How the company formation and bank account opening works with ICD Fiduciaries?
We conduct our business since 2006 and we have an international network of agents and experts of the formation of offshore companies and opening of offshore bank accounts.
Our consulting company will take care of collecting relevant and useful information for your offshore company project. We will handle all the incorporation procedures of your offshore company in more than twenty jurisdictions worldwide.
The formation of offshore company and opening of offshore bank accounts is heart of our business.
Why an offshore company and what exactly it is?
In the most traditional sense, an offshore company is located in a tax haven and is a resident corporation that is exempt from taxation. Most often, it does not file accounts and provides an important beneficial anonymity.
The conditions that characterize offshore company most often are:
It adopts a particular corporate form; International Business Company or IBC corporate form is the most used,
The beneficial owner of the offshore company is a non-tax resident of the jurisdiction in which the company is located,
The offshore company does not carry on economic activity in the jurisdiction to benefit from favorable tax status.
Since 2008, the most often incorporated offshore companies were in jurisdictions with a good image and where taxation is very attractive but not zero: Great Britain, Hong Kong and Dubai.
Offshore bank account – why, where and how?
Regarding offshore bank account, it should ensure that the offshore bank will accept your business activity. The bank will issue an anonymous offshore bank card for you and the internet banking access allowing you to review your accounts and carry out all your online transactions.
We work with several partner banks which provide the possibility to open offshore bank accounts linked to your offshore company in a reasonable time.
In fact, offshore company and offshore bank are not always located in the same jurisdiction; it may be more practical to have an offshore bank account in another country than where the company is; it is a non-resident offshore bank account.
What is a tax haven?
A tax haven is a jurisdiction in which you must consider formation of an offshore or offshore holding company and benefit from particularly attractive tax benefits; partial or complete exemption from taxes during the year of creation of your offshore company and thereafter.
The best known tax havens are Panama, Mauritius, Gibraltar, Dubai, Seychelles, the British Virgin Islands.
How to work with your fiduciary?
We invite you to contact us and get in touch with one of our advisers. We will review your file and we will explain the best way how to make a solid offshore incorporation to allow you to work with confidence.
We will submit you a detailed quotation confirming our statements.
We will proceed with the creation of the offshore company and opening of offshore bank account.
What is an offshore holding company?
An offshore holding company is a company located in a jurisdiction with tax advantages – a tax haven like Dubai or Cyprus, allowing to hold shares of other companies.
In theory, offshore holding company can work as a single company providing services or selling products. In practice, offshore holding serves as a "parent" to different companies that it manages.
The creation of offshore company located in a tax haven allows exemption from taxes, by making extensive use of international tax treaties.
What is the process of offshore company formation?
At first, we will study your business activity and provide detailed information to our agent in the jurisdiction you have chosen to order company formation service, which is part of an offshore creation. Once the company is ready, we will open a bank account for your offshore company with one of our partner banks, which will facilitate our efforts greatly.
How to open an offshore bank account in Switzerland?
Today it is possible to open an offshore bank account in Switzerland only if the account holder is a non-EU tax resident and non-US tax resident.
Why an offshore bank account is required?
After formation of the offshore company, it is quite necessary to open a bank account in a tax haven that will hold your accounts and assets and allow you to make payments by anonymous bank cards and receive payments from your customers all around the world.
Offshore companies in the United Arab Emirates:
The offshore jurisdiction of Dubai, in the United Arab Emirates, is a popular and growing offshore jurisdiction; great fortunes of the world and capital flow there.
Developing your business, or even relocating it to the city of Dubai is now a trend.
Nowadays there is a significant increase in the amount of offshore company formation in Dubai.
How to choose the name of offshore company?
Once we start to work with your file, you have to submit us the most appropriate names for your offshore company. We will check the availability of these names with the Company Register in the jurisdiction of your choice. We will get back to you within 48 hours.
What about the company’s annual fees which need to be paid?
Our initial fees include all the costs of creating and managing your offshore company.
In the eleventh month of the management, we will get back to you by sending you a renewal invoice payable within thirty days, till the anniversary day of your offshore company.
Our management costs include:
- The fees payable to the offshore jurisdiction,
- the registered office of the Company,
- Nominee Director service,
- Nominee Shareholder service,
- and services provided by the Local Authorized Agent.
How much it will cost to close an offshore company?
In case of non renewal of your company, we must close the offshore bank accounts held by your company and strike off your offshore company.
The cost of these operations is your responsibility.
The costs of these operations vary according to arrangements put in place and are available on request.
What is a nominee director?
Nominee Director guarantees a high level of anonymity; the director's name appears on company documents, contracts and is available for public on the Company Register.
What is a nominee shareholder?
Nominee Shareholder ensures the beneficial owner of the offshore company is not associated with the ownership of the company.
How to choose the country of where to establish offshore company?
Before the creation of an offshore company you must choose a suitable jurisdiction depending on your business activity and countries with which you trade. We will help you on this choice.
Tax havens and offshore companies? For who and for what kind of business activity?
The formation of an offshore company is suitable for a wide range of businesses:
- Individual entrepreneurs: offshore company allows them to start business without heavy infrastructure, while providing attractive tax benefits,
- Offshore e-commerce allows selling goods or services online without taxes,
- Merchant operates profitably via the use of an offshore company,
- Intellectual property rights can be duly registered in the name of you offshore company,
- An offshore company may legitimately hold an ownership of movable property (yachts, planes ...) and real estate,
- An offshore company may legitimately be combined with Trust and/or Foundation,
- Stock brokers: offshore companies are used for the purpose of investing in stocks.
What is included in your price?
In the full package of company creation and bank account opening are included the following services:
- Preparation and filing of all the necessary paperwork to register the company,
- Registration fee payable to the Registrar of Companies,
- Registered Office fee,
- Nominee Director and Shareholder services,
- Preparation and filing of all the necessary paperwork to open a business bank account, etc.
Sometimes there are additional documents required for the account opening; we work with your until the account is opened.
Which jurisdiction is the best for creating an offshore company?
Offshore company must be incorporated in a jurisdiction with the following characteristics:
- Modern means of communication,
- Political stability,
- Positive brand image,
- Suitable commercial law.
What about anonymity of the beneficial owner?
Beneficial Owner of the offshore company is anonymous, because his name appears neither in any legal company documents nor on the Registrar of Companies.
However, banks will have to identify the real beneficial owner of the company, since beneficial owner is the bank account holder.
Which are the most popular offshore jurisdictions?
Offshore Company in Seychelles:
Offshore companies in the Seychelles (IBCs) are recommended for consulting and trade commissions, human rights perceptions operations.
Also, the business account opening in this jurisdiction is possible there.
The Republic of Seychelles is clearly a tax haven, although not yet widely perceived as such.
The benefits of this jurisdiction are considerable: corporate tax for offshore companies is 0%, no accounting required, opening of offshore bank accounts, anonymity of beneficial owners, etc.
Offshore Company in Hong Kong:
Hong Kong is normally not perceived as a tax haven.
Hong Kong allows creation of offshore companies and offshore bank accounts if your company does not trade in Hong Kong territory. Also, in this case, there will be no corporate tax applied on your profits.
Offshore companies in Hong Kong are attractive: stable jurisdiction with excellent reputation and a reliable offshore banking system.
Hong Kong is the right entryway for trade in Asia.
An offshore company in Hong Kong is effective for import-export activities and offshore e-commerce.
Company in the United Kingdom:
An offshore company in Great Britain can trade within the EU benefiting from the good image of London market.
These offshore companies in the UK are very popular due to the simplicity of the applicable law, their low management costs and low tax rates applicable to the companies.
Offshore bank accounts can no longer be opened in London since 2014.
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