FLORIDA

1. GENERAL ASPECTS

Florida, also known as the “Sunshine State”, has the 3rd largest population and 4th largest economy in the United States. If it were a country, it would rank as the 18th largest in the world. Miami, Florida’s largest metropolitan area, has the second most significant International Financial Industry in the US.

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2. MAIN CHARACTERISTICS

• Company Type:  Limited Liability Company (LLC).  All companies incorporated under this legislation must use “LLC” at the end of their name.

• Governing Authority for Companies:   The Florida Department of State is the governing authority, and companies are regulated under the Florida Corporate Statutes.

• Information published relating to company officers:  Company officers are required to be disclosed in the Florida Registry.

• Confidentiality:   The State of Florida offers a very high level of anonymity and privacy, perhaps better than most offshore jurisdictions.

• Accounting Requirement:   No accounting/reporting requirements if the company does not have tax liability in the state.

• Taxation:  No tax of any kind provided that the company does not operate in the US and its owners are not American Citizens.

• Legislation:  Very modern, efficient, and tax-friendly corporate laws.

• Standard Currency:  US$

• Time to form:   Florida has an efficient Registry: 4 to 5 days formation time.

• Stability:  Stable jurisdiction with an excellent reputation (USA).

• Communication:   Efficient communication means.

• Secretary Requirement:  Limited Liability Companies do not commonly have Secretaries.

• Paid-up Capital Requirement:  Liability Companies do not commonly have a paid-up capital requirement. The initial investment in the company is usually made by its shareholders after the company is incorporated and when operations are initiated.

• Basis of the legal system:   Under US Legal System

• Minimum Managers/Members:  Minimum of 1 Manager and 1 Member (shareholder).

• Bearer Shares:  Bearer shares are not permitted.