Knowledgebase
Tips & Notes
Main criteria of review for filing transfer of shares
Details
The main criteria of review of the form HE57 are:
- company name and number;
- date (list of shares relating to the transfer, L89(I)/2015:
- the date must be similar with the transfer of shares date, which is completed on the form for each shareholder separately;
- in case where, the transfer of shares submitted to the Registrar of Companies took place in different days , these must not, as a whole, exceed 14 days between each other. In such case, the date must be completed as follows “day/month/year - day/month/year”. For example:
- shareholder (a) transfers on 2.1.2015 shares to (b);
- shareholder (b) transfers on 5.1.2015 shares to (c);
- shareholder (c) transfers on 10.1.2015 shares on (a);
- the period between 2.1.2015 and 10.1.2015 does not exceed 14 days: “2/1/2015 - 10/1/2015”;
- full details and address of each shareholder involved in transfer;
- number of shares held after transfer/ date of transfer/shareholders’ names and number of shares to whom shares are transferred, as per the following example:
E.g.: Shareholder holding 1000 ordinary class shares on 2.1.2015, transfers 300 shares.
| Number and class of shares held today | Number and class of shares transferred | Date of transfer of shares | Comments(where shares are transferred to) |
| Number Class 700 ordinary |
Number class |
2.1.2015 | (shareholder(s) name(s) to whom shares are transferred and transfer analysis in case where more than one shareholder are transferees) |
It is noted that the field referring to the shares owned today (meaning the date of completion of the form), the applicant must refer the total number of shares they hold on the particular date, taking into account all transfers made (by and to);
- officer’s signature (in case where the officer is a company, the company seal is required);
- attention: In case wherethe company has a sole director and secretary being the same person ( individual person/company), then the company must have 1 shareholder;
- all relevant documents have been attached.
Most common reasons for rejection of form by the examiner:
- the form submitted is not the statutory form. The statutory forms are available on the webpage and at the offices of the Department;
- failure to complete the above details.
For further information regarding the relevant procedure, you may refer to the page Updating Share Capital and Shareholders.
