This articles highlights on to register an offshore company in Cameroon.
The corporation is established without a physical office (The local agent’s address is enough in most jurisdictions), bills, etc. Customers pay initial fees for company registration and then pay a fixed amount annually as taxes
We can provide corporations in
Trading company:
Most non-resident companies operating in the international market are trading companies. The definition of “trade” does not necessarily restrict the company from buying and selling goods. Suppose a customer is engaged in production, carries goods, organizes tours, or gives advice. In that case, he is involved in commercial activities in the broad sense of the term, and his company will be a trading company.
Holding company:
A holding company is an entity that owns shares in other businesses, cash, or other assets such as patents, trademarks, or copyrights. A holding company does not carry out direct production or commercial activities independently.
Insurance companies:
Frequently prominent entrepreneurs encounter the following difficulties in obtaining insurance:
• Insurance against all general, property, and personal risks with third-party insurance companies entails significant premiums;
• If the entrepreneur saves on insurance premiums and establishes his reserve instead frequently, this does not qualify for tax relief.
Accordingly, a prominent business may be more advantageous to establish a wholly owned insurance subsidiary that may accumulate the premiums paid in its accounts as a reserve should insured events occur. Frequently, a certain period elapses between the receipt of premiums and the payment of insurance claims, during which the insurance subsidiary accumulates a considerable amount of working capital that may be used, among other things, for low-interest financing of the core business.
Trust companies:
A trust provides for the transfer of assets by one person, known as the settlor, to another person, known as the trustee, where the trust agreement guides the trustee in his actions regarding the assets. Generally, income from asset management is intended to be paid out to third parties known as the beneficiaries.
The concept of trust dates back to the English legislation of the middle ages. In the cases where the wealthy English began thinking about the distribution of their assets, such as factories or banks, among their heirs and came to the conclusion that the heirs would not be able to cope with the management of the empire they had built, the wealthy English entrusted their assets to trusts managed by their friends who were professional financiers. It was nevertheless stipulated that the income from the trust fund would be distributed among the heirs.
Nowadays, these traditions have acquired much more varied forms. An international trust is now relatively popular. This is an agreement between non-residents of the country where the trust is established in respect of non-resident assets and in favor of beneficiaries who are non-residents of such a country. International trusts established in offshore centers are frequently liable to reduced or zero taxation.
Shipping companies:
Shipping companies are incorporated to operate as a ship owner or ship operator, and it helps protect the ship owner’s other vessels or assets from damage that might arise from claims on his ship(s)
DOCUMENTS ISSUED TO OFFSHORE COMPANIES IN CAMEROON
Articles of association:
This acts as the application for ship registration. To incorporate a new company, its founders or, depending on the jurisdiction and type of company, the shareholders, directors, or maybe just a registered agent must sign the articles of association. This is the primary document that defines the name of the new company, its internal management rules, the possibility of an increase or reduction of its share capital, and details of establishing the order of general meetings of shareholders or special provisions for dissolution or liquidation of the company. This document usually, for example, in the Caribbean jurisdictions, co-exists along with the by-laws. Still, in some countries such as Panama, it is the primary document regulating the company’s operations, completely replacing the by-laws.
Certificate of incorporation:
The certificate of incorporation is the primary document confirming the company’s existence and that the entity belongs to a particular jurisdiction. The certificate of incorporation reflects the company’s name, date of incorporation, registration number, and, in some jurisdictions, the corporate law under which the company is registered.
The document’s form and title purporting to be a certificate of incorporation also differs between jurisdictions. This document is called a “certificate of incorporation” in most countries.
In such jurisdictions as Panama and the countries of continental Europe, a company is established by signing the articles of association or by a notarial deed and submitting such a document to the company’s register. In these jurisdictions, the state recognizes the incorporation by affixing the official stamp to the above articles of association and entering the relevant data in the electronic registration system, with no certificate of incorporation being issued as a separate document. Following the incorporation of the company, an extract from the register of companies showing the current status of the company may be ordered in these jurisdictions at any time. In practice, such an extract is used as a certificate of incorporation.
By-laws:
Frequently, the by-laws of the company are a standard document for a particular jurisdiction and are drawn up by the legal and legislative requirements of the relevant country.
Typically, the by-laws contain the following clauses:
• name of the company;
• registered address or office of the company;
• The objectives of the company are the intended activities decided upon on the date of incorporation. This clause may also be expressed as “diverse objects” such as “any activities according to the current legislation”;
• the clause stipulating limited liability of the shareholders;
• the amount of the share capital, its division into shares, and the par value of such shares.
The by-laws and articles of association of the company have to be drawn up so that they do not conflict with each other. Shareholders are entitled to amend the by-laws and articles of association, but only to the extent provided for by general laws of the country of incorporation. In some instances, as an example for the limited liability partnership in the United Kingdom, there are no by-laws as such, and all provisions on relations between the founders, as well as operations of the company, are determined per the operating agreement.
General power of attorney:
Frequently, the company is managed under a general power of attorney. Using a general power of attorney, the manager can manage the current operations of the company effectively, as a power of attorney authorizes the manager to negotiate, sign contracts, establish subsidiaries and perform other actions on behalf of the company. Usually, the general power of attorney is certified by the signatures of directors and the company seal.
Share certificates:
A share certificate confirms the shareholder’s rights to the relevant number of shares in the company. The certificate is signed by the directors of the company and/or its secretary. The certificate shows the number of shares held, their par value, and the date of issue of the certificate. The owner’s name may be specified in the certificate, but in some jurisdictions, a bearer share certificate may be issued instead.
In case of the sale or transfer of all or part of the shares to other persons, the owner of the shares in a non-resident company usually makes an appropriate note on the reverse of the certificate known as an “endorsement” or, in other cases, the existing certificate is canceled, and a new one is issued. The company makes an appropriate adjustment in its register of shareholders and if required by law, in the public register of enterprises.
Classic share certificates are not provided for all types of companies. As an example, in the United Kingdom, limited liability partnership companies are replaced by membership interest certificates, showing the distribution of total profit among the founders and the number of votes held by each founder about the total number of votes in the limited liability partnership
Article by CHUO ANGABUA JUNIOR
‘’The content of this article is intended to provide a general guide to the subject matter. We advise specialist advice be sought depending on your specific circumstance’’
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