Professional Corporate & Financial Services - Delaware, USA Information

1. Applicable Company legislation?
The Delaware General Corporation Law

2. What types of Company are available in this jurisdiction?
General Corporation (Chapter "C"). The Bylaws of Incorporation specify the permitted activities and structure of the Company. (For Delaware LLC see separate information sheet)

3. What is the annual Government fee payable?
US$30 franchise tax, US$20 filing fee

4. Is a Registered Office required?
Yes - in the State of Delaware USA

5. Is it possible to reserve the name in the Company Registry?
Yes - for 7 days

6. How long is needed to incorporate in a name of your choice?
Within 48 hours of name approval, however it takes 7 days to receive the documents from Delaware.

7. Are ready made companies usually available?
Yes - but most clients prefer to incorporate in their own choice of name

8. Where and when must board meetings be held?
Meetings may be conducted by the telephone

9. Is an annual return required?
Annual Franchise Report (see 3 above)

10.Are audited accounts required by authorities, and if so is a copy kept on public record?
It is necessary to prepare financial records, details of the Franchise Tax Report are kept on public record

11.How many companies were on the Companies Register at the end of 1995?
Substantial number

12.Minimum number of subscribers?
One

13.Minimum subscribed capital requirements?
None - shares (stock certificates) may be of no par value. Stock certificates may be issued in either bearer or registered form.

14.Standard authorised share (stock) capital?
US$150,000 for par value shares (stock certificates)

15.Minimum number of shareholders (stock holders)?
One

16.Are the details of shareholders (stock holders) filed on public record?
See Annual Franchise Tax Report above

17.Are trustee shareholders (stock holders) permitted?
Yes

18.Is it possible to increase the authorised share (stock holders) capital?
Not relevant

19.Is a Company Secretary required?
Yes

20.Is a local registered/or resident agent required?
It is necessary for a local Agent to be appointed in Delaware upon incorporation

21.Minimum number of directors?
There is a statutory requirements to appoint three officers being the President, Treasurer and Secretary who may be the same person.

22.Are the details of directors filed on public record?
See Annual Franchise Tax Report above

23.Are nominee third party directors permitted?
Yes

24.What is the principle use for this type(s) of company?
International Trade outside of the United States of America.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.