Dear Valued Clients,

Our company has undergone a consolidation with OCH Ltd. (www.offshore-companies.co.uk).

We will continue to serve you with the usual high standard, and same competitive prices.

Offshore FAQ's : Offshore IBC, Offshore LLC, Offshore Banking

  1. What is an offshore IBC and what do your clients use this type of company for?
  2. How long does it take to set up an offshore company?
  3. What proof of identity must clients provide you with in order to start incorporation or to buy a shelf corporation?
  4. Do I have to fill in any complicated forms?
  5. Are your agent services confidential?
  6. Can you recommend the best jurisdiction for incorporation?
  7. How much does it cost to maintain an offshore IBC or LLC each year?
  8. Can I get a refund if I change my mind after I have submitted the incorporation form and transferred the funds?
  9. In what banks do you open accounts? Do I still have to pay for this service if I decide to open an company account myself?
  10. Do you set up Offshore Bank accounts as a separate service?
  11. What is the cost of setting up a Corporate Account?
  12. How long does it take to set up an offshore account and what are the procedures?
  13. What are the requirements to open an account for the company?
  14. Is it possible to obtain a credit card?
  15. Will my IBC or LLC have to keep financial records at the registered office?
  16. Will my offshore company have to prepare and file audited accounts?
  17. Is it possible to transfer a company to another tax free jurisdiction and re-domicile?
  18. What can you say about the America registered companies offered on the market?
  19. What is your professional opinion on the 100% anonymity and confidentiality offered by banks on your behalf?
  20. What are the procedures on how to re-domicile the existing offshore company to Dominica?
  21. What is asset protection?
  22. Can a person residing in his home country use offshore facilities?
  23. Is it illegal to transfer funds and assets into a entity in a tax free jurisdiction?
  24. Is there any recommended threshold of money regarding when you should consider to go offshore?
  25. What is a nominee in context of incorporation?
  26. Is there any currency risk involved in keeping money tied to an offshore company?
  27. If I move my assets off shore would it alert the Internal Revenue Service/Inland Revenue?
  28. Is it still safe to assume that doing your business through an offshore company is still one of the best methods of reducing tax for individuals and companies?
  29. As UK is not a tax haven, what is the reason to include UK structures?
  30. Is it more difficult to open a company account in the UK for UK registered company with non-UK resident Shareholders/Directors?
  31. Some UK companies offer incorporation of UK companies from £14.99? Why are you more expensive?
  32. What is the role of a Nominee Director in the UK Limited corporation?
  33. Do I need a Secretary for a UK registered company?

1. What is an offshore IBC and what do your clients use it for?

IBC stands for International Business Company, which can only trade outside the country of incorporation or with another offshore IBC in the country of incorporation. The majority of our clients are individuals, but we also provide services to corporate clients. The clients use the corporations for international trading and investment, for ownership of real property and land, for ownership of intellectual property, licensing and franchising, for the employment of staff working on overseas assignments, for personal service by individuals working overseas for more efficient tax planning, for more efficient inter-group treasury management, for asset protection and e-business.

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2. How long does it take to set up an offshore business?

Once we have received the payment and all the required information from our clients we dispatch the documents by courier post (FedEx or DHL): From Anguilla or Nevis or Dominica, the same day or not later than the following work day from Seychelles, BVI and Belize in three working days, from Panama, Gibraltar and USA in eight working days, and the UK in five working days.

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3. What proof of identity must clients provide you with in order to start the incorporation process or to buy a shelf company (shelf IBC/shelf LLC)?

To establish the identity, a client must provide a clear copy (by means of fax or e-mail) of one of the following documents containing a photograph: current valid passport or National ID Card or current drivers’ license or social security card. The document containing the information regarding your identity is in strict confidence. It is useful to know that Dominica and most of the other jurisdictions do not have an open Register of Directors or Shareholders and in all jurisdictions confidentiality can be kept by using nominees.

BUY AN OFFSHORE COMPANY ONLINE

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4. Do I have to fill in any complicated forms?

There are no complicated forms for you to fill in. We offer a professional agent services to our client. Speed and accuracy and compliance with corporate law are our top policies.

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5. Are your agent services confidential?

We will not disclose any information concerning our clients without their prior written consent. However, this obligation of confidentiality is not applicable when a court order from the jurisdiction is made to disclose such information or if it is not in compliance with the laws of the countries.

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6. Can you recommend the best tax free jurisdiction for company incorporation?

We incorporate companies in the Caribbean (Anguilla, Dominica, Nevis and BVI), in Central America (Belize and Panama) in Europe (Gibraltar) and in the Indian Ocean (Seychelles). We also offer LLCs in the USA and Limited Companies. In our opinion, the jurisdictions which we offer in the Caribbean, Central America, Europe and Indian Ocean make sense because they have the best legislation and opportunities for the offshore sector at present. More advisable now, is to incorporate in Dominica, and for those clients who require two tax free companies in different jurisdictions or need some specific jurisdiction for any reason, we provide a choice.

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7. How much does it cost to maintain the offshore company each year?

We offer the lowest maintenance fees on the market. The cost for the second year and each year after for Anguilla, Dominica, Belize, Nevis and Seychelles is USD 395 or USD 590 if nominee services are included. The price includes all fees including Government Fees. Our other jurisdictions which we offer all have low annual maintenance Costs. Check our page Our Offers & Fees for all the prices.

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8. Can I get a refund if I change my mind after I have submitted the incorporation form and transferred the funds?

No. Once you have submitted your application and paid for it the process is started immediately. Documents are prepared and filed and Government fees are paid.

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9. In what banks do you offer financial services? Do I still have to pay for this service if I decide to open an account on my own?

We offer two main packages, one package provides Nominee Services, and the other package does not provide Nominee Services. Both packages allow the option to open an account. The option is yours. If you opt for our service, you pay for the service; otherwise you do not pay for what you do not order.

We offer banks in the Caribbean – Nevis, St Lucia, and St. Vincent. We also offer very reliable banks in Europe (Cyprus, Latvia, Austria, Luxembourg, and Switzerland) and Tanzania, Africa.

We open company bank accounts in banks which provide a high level of privacy.

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10. Do you set up Offshore Bank accounts as a separate service?

No, we do not. We only assist our clients who used our incorporation services.

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11. What is the cost of setting up an Offshore Corporate Bank Account?

The costs of setting up the accounts depend upon the chosen location:

1. In St. Vincent 500 USD, £300
2. In Europe (Latvia) 500 USD, £ 300, the Latvia bank will also deduct USD75 for supplying you with a secure electronic device for coded account access called DigiPass (you will receive it with incorporation documents kit and bank application forms from us).
3. In Cyprus 500 USD, £300
4. In Tanzania USD 500, £300
5. In Switzerland USD 500, £300

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12. How long does it take to set up a bank account and what are the procedures?

The time it takes to open a bank account depends upon your location and how fast the courier service can deliver the paperwork to your destination. We will send you the application form to fill with your company details. You have to fill the forms and attach the certified photo identity and send it to the bank. When the original forms are received, the account will be opened.

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13. What are the requirements to open a bank account for an offshore company?

We FedEx the offshore IBC documents and the application forms. You have to attach a photocopy of your ID (Passport or Driving License) and send it back to the bank. In Europe (Latvia) no references will be required from you. Our reference would be sufficient to open the bank account there.

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14. Is it possible to obtain a credit card from an offshore bank?

Yes. All banks that we suggest offer credit/debit card facilities.

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15. Will my offshore corporation have to keep financial records at the registered office?

There is no legal requirement to keep the financial records.

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16. Will my IBC/LLC have to prepare and file audited accounts?

There is no legal requirement to file the accounts of IBCs/LLCs or have an annual audit.

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17. Is it possible to redomicile the corporation?

Of course, you can do it without any problems. Dominica, Seychelles and Panama allow transfers of offshore companies in and out of the country. However, if you want to re-domicile the IBC/LLC from another jurisdiction we recommend Dominica, a 20 year guarantee tax exemption. We can arrange it for you.

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18. What can you say about the offshore America LLC companies offered?

There are no offshore companies in the USA. The US legal entities we sell are known as Limited Liability Companies (LLC), which are properly structured and incorporated by foreigners and conduct their business activities outside the US, can be considered as tax exempt in the US. We are offering the two best states to incorporate, Oregon and Delaware.

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19. What is your professional opinion on the 100% anonymity and confidentiality offered?

We are aware that some offshore agents advertise anonymous bank accounts. anonymously. However, at the very early stages they will ask for some form of identification. In order to disguise the real ownership of the card you might decide to issue a card in a company’s name. You can apply for debit cards — Cirrus, Maestro, Visa and Electron without a name on it, but you still have to provide your identity to open the account.

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20. What are the procedures on how to re-domicile the existing IBC to Dominica?

The laws in Dominica allow re-domiciliation. As a main requirement, the original country of incorporation should allow this to happen. At the moment, for example, we are doing a lot of this work for Bahamian IBC’s due to the dramatic recent changes in the offshore legislation of the Bahamas. The timescale for offshore IBC formation is two working days after the receipt of all necessary documents. The cost varies from 1090 USD to 1390 USD depending whether you use our nominee services or not.

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21. What is asset protection?

It is a transfer of the ownership from an individual to a legal entity, like an offshore IBC company. That way you are no longer the owner of your assets and it becomes more difficult to be successful in suing you. But you are still in control of that company.

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22. Can a person residing in his home country use offshore facilities?

There is nothing there to stop you from getting involved with offshore facilities.

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23. Is it illegal to transfer funds and assets into an offshore jurisdiction?

There is nothing illegal about transferring your assets/funds offshore. No law prohibits that. It is your right to minimize your tax bills to the IRS/IR .You might be breaking the law by not disclosing the information to the tax authorities.

But there are different methods of reducing your tax liabilities by introducing an offshore entity into your business structure.

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24. Is there any recommended threshold of money regarding when you should consider going offshore?

No. It is not a question of when to start dealing offshore, but how much money you can save if you do go ahead with it.

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25. What is a nominee in context of an offshore IBC/LLC?

A nominee is a person who is nominated to fill the position, but who is not the real owner or director of the company. In the offshore context it is used to preserve the identity of the real owners of the business (shareholders or directors). By using the power of attorney, the nominee director or nominee member transfers all the powers to manage the business to a person whom the real owner can trust.

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26. Is there any currency risk involved in keeping money in an offshore IBC?

No. You can keep your assets in the currency of your choice. There is no exchange control for offshore companies in Anguilla, Dominica, Nevis, Seychelles, BVI, Gibraltar, Belize or Panama.

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27. If I move my assets to an offshore company would it alert the Internal Revenue Service/Inland Revenue?

Moving assets to an offshore is not illegal and does not attract special attention from the IRS/IR, if your activities are legal.

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28. Is doing business through an offshore corporations one of the best methods to reduce taxes for individuals/companies?

By operating your business through an offshore company, it can defer profits almost indefinitely by using management contracts, insurance, loans, re-invoicing (more appropriate for international trading activities), factoring your debts, etc. For individuals, the use of offshore facilities would reduce income tax, capital gains tax, inheritance tax, etc. You can defer taxes as well as protect your assets from possible litigation.

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29. As UK is not a tax haven, what is the reason to include UK Limited Company/ LLP in the business structure?

It is right that UK is not a tax haven, but UK companies and LLPs as part of your overall organisational structure can provide most tax advantages from profit extraction point, especially if you are non UK resident or domicile. UK has no withholding tax on dividend payments and has more double taxation agreements than any other country.

We offer several pre-packaged business structures for various scenarios of trading. To find out more about their advantages and further information, please visit the links below:

UK Tax Free Business Structure:

UK LLP with two offshore companies as members

Price: £ 1,566 or USD 2,752

UK Low Tax Business Structure:

One offshore company and a UK registered company (acting as an agent company)

Price: £ 882 or USD 1,532

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30. Is it more difficult to open a bank account in the UK for UK business with non-UK resident Shareholders/Directors?

Yes it is, but we have a high success rate due to good working relationships with various banks. The process is not as straight forward because banks in the UK have very strict Money Laundering procedures and compliance issues to follow and it takes longer for non-UK residents to go through them as information overseas is not easily available.

We introduce your company to several reputable UK based Banks remotely or in person if you wish. We cannot guarantee that the applications will be approved for it is their decision, but we do prepare all necessary documents on your behalf and follow the process through. We have a high success rate in opening UK bank accounts remotely.

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31. Some UK companies offer incorporation of UK companies from £14.99? Why are you more expensive?

The fees displayed on some of the sites are very misleading and you will only know the final bill when you come to pay. Just for a start, only the Companies House fee is £14, which will be added on later. Some prices are quoted without VAT at 20%, which is added at the end when you check out. Such companies offer quick incorporation services in e-format (i.e. delivered via e-mail in PDF format). This is not acceptable for foreign institutions (including banks or trading partners overseas), which may also require additional documents like a Power of Attorney, Notarised or Apostiled incorporation document kit, not to mention the delivery charges overseas via courier. Our price also includes a registered office, which is an obligatory requirement for UK limited companies and UK LLPs.

In essence, the main difference between the cheap incorporators and our company is that we specialise only in providing services to foreign nationals registering UK businesses with offshore elements and understand their needs and requirements. We are very competitively priced in this market.

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32. What is the role of a Nominee Director in the UK Limited company?

A Nominee Directors is a person who in effect rents his name to you, for example to incorporate a company and to appear on the Companies House Register (which is open in the UK). Majority of our clients use Nominee Directors when registering limited companies and LLPs in the UK, because they want to protect their privacy and keep their name off the public records for various reasons (including trading associations’ ones). At the same time the appointed nominees are not actually entitled to manage. This is because the beneficial owners will have a Power of Attorney. At the same time the beneficial owners will take all responsibility from the Nominee Director for actually running the business. The duties of a Nominee Director include signing of company accounts and annual returns. Our Nominee Directors do not operate the bank accounts and we do not offer this service.

The duties of a Nominee Director include signing of company accounts and annual returns.

Our Nominee Directors do not operate the bank accounts and we do not offer this service.

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33. Do I need a Secretary for a UK registered company?

You no longer need to have a secretary as per current UK Companies Act. The duties of secretary automatically fall on the Director. It is strongly advisable to appoint a person knowledgeable in the UK legislation to be compliant. The Nominee Director is not responsible for secretarial duties. Most of our clients add this service to their chosen UK incorporation packages.

Do not hesitate to contact us in case you have not found the answer to your question!

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