How to set up and maintain an NMV John Wilkinson Manager – Companies Registry

1. How to set up and maintain an NMV John Wilkinson Manager – Companies Registry Financial Supervision Commission

2. Help and Guidance • The FSC web site - first point of reference • http://www.fsc.gov.im/companies/companiesact2006.xml

3. Web Site • Companies Act 2006 • Regulations • Practice Notes • Forms • Fees

4. Contacts • John Wilkinson – 689343 • Clive Oldale – 689345 • Nick Cowell – 689349 • Mark Edwards 689357

5. Fees • As for 1931 Act Companies • Remain competitive • Late filing fees

6. Key Fees • Incorporation £180 • Annual Return £70 • 1931 Act Company conversion £90

7. Names & Change of Name • CA06, ss. 11 to 19 • Business as usual!

8. Foreign Character Names

9. Incorporation • Practice Note • Name applications (CA06, s.18) • Registered agent must incorporate (CA06, s.2(2)) • Company number – “V”

10. Incorporation Documents • Memorandum and Articles • Model Articles • Registered agent must keep a signed copy (CA06, s.78(1))

11. Conversion • 1931 Act Company to 2006 Act Company (CA06, s.148) • Practice Note • Fee £90

12. Re-registration • 2006 Act company as another type of 2006 Act company (CA06, s.143) • Practice Note • No fee

13. Transfer of Domicile • CA06, Part XI • Application by the Registered Agent • Consent valid for 12 weeks • No discretion

14. Filing Obligations • Amending the Memorandum and Articles • resolution to amend (CA06, S.8 & 66) • file notice (IMO3) and a copy of the restated memorandum or articles (CA06, s.9) • File within 1 month

15. Filing obligations (2) • Registration of Charges • (CA06, Part VIII) • Optional filing • No time limit For filing • Consequences of late or non-filing

16. Filing obligations (3) • Prospectus • “Offer document” (CA06, s.45) • No requirements as to content • Filing is optional

17. Filing obligations (4) • Directors and Members • Optional public filing of register (CA06, s.204) • Business address may be registered • Register changes within 1 month • Election to cease registration

18. Corporate Directors • Permitted (CA06, s.91) • CSP licenceholder or “nominee company”

19. Registered Agent • Must hold a CSP licence (CA06, s.74) • Responsible for many filings, e.g. - • change of registered office or registered agent– Form IM04 • Change of registered address – Form IM04 • Change of registered agent – Form IM05

20. Annual Return • An annual return shall be made by a company (CA06, s.85) • The Registered Agent must within one month of the return date forward a copy to the Registrar

21. Annual Return Contents • Registered agent’s name and address • Registered office address • Confirmation re accounting records.

22. Annual Return Contents • Directors’ names and addresses • as shown on the register of directors • including changes since the last return date, or • date of incorporation

23. The Registrar • Financial Supervision Commission appointed on 16 October 2006 • Maintain a register of companies incorporated under the Act (CA06, s.206) • Searches (CA06, s.209) • Certificates of Good Standing (CA06, s.211)

24. The Future • Strike off • Dissolution • Restoration • Liquidation