how to set up and maintain an nmv john wilkinson manager – companies registry financial...
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How to set up and maintain an NMV
John WilkinsonManager – Companies Registry
Financial Supervision Commission
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Help and Guidance
The FSC web site - first point of reference
http://www.fsc.gov.im/companies/companiesact2006.xml
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Web Site
Companies Act 2006
Regulations
Practice Notes
Forms
Fees
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Contacts
John Wilkinson – 689343Clive Oldale – 689345Nick Cowell – 689349Mark Edwards 689357
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Fees
As for 1931 Act Companies
Remain competitive
Late filing fees
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Incorporation £180
Annual Return £70
1931 Act Company conversion £90
Key Fees
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Names & Change of Name
CA06, ss. 11 to 19
Business as usual!
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Foreign Character Names
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Incorporation
Practice Note
Name applications (CA06, s.18)
Registered agent must incorporate (CA06, s.2(2))
Company number – “V”
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Memorandum and Articles
Model Articles
Registered agent must keep a signed copy (CA06, s.78(1))
Incorporation Documents
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Conversion
1931 Act Company to 2006 Act Company (CA06, s.148)
Practice Note
Fee £90
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Re-registration
2006 Act company as another type of 2006 Act company (CA06, s.143)
Practice Note
No fee
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Transfer of Domicile
CA06, Part XI
Application by the Registered Agent
Consent valid for 12 weeks
No discretion
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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
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Filing obligations (2)
Registration of Charges
(CA06, Part VIII)Optional filingNo time limit For filing Consequences of late or non-filing
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Filing obligations (3)
Prospectus
“Offer document” (CA06, s.45)No requirements as to contentFiling is optional
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Filing obligations (4)
Directors and Members
Optional public filing of register (CA06, s.204)Business address may be registeredRegister changes within 1 monthElection to cease registration
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Corporate Directors
Permitted (CA06, s.91)
CSP licenceholder or “nominee company”
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Registered Agent
Must hold a CSP licence (CA06, s.74)
Responsible for many filings, e.g. - change of registered office or registered agent– Form IM04Change of registered address – Form IM04Change of registered agent – Form IM05
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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
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Registered agent’s name and address
Registered office address
Confirmation re accounting records.
Annual Return Contents
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Directors’ names and addresses
as shown on the register of directors including changes since the last return date, ordate of incorporation
Annual Return Contents
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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)
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The Future
Strike off
Dissolution
Restoration
Liquidation