The specificity of the legislation in the state of Andorra is such that it is not possible to buy a turnkey offshore company. It is not profitable and almost impossible. According to the laws of Andorra, the charter of a company must be extremely specific and describe the planned activity in the smallest detail.
All future operations are accurately spelled out and submitted to the authorities.
This fact significantly distinguishes the country from other jurisdictions. It is impossible here to start selling cars, and then hold a board of directors and switch to producing computers under the same name. However, this country is great for registering your company.
Despite strict money laundering legislation, Andorra provides a good business climate. Low taxes are also beneficial for the development of the company. It is also important that taxes in Andorra are fixed, easily calculated and predicted. This greatly facilitates work and financial reporting.
The registration procedure is transparent, but requires knowledge of the procedure. In addition, Andorran laws impose a number of minor requirements on the company. The requirements are simple, but require some effort to fulfill.
Therefore, the best option to open a company in Andorra is to turn to specialists who will do all the rough work and make the registration procedure as simple as possible for the owner.
Registration of a new company goes through the Ministry of Commerce. The policy of the state of Andorra is such that it does not want to encourage the formation of cheap offshore companies on its territory.
The government does not intend to compete with the Seychelles or Belize in this controversial area from the point of view of international law. The company that you register with Eternity Law International will be one hundred percent onshore, but subject to very loyal taxes.
The Statute of the company can, of course, be changed or expanded, depending on the challenges that will be encountered on the way of your business. You can always add a new type of trading activity to your firm’s list. But if a new company has a large number of activities in the charter, then the procedure for its approval can be noticeably delayed.
Therefore, it is worth trying to find a middle ground. It is recommended to make the charter as broad as possible without increasing the risk of delaying the approval procedure. A good option would be to buy an existing company with local registration.
Eternity Law International has a list of options available to purchase. The companies’ prices are quite loyal and acceptable.
According to Andorran law, a foreigner can fully own a trading company or a non-trading holding. But the Ministry of Commerce gives permission if a foreigner owns a share even before the notary has completed the registration of the company in Andorra.
By and large, this is a formal procedure. However, it is very likely that the status of all prospective shareholders is verified.
Denominations are permitted by Andorran law. However, a scrupulous check is carried out on who is the real ultimate owner of the shares. This is due to the fact that Andorra is engaged in a targeted fight against money laundering.
Legislation changes frequently and additional mechanisms to combat shadow schemes are introduced. Therefore, you should often contact the Eternity Law International specialists, who monitor all changes in laws.
Bearer shares are prohibited by Andorran law. This is not to say that the country stands out in this matter. Today, the only place where this type of share issue is practiced is Panama.
According to the legislative base of Andorra, two types of limited liability companies are possible in the country.
There is no PLC (Public Company Limited) concept in Andorra. There is a high probability that in the near future the legislation will provide an opportunity to conduct business in this format. The peculiarity of Andorra is that there is no stock exchange in the country.
Therefore, all buying and selling operations are carried out in the mode of private agreements. The concept of business registration agents has also recently emerged in the country.
A company registered in Andorra has the right to conduct business all over the world. The firm will receive resident status in the country.
You can get a nominee director with the help of Eternity Law International.
Eternity Law International can provide nominees for the shareholder position with citizenship if required.
The company must have a bank account in Andorra or Spain. Eternity Law International will help you to open an account.
Eternity Law International will make all the procedures for registering a company in Andorra as easy as possible. Lawyers accompany the case at all stages. We will help with finding an office, arranging a bank account, finding a co-founder from among Andorran citizens and all other procedures. Get an advice.