Domestic Company

A Domestic company is incorporated under the Company’s Act 1972. This Act provides that:-

Any two or more persons associated for any lawful purpose may, by subscribing their names to a memorandum of association and otherwise complying with the requirements of this Ordinance in respect of registration, form an incorporated company with limited liability.

No member of a company shall be personally liable to any person claiming any debt, damages, compensation or other sum whatsoever from it by reason only of being a member of the company.

The objects of the company to be stated shall be the business or businesses which it is formed to carry on, or the purpose or purposes which it is formed to achieve, and it shall not be necessary or permissible to set out in the memorandum or the articles the powers or means by which the company is to attain its objects.

The company will need to have at least 2 shareholders and 2 directors (no corporate director is allowed). The names of the shareholders and directors are available to the public. The shareholders and directors may be non-resident and of any nationality.

The Company is required to file annual audited accounts, annual tax and Company returns and to appoint a resident secretary.