Creating a Company in Israel
Creating a company in Israel is necessary to pursue business in the country. If you don’t plan to register a foreign company in Israel, creating some type of local company is the only way to move forward with business ventures.
The natural question is: What kind of company should you create for this purpose? Our law firm has helped many clients create the type of company suited to their needs. Creating a company in Israel is quite simple and requires little documentation. However, it is necessary to follow certain procedures.
CREATING A COMPANY IN ISRAEL
When one wishes to create a company in Israel, they must register it in the Registrar of Israeli Companies, Rasham HaHaverot, located in Jerusalem.
DOCUMENTS THAT HAVE TO BE PROVIDED
- Company bylaws. All applications must include a copy of the company’s bylaws.
- The declaration of the first shareholders. This statement is a document in which each shareholder must acknowledge they are not prohibited by law or by verdict from being or becoming a shareholder.
- The statement of the first director. This document states that the director is willing to be the director.
- Proof of payment. Registering a company costs approximately 2,500 shekels.
Legal help in registering a company
Each of these documents will need a lawyer’s signature to recognize and certify the veracity of all the elements present in the various declarations. When a person involved in establishing the company is not an Israeli citizen, it will be necessary to provide a photocopy of their passport.
After verification of all documents, the Registrar of Companies will issue a registration number, which will be the identity number of the new company.
A company must have an accountant for the annual certification of its accounts. The accountant is responsible for the monthly accounting and the drafting of the annual report. Every year a company has to pay a fee to the Registrar of Companies. However, only a partial payment is required if the fee is paid in advance.
Finally, in the event a company wishes to change its bylaws, it must report this to the Registrar within 14 days of the decision.
CONTACT US – CREATING A COMPANY IN ISRAEL
These procedures and options are numerous and complex, thus it is recommended to call on lawyers who specialize in this work. Our firm can provide you with legal advice and assistance in your administrative procedures.
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