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class="vector-toc-numb">6.1</span> <span>United Kingdom</span> </div> </a> <ul id="toc-United_Kingdom-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-United_States" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#United_States"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.2</span> <span>United States</span> </div> </a> <ul id="toc-United_States-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-India_2" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#India_2"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.3</span> <span>India</span> </div> </a> <ul id="toc-India_2-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-European_Union" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#European_Union"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.4</span> <span>European Union</span> </div> </a> <ul id="toc-European_Union-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown 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href="https://ca.wikipedia.org/wiki/Empresa_fantasma" title="Empresa fantasma – Catalan" lang="ca" hreflang="ca" data-title="Empresa fantasma" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/Skuffeselskab" title="Skuffeselskab – Danish" lang="da" hreflang="da" data-title="Skuffeselskab" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target"><span>Dansk</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Briefkastengesellschaft" title="Briefkastengesellschaft – German" lang="de" hreflang="de" data-title="Briefkastengesellschaft" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Empresa_fantasma" title="Empresa fantasma – Spanish" lang="es" hreflang="es" data-title="Empresa fantasma" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Sasienpresa" title="Sasienpresa – Basque" lang="eu" hreflang="eu" data-title="Sasienpresa" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target"><span>Euskara</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%B4%D8%B1%DA%A9%D8%AA_%DA%A9%D8%A7%D8%BA%D8%B0%DB%8C" title="شرکت کاغذی – Persian" lang="fa" hreflang="fa" data-title="شرکت کاغذی" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Soci%C3%A9t%C3%A9_%C3%A9cran" title="Société écran – French" lang="fr" hreflang="fr" data-title="Société écran" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%ED%8E%98%EC%9D%B4%ED%8D%BC_%EC%BB%B4%ED%8D%BC%EB%8B%88" title="페이퍼 컴퍼니 – Korean" lang="ko" hreflang="ko" data-title="페이퍼 컴퍼니" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%B6%E0%A5%87%E0%A4%B2_%E0%A4%95%E0%A4%AE%E0%A5%8D%E0%A4%AA%E0%A4%A8%E0%A5%80" title="शेल कम्पनी – Hindi" lang="hi" hreflang="hi" data-title="शेल कम्पनी" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Perusahaan_cangkang" title="Perusahaan cangkang – Indonesian" lang="id" hreflang="id" data-title="Perusahaan cangkang" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-is mw-list-item"><a href="https://is.wikipedia.org/wiki/Sk%C3%BAffufyrirt%C3%A6ki" title="Skúffufyrirtæki – Icelandic" lang="is" hreflang="is" data-title="Skúffufyrirtæki" data-language-autonym="Íslenska" data-language-local-name="Icelandic" class="interlanguage-link-target"><span>Íslenska</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Societ%C3%A0_di_comodo" title="Società di comodo – Italian" lang="it" hreflang="it" data-title="Società di comodo" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-lb mw-list-item"><a href="https://lb.wikipedia.org/wiki/Br%C3%A9ifk%C3%ABschtefirma" title="Bréifkëschtefirma – Luxembourgish" lang="lb" hreflang="lb" data-title="Bréifkëschtefirma" data-language-autonym="Lëtzebuergesch" data-language-local-name="Luxembourgish" class="interlanguage-link-target"><span>Lëtzebuergesch</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Perbadanan_cangkerang" title="Perbadanan cangkerang – Malay" lang="ms" hreflang="ms" data-title="Perbadanan cangkerang" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E3%83%9A%E3%83%BC%E3%83%91%E3%83%BC%E3%82%AB%E3%83%B3%E3%83%91%E3%83%8B%E3%83%BC" title="ペーパーカンパニー – Japanese" lang="ja" hreflang="ja" data-title="ペーパーカンパニー" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Skallselskap" title="Skallselskap – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Skallselskap" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%A8%D0%B5%D0%BB%D0%BB-%D0%BA%D0%BE%D0%BC%D0%BF%D0%B0%D0%BD%D0%B8%D1%8F" title="Шелл-компания – Russian" lang="ru" hreflang="ru" data-title="Шелл-компания" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Skalf%C3%B6retag" title="Skalföretag – Swedish" lang="sv" hreflang="sv" data-title="Skalföretag" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-ta mw-list-item"><a href="https://ta.wikipedia.org/wiki/%E0%AE%B7%E0%AF%86%E0%AE%B2%E0%AF%8D_%E0%AE%A8%E0%AE%BF%E0%AE%B1%E0%AF%81%E0%AE%B5%E0%AE%A9%E0%AE%99%E0%AF%8D%E0%AE%95%E0%AE%B3%E0%AF%8D,_%E0%AE%87%E0%AE%A8%E0%AF%8D%E0%AE%A4%E0%AE%BF%E0%AE%AF%E0%AE%BE" title="ஷெல் நிறுவனங்கள், இந்தியா – Tamil" lang="ta" hreflang="ta" data-title="ஷெல் நிறுவனங்கள், இந்தியா" data-language-autonym="தமிழ்" data-language-local-name="Tamil" class="interlanguage-link-target"><span>தமிழ்</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a 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class="sidebar sidebar-collapse nomobile nowraplinks vcard hlist"><tbody><tr><td class="sidebar-pretitle">This article is part of <a href="/wiki/Category:Corporate_law" title="Category:Corporate law">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle"><a href="/wiki/Corporate_law" title="Corporate law">Corporate law</a></th></tr><tr><td class="sidebar-image"><span typeof="mw:File"><a href="/wiki/File:Society.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/5/5b/Society.svg/200px-Society.svg.png" decoding="async" width="200" height="79" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/5b/Society.svg/300px-Society.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/5b/Society.svg/400px-Society.svg.png 2x" data-file-width="96" data-file-height="38" /></a></span></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align:center; background:lavender; line-height:130%; padding:0.3em 0em;;color: var(--color-base)">By jurisdiction</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Anguillan_company_law" title="Anguillan company law">Anguilla</a></li> <li><a href="/wiki/Australian_corporate_law" title="Australian corporate law">Australia</a></li> <li><a href="/wiki/British_Virgin_Islands_company_law" title="British Virgin Islands company law">BVI</a></li> <li><a href="/wiki/Canadian_corporate_law" title="Canadian corporate law">Canada</a></li> <li><a href="/wiki/Cayman_Islands_company_law" title="Cayman Islands company law">Cayman Islands</a></li> <li><a href="/wiki/Indian_company_law" title="Indian company law">India</a></li> <li><a href="/wiki/South_African_company_law" title="South African company law">South Africa</a></li> <li><a href="/wiki/United_Kingdom_company_law" title="United Kingdom company law">UK</a></li> <li><a href="/wiki/United_States_corporate_law" title="United States corporate law">United States</a></li> <li><a href="/wiki/Corporate_law_in_Vietnam" title="Corporate law in Vietnam">Vietnam</a></li> <li><br /><a href="/wiki/European_corporate_law" class="mw-redirect" title="European corporate law">European Union</a> <ul><li><a href="/wiki/French_company_law" title="French company law">France</a></li> <li><a href="/wiki/German_company_law" title="German company law">Germany</a></li></ul></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align:center; background:lavender; line-height:130%; padding:0.3em 0em;;color: var(--color-base)">General corporate forms</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Company" title="Company">Company</a></li> <li><a href="/wiki/Conglomerate_(company)" title="Conglomerate (company)">Conglomerate</a></li> <li><a href="/wiki/Cooperative" title="Cooperative">Cooperative</a></li> <li><a href="/wiki/Corporation" title="Corporation">Corporation</a></li> <li><a href="/wiki/Holding_company" title="Holding company">Holding company</a></li> <li><a href="/wiki/Joint-stock_company" title="Joint-stock company">Joint-stock</a></li> <li><a href="/wiki/Partnership" title="Partnership">Partnership</a> <ul><li><a href="/wiki/General_partnership" title="General partnership">General</a></li> <li><a href="/wiki/Limited_partnership" title="Limited partnership">Limited</a></li> <li><a href="/wiki/Limited_liability_partnership" title="Limited liability partnership">Limited liability</a></li></ul></li> <li><a href="/wiki/Private_limited_company" title="Private limited company">Private limited</a></li> <li><a class="mw-selflink selflink">Shell corporation</a></li> <li><a href="/wiki/Shelf_corporation" title="Shelf corporation">Shelf corporation</a></li> <li><a href="/wiki/Sole_proprietorship" title="Sole proprietorship">Sole proprietorship</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align:center; background:lavender; line-height:130%; padding:0.3em 0em;;color: var(--color-base)"><a href="/wiki/List_of_legal_entity_types_by_country" title="List of legal entity types by country">Corporate forms<br />by jurisdiction</a></div><div class="sidebar-list-content mw-collapsible-content"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading"> <a href="/wiki/European_corporate_law" class="mw-redirect" title="European corporate law">European Union</a></th></tr><tr><td class="sidebar-content" style="border-bottom:#ccc 1px solid"> <ul><li><a href="/wiki/Societas_Europaea" title="Societas Europaea"><i>Societas</i> <span style="font-size:85%;">(SE)</span></a></li> <li><a href="/wiki/Societas_cooperativa_Europaea" title="Societas cooperativa Europaea"><i>Societas cooperativa</i> <span style="font-size:85%;">(SCE)</span></a></li> <li><a href="/wiki/Societas_privata_Europaea" title="Societas privata Europaea"><i>Societas privata</i> <span style="font-size:85%;">(SPE)</span></a></li> <li><a href="/wiki/Societas_unius_personae" title="Societas unius personae"><i>Societas unius personae</i> <span style="font-size:85%;">(SUP)</span></a></li> <li><a href="/wiki/European_economic_interest_grouping" title="European economic interest grouping">Economic interest grouping <span style="font-size:85%;">(EEIG)</span></a></li></ul></td> </tr><tr><th class="sidebar-heading"> <span class="nowrap">UK / Ireland / Commonwealth</span></th></tr><tr><td class="sidebar-content" style="border-bottom:#ccc 1px solid"> <ul><li><a href="/wiki/Charitable_incorporated_organisation" title="Charitable incorporated organisation">Charitable incorporated organisation (England and Wales) <span style="font-size:85%;">(CIO)</span></a></li> <li><a href="/wiki/Scottish_charitable_incorporated_organisation" title="Scottish charitable incorporated organisation">Scottish charitable incorporated organisation <span style="font-size:85%;">(SCIO)</span></a></li> <li><a href="/wiki/Community_interest_company" title="Community interest company">Community interest company <span style="font-size:85%;">(CIC)</span></a></li> <li><a href="/wiki/Industrial_and_provident_society" title="Industrial and provident society">Industrial and provident society <span style="font-size:85%;">(IPS)</span></a></li> <li><br /><a href="/wiki/Limited_company" title="Limited company">Limited company <span style="font-size:85%;">(Ltd.)</span></a> <ul><li><a href="/wiki/Private_company_limited_by_guarantee" class="mw-redirect" title="Private company limited by guarantee">by guarantee</a></li> <li><a href="/wiki/Private_company_limited_by_shares" title="Private company limited by shares">by shares</a></li> <li><a href="/wiki/Proprietary_company" title="Proprietary company">proprietary</a></li> <li><a href="/wiki/Public_limited_company" title="Public limited company">public</a></li></ul></li> <li><a href="/wiki/Unlimited_company" title="Unlimited company">Unlimited company</a></li></ul></td> </tr><tr><th class="sidebar-heading"> United States</th></tr><tr><td class="sidebar-content" style="border-bottom:#ccc 1px solid"> <ul><li><a href="/wiki/Benefit_corporation" title="Benefit corporation">Benefit corporation</a></li> <li><a href="/wiki/C_corporation" title="C corporation">C corporation</a></li> <li><a href="/wiki/Limited_liability_company" title="Limited liability company">Limited liability company <span style="font-size:85%;">(LLC)</span></a> <ul><li><a href="/wiki/Low-profit_limited_liability_company" title="Low-profit limited liability company">Low-profit LLC</a></li></ul></li> <li><a href="/wiki/Series_LLC" title="Series LLC">Series LLC</a></li> <li><a href="/wiki/Limited_liability_limited_partnership" title="Limited liability limited partnership">Limited liability limited partnership <span style="font-size:85%;">(LLLP)</span></a></li> <li><a href="/wiki/S_corporation" title="S corporation">S corporation</a></li> <li><span class="nowrap"><a href="/wiki/Delaware_General_Corporation_Law" title="Delaware General Corporation Law">Delaware corporation</a> / <a href="/wiki/Delaware_statutory_trust" title="Delaware statutory trust">statutory trust</a></span></li> <li><a href="/wiki/Massachusetts_business_trust" title="Massachusetts business trust">Massachusetts business trust</a></li> <li><a href="/wiki/Nevada_corporation" title="Nevada corporation">Nevada corporation</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Others</th></tr><tr><td class="sidebar-content" style="border-bottom:#ccc 1px solid"> <ul><li><a href="/wiki/Aktiebolag" title="Aktiebolag"><i>Aktiebolag</i> <span style="font-size:85%;">(AB)</span></a></li> <li><a href="/wiki/Aktiengesellschaft" title="Aktiengesellschaft"><i>Aktiengesellschaft</i> <span style="font-size:85%;">(AG)</span></a></li> <li><a href="/wiki/Ansvarlig_selskap" title="Ansvarlig selskap"><i>Ansvarlig selskap</i> <span style="font-size:85%;">(ANS)</span></a></li> <li><a href="/wiki/Aktieselskab" title="Aktieselskab"><i>Aktieselskab</i> <span style="font-size:85%;">(A/S)</span></a></li> <li><a href="/wiki/Aksjeselskap" title="Aksjeselskap"><i>Aksjeselskap</i> <span style="font-size:85%;">(AS)</span></a></li> <li><a href="/wiki/Gesellschaft_mit_beschr%C3%A4nkter_Haftung" class="mw-redirect" title="Gesellschaft mit beschränkter Haftung"><i>Gesellschaft mit beschränkter Haftung</i> <span style="font-size:85%;">(GmbH)</span></a></li> <li><a href="/wiki/Kabushiki_gaisha" title="Kabushiki gaisha"><i>Kabushiki gaisha</i> <span style="font-size:85%;">(K.K.)</span></a></li> <li><a href="/wiki/Naamloze_vennootschap" title="Naamloze vennootschap"><i>Naamloze vennootschap</i> <span style="font-size:85%;">(N.V.)</span></a></li> <li><a href="/wiki/Osakeyhti%C3%B6" title="Osakeyhtiö"><i>Osakeyhtiö</i> <span style="font-size:85%;">(Oy)</span></a></li> <li><a href="/wiki/S.A._(corporation)" title="S.A. (corporation)">S.A.</a></li> <li><a href="/wiki/Soci%C3%A9t%C3%A9_%C3%A0_responsabilit%C3%A9_limit%C3%A9e" title="Société à responsabilité limitée"><i>Société à responsabilité limitée</i> <span style="font-size:85%;">(SARL)</span></a></li> <li><a href="/wiki/Types_of_business_entity" class="mw-redirect" title="Types of business entity">more...</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align:center; background:lavender; line-height:130%; padding:0.3em 0em;;color: var(--color-base)">Doctrines</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Business_judgment_rule" title="Business judgment rule">Business judgment rule</a></li> <li><a href="/wiki/Corporate_governance" title="Corporate governance">Corporate governance</a></li> <li><a href="/wiki/De_facto_corporation_and_corporation_by_estoppel" title="De facto corporation and corporation by estoppel"><i>De facto</i> and estoppel corporations</a></li> <li><a href="/wiki/Internal_affairs_doctrine" title="Internal affairs doctrine">Internal affairs doctrine</a></li> <li><a href="/wiki/Limited_liability" title="Limited liability">Limited liability</a></li> <li><a href="/wiki/Tag-along_right" title="Tag-along right">Tag-along right</a></li> <li><a href="/wiki/Drag-along_right" title="Drag-along right">Drag-along right</a></li> <li><a href="/wiki/Piercing_the_corporate_veil" title="Piercing the corporate veil">Piercing the corporate veil</a></li> <li><a href="/wiki/Rochdale_Principles" title="Rochdale Principles">Rochdale Principles</a></li> <li><i><a href="/wiki/Ultra_vires" title="Ultra vires">Ultra vires</a></i></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align:center; background:lavender; line-height:130%; padding:0.3em 0em;;color: var(--color-base)">Related areas</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Beneficial_ownership" title="Beneficial ownership">Beneficial ownership</a></li> <li><a href="/wiki/Civil_procedure" title="Civil procedure">Civil procedure</a></li> <li><a href="/wiki/Contract" title="Contract">Contract</a></li> <li><a href="/wiki/List_of_company_registers" class="mw-redirect" title="List of company registers">Corporate registers</a></li> <li><a href="/wiki/Registered_agent" title="Registered agent">Registered agent</a></li></ul></div></div></td> </tr><tr><td class="sidebar-below"> <ul><li><a href="/wiki/Portal:Companies" title="Portal:Companies">Company portal</a></li> <li><a href="/wiki/Portal:Law" title="Portal:Law">Law portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Corporate_law" title="Template:Corporate law"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Corporate_law" title="Template talk:Corporate law"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Corporate_law" title="Special:EditPage/Template:Corporate law"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p>A <b>shell corporation</b> is a <a href="/wiki/Company" title="Company">company</a> or <a href="/wiki/Corporation" title="Corporation">corporation</a> with no significant assets or operations often formed to obtain financing before beginning business. Shell companies were primarily vehicles for lawfully hiding the identity of their beneficial owners, and this is still the defining feature of shell companies due to the loopholes in the global corporate transparency initiatives.<sup id="cite_ref-auto_1-0" class="reference"><a href="#cite_note-auto-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> It may hold passive investments or be the registered owner of assets, such as <a href="/wiki/Intellectual_property" title="Intellectual property">intellectual property</a>, or ships. Shell companies may be registered to the address of a company that provides a service setting up shell companies, and which may act as the agent for receipt of legal correspondence (such as an accountant or lawyer). The company may serve as a vehicle for business transactions without itself having any significant <a href="/wiki/Asset" title="Asset">assets</a> or operations. </p><p>Shell companies are used for legitimate purposes but can be used for <a href="/wiki/Tax_evasion" title="Tax evasion">tax evasion</a>, <a href="/wiki/Tax_avoidance" title="Tax avoidance">tax avoidance</a>, <a href="/wiki/Money_laundering" title="Money laundering">money laundering</a>, or to achieve a specific goal such as <a href="/wiki/Anonymity" title="Anonymity">anonymity</a>. Anonymity, in the context of shell companies, relates to anonymity of beneficial owners of the company.<sup id="cite_ref-auto_1-1" class="reference"><a href="#cite_note-auto-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> Anonymity may be sought to shield personal assets from others, such as a spouse when a marriage is breaking down, from creditors, or from government authorities. </p><p>Shell companies' legitimate business purposes are, for example, acting as trustee for a trust, and not engaging in any other activity on their own account. This structure creates <a href="/wiki/Limited_liability" title="Limited liability">limited liability</a> for the trustee. A corporate shell can also be formed around a partnership to create limited liability for the partners, and other business ventures, or to immunize one part of a business from the risks of another part. Shell companies can be used to transfer assets from one company into a new one while leaving the liabilities in the former company. Shell companies are also used for privacy and security reasons by wealthy individuals and celebrities.<sup id="cite_ref-auto_1-2" class="reference"><a href="#cite_note-auto-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> Accordingly, shell companies may be used to generate both pecuniary and non- pecuniary private benefits by their beneficial owners.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="SEC_definition">SEC definition</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Shell_corporation&action=edit&section=1" title="Edit section: SEC definition"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The <a href="/wiki/U.S._Securities_and_Exchange_Commission" title="U.S. Securities and Exchange Commission">U.S. Securities and Exchange Commission</a> defines a "shell" company as follows: </p> <blockquote> <p>Shell company: The term shell company means a registrant, other than an asset-backed issuer as defined in Item 1101(b) of Regulation AB (§ 229.1101(b) of this chapter), that has: </p><p>(1) No or nominal operations; and </p><p>(2) Either: </p><p>(i) No or nominal assets; </p><p>(ii) Assets consisting solely of cash and cash equivalents; or </p><p>(iii) Assets consisting of any amount of cash and cash equivalents and nominal other assets.'<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p> </blockquote> <div class="mw-heading mw-heading2"><h2 id="Background">Background</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Shell_corporation&action=edit&section=2" title="Edit section: Background"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Some shell companies may have previously had operations that shrank due to unfavorable market conditions or company mismanagement. A shell corporation may also arise when a company's operations have been wound up, for example following a takeover, but the "shell" of the original company continues to exist.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> The term "shell corporation" does not describe the purpose of a corporate entity, but in general is more informative to classify an entity according to its role in a particular corporate structure; e.g. <a href="/wiki/Holding_company" title="Holding company">holding company</a>, <a href="/wiki/General_partner" title="General partner">general partner</a>, or a <a href="/wiki/Limited_partner" class="mw-redirect" title="Limited partner">limited partner</a>. </p><p>Shell companies are a main component of the <a href="/wiki/Black_market" title="Black market">underground economy</a>, especially those based in <a href="/wiki/Tax_haven" title="Tax haven">tax havens</a>. They may also be known as <i><a href="/wiki/International_business_company" title="International business company">international business companies</a></i>, <i>personal <a href="/wiki/Investment_company" title="Investment company">investment companies</a></i>, <i><a href="/wiki/Front_organization" title="Front organization">front companies</a></i>, or <i>"<a href="/wiki/Commercial_mail_receiving_agency" title="Commercial mail receiving agency">mailbox</a>" companies</i>. While these terms are generally used interchangeably in practice, their meanings are not the same and each term is generated to refer to a different theme of illegality.<sup id="cite_ref-auto_1-3" class="reference"><a href="#cite_note-auto-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> Shell companies can also be used for tax avoidance. A classic <a href="/wiki/Tax_avoidance" title="Tax avoidance">tax avoidance</a> operation may utilize favorable <a href="/wiki/Transfer_pricing" title="Transfer pricing">transfer pricing</a> among multiple corporate entities to lower tax liability in a certain country; e.g. <a href="/wiki/Double_Irish_arrangement" title="Double Irish arrangement">Double Irish arrangement</a>. </p><p>A <a href="/wiki/Special_purpose_entity" class="mw-redirect" title="Special purpose entity">special purpose entity</a>, used often in the context of a larger corporate structure, may be formed to achieve a specific goal, such as to create <a href="/wiki/Anonymity" title="Anonymity">anonymity</a>. </p><p>According to a 2013 experimental study where the researchers requested anonymous incorporation in violation of international law, one in four corporate service providers offered to provide services in violation of international law.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Examples">Examples</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Shell_corporation&action=edit&section=3" title="Edit section: Examples"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Shell companies can be used to transfer assets of one company into a new company without having the liabilities of the former company. For example, when <a href="/wiki/Sega_Sammy_Holdings" title="Sega Sammy Holdings">Sega Sammy Holdings</a> purchased the bankrupt <a href="/wiki/IXIT_Corporation" title="IXIT Corporation">Index Corporation</a> in June 2013, they formed a shell company in September 2013, called Sega Dream Corporation, into which were transferred valuable assets of the old company, including the <a href="/wiki/Atlus" title="Atlus">Atlus</a> brand and Index Corporation's <a href="/wiki/Intellectual_property" title="Intellectual property">intellectual property</a>.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> This meant that the liabilities of the old company were left in the old company, and Sega Dream had clean title to all the assets of the old company. The former Index Corporation was then <a href="/wiki/Dissolution_(law)" title="Dissolution (law)">dissolved</a>. Sega Dream Corporation was renamed as Index Corporation in November 2013. </p><p>When <a href="/wiki/Hilco_Capital" title="Hilco Capital">Hilco</a> purchased <a href="/wiki/HMV_Canada" class="mw-redirect" title="HMV Canada">HMV Canada</a>, they used a shell company by the name of Huk 10 Ltd.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> in order to secure funds and minimize liability. HMV was then sued by Huk 10 Ltd., allowing Hilco to regain assets and dispose of HMV Canada. </p><p>As another example, the use of a shell company in a tax haven makes it possible to move profits to that shell company, in a strategy of <a href="/wiki/Tax_evasion" title="Tax evasion">tax evasion</a>. A United States company buying products from overseas would have to pay US taxes on the profits, but to avoid this, it may buy the products through a non-resident shell company based in a tax haven, where it is described as an offshore company. The shell company would purchase the products in its name, mark up the products and sell them on to the US company, thereby transferring the profit to the tax haven. (The products may never actually physically pass through that tax haven, and be shipped directly to the US company.) As the shell company is not based in the United States, its profit is not subject to US income tax, and as it is an offshore company in the tax haven jurisdiction, it is not taxed there either. Under the tax haven law, the profits are deemed not to have been made in the jurisdiction, with the sale deemed to have taken place in the United States. As US personal income tax is significantly less important than corporate income tax, US company executives would claim a salary (or fees, consulting fees, etc.) from the company's profits. </p><p>In addition, there are several shell companies that are used by broadcasting groups to circumvent <a href="/wiki/FCC" class="mw-redirect" title="FCC">FCC</a> limits on television station ownership. For example, <a href="/wiki/Sinclair_Broadcasting_Group" class="mw-redirect" title="Sinclair Broadcasting Group">Sinclair Broadcasting Group</a> forms local marketing agreements with stations owned by <a href="/wiki/Cunningham_Broadcasting" title="Cunningham Broadcasting">Cunningham Broadcasting</a> and <a href="/wiki/Deerfield_Media" title="Deerfield Media">Deerfield Media</a>; nearly all of the stock of Cunningham Broadcasting is controlled by trusts in the name of the owner's children.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> Other examples include <a href="/wiki/Nexstar_Media_Group" title="Nexstar Media Group">Nexstar Media Group</a> controlling television stations owned by <a href="/wiki/Mission_Broadcasting" title="Mission Broadcasting">Mission Broadcasting</a> and <a href="/wiki/Vaughan_Media" title="Vaughan Media">Vaughan Media</a>. </p> <div class="mw-heading mw-heading2"><h2 id="Countries_of_domicile">Countries of domicile</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Shell_corporation&action=edit&section=4" title="Edit section: Countries of domicile"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Typical countries of domicile of shell companies are <a href="/wiki/Offshore_financial_centre" title="Offshore financial centre">offshore financial centres</a> like <a href="/wiki/Republic_of_Ireland" title="Republic of Ireland">Ireland</a>, <a href="/wiki/Liechtenstein" title="Liechtenstein">Liechtenstein</a>, <a href="/wiki/Luxembourg" title="Luxembourg">Luxembourg</a>, <a href="/wiki/Switzerland" title="Switzerland">Switzerland</a>, <a href="/wiki/Isle_of_Man" title="Isle of Man">Isle of Man</a>, and the <a href="/wiki/Channel_Islands" title="Channel Islands">Channel Islands</a> including <a href="/wiki/Guernsey" title="Guernsey">Guernsey</a> and <a href="/wiki/Jersey" title="Jersey">Jersey</a> in Europe, <a href="/wiki/The_Bahamas" title="The Bahamas">Bahamas</a>, <a href="/wiki/Barbados" title="Barbados">Barbados</a>, <a href="/wiki/Bermuda" title="Bermuda">Bermuda</a>, <a href="/wiki/Cayman_Islands" title="Cayman Islands">Cayman Islands</a>, and <a href="/wiki/British_Virgin_Islands" title="British Virgin Islands">Virgin Islands</a> in the Caribbean, <a href="/wiki/Panama" title="Panama">Panama</a> in Central America, and <a href="/wiki/Hong_Kong" title="Hong Kong">Hong Kong</a> and <a href="/wiki/Singapore" title="Singapore">Singapore</a> in Asia. Shell companies are usually offered by law firms based in those countries.<sup id="cite_ref-:0_10-0" class="reference"><a href="#cite_note-:0-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> The process of establishing a shell company can sometimes be done very quickly online.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p><p>In 2021 anonymous corporations were made illegal in the United States with the passage of the Corporate Transparency Act as part of the <a href="/wiki/William_M._(Mac)_Thornberry_National_Defense_Authorization_Act_for_Fiscal_Year_2021" class="mw-redirect" title="William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021">William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021</a>. Exemptions were included which are meant to limit its scope to the entities most likely to be used for illicit purposes. Companies which are exempt from the act include foreign companies that do not formally register to do business and companies that fall into one of 24 enumerated categories, which include companies that employ more than 20 people, have revenues above $5 million, and a physical presence in the United States, as well as churches, charities, non-profits, trusts and partnerships. Companies that are banks, broker-dealers, public issuers, and insurance companies are also exempt.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p><p>Due to <a href="/wiki/Federalism" title="Federalism">federalism</a> in the United States, shell companies are often set up in states such as <a href="/wiki/Delaware" title="Delaware">Delaware</a>, <a href="/wiki/Nevada" title="Nevada">Nevada</a>, and <a href="/wiki/Wyoming" title="Wyoming">Wyoming</a> due to advantageous tax regimes.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Abuse">Abuse</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Shell_corporation&action=edit&section=5" title="Edit section: Abuse"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Shell companies have been used to commit fraud, by creating an empty shell company with a name similar to existing real companies, then running up the price of the empty shell and suddenly selling it (<a href="/wiki/Pump_and_dump" title="Pump and dump">pump and dump</a>). </p><p>There are also shell companies that were created for the purpose of owning assets (including tangibles, such as a real estate for property development, and intangibles, such as <a href="/wiki/Royalties" class="mw-redirect" title="Royalties">royalties</a> or <a href="/wiki/Copyrights" class="mw-redirect" title="Copyrights">copyrights</a>) and receiving income. The reasons behind creating such a shell company may include protection against litigation and/or tax benefits (some expenses that would not be deductible for an individual may be deductible for a corporation). Sometimes, shell companies are used for <a href="/wiki/Tax_evasion" title="Tax evasion">tax evasion</a> or <a href="/wiki/Tax_avoidance" title="Tax avoidance">tax avoidance</a>.<sup id="cite_ref-Shaxson-2011-01-06_18-0" class="reference"><a href="#cite_note-Shaxson-2011-01-06-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Offshore_Leaks">Offshore Leaks</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Shell_corporation&action=edit&section=6" title="Edit section: Offshore Leaks"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Offshore_Leaks" title="Offshore Leaks">Offshore Leaks</a></div> <p>In 2013 the <a href="/wiki/International_Consortium_of_Investigative_Journalists" title="International Consortium of Investigative Journalists">International Consortium of Investigative Journalists</a> published a report called "Offshore Leaks" with information about the use and owners of 130,000 shell companies. Many of the shell companies belonged to politicians and celebrities from around the world and were being used for tax evasion and hiding financial assets.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Panama_Papers">Panama Papers</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Shell_corporation&action=edit&section=7" title="Edit section: Panama Papers"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Panama_Papers" title="Panama Papers">Panama Papers</a></div> <p>In 2016 a leak of 11.5 million documents to the German newspaper <i><a href="/wiki/S%C3%BCddeutsche_Zeitung" title="Süddeutsche Zeitung">Süddeutsche Zeitung</a></i> revealed information about owners of more than 214,000 shell companies administered by the law firm <a href="/wiki/Mossack_Fonseca" title="Mossack Fonseca">Mossack Fonseca</a> in Panama. The shell companies were used by politicians, businessmen, autocrats, and terrorists from around the world for tax evasion and other illegal activities.<sup id="cite_ref-:0_10-1" class="reference"><a href="#cite_note-:0-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="India">India</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Shell_corporation&action=edit&section=8" title="Edit section: India"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>After India's decision to <a href="/wiki/2016_Indian_banknote_demonetisation" title="2016 Indian banknote demonetisation">demonetise ₹500 and ₹1000 rupee notes</a> on 8 November 2016,<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-etBlackMonryCrackdown_21-0" class="reference"><a href="#cite_note-etBlackMonryCrackdown-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-India_Today2_22-0" class="reference"><a href="#cite_note-India_Today2-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> various authorities noticed a surge in shell companies depositing cash in banks, possibly in an attempt to hide the real owner of the wealth. In response, in July 2017, the authorities ordered nearly 2,000 shell companies to be shut down while <a href="/wiki/Securities_and_Exchange_Board_of_India" title="Securities and Exchange Board of India">Securities and Exchange Board of India</a> (SEBI) imposed trading restrictions on 162 listed entities as shell companies. A high-level task force found that hundreds of shell companies were registered in a few buildings in <a href="/wiki/Kolkata" title="Kolkata">Kolkata</a>. Many of those were found to be locked, with their padlocks coated in dust and many others which had office space the size of cubicles.<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Regulation">Regulation</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Shell_corporation&action=edit&section=9" title="Edit section: Regulation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Since shell companies are very often abused for various illegal purposes, regulation of shell companies is becoming more important to prevent such illegal activities. </p> <div class="mw-heading mw-heading3"><h3 id="United_Kingdom">United Kingdom</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Shell_corporation&action=edit&section=10" title="Edit section: United Kingdom"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Currently British overseas territories and crown dependencies are only required to tell the true name of owners of shell companies upon request from official law enforcement agencies. However, since 2020 they are forced to publish these names in a public register in order to prevent anonymous use of shell companies.<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="United_States">United States</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Shell_corporation&action=edit&section=11" title="Edit section: United States"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The new customer due diligence (CDD) rule from 2016 forces banks to know the names of their customers in order to reveal them to law enforcement agencies upon request. Thereby, anonymous misuse of shell companies shall be prevented. The rule is administered by the <a href="/wiki/Financial_Crimes_Enforcement_Network" title="Financial Crimes Enforcement Network">Financial Crimes Enforcement Network</a> (FinCEN).<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> In January 2021 anonymous shell companies were effectively banned via a provision in the <a href="/wiki/William_M._(Mac)_Thornberry_National_Defense_Authorization_Act_for_Fiscal_Year_2021" class="mw-redirect" title="William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021">William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021</a>.<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="India_2">India</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Shell_corporation&action=edit&section=12" title="Edit section: India"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A "Task Force On Shell Corporations" was constituted in 2017 under the chairmanship of the Revenue Secretary to the Government Of India and Corporate Affairs Secretary to Govt. Of India, for effectively tackling malpractice by shell companies in a comprehensive manner.<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="European_Union">European Union</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Shell_corporation&action=edit&section=13" title="Edit section: European Union"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>On 22 December 2021, the European Commission adopted a proposal for an EU Directive to tackle the misuse of shell companies for tax purposes.<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> Also known as the "Unshell" directive, the proposal requires the unanimous agreement of all 27 EU Member States' finance ministers before entering into force. </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Shell_corporation&action=edit&section=14" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Alternative_public_offering" title="Alternative public offering">Alternative public offering</a></li> <li><a href="/wiki/Brass_plate_company" title="Brass plate company">Brass plate company</a></li> <li><a href="/wiki/Dummy_corporation" title="Dummy corporation">Dummy corporation</a></li> <li><a href="/wiki/Front_organization" title="Front organization">Front organization</a></li> <li><a href="/wiki/Holding_company" title="Holding company">Holding company</a></li> <li><a href="/wiki/Internal_competition" class="mw-redirect" title="Internal competition">Internal competition</a></li> <li><a href="/wiki/Loophole" title="Loophole">Loophole</a></li> <li><a href="/wiki/Money_laundering" title="Money laundering">Money laundering</a></li> <li><a href="/wiki/Numbered_company" title="Numbered company">Numbered company</a></li> <li><a href="/wiki/Offshore_company" title="Offshore company">Offshore company</a></li> <li><a href="/wiki/Offshore_financial_centre" title="Offshore financial centre">Offshore financial center</a></li> <li><a href="/wiki/Shadow_banking_system" title="Shadow banking system">Shadow banking system</a></li> <li><a href="/wiki/Structured_investment_vehicle" title="Structured investment vehicle">Structured investment vehicle</a></li> <li><a href="/wiki/Tax_inversion" title="Tax inversion">Tax inversion</a></li> <li><a href="/wiki/Transparency_(market)" title="Transparency (market)">Transparency (market)</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Shell_corporation&action=edit&section=15" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-auto-1"><span class="mw-cite-backlink">^ <a href="#cite_ref-auto_1-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-auto_1-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-auto_1-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-auto_1-3"><sup><i><b>d</b></i></sup></a></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFMurat_Can2023" class="citation book cs1">Murat Can, Pehlivanoğlu (2023). <i>Paravan Şirket (Shell Company)</i>. Istanbul: On İki Levha Yayıncılık. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-625-432-623-3" title="Special:BookSources/978-625-432-623-3"><bdi>978-625-432-623-3</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Paravan+%C5%9Eirket+%28Shell+Company%29&rft.place=Istanbul&rft.pub=On+%C4%B0ki+Levha+Yay%C4%B1nc%C4%B1l%C4%B1k&rft.date=2023&rft.isbn=978-625-432-623-3&rft.aulast=Murat+Can&rft.aufirst=Pehlivano%C4%9Flu&rfr_id=info%3Asid%2Fen.wikipedia.org%3AShell+corporation" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPehlivanoğlu2024" class="citation book cs1">Pehlivanoğlu, Murat Can (2024). <i>Non-Pecuniary Private Benefits in Publicly Traded Corporations How Involuntary Dissolution Statute May Be the Solution</i>. Leiden: Brill Nijhoff. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-90-04-68651-9" title="Special:BookSources/978-90-04-68651-9"><bdi>978-90-04-68651-9</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Non-Pecuniary+Private+Benefits+in+Publicly+Traded+Corporations+How+Involuntary+Dissolution+Statute+May+Be+the+Solution&rft.place=Leiden&rft.pub=Brill+Nijhoff&rft.date=2024&rft.isbn=978-90-04-68651-9&rft.aulast=Pehlivano%C4%9Flu&rft.aufirst=Murat+Can&rfr_id=info%3Asid%2Fen.wikipedia.org%3AShell+corporation" class="Z3988"></span></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text">See Rule 12b-2 of the Securities and Exchange Act of 1934</span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.law.cornell.edu/cfr/text/17/240.12b-2">Cornell Law School Legal Information Institute</a> 17 CFR 240.12b-2 - Definitions.</span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20160408015947/http://www.yourdictionary.com/shell-corporation#RuufASp5jLfeKqvJ.99">"Webster's New World Finance and Investment Dictionary"</a>. 2010. Archived from <a rel="nofollow" class="external text" href="http://www.yourdictionary.com/shell-corporation#RuufASp5jLfeKqvJ.99">the original</a> on 8 April 2016<span class="reference-accessdate">. Retrieved <span class="nowrap">1 November</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Webster%27s+New+World+Finance+and+Investment+Dictionary&rft.date=2010&rft_id=http%3A%2F%2Fwww.yourdictionary.com%2Fshell-corporation%23RuufASp5jLfeKqvJ.99&rfr_id=info%3Asid%2Fen.wikipedia.org%3AShell+corporation" class="Z3988"></span></span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFindleyNielsonSharman2013" class="citation journal cs1">Findley, Michael G.; Nielson, Daniel L.; Sharman, J.C. (2013). "Using Field Experiments in International Relations: A Randomized Study of Anonymous Incorporation 1". <i>International Organization</i>. <b>67</b> (4): 657–693. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1017%2FS0020818313000271">10.1017/S0020818313000271</a>. <a href="/wiki/Hdl_(identifier)" class="mw-redirect" title="Hdl (identifier)">hdl</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://hdl.handle.net/10072%2F56156">10072/56156</a></span>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0020-8183">0020-8183</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:153353492">153353492</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=International+Organization&rft.atitle=Using+Field+Experiments+in+International+Relations%3A+A+Randomized+Study+of+Anonymous+Incorporation+1&rft.volume=67&rft.issue=4&rft.pages=657-693&rft.date=2013&rft_id=info%3Ahdl%2F10072%2F56156&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A153353492%23id-name%3DS2CID&rft.issn=0020-8183&rft_id=info%3Adoi%2F10.1017%2FS0020818313000271&rft.aulast=Findley&rft.aufirst=Michael+G.&rft.au=Nielson%2C+Daniel+L.&rft.au=Sharman%2C+J.C.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AShell+corporation" class="Z3988"></span></span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20220503114856/https://www.segasammy.co.jp/english/pdf/release/20130918_index_e_final.pdf">"Notice of Conclusion regarding Business Transfer Agreement of Index Corporation"</a> <span class="cs1-format">(PDF)</span>. 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Retrieved <span class="nowrap">10 June</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Federal+Register&rft.atitle=Customer+Due+Diligence+Requirements+for+Financial+Institutions&rft.date=2016-05-11&rft_id=https%3A%2F%2Fwww.federalregister.gov%2Fdocuments%2F2016%2F05%2F11%2F2016-10567%2Fcustomer-due-diligence-requirements-for-financial-institutions&rfr_id=info%3Asid%2Fen.wikipedia.org%3AShell+corporation" class="Z3988"></span></span> </li> <li id="cite_note-26"><span class="mw-cite-backlink"><b><a href="#cite_ref-26">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKirby2020" class="citation web cs1">Kirby, Jen (21 December 2020). <a rel="nofollow" class="external text" href="https://www.vox.com/22188223/congress-anti-money-laundering-anonymous-shell-companies-ban-defense-bill">"The US has made its biggest anti-money-laundering changes in years"</a>. <i>Vox</i><span class="reference-accessdate">. Retrieved <span class="nowrap">6 January</span> 2021</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Vox&rft.atitle=The+US+has+made+its+biggest+anti-money-laundering+changes+in+years&rft.date=2020-12-21&rft.aulast=Kirby&rft.aufirst=Jen&rft_id=https%3A%2F%2Fwww.vox.com%2F22188223%2Fcongress-anti-money-laundering-anonymous-shell-companies-ban-defense-bill&rfr_id=info%3Asid%2Fen.wikipedia.org%3AShell+corporation" class="Z3988"></span></span> </li> <li id="cite_note-27"><span class="mw-cite-backlink"><b><a href="#cite_ref-27">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://pib.nic.in/newsite/PrintRelease.aspx?relid=169204">"<span class="cs1-kern-left"></span>'Task Force on Shell Companies' for effectively tackling the malpractices"</a><span class="reference-accessdate">. Retrieved <span class="nowrap">8 July</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=%27Task+Force+on+Shell+Companies%27+for+effectively+tackling+the+malpractices&rft_id=http%3A%2F%2Fpib.nic.in%2Fnewsite%2FPrintRelease.aspx%3Frelid%3D169204&rfr_id=info%3Asid%2Fen.wikipedia.org%3AShell+corporation" class="Z3988"></span></span> </li> <li id="cite_note-28"><span class="mw-cite-backlink"><b><a href="#cite_ref-28">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFEuropean_Commission" class="citation web cs1">European Commission. <a rel="nofollow" class="external text" href="https://ec.europa.eu/commission/presscorner/detail/en/qanda_21_6968">"Questions and Answers on the Commission's proposal to end the misuse of shell entities"</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Questions+and+Answers+on+the+Commission%27s+proposal+to+end+the+misuse+of+shell+entities&rft.au=European+Commission&rft_id=https%3A%2F%2Fec.europa.eu%2Fcommission%2Fpresscorner%2Fdetail%2Fen%2Fqanda_21_6968&rfr_id=info%3Asid%2Fen.wikipedia.org%3AShell+corporation" class="Z3988"></span></span> </li> </ol></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output .navbox+.navbox,.mw-parser-output .navbox+.navbox-styles+.navbox{margin-top:-1px}.mw-parser-output .navbox-inner,.mw-parser-output .navbox-subgroup{width:100%}.mw-parser-output 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