Establishment

Article 8

* Types of companies

A company may be established as:

o A limited liability company
o Shareholding company
o Anonymous entities.

*
Number of Founders

Limited Liability companies can be established by one or more founders, and a Shareholding company must be established by at least two founders.

Article 9

* Registering of the Company
o A company is recorded by Registry of the Finance.

Article 10

* Founders' Obligations

To register the company, the founder submits an entry form to the Ministry of the Finance. The founder also encloses:

o The data about the firm, the center of the management, activity and the form of the company to be established
o Establishment act or its certified copy
o Background information on Representative
o Registration Tax Receipt
o Deposit Receipt, i.e. the proof of the founder's capital

Article 11

* Obligations of the Ministry of Finance
o The Ministry of Finance is obliged to carry out the registration and to return the results within ten days from the time of registration.
o If the Ministry of the Finance fails to refuse the company within this time period, the company is considered registered.
o A company may not appeal decisions of Ministry of Finance; however, a court may request an appeal.

Article 12

* The Lowest Amount of the Founder Capital
o The lowest amount of the capital for the establishment a company is:
o Limited Liability $US 1,000,
o Shareholding Company $US 10,000.

Article 13

* Tax
o Foreign individual is subject to government regulated taxes.

Article 14

* Confidentiality of Data

The state guarantees that its officers will protect confidentiality of all information made available to them in the course of their relationship with a foreign compan

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