Legal Procedures for Bhutan Company Registration That You Need to Know
The process that involves Bhutan company registration begins with the name search with the Registrar. Ensure that the proposed name is distinct and does not exist. But in case you’d want further assistance in company registration, you may seek help from the 3E Accounting service provider. Further, 3E Accounting is one of the leading company registration service providers in South Asia with International recognition. You’ll enjoy the services from accredited professionals in several services from:
- Incorporating of company
- Business advisory and human resource
- Taxation & Auditing services
- Legal & Accounting services
The moment you’ve all your documents ready, contact 3E Accounting and get the best available corporate services.
For a foreign investor, apart for a name clearance form, you are required to have the following original documents:
- Articles of Incorporation
- An original consent by directors – should be signed on Legal Stamp.
- A declaration of compliance
- Security (police) clearance for domestic promoters together with CID card photocopy.
Together with these documents, you must ensure that you present a listing of names and addresses of the first directors and the Chief Executive of the company. Remember that the documents above must be in two original sets.
Procedures for Incorporating Your Company in Bhutan
Now, Bhutan company registration entails the verification of a business proposal by the Industrial Department Division (IDD) under the Ministry of Economic Affairs. You must create a solid business proposal that describes your business functions and management control.
According to the Company Act, to be eligible to register a company you must pay a minimum paid-up capital of Nu 1,000 if the endorsed capital does not exceed Nu 1,000,000. For authorized share capital of between Nu 1,000,000 to 2,000,000, you’re eligible to pay Nu1, 500.
Besides share capital, the Company Act requires that every company be tax compliance. To attain tax status, you’re eligible to register with the Department of Revenue and Customs of the Ministry of Finance. The prescription requires you to submit annual tax returns suitably supported with the audited annual account. You can consult 3E Accounting on matters taxation if you’re not conversant with the laws.
Bhutan company registration requires registration of an office. Based on the clause of the Articles of the company you must provide the name of the city/town where the registered office is situated. Furthermore, you must ensure that you affix the name and address of the registered offices outside your premises in legible characters (Dzongkha).
Other Things to Consider
For you to run a business in the Kingdom of Bhutan, you must have a business permit. Moreover, you can get your business license from the Regional Trade and Industry Office under the Ministry of Economic Affairs. Besides the permit, you must ensure that you have a company seal within one year of incorporation. Running your business will then be successful if only you have a corporate bank account. And so, ensure that you open a bank of your choice by submitting all the relevant documents according to the bank’s requirements.
Starting a company in the Kingdom of Bhutan is easier than ever now that 3E Accounting service provider is at your disposal. Contact us for more information.