FAQ

The list of documents required to incorporate an entity is different from country to country. Here’s the list:

• Belize: copy of passport, valid proof of address in English, not older than 3 months, and copy of CV or LinkedIn profile.
• BVI: copy of passport, valid proof of address in English, not older than 3 months, and copy of CV or LinkedIn profile.
• Panama: copy of passport, valid proof of address in English or Spanish, not older than 3 months, and copy of CV or LinkedIn profile.
• Seychelles: copy of passport, valid proof of address in English, not older than 3 months, and copy of CV or LinkedIn profile. Please be aware that after the incorporation you will also need to provide copy of national ID and confirmation of Tax ID number.
• SVG: copy of passport, copy of second ID, valid proof of address in English, not older than 3 months, and copy of CV or LinkedIn profile, commercial reference letter (either issued by a bank or a lawyer)
• Singapore: copy of passport, valid proof of address in English, not older than 3 months, copy of CV or LinkedIn profile, and a selfie.
• Wyoming (USA): copy of passport, valid proof of address in English, not older than 3 months. US citizens are allowed to provide a national ID or driving license instead of the copy of passport. US Citizens that requires EIN number on the company, will need to share their SSN.

High risk clients will need to provide additional documents. This is manage on a case-by-case basis. Some additional documents that might be required are: bank reference letters, commercial reference letters, police records, copy of second ID.

Business entities that wish to join the company will need to provide documents showing who are the Beneficial Owners behind the entity. Each country has different type of documents, however a certificate of incumbency would normally work fine. From there, all Beneficial Owners of the entity will need to provide their individual documents as per requirements above.

The time required to incorporate a company is different from country to country. On average, this is the time for each:

• Belize: 2-4 days.
• BVI: 2-4 days.
• Panama: 7-10 days.
• Seychelles: 4-7 days.
• Singapore: 1-2 days.
• SVG: 5-8 days.
• Wyoming: 1-2 days.

The time is considered from the moment that all documents have been submitted and are confirmed in order.

More complex structures, will take longer, i.e. a company plus foundation in Panama will take 10-14 days to be completed.

Also, as part of the workflow is run by the Registrar, it is possible to have delays in particular during high volumes times or during yearly reviews.

As a general rule, any legal persona is allowed to be a shareholder of a company. This includes individuals but also companies, trusts and foundations.

However, every shareholder must pass the due diligence process in order to become a shareholder. If the due diligence shows issues like the individual being from a forbidden country or have criminal records, we will not be able to complete the request.

No, we don’t provide nominee shareholders.

Also, in some countries, the usage of a nominee will trigger specific backend rules which will end up with the identity of the Ultimate Beneficial Owner being shared directly with the Registrar instead of staying only with the license agent.

As a general rule, any legal persona is allowed to be a director of a company. This includes individuals but also companies, trusts and foundations.

However, every director must pass the due diligence process in order to become one. If the due diligence shows issues like the individual being from a forbidden country or have criminal records, we will not be able to complete the request.

Please be aware that in Singapore, a director must be a natural person, so only individuals are allowed.

Yes, we provide professional directors who will execute all the required duties for their role.

Directors do not have control of the company neither they have the power to run it or make decisions for it. Their role is solely to execute the duties required by the law.

In Belize, BVI, Panama, Seychelles and SVG the role of the professional director would be sufficient to cover the legal requirements. This means that the client can focus on appointing just the shareholder/s.

In Singapore, every company is required by law to appoint a local director. If required, we can appoint a professional director for that role, however, the client is still required to appoint a second director who will act as executive.

We currently don’t provide professional director in Wyoming.

The list of documents that qualify as valid proof of address is the following:

• Monthly bank statement.
• Monthly utility bills (water, electricity, gas).
• Monthly cable TV bill.
• Monthly home internet or home line bill (mobile phones are not valid proof of address).
• Monthly credit card statements.
• Tax reports.
• Bank confirmations letters.
• Confirmations letters issued by the government.

Any of the documents must have the full name of the individual matching the name on the passport, the date of issuance of the document, the full address of the individual and the logo or name of the issuance entity clearly visible.

If the document is not from a valid language, we will need an official translated version of it. The official translation must have the name, signature and license number of the licensed individual who did the work.

The capital required to incorporate a company is different from country to country. Here’s the minimum requirements for each country:

• Belize: US$1.
• BVI: US$1 or no-par value.
• Panama: US$10,000.
• Seychelles: US$1 or no-par value.
• Singapore: SG$1.
• SVG: US$1.
• Wyoming: US$1.

There is no need to deposit the paid up capital, however, the members of the company are liable directly if the amount is unpaid.

Every company is required to pick a designation to put at the end of their name. In majority of cases the designation represents the type of entity, but for IBCs, the designation is mostly just a name. Here’s the list of options available:

• Belize: LLC.
• BVI: Inc., Corp., S.A., Ltd..
• Panama: Inc., Corp., S.A..
• Seychelles: Inc., Corp., Ltd..
• Singapore: Pte. Ltd..
• SVG: LLC.
• Wyoming: LLC.

For Foundation the only designation available is the word ‘foundation’, however, it can be placed either as first or last word in the name. For Trusts, the designation will be ‘trust’ and it will be at the end of the name.

No, there is no need to get a bank account in order to incorporate an entity. The owner can simply use their bank account to execute transfers on behalf of the entity.

Even after incorporation, there is still no need to get a bank account if the owner doesn’t want to.

Yes, any entity is required to have a registered office in the country where it is incorporated.

We provide the registered office already included in all our incorporations.

The owner is free to use the address to receive mails and we will take care of scanning them or physically mail them whenever required. We will charge the shipping cost for it.

Yes, we do provide virtual offices included in every incorporation.

Those addresses can be used to receive mails and packages. We scan the content of the mail back to the company owner or, we can arrange for physically shipment of those items.

For the following jurisdiction we also offer premium options:

• Panama: premium office with dedicated phone line, dedicated fax machine, automatic redirection of phone calls, same day scan of mails, monthly utility bill to use as proof of address.
• Singapore: premium office with dedicated phone line, dedicated fax machine, automatic redirection of phone calls, same day scan of mails, monthly utility bill to use as proof of address.
• Wyoming: same day scan of mails.

If you are looking for something specific, feel free to let us know and we will see if we can help.

Yes, the usage of words which identify with licensed activities is not allowed. Some examples are words like: ‘insurance’, ‘bank’, ‘airline’, ‘university’, etc.

The Registrar is also allowed to block a name if they find it offensive or discriminatory.

Only in BVI. All other jurisdictions we cover, don’t need it.

For the case of BVI, the creation of the seal is included in the incorporation package, so the owner doesn’t need to reach out to anybody else.

If, a company incorporated in another country wishes to gather the seal, we can help with both creation and registration with the Registrar.

Only in Singapore. All other jurisdictions we cover, don’t need it.

We provide the template to all companies in Singapore and take care of the submission with the Registrar. The owners of the company just have to sign (electronically).

Owners in other jurisdictions are allowed to run annual general meetings (AGM) if they wish.

Every country has different rules on how they share informations with the public and the government.

Below the list of how every jurisdiction deals with it:

• Belize: both manager and member is private.
• BVI: director is public and shareholder is private.
• Panama: directors are public and shareholder is private.
• Seychelles: both director and shareholder is private.
• Singapore: both director and shareholder is public.
• SVG: both manager and member is private.
• Wyoming: both manager and member is private.

Even if the information is private, any government tend to cooperate with other countries if valid reasons are present. In those cases, it is possible for a country to share their records with others.

We use a mix of options to ensure the highest level of security by keeping efficiency in place.

We have dedicated servers and run IPFS nodes to ensure all files are encrypted and distributed.

We also store some files on Google Cloud and Google Drive to provide easy access to the owners.

Only in Singapore. All other jurisdictions we cover, don’t need it.

For the case of Singapore, the corporate secretary and their appointment is included in the incorporation package, so the owner doesn’t need to reach out to anybody else.

If, a company incorporated in another country wishes to add a corporate secretary to its structure, we can help by appointing someone from our team.

Accounting requirements are extremely different from one country to another. Below we explain the most important points to keep in mind.

• Belize: there are no accounting requirements for LLC in Belize.
• BVI: the financial year ends on the 31st of December and the company must submit its books by the end of June. P&L and Balance sheet are required, while transaction history and supporting documents can stay with the business owner and shared only if required. The country follow standard international accounting rules.
• Panama: the financial year ends on the 31st of December and the company must submit its books by the end of May. P&L, Balance sheet, transaction history and supporting documents are required. The books must be signed by a licensed CPA (it doesn’t have to be in Panama). The country follow standard international accounting rules.
• Seychelles: the financial year ends on the 31st of December and the company must submit its books by the end of May and by the end of December (twice). P&L, Balance sheet, transaction history and supporting documents are required. The country follow standard international accounting rules.
• Singapore: the financial year ends at the birthday of the company and the company must submit its books within 6 months from its birthday. P&L, Balance sheet, transaction history and supporting documents are required. The books must be signed by a licensed CPA. The country follow standard international accounting rules.
• SVG: there are no accounting requirements for LLC in SVG.
• Wyoming (USA): in this case there are rules both at State and Federal Level. The financial year ends on 31st of December. For State taxes you are required to submit the reports at the birthday of the company. Only P&L is required.  At the Federal level, if your LLC is a multi-members or considered a S-Corp the deadline for submission is March 15, while if it is a sole-member or considered a C-Corp the deadline is April 15.

Yes! We have in-house CPAs that are extremely knowledgeable in both offshore movements as well as web3 operations. We can cover any time of client, from few transactions per year to even millions.

Every client is in direct contact with the CPA appointed to their case, so they can coordinate directly with the person executing the job.

We run an initial chat with the client to decide which type of workflow works best for them. In some cases we schedule monthly calls to ensure the business owner can have a full view of the cashflow of their business. In other cases, we just coordinate once a year as the client prefer to keep communication at its minimum.

In the majority of cases, no. An IBC is not required to pay corporate taxes as long as no business activity happens directly within the boarder of the country where the IBC is incorporated.

IBCs that engage in local activities are required to pay both corporate taxes and VAT.

However, in countries like SVG, an IBC must pay local taxes while and LLC is not required to do so.

As a general rule, we incorporate LLCs in Belize and SVG and IBCs in BVI, Seychelles and Panama. This structure ensure that all 5 structures can follow similar rules.

A company is required to pay its annual renewal one day before its birthday.

So, if for example a company is incorporated on the 11th of August, its annual renewal must be pay each year by the 10th of August.

We apply a US$100 late penalty fee for each month that the company is missing its renewal. After the 3rd month, we resign from the role of licensed agent and let the company lapse.

Special rules apply for SVG, where the annual renewal must be paid by the 31st of December for the following year.

Only in Seychelles. We do have always few companies available, those entities are incorporated in different years so if you are interested in anything in particular, feel free to reach out to us.

Please keep in mind that the older the company, the more it will cost, as more fees have been paid to keep it alive.

We don’t offer shelf entities in the other jurisdictions as the process to transfer the ownership is normally longer than creating a new entity.

Once your company is incorporated we will send you all the incorporation documents. Out of those, there will be few signatures that must be provided. Once we collect the final round of signature, the process will be officially completed and the client will be able to start using the entity as intended.

From that moment, you will be introduced to the individuals that can help you with your requirements. These are people like an accountant or a corporate secretary or your nominee director, depending on the type of package you have requested.

You will be in direct contact with each of them, so whenever you need something, they are just one email away.

We will also send official communications to make sure the company doesn’t get any penalty and remain in good standing. For example, a month before the renewal date, we reach out. For accounting we normally allow more time, on average 4 to 6 months before the submission deadline.

We try to avoid spam at all cost, so you can be sure that we will reach out only when it is required.

We tweak these workflows constantly thanks to feedbacks, so if you wish to have something a bit different, let us know!

Yes, support to open the account is included with all incorporation.

However, please be aware that support doesn’t mean we do the application on behalf of the client. Our scope of work is to suggest few banking options, clear confusions around any questions during the application process and gather any additional document that might be required.

For companies in Singapore, we go the extra mile and introduce the client directly to the bank, help organising the meeting and attend it.

If the company has a nominee director appointed by us, the director will take care of running the entire application process with the bank. The client is still required to provide the documents to complete the application process and attend the due diligence meeting.

Yes! We have helped many owners to move their entities with us.

We will need to run due diligence on the structure. This, in simple, means that we will need the latest corporate documents of the entity (Certificate of incorporation, certificate of incumbency, bylaws, register of members, register of directors etc.) as well as the KYC documents (passport and valid proof of address) of all the directors and shareholders.

Assuming the company is in good standing and the individuals are fine, we will be able to start the transfer process.

The time to transfer a company depends a lot by the collaboration of the previous service providers, in the majority of cases a couple of weeks is sufficient to complete the process.

Every agent

Yes, and the process is actually quite simple.

The directors and beneficial owners will need to just sign a resolution. We will take care of all other documents.

Once the documents are ready, we will submit the request to the Registrar.

Once the request is approved we will send the new documents reflecting the new company name.

The process takes on average 1-2 weeks from start to finish.

Yes, you can!

The process requires the collaboration of the director that will be replaced. The individual will need to sign a resignation letter.

We will need to run the KYC on the new director, so copy of passport and valid proof of address must be provided.

If everything is in order, we will issue a resolution to be signed. Depending on the jurisdiction we will either make the change directly or submit the change to the Registrar for approval.

Once the process is completed, we will send to the owner the updated documents reflecting the changes.

Yes, it is quite common for a company to exchange hands of its shares.

To complete a transfer of shares we will need to run the due diligence checks (copy of passport and valid proof of address) on any new individual that will join the company. Existing shareholders have already done it.

Both the sender and receiver will need to sign a resolution confirming the transfer, plus the old shares certificates must be cancelled and new ones must be issued. As always we will prepare all documents required to complete the operation.

In countries like Singapore, there is also the Stamp Duty that must be paid. This depends on the value per share and amount of shares that get transferred.

Once the documents are prepared (and stamp duty paid, if required) we will update the register of shareholders or register of members and share the new version with the owners.

We can also help in creating more complicating structure like vesting models, treasury allocations, employments stock options, etc.

Yes, our team can gather certificates of incumbency and certificates of good standing without any issue.

If required, we are also able to have those apostilled and notarised.

We can also issue legal opinions, or any other corporate governance document that might be required.

Feel free to reach out if you have any special request and we will be happy to see how we can help.

Yes, we are able to provide certifications of all documents.

Depending on the jurisdictions there might be the option to choose between a certification made by a lawyer or even by a notary.

We can also have the documents apostilled in case that is also required.

Yes, all original incorporation documents can be mailed.

We use FedEx or DHL to ship items. To have the documents mailed we will need full name, full address and phone number of the person that will receive the package.

In the event of the company receiving mails to the registered address, we will also be able to organise a physical shipment if required. Otherwise, we will just scan the content to the point of contact of the company.

Yes, we built Korporatio to make sure people can run their business from everywhere in the world and whenever they want.

All documents and forms we send can be signed electronically. Each document must be presented with the certificate of signature which is normally issued by famous esignature softwares like Dropbox Sign, Panda Doc and DocuSign.

Please be aware that there are some rare workflows, i.e. changing a company name in Panama when the directors are appointed by the client, or liquidate a company in Seychelles, in which we will need the documents to be mailed to our office as those specific documents must be in wet ink.

If you have any doubts on specific cases, feel free to reach out.

Closing a company is a process that is quite different from country to country.

Singapore: to dissolve a company in Singapore you will need to zeronised your books, this means that the company bank account must be closed, the company must have paid all its debt and returned whatever assets are left to the shareholders.

Once that is done we will be able to submit the request to the Registrar for the dissolution process. If no creditor is sending any request to stop the process, the company will be fully dissolved in few months.

Wyoming: to close a company in Wyoming the owner just need to not pay the renewal, the registrar will fully remove the company after 3 months of fees not paid.

Other offshore: for the other offshore countries the client has 2 options, they can either follow an actual dissolution process, which requires to sign some documents and close the books. This process will fully dissolve the company in 2-12 weeks, depending on the country. Otherwise, the owner can simply avoid to pay the government fees. This is not an official dissolution process and can lead to penalties, but it is the easier process as there is no action required. The company will keep maturing penalties till the registrar will freeze, eventually, after years, the entity will be removed from the registrar.

As Korporatio is a service provide, we don’t have any ownership over client’s companies. Also, our economical situation has no correlation to any of the client’s businesses.

In the event of Korporatio going out of business, the owner of the company will simply need to find another agent to move the entities over.

Considering the amount of companies we currently manage, it is most likely that we will simply coordinate with another agent directly so that all companies will be migrated in one go.

We accept the following types of payment:

• Wire transfers in different currencies: EUR, USD, SGD, AUD and GBP.
• Credit cards and debit cards.
• Paypal.
• Stable coins.

We collect payment in full before executing any work.

Review of forms and KYC can be completed before making any payment payment.

Every entity is required to pay its renewal before its birthday. For example, if a company is incorporated on September 9, the deadline to make the payment will be September 8 of each following year.

We apply a US$100 late penalty fee for each month of delay.

Normally we resign from the role of agents or freeze the company after 3 months of unpaid fees. However, this is different from jurisdiction to jurisdiction.

As long as no submission as been done to the registrar, we can provide a partial refund.

We provide a refund of the amount paid minus the amount of time our team has been working on the application till that moment. This, for most cases, translate in a refund of 60%-90% of the amount paid.

However, if the incorporation has officially started and the documents have been submitted to the Registrar or any other entities required in the incorporation process, we will not be able to issue any type of refund.