December 28, 2024
INCORPORATION OF LIMITED LIABILITY COMPANY (“LLC”) IN EAST TIMOR
INTRODUCTION
The land of East Timor, with its soaring benefits in the field of tourism, exponential availability of oil reserves, promotion of foreign direct investment, and highly accessible market entry, provides a great opportunity for any company looking to incorporate. Furthermore, it also offers great leverage to a company by providing them with a choice to choose the legal structure best suited for them, such as a joint stock company, general partnership, limited partnership, etc. One such legal structure is a limited liability company. An LLC is a business structure that provides the owners with limited liability protection, thereby protecting the owners’ personal assets, in case the business incurs any debts or legal issues.
STEPS TO INCORPORATE LLC:
- Obtain a Certificate of Uniqueness of Company Name: The primary step requisite for an LLC incorporation is obtaining the certificate of uniqueness. This process typically takes up to two days.
- Complete the Application for Business Registration: In order to incorporate, following documents become necessary
- Memorandum of Association and Articles of Association (in accordance with the Law);
- Identification (“ID”) for each shareholder (in accordance with the Law);
- Proof of paid share capital, in cash or in kind (if not mentioned and certified in the Articles of Association);
- Formal Declaration of the company members accepting the positions and responsibilities (if not mentioned in the Articles of Association);
- Proof of residency in Timor-Leste of at least 1 Administrator (Working Visa or Provisory or Permanent authorization of Residency);
- Address of company’s office (shown on a map);
- Power of Attorney for the legal representative (if applicable);
- Proof of civil status of each shareholder (age of majority/emancipation and/ or marriage certificate);
- Tax Identification Number (“TIN”) of each shareholder (if it is not mentioned in the Memorandum of Association);
- Submit the Application to SERVE: Serviço de Registo e Verificação Empresarial (“SERVE”) is the government agency responsible for business registration in Timor-Leste.
- Obtain the Business Registration Certificate: Once the application is processed, the Registration Certificate can be obtained.
- Apply for a Taxpayer Identification Number: After registration, one has to apply for a TIN at the National Directorate of Domestic Revenue, part of the Ministry of Finance.
- Obtain a business license: Depending on the business activities, one may also need to obtain a business license from the National Directorate for Domestic Commerce at the Ministry of Tourism, Commerce and Industry. This step is necessary for high-risk economic activities.
CONCLUSION
Businesses hoping to establish themselves in this beautiful country may find that incorporating an LLC in East Timor is a worthy endeavor. By following the necessary steps carefully and local regulations and ask for professional advice you can form your LLC and successfully take advantage of the opportunities available in the market of East Timor.
HOW WE CAN HELP?
- Our team specializes in offering complete assistance with LLC registration in East Timor. We offer continuing help and direction to make sure the company stays in compliance with all relevant rules and regulations. We help you with every step of the LLC incorporation procedure.
- Our experts can investigate and identify any licenses, permits, or registrations needed for the client’s particular sector. we help with the application procedure and makes sure the company meets all legal requirements.
- Our team can assist you in understanding and adhering to all applicable laws and regulations. Our team of specialists offers competent legal and tax guidance.
For more information or queries, please email us at
[email protected]
Key Contact
Surendra Singh Chandrawat
Managing Partner
