Company Formation Service Checklist: What to Expect and What to Prepare

Before You Start: What to Have Ready

The single biggest cause of delays in company formation is missing documents at the start. Gather everything before engaging a service provider.

Passport: a clean, valid copy. Some jurisdictions require notarized copies or certified translations. Check the requirement for your target jurisdiction before you scan anything.

Proof of address: a recent utility bill or bank statement showing your current residential address. Usually within the last 3 months.

Criminal record certificate: many jurisdictions require a certificate of good standing from your home country (and sometimes current country of residence). These take 1–4 weeks to obtain and may need apostille certification.

Bank reference letter: some banks and authorities request a letter from your existing bank confirming your account in good standing. Ask your bank how long this takes to issue.

Business description: a 1–2 page summary of what your business does, how it earns revenue, and who its clients are. Banks and some authorities will ask for this. Having it written before you start saves time later.

Questions to Ask Before Engaging a Company Formation Service

Before you pay anything or sign anything, get clear answers to these questions.

What exactly is included in the price? Ask for an itemized scope. 'Company formation' means different things in different jurisdictions — confirm whether it includes the trade license, registered address, bank account introduction, and any required government filings.

What is not included? Understand what's out of scope so you can plan for additional costs. Common exclusions: visa fees, government filing fees, local professional fees for legal or tax work.

What's the realistic timeline? Ask for best case, typical, and worst case. Any honest provider will give you a range, not a single number.

Who are the local service providers you work with? You should know whether your formation agent has established relationships with specific banks and government departments, or whether they're working with whoever is available.

What do you need from me and when? Good formation services give you a clear document checklist and timeline upfront. If you have to chase them for this information, that's a signal.

Do you provide legal or tax advice? If yes, be skeptical. Licensed advisors have professional obligations and liability. Relocation services that claim to provide tax advice are either overstepping or selling a different product than they're describing.

During Formation: What to Watch For

Once the process is underway, your main job is to be responsive. Delays almost always come from one side waiting on the other for information or approvals.

Respond to requests within 24 hours. When your provider sends a document request or question, reply the same day if possible. Every day of delay on your side adds a day to the timeline.

Verify documents before submitting. A notarization or apostille that turns out to be wrong requires starting over. Read the requirements carefully and confirm with your provider before you spend money on certifications.

Keep a copy of everything. Maintain a folder with every document submitted and every government acknowledgment received. This is useful for banking applications, future compliance, and audits.

Ask for a status update weekly. Good providers will proactively update you. If you have to ask repeatedly for status, that's a sign of operational problems.

Banking: The Most Common Bottleneck

Company formation itself is often the fast part. Banking is where most delays happen.

Understand what banks are available. In some jurisdictions (especially Andorra and Malta), banking options are more limited than founders expect. Ask your provider which banks they have relationships with and what the approval criteria are.

Have your business documentation ready. Banks will ask for your business plan, expected transaction volumes, client descriptions, and sometimes contracts. The more complete your application, the faster the review.

Apply to multiple banks simultaneously. Don't wait for one bank to reject you before trying another. Apply to 2–3 at the same time if possible.

Expect enhanced due diligence. If your business involves any of the following, expect a more detailed review: crypto, remittances, consulting, high-value goods, or clients in certain jurisdictions. This isn't a rejection — it just means more paperwork.

Fintech alternatives. In some jurisdictions (Delaware is the clearest example), fintech banks like Mercury or Relay can approve accounts within days. These are real business accounts, not prepaid cards.

After Formation: Ongoing Compliance

Company formation is the start, not the finish. Most jurisdictions require ongoing compliance activities that you need to be aware of from day one.

Annual filings: most companies must file annual reports and/or financial statements. Know the deadline in your jurisdiction and set calendar reminders.

Tax registration and filings: even if your company pays little or no tax, it typically needs to be registered with tax authorities and file returns. Non-filing is often treated more harshly than non-payment.

Director / shareholder registers: some jurisdictions require keeping these registers updated whenever there's a change in ownership or management.

Renewal of trade licenses: in free zone jurisdictions like Dubai, your trade license requires annual renewal. Missing this can result in the company being struck off.

Residency renewal: visa and residency permits have expiry dates. Know when yours expires and start the renewal process 3–6 months in advance.

A good formation service provides you with a compliance calendar at the end of formation. If yours doesn't, build one yourself based on the local requirements.

Ready to start your company formation? Check your eligibility and we'll assess whether your situation fits our process.