PRINCIPALITY OF ANDORRA

COMPANY FORMATION

INCORPORATING SL COMPANY IN ANDORRA

INCORPORATION FEES

The Societat Limitadad (SL) is commonly used for local trading and requires a minimum paid up share capital of 3.100 Euros

INCORPORATION FEES (EUROS)
Processing Fees in the Principality of Andorra – Euros 5,950.00
Draft of specific Memorandum & Articles of Association – Euros 325.00
Registration fee payable at the incorporation with registrar of Companies “Registre de Comerc” – Euros 330.00
1st year annual tax flat fee – Euros 670 Euros
Provision of Registered office with mail re-forwarding services – Euros 1,280.00/annual
Provision of Nominee shareholder holding at least 67% of the share capital, as legally required – Euros 1,750.00/annual
Provision of Local Resident Nominee Director as legally required – Euros 2,500.00/annual
Provision of certified Power of Attorney in your behalf – Euros 650.00
Annual maintenance fees – Euros 1,050.00/Annual (*)
Assistance to open corporate bank account in Andorra – general disbursements – Euros 870.00
One extra copy of certified and apostilled statutory documents for bank account opening purposes – Euros 350.00
General disbursements – Euros 300.00
Hand Plier Company Seal – Euros 75.00
DHL delivery of documents – Euros 70.00

(*) 1st year fees will be payable together with incorporation fees.

Remark – Shelf companies available for immediate delivery, in case you may need your SL for immediate trading; an additional fee Euros 1,750.00 will apply;

IMPORTANT REMARK:
First year – Fees are considered from the date of formation until the 31st December same year
2nd and subsequent years – All annual fees marked above as “/Annual” become due from the 1st January each ear, and are payable until the 31st January

ANNUAL FEES
The Annual Fees are concerned with the following services:
Annual Statutory Fee, which includes:
- Local incorporation agent, to provide you all services relating company matters (registered agent facilities);
- Filing statutory returns with official departments, required, to be the company active and alive;
- Liaison with the registered office and the registered agent in the jurisdiction of incorporation, attending to the payment of the Annual Government License Fees and other government fees;
Annual Compliance Fee, which includes:
- Attending to routine compliance matters (inclusive of periodic file reviews), reviewing official correspondence received and other routine matters incidental to good corporate governance;
- Processing and Return Filing with Internal revenue, Registrar of Companies, and other official departments

WORLDWIDE CORPORATE BANK ACCOUNTS (OPTIONAL)
International Recommended banks:
ABN AMRO, Hong Kong
Alliance Leicester Commercial Bank, UK
Anglo Irish Bank, Vienna, Austria
AP Anlage & Privatbank AG, Switzerland (Group Parex Bank)
Atlantic International Bank, Belize
Baltikums, Latvia
Bank of Bermuda Ltd (owned by HSBC), Bermuda
Barclays Bank, Isle of Man and Gibraltar
Credit Suisse, Zurich, Switzerland
FBME Bank Ltd, Cyprus
First Caribbean International Bank, in Turks & Caicos
Lloyds TSB Bank, Isle of Man and Jersey
Loyal Bank, St Vincent & The Grenadines
National Bank of New Zealand, Auckland
NBC Nuevo Banco Comercial, Uruguay, Montevideo
Parex Bank, Latvia
Provident Bank, Belize
Rietumu Bank, Latvia
Standard Bank, Isle of Man, Jersey and Mauritius
Amongst others
If either of these banks or jurisdictions to set up your corporate bank account suits you, we shall be very pleased to assist you.

Our Services before you deal directly with the bank by yourself:
Independent advice to help you to choose the right bank
Support regarding due diligence requirements
Assistance with filling in the required forms
Provision of properly legalized corporate documentation where applicable
Recommending you to the bank based on your individual profile and due diligence documentation
Representing you before the bank in the course of account opening

Remarks:
(a) If extra legalization and/or corporate documents are required by the bank, additional fees apply;
(b) Bank own account opening fees and costs (if any) will be charged from the first deposit to your account;
(c) Bank fees and costs are not included into our bank introduction fees.
(d) Any of the banks above always have their final word, after due diligence processed, by accepting you or not as their customers, depending on their on evaluation; however, you are always free to open your company’s bank account by yourself, with some other bank of your selection.

DISCLAIMER
(1) The above description is not an offer or soliciting to provide financial services of any kind inclusive but not limited to buying any security or investment product or receiving an investment advice from us. Bank fees and account opening terms inclusive due diligence requirements are subject to change from time to time without notice;
(2) After the account has been opened you deal directly with the bank by yourself, entirely at your own risk and at your sole discretion; we may not be responsible for any changes in the legal or financial status, requirements, fees and commissions of the aforesaid Banks.

READILY AVAILABLE SHELF COMPANIES
Available upon request

DELIVERY OF DOCUMENTS
We can either dispatch the documents to you by DHL or any other express courier, if a faster delivery service required.

HOW TO START INCORPORATION PROCESS
As to start the incorporation process, we only need an email from you, with your order, confirming the required optional services, if any. A Proforma invoice will then be delivered to you with our banking coordinates so that you may settle payment by swift wire bank transfer.

DOCUMENTS AND INFORMATION REQUIRED
1 – Two or Three names you would like for your Company, for our name search and approval;
2 - Names of the persons you wish to appoint as shareholders for the SL Company, bearing in mind that a minimum 67% of share capital must be held by a local resident shareholder appointed by our Firm;
3 – Certified copy of passports and Utility Bills of shareholders appointed by you; and for the issuance of Power of Attorney in behalf of the Beneficial Owner;

TIME REQUIRED GETTING YOUR COMPANY’S NAME APPROVED
Same day or next day latest

TIME TO INCORPORATE
A new incorporated company will take approximately 4/5 working days; time to notarize all documents, approximately 4/5days; delivery by DHL 2 days.

Hope all above information meets your requirements and needs.

In case you may have any further matter or question to clarify, please don’t hesitate to contact us, before taking your decision.

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