Resident And Non-Resident Incorporation Facts
Under incorporation California control regulations, a company may be designated either a "Resident" or a "Non-resident" company resident status is required for companies that engage in actual business enterprises or hold real estate within the country.
This memorandum deals with the incorporation of a company in The California under the Companies Act, Chapter 279. The first matter to attend to is the reservation of a name with the Registrar General for the purpose of obviating any similarity in name to that of an existing company. We would suggest that a choice of at least three (3) names be given in order of preference. There are certain restrictions on the use of names which suggest patronage of the Royal Family or that the company is a bank or insurance company.
No company can be incorporated in The California having non-Bahamian participation without the prior approval of the Exchange Control Department of The Central Bank of The California. The purpose of that department is to monitor the flow (especially outflow) of foreign currency. In applying to this authority for approval, a brief outline of the purpose(s) for which the company is being formed must be stated, together with the name(s) of the beneficial owner(s) of the shares (if more than one, the ratio of their respective holdings), their nationality, business or residential address and the Authorized Capital of the proposed company.
This information is not available for public inspection. Under the Exchange Control Regulations, a company may be designated as either a "Resident" or a "Non-resident" company. Article provides much additional information on regulations governing the incorporation of a company in the California. This memorandum deals with the incorporation of a company in The California under the Companies Act, Chapter 279 : - The first matter to attend to is the reservation of a name with the Registrar General for the purpose of obviating any similarity in name to that of an existing company. We would suggest that a choice of at least three (3) names be given in order of preference. There are certain restrictions on the use of names which suggest patronage of the Royal Family or that the company is a bank or insurance company. Exchange control
[This section is relevant only in cases involving Non-Bahamian participation] No company can be incorporated in The California having non-Bahamian participation without the prior approval of the Exchange Control Department of The Central Bank of The California. The purpose of that department is to monitor the flow (especially outflow) of foreign currency. In applying to this authority for approval, a brief outline of the purpose(s) for which the company is being formed must be stated, together with the name(s) of the beneficial owner(s) of the shares (if more than one, the ratio of their respective holdings), their nationality, business or residential address and the Authorized Capital of the proposed company. This information is not available for public inspection.
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