Search and reserve company name (can be done online)
Agency: The Financial Services Regulatory Commission
The Financial Services Department has developed a database that allows company name searches to be conducted immediately.
Time and cost: Less than 1 day (online procedure), XCD 54
Prepare company statutes
Agency: Lawyers or Accountants with licenses
The lawyers usually prepare the company documents even though it is not mandated by law it is a common practice.
Time and cost: 1 day, XCD 2,500 (lawyer’s fees)
Register with Commercial Registry and obtain certificate of incorporation
Agency: Registrar of Companies, Financial Services Regulatory Commission
The registration fee is XCD 270, and the annual filing fee is XCD 270. For changes of directors, addresses, and so forth, the fee is XCD 80.
Time and cost: 3 days on average, XCD 270
Purchase company ink stamp
Agency: Seal maker
The company can choose either an ink stamp or a company seal or both (they serve the same purpose). However, the ink stamp is more commonly used.
Time and cost: 10 days, XCD 60 – XCD 190
Obtain business license
Agency: Ministry of Finance, Financial Services Regulatory Commission
The Ministry of Finance issues to the company the business license and notifies the Inland Revenue Department to issue the tax number.
Time and cost: 10 days (simultaneous with procedure 4), XCD 200
Obtain tax identification number
Agency: Inland Revenue Department
The Tax Identification Number (TIN) can be obtained at the Inland Revenue Department.
The TIN number is issued on registration as VAT taxpayer
Time and cost: 3 days, no charge
Register firm as an employer with the Social Security Office
Agency: Social Security Board
A new company must register with the Social Security Office within 14 days by providing the necessary information on a designated registration form.
Time and cost: 1 day on average (simultaneous with procedure 6), no charge
