The company is also required to file a copy of its financial statements once a year. However, an application may be made to the Registrar of Companies who may grant exemption from filing accounts based on certain criteria and the production of prescribed documents. Time to Incorporate Companies can be incorporated within ten working days. There is no name reservation system. However, the Registrar may, within twelve months of registration of the subject name and within such period as he may specify, require a company to change its name if it is the same as, or, in his opinion, too similar to that of at previously registered company or other body corporate established under the Companies Ordinance.
Shelf companies are, however, readily available and can be operational within twenty four hours.
Any name change can be made at a later stage and takes two weeks to complete. The same rules apply as for newly incorporated companies, with respect to names. There are no prescribed debt to equity ratios, so thin capitalisation is not prohibited. The minimum number of shares to be issued is two, and there must be two separate shareholders. The minimum authorised and issued share capital is two shares and can be denominated in any currency.