The country is based in the African continent and is widely dominated by Arabs. The latest census reports approximate its overall population to 616540 people. Its most spoken language is known as Hassaniya. This article discusses the legal processes in establishing a company in Western Saharan. Most countries have regulatory bodies that provide guidelines on business incorporation. The government of Western Saharan has established effective acts that govern the registration of firms within the country. Some of the legal formalities on establishing an investment have been proven to be effective in running most profit-based organizations.
How to register a company in Western Saharan
For any firm to be incorporated in the country, the application procedures must adhere to the legal requirements of the county’s jurisdiction. Moreover, the new company must ensure that it provides all the required documentation that is essential for registration. The ministry in charge of company registration is responsible for authorizing new investments into operation. Investors willing to start a business must adhere to the following procedures for company registry:
Subscribing
Promoters are entitled to application procedures and provide the legal entities for incorporation. Subscribing option done by promoters depends on the incorporation state of the company. This is the decision made by the owners of the company on whether to register it as a private limited or public company.
Filling the entries
Once applicants log into the firm registration website, they are required to fill in all the highlighted entries. The Registrar ministry in Western Saharan is in charge of checking whether the entries were filled with accurate information. In case company owners fill inaccurate details, the ministry denies them an opportunity to start an investment.
Choose the type of company
Applicants then proceed by making decisions on the type of company they would like to establish. They should also include other essential documents such as the business plan, name of the business, number of workers, bank receipts of starting capital (opening balances receipts), and criminal records of the board of directors.
Business Plan
It is a document from the company owners that highlights the purpose of the company, goals, and objectives, and strategized operations towards accomplishing its intended purpose. It provides detailed information on the firms’ initial capital, levels of inputs, expected outputs (profits), and the location of the business. Therefore, the promoters (company owners) are expected to submit a framework of the business strategies.
Business Name
Investment owners should then make critical decisions on the business identity. They should not copy other companies’ identifications. At this point, the name suggested by the promoters is run through a registration system to ensure that it has never been used before. In case an entity exists with a similar identity, the owners are asked to choose a distinct name. Such a process continues until the (owners) identify a unique name. Payments are made to cater to the name search activity.
Receipts
For an organization to be authorized to begin its operations, it must prove its ability to sustain all its operations at ease. This means that the owners need to produce bank records of their starting capital. Once down payments are made for their initial capital in the bank, a copy of the receipt is submitted to the ministry of registration.
Criminal Records of Directors
Registration ministry of requires applicants to provide certificates of good conduct from each director. Criminal records documents should be updated to the current year of registration. It is eligible to suspend all proceedings in case a member of the directory board has records of criminal operations.
If all the procedures went smoothly, the owners complete the application by filling in the required entries. They include the following details:
- Company’s name.
- Details of directors.
- Business capital holdings.
Memorandum of Association
The Board of directors makes signings to the memorandum of Association. After singings are made the organization then completes the registration before submitting it to the registrar of companies. Once the incorporation process is complete, the applicants await listing to initiate their startup activities.
Note
Application and registration are important for any company willing to establish its profitable activities in Western Saharan. Those businesses that have not been registered are considered illegal and will be exposed to face the consequences of illegal acts. This is according to the company’s laws and regulations imposed by the government.
