New Companies Ordinances P.1: Changes to Constitutional Document and Common Seal

As of March 3rd this year there are New Companies Ordinances to improve the quality corporate governance, ensure better regulation, modernise the law and to make the process easier for businesses. Highlights of Major Changes: Constitutional Document and Common Seal Abolition of Memorandum: Memorandum of Association is no longer needed for all local companies, and Articles …

New Companies Ordinances P.2: Changes to Share Capital and Directors

Mandatory Regime of No-par: A company’s shares will have no nominal value and the new rule applies to all local companies with a share capital. The new ordinances contain transitional and deeming provisions relating to the move from par value shares to no-par value shares to aid smooth transition. All shares issued before the commencement …

New Companies Ordinances P.3: Changes to Annual Returns and Accounts

Annual Returns Private Company: No change in the filing requirements, annual return should be filed within 42 days after the return date, i.e. the anniversary of the date of the company’s incorporation. Public Company & Guarantee Company: If the financial year of a company begins before the commencement date of new CO and ends on …

New Companies Ordinances P.4: Changes to Delivery of Documents, Meetings and Charges

Delivery of Documents: If the Registrar of Companies (the Registrar) has not received a document, the document will be regarded as not having been delivered to the Registrar in satisfaction of the provisions of the new CO.   General Meetings: Companies may dispense with the holding of AGMs by unanimous shareholders’ consent. AGMs should be …

New Companies Ordinances P.5: Changes to Specified Forms

Existing forms of the Companies Registry will be replaced by new specified forms, these are denoted by the prefix ‘N’ in their form numbers for easy identification e.g. Forms NAR1, ND2A, NNC1. Transitional Arrangements on Use of Specified Forms: The majority of existing forms will be accepted for registration during the transitional period of three …

Calling All Virtual Offices Users & Lyoness Members!

To start your business off in the New Year we are happy to share that from the 20th of January to the 20th of February, Lyoness Members will receive an 11% off Centre O’s Virtual Office services! That’s a saving of $38.50 from a $350 service, which includes: prestige registered address professional receptionist services dedicated telephone …

Re-using plastic bottles? Be Careful! Not All Plastic Bottles Are Safe to Use Multiple Times.

Our world today is all about recycling. More than ever before we use plastic packaging for food products. A  water bottle is probably the number one plastic container in use these days. And please do not get this wrong: there is nothing bad about drinking water from plastic bottles. BUT there are rules that need …