8. Questions and answers

How does the registration process take place?
PPB INC needs certain information from the client in order to form a company. This information includes names and addresses of shareholders, their choice of bank, who will be the signatories to the bank account, what person is authorized by the Power of Attorney, what additional documents might be required, and whether there are any other special instructions as regards the company. All of this information is contained in our questionnaire and other working documents in our registration pack, which is filled out by the client together with one of PPB INC staff, or our representative. The documents are then sent to us by e-mail or courier. PPB INC then does the necessary legal work to prepare documents and open bank accounts, and dispatches the working company to the client by DHL.

How fast can it be done?
Ready companies by definition can be received by the client upon payment. The additional documents, such as trust documents, and bank account test key codes, are then dispatched by DHL within 2 working days. If additional documents are ordered, such as legalized translations, 6-8 working days should be added to the process. If a company is custom made, with the client's choice of name, then PPB INC completes the process within 2-3 weeks.

What documents are needed from the shareholders?
The shareholders or the owners in other words, must give to PPB INC the information necessary to form the company. As regards documents, only photocopies of their passports are required, for the opening of the bank account. There are no other documents needed for any of the jurisdictions except Cyprus. In the case of Cyprus, a bank reference on the beneficial shareholders is required from their bankers. The reference should be from a bank in the city where the owner resides. This reference should be provided to PPB INC so that we may get the permission of the Central Bank of Cyprus for the company to operate with an offshore status. The purpose of this reference is to prove to the Central Bank that the owners of the company are indeed foreigners. This information is kept strictly confidential, and in fact its disclosure would be a violation of banking regulations of Cyprus regarding client confidentiality.

How can I conclude contracts on behalf of the company?
PPB INC can prepare a General Power of Attorney from the company, which the client can use to represent the interests of the company in any country. The Power of Attorney allows one to open bank accounts, buy property, conclude contracts, hire staff, represent the company before government organs, and generally to do all things necessary to run the companies' affairs. When the client has this Power of Attorney, he can legally work on behalf of the company in any country in the world. If the client requires the signatures of the nominee directors, this can also be arranged for an additional fee.

Where are the seals of the company kept?
Two stamps are made for each company. One is a rubber ink stamp, which is kept by the client and used by him in daily work. The secretary of the company keeps the other one, which is a pressure seal, by law. It is used for authenticating share certificates, notes of directors meetings, etc.

What are the annual maintenance costs for a company?
The annual maintenance costs of running the company consist of several parts. The first part, which is fixed, is the cost of the nominee (anonymity) structure. The second part is the cost of bookkeeping and audit, for those jurisdictions witch require it. The third part is the fees charged on a time basis for any extra work not mentioned above, such as consultancy, legal assistance in visa procurement, credit applications, banking work, or any other matter.

How is the bookkeeping and audit done?
For jurisdictions, which require it, such as Cyprus and Ireland, PPB INC prepares all the necessary financial statements tor the client, based on documentation provided by him. The client then approves the statements and the tax payable, if any, and the statements are then passed for audit. PPB INC arranges for the audit to be carried out, and then submits the audited financial statements to the relevant government authorities. As such, PPB INC undertakes the entire bookkeeping and auditing cycle, and the client is only responsible to supply the relevant accounting documents, and approve the accounts as well as settle the related fees.

What documents are needed from the client by the auditors?
In order to prepare the accounts of the company, the PPB INC -accounts department must receive from the client all documentation relating to the movement of funds on the bank accounts of the company. Every amount going to or coming out of the company bank account must be supported and explained by a document. Basically, this system is not, and by its nature and purpose, can not, be different from any other accounting system.

The documents in question might be invoices or contracts. The client should also keep the invoices for things like airline tickets and hotels, as well as other expenses incurred in the course of the companies' business activities. Once all the documentation is supplied to PPB INC, we can prepare the accounts.

How can I sell the company?
If a client wishes to sell the company, this is a relatively simple and uncomplicated procedure. PPB INC has standard consent forms, which must be signed by the existing shareholder, and returned to PPB INC together with the trust documents on the existing shareholder. Based on these documents, we will affect a transfer of the shares to the new shareholder, and send the new trust document package directly to him. Based on his instructions, we will also change the signatories to the bank accounts of the company.

How can I close the company?
Sometimes clients wish to close the company after it has served its purpose. This can be done in a number of ways. In all cases, an audit must be performed on the company's activities up to the date it has ceased trading, and a declaration by the directors that the company has no creditors or liabilities must be submitted to the Registrar. The company is then struck off by the Registrar, in other words it ceases to exist. The whole procedure takes about 6 months. PPB INC assists with all aspects of the closure of the company.