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About this Start-Up Package

Delaware LLC

Formation of Delaware Limited Liability Company is the best solution for start up your business due to low formation and maintenance cost, no minimum capital requirements, no sales, personal property or corporation income taxes and limitation of liabilities of members and managers. Low-cost solution for conducting your international business outside of United States.

The Delaware LLC is a unique non-taxable offshore corporate structure, frequently used for conducting international business outside of the United States. It is preferred to US C Corporations, as these corporations must file income tax returns on their worldwide income even if they owe no US taxes, do no business in the US, and are owned by non US citizens/residents. A Delaware LLC also has better asset protection features than C Corporations.
OUR SERVICES FOR THE COMPANY FORMATION IN DELAWARE (USA) INCLUDE:
  • Name check and approval
  • Filling the incorporation documents with the Registrar of Companies
  • Payment of the government fees (renewed by May 31, irrespective of the date of incorporation)
  • A standard set of original corporate documents
  • Apostilled set of corporate documents for the bank account opening
  • Provision of registered agent and registered address for one year
  • Rubber stamp

LEGAL FORM
In October, 1991, Delaware enacted the legislation which enables the formation of a Delaware Limited Liability Company (LLC). An LLC is a combination of a corporation and a partnership which has become extremely popular in recent years. Like a corporation, an LLC has a legal existence separate from its owners; and the owners and managers are not personally liable for the company’s debts and obligations. Like a partnership or an S-corporation, an LLC is automatically treated as a pass-through entity for tax purposes. Key elements of a Delaware LLC include:

  • A creditor of the owner of a Delaware LLC cannot seize the assets of the LLC.
  • A single-member Delaware LLC is automatically disregarded as an entity separate from its owner and includes all of its income and expenses on the owner’s 1040 tax return.
  • A Delaware LLC with two or more members is treated as a partnership.
  • There is unmatched contractual flexibility with a Delaware LLC. Delaware law provides rules only on matters on which the members have failed to agree. This is known as ’freedom of contract’ and nowhere is it stronger than in Delaware.
  • Personal liability is limited for owners and managers to the amount of their investment in the company, just like a corporation.
  • Non-U.S. owners of a Delaware LLC with no U.S. source income pay no U.S. taxes whatsoever. A Delaware LLC may be formed by one or more organizer or member.
COMPANY NAME
The Delaware LLC company may not use a name identical or similar to an existing company within the State of Delaware. The use of the following words is also prohibited: Bank, Insurance, or Reinsurance. After Delaware company formation, the Limited Liability Company must have these words after the company name or the abbreviation thereof i.e. Limited Liability Company, L.L.C., or LLC.
MEMBERS
An LLC does not issue shares and therefore does not have shareholders. The owners of an LLC are referred to as members. A Delaware LLC may have a minimum of one Member (owner) or more. Each member of a Delaware LLC is liable only to the extent of his or her percentage of ownership in the LLC. Members may be an individuals or corporate bodies. There is no limit on the number of members allowed in a Delaware LLC.
DIRECTORS
The management of a Delaware LLC is based on an agreement between its owners, who are known as members. A Delaware LLC allows a customized management structure, which dictates the economic relationship among owners. While Delaware law permits a Delaware LLC to be managed by its members, it does not require members to be managers. The Delaware LLC statute allows parties to define their business relationship in the written agreement however they wish. This is called Freedom of Contract. Delaware Law provides rules only for those matters on which the parties have failed to agree. The contractual flexibility offered by the Delaware Act is unmatched by any other LLC statute. For example, unlike a corporation, an LLC can distribute profits in any manner described in the LLC agreement, regardless of ownership share. The structure of the LLC does not provide for a Board of Directors.
REGISTERED OFFICE AND LOCAL AGENT/SECRETARY
Delaware law requires for Delaware LLCs to have a registered agent when Delaware LLC is first formed and throughout the life of Delaware company. The registered agent’s name and address are included on the formation documents. This information is a matter of public record. The registered agent is responsible for receiving important legal and tax documents including: notice of litigation (service of process), franchise tax forms and annual report forms.
MEETINGS
There are no statutory requirements concerning meetings of members or record keeping. It is recommended that with two or more members, Members’ Agreement be entered into. If meetings are held by members, this may be done anywhere in the world and in any way convenient to the members.
INCORPORATION TIME
Usually it is 1 business week. We need up to 10 working days for legalization of the documents and delivery by courier.
RECURRING AND MAINTENANCE FEE AS FROM 2ND YEAR
  • Provision of registered office and registered address
  • Payment of annual government fee
TAXATION
Delaware Limited Liability Company (LLC) does not pay US state or federal income tax if its owners are not US citizens or green card holders, its offices are located outside of the US, and the LLC does no business in the US. The IRS tax treatment of a Delaware LLC is on the flow-through tax basis. That is the LLC is not taxed on its profits. The income of the LLC is distributed to its members who are taxed on a personal income basis.
Non-resident aliens are not taxable by the US on income derived out of the US. If an LLC derives its income outside of the US, the non-resident aliens do not file tax returns.
AUDIT AND FINANCIAL RETURNS
Delaware LLC is not required to file state or federal tax returns. Whilst there is no requirement to file audited accounts or annual returns with the authorities, a company is required to keep financial records, which should reflect the financial position of a company. An Annual Report is required only in cases, where there is distribution of profits to US residents.
DOCUMENTS REQUIRED FOR THE COMPANY FORMATION
Please provide the following documents for all Directors, Shareholders, Beneficial Owners, Authorized Signatories:

  • Notarized copy of valid passport.
  • Original or Certified copy of utility bill / bank statement (as verification of residential address, dated within 3 months).
  • Original or certified copy of Banker’s reference letter (dated within 3 months).
  • In cases where shareholders and/or directors are corporate bodies, full apostilled set of corporate documents and Certificate of Good Standing (for companies registered more than 1 year).

Piraeus Bank (Cyprus) Corporate Account

International corporate bank account including e-banking facilities with Piraeus bank in Cyprus. Piraeus Bank is an independent financial institution, a member of Deposit Protection Scheme. The bank provides a range of corporate and personal banking services including wealth and fund management for international clients worldwide.
OUR SERVICES INCLUDE:
  • Verifying personal & corporate documentation
  • Completion of the bank forms which will be forwarded to you for signing with relevant instructions
  • Sending the full package to the bank for final approval
  • Monitoring the account opening process until account allocation and banking package is received

ABOUT THE BANK
Piraeus Bank (Cyprus) Ltd was registered in Cyprus in 2007 and performs banking operations on the basis of a banking licence granted by the Central Bank of Cyprus, and, as an independent Cypriot Credit Institution, operating under Cyprus Law, has taken all necessary measures that ensure the uninterrupted continuation of its operations.

Piraeus Bank (Cyprus) Ltd is a member of the Deposit Protection and Resolution of Credit and Other Institutions Scheme, founded and run by the Central Bank of Cyprus. The amount of the compensation for each depositor in each covered banking institution is €100.000.

Piraeus Bank (Cyprus) Ltd complies with the capital adequacy rules required by the European Central Bank.In response to developments with the Greek economy, since early 2015 Piraeus Bank Cyprus) Ltd has shielded its Balance Sheet, having moved all its liquidity to robust European banking institutions, European highly-rated government bonds and short-term Cyprus Treasury Bills.

Piraeus Bank Group is one of the most dynamic and active financial organizations in Greece today. Founded in 1916, Piraeus Bank went through a period of state-ownership and management (1975-1991) before it was privatized in December 1991. Since then it has continuously grown in size and activities which makes it the fourth largest bank in Greece.

Piraeus Bank Group has a growing international presence in eleven countries: Albania, Bulgaria, Romania, Serbia, Egypt, Ukraine, Greece, Cyprus, United Kingdom, United States of America and a representative office in Russia - Moscow.

Piraeus Bank (Cyprus) Limited has established two International Business units which are located in Nicosia (covering Larnaca area as well) and Limassol (covering Pafos areas as well). These units are specialized centers that deal with international clients (either maintaining private or corporate accounts) and offer a wide range of services aiming to fulfill all the requirements that such clientele may have in today’s highly demanding financial markets.
WHAT PIRAEUS BANK (CYPRUS) OFFERS
  • Personal and Corporate accounts
  • Full Internet banking facilities
  • Phone banking
  • Accounts in 42 currencies
  • Visa Debit & Credit cards (Prepaid, Classic, Business, Gold, Platinum), American Express cards (including Centurion) in USD, EUR
  • English, Russian, Ukrainian, Armenian and French speaking Customer Relationship Officers
  • The approximate timeframe for account allocation is 5 to 7 days after the original documents have been received by the bank.

REQUIREMENTS FOR CORPORATE ACCOUNT SET UP WITH PIRAEUS BANK (CYPRUS)
  • Personal presence is NOT required
  • NO minimum balance
  • Initial deposit of EUR 500
  • The account will be activated within 5-7 business days, upon receipt by the bank of all duly completed forms and relevant information.

DOCUMENTS REQUIRED
For the Company:
A set of legalized company documents consisting of:
  • Certificate of Incorporation
  • Memorandum and Articles of Associations
  • Documents confirming the appointment of company directors and secretary (if any)
  • document confirming the location of the registered office
  • Share Certificate(s)
  • Certificate of Good Standing if the company is more than 12 months old
  • Copy of the Corporate Structure, identifying the ultimate beneficial owner(s)
  • Valid License (if applicable)

For each director, shareholder, secretary, authorised signatory and ultimate beneficial owner:
  • Notarized copy of valid passport.
    The passport must be signed and signature must match the signature in the application form. The photograph must be clear and of good quality.
  • Original or notarized copy of utility bill / bank statement dated within 3 months as verification of residential address.
  • Original or notarized copy of Banker's reference letter, dated within 3 months
  • Power of Attorney (where applicable)
  • Personal CV

For each corporate officer (where the company directors or shareholders are legal entities), please provide:
A set of legalized company documents consisting of:
  • Copy of constitutional documents (Certificate of Incorporation, Articles, etc.).
  • Copy of Corporate Register (which shall include Register of Shareholders, Directors and Secretary).
  • Copy of the Corporate Structure.
  • Certificate of Good Standing.

PLEASE NOTE:
Documents that are not in English must be accompanied by a certified translation.
Once all documentation is available please email electronic copies to our representative for review; incomplete or unexecuted forms can create delays in the account opening process.

Documents Pack

Collection of Delaware LLC corporate forms for keeping your company records and formalities in order. MS-Word forms contain LLC, partnership and corporate documents that can be easily modify for your specific business needs.

Important Note

LICENSABLE BUSINESS ACTIVITIES

If you conduct any activity without required license or authorization granted by a relevant authority in any jurisdiction, STARTING BUSINESS will not be able to assist you with the company formation or bank account opening related to such unlicensed activity.

Licensable activities include, but not limited to: provision of financial services involving trading/brokerage in foreign exchange, financial and commodity-based derivative instruments and other securities; offering investment advice to public; insurance and banking business; operation and administration of collective investment schemes and mutual funds; payment processing services; money exchange, money transmission or money brokering; asset management; safe custody services; gaming, gambling and lotteries.

Please contact us if you need our assistance in licensing of your financial, Forex brokerage or gambling company.

Shipping Cost

SHIPPING COST
Shipping of corporate documents or banking kits to your destination requires an extra charge and will be automatically added to the invoice during checkout. Shipping costs for international courier services are set automatically and can vary from USD 75 to USD 95. The fees depend on the jurisdiction of your ordered company, the country where the bank is based as well as your destination country.

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