If you are in a start up situation, the first item that comes to your mind is a Budget to start your business. Most entrepreneurs, businessman, professionals who are in a start up situation concentrate their efforts in deriving income based on either their knowledge base or skill base. However there is one element which normally is not accounted for while this thinking process takes birth: that of the cost and budget for an entity to start the business.
OCRA Arabia can assist you in facilitating, at a minimal cost and value for money solution by setting up your initial business needs in terms of an entity. You need not worry about the statutory requirements, legal requirements of setting up the business, any additional fiscal burdens that may interpose your success in your state of residence on the structure, and accounting requirements.
Analyst have shown that the cost for setting up and maintaining an entity has an annual cost averaging between USD 10,000 to USD 20,000 depending on the country of residence. This includes the provision of legal advice on setting up the structure, company secretarial assistance in setting up the structure, the cost of the registered office and tax agent for tax filings and other statutory filings and accounting cost in maintaining the books of account for filing purposes with the authorities - not to mention the possible high rate of tax that you would pay should your business fly off the wheel.
In a nutshell, for those in a start up situation or growth, we can assist you with a complete start-up package to get your business up and running in no time and with minimal annual maintenance cost. These services can extend to administration, back office operations, virtual services, banking assistance, accounting and ancillary services. From a selection of possible jurisdictions, we can assist you in setting up your entity in a tax free environment and no burden of much administrative hassles. Our start up business solution starts at a minimum cost of USD 300 per month and includes:
- Application and reservation of company name
- Incorporation of the company
- Constitution (M&A) for the company
- Assisting in the filling of the statutory forms (Consent forms)
- Liaising with a lawyer for the provision of a legal certificate as required for incorporation
- Liaising with the local registrar and relevant authorities
- Preparation of the first minutes of meetings
- Preparing the Register of Members, Directors and Secretaries
- Issue of shares and production of share certificates
- Structuring the company as per your requirements
- Preparing the statutory file
- Preparation of a Company Seal/Stamp
- Preparation of the Corporate Pack
- Initial Government Licence Fee payable on incorporation
- Initial Government Return Fee payable on incorporation
- Provision of a Registered Office Address to the company for one year
- Provision of a Registered Agent in the jurisdiction of Incorporation
- Provision of a Company Secretary, if required
- Effect all statutory filings on incorporation
- Maintain and update the Register of Members, Directors and Secretaries
- Maintain the minutes book of the company
- Maintain and update all due diligence documents for the officers of the company
- Maintain the books of accounts of the company (if accounting services opted)
- Disbursements with regards to courier charges, telephone, fax and email correspondence for matters arising during the year
- Liaising with the relevant authorities for the payment of annual license fees to keep the company in good standing
- Opening of a corporate bank account for your company
How to proceed
If you would like to discuss your requirements with one of our consultants, please click here to contact us.