be subject to new KYC (in case of new director or shareholder), name change etc. and are subject to $25 fee.
If you have no further use for your eCompany and provided it is not in financial difficulty, has no open court cases, and is not insolvent, you can voluntarily deregister your company at any time by simply lodging a deregistration form.
A one-time $60 deregistration confirmation fee will apply.
Before the KYC process is done, all the fees are fully refundable (apart from any 3rd party/transaction costs that have been incurred such as credit card commision).
Once the KYC process has started, all fees are non-refundable.
We would strongly recommend you to consult with your local tax and legal advisors, as the answer might be totally different for every type of business structure and strategy.
From tax point of view, your eCompany shares, profits and losses, are personal. So whatever your shares in the eCompany own, gain or lost, should be calculated as a personal. So you may simply add it to your personal tax filing wherever you are liable to do it.
From legal, branding and marketing point of view, you may use your eCompany as a international branch of your local business, or as a neutral umbrella (holding) company.
But again: this issue has so many variables that effects the answer that the best way is to consult with your local tax and legal advisors.
In short: whatever is legal to do where you do it, and not against the law and within a moral activity, is OK to do with eCompany. And whatever is not, not.
You can hold assets, buy, sell, contract, employ, operate bank account and even list your eCompany to publicly trade at the Small Business Stock Exchange.
We do not request/provide business licences. This is your responsibility to get a proper licence for your activities wherever its applicable.
However we may as for documents in case your business name or activities are well known as a regulated activities (such as a Bank, Pharmacy, etc.)
Should you need to order a Certificate of Good Standing, we can obtain a copy for you.
Companies that do not meet certain qualifications are unable to proceed with transactions such as these, and they are deemed to not be in good standing.
If it is determined your entity is not in a good standing status, we can also provide you with the necessary information to help you restore the company, and take care of all the paperwork for you.
Other than operating business in restricted countries (Cuba, Iran, Libya, North Korea and Syria), eCompany entities can operate lawful business activities from anywhere in the world.