fbpx

Questions About Company Registration, Bank Account, Residence Permit and Immigration

Questions About Company Registration

An offshore or non-residential company should not have any business relationship with the company generates nil volume of business or conducts business operations within the jurisdiction where it is incorporated.

Further, offshore companies are characterized by three categories:

  • The offshore company should register the entity in the jurisdiction of incorporation for running their international business operations
  • The ‘incorporators’ of the international business entity should be domiciled outside of the jurisdiction of company incorporation.
  • The business transactions of the international company should be exclusively outside of the jurisdiction of incorporation.

However, most associate the term ‘offshore company’ as a means of increasing tax efficiency.

The crucial thing about choosing a jurisdiction is to ensure that your company is incorporated in the country which has:

  • reliable means of communication;
  • political and economic stability;
  • good reputation;
  • sophisticated corporate laws;

Our range of company registration and offshore company incorporation services that we offer are only in the jurisdictions that have the advantages mentioned above.  However, the selection of jurisdiction may also depend on the country you reside in and your business segment. Our expert team of Company Registration and international business incorporation services will assist you in understanding the various jurisdictions out of which you can choose the one that best suits your business requirements.

Among most of the jurisdictions, the Seychelles or Belize is well noted for their low fees, faster incorporation process, and international business information confidentiality. Depending on your business requirements and personal choice, you can also opt for onshore jurisdictions such as Hong Kong, Cyprus or the UK which also offers higher guarantees to their offshore company clients or providers.

There are different mediums through which you can pay like net banking, credit card, cheque, banker’s draft or also by cash at our offices as you feel convenient.

Generally, it is not a mandatory requirement. This is one of the major benefits availed by the “offshore” companies. However, in certain jurisdictions like Hong Kong, Cyprus, Netherlands, Germany, Gibraltar and the UK for example, it is indeed mandatory for companies to produce yearly accounts and to have them audited, and in some cases, to pay taxes.

The company may not be subject to tax reporting to its local authorities from a personal standpoint it must not relieve you from seeking counsel from a tax advisor in your country of residence in order to assess the extent of your own obligations if any.

Company registration: No. We have our office and agent in the target country for any practical reasons, but that does not mean that you will have to travel there to open your company. Everything can be finalized by correspondence.

Bank Account: the answer is Yes and No. it totally depends on the target jurisdiction, some jurisdiction it is possible to open bank account without being present of the shareholder, however, it is mandatory to be present in front of bank authority to open corporate bank account

Processing times vary depending on the company type and jurisdiction selected by the international business entity for incorporation. For more information, you can refer our jurisdiction comparison table. The entire process of company incorporation or offshore company registration starts when the payment process is completed.  Starting from the payment process, the timeline may vary as there are several factors taken into consideration while incorporating an offshore company like receipt of all required documentation and information depending on the selected jurisdiction. Kindly note that we will need up to 10 working days for the legalization of the corporate documents and be sending the new company package to you by courier.

Yes, It is in fact recommended that you do so. In the Company Registration application form you will be asked to input two company names, in order of your preference. We will then verify with the Company Registry of the offshore jurisdiction for the availability of those names for incorporation. If not, we shall send you some alternative names. We also have a list of shelf companies or pre-approved names that we can send to you upon request.

There are certain factors based on which the company name is selected like the name of the company must not be already in use or be too similar to an existing company name or state a trading name. Based on the conditions defined for restricted words, languages and other pitfalls, if the company name falls under any of the above mentioned rules & regulations then we will need you to provide us with 3 unique name choices. is too similar to a registered trademark. Therefore we require you to provide us with 3 name choices. If your first name choice is not available, we will check the availability of the second or third. As part of our review process we will suggest you if the name is identical.

There are several companies which are incorporated by local providers within the jurisdiction and looking for a suitable purchaser. After the company is sold to the purchaser, the company’s ownership transferred to the new owner, who then further continues the activity of trading with new/existing company name. There are several advantages of choosing to purchase off the shelf companies:

  • the time is taken for incorporating a new company.
  • the benefits of allowing contract based bidding (certain jurisdictions have the condition of a fixed age of the business to facilitate this benefit).
  • the age of the corporate in the market.

Note: Because of the age of shelved companies, they have the high price compared to newly incorporated companies.

For offshore companies which need a local agent to act as the nominee for company processes is known as UK Agency Company. It helps in preventing the problems are that observed in traditional offshore company trading internationally. The onshore company acts as the face of the offshore company including benefits of offshore company.

Offshore companies looking for local agency for various processes form The UK Company. In effect the UK Company acts as an agent for the offshore company. An agreement is signed between the two companies specifying the exact terms of their agreement. All business is then conducted in the name of the UK Company but on behalf of the offshore company. Customers enter into a contract with the UK Company, are invoiced by them and pay the invoices into the bank account of the UK Company. Most of the income is then remitted to the offshore company according to the specificities of the agreement.

It should be noted that the UK Company cannot trade within the UK or with any UK businesses. If it does then this income would be subject to UK taxation.

 

Before the UK Company starts trading, it is important that the agreement between the Principal and the Agent must be properly executed:

  • The company acting as the agent for the offshore company must not trade within the UK or with any UK business.
  • The commercial fees of the agreement should be properly set out and concretely paid.
  • The beneficial owner of the offshore company should not be subject to UK tax.
  • The onshore and offshore company should have purely commercial relationship.

The success of offshore and onshore structure majorly depends on the fact that the agent pays corporation tax in UK as per the amount received in the commission after deducting the expenses. Thus, the HMR & Customs has the control over the UK company taxes and not upon all the revenue of the company. This structure is completely legal, being accepted by the UK tax authorities, in English law and even after the G20 there are no imminent signs that can lead to a possible change.

  • The simple definition of a shareholder of the company is he/she is the owner of the company through a share certificate. The company can be owned by a single individual or several individuals depending on the type of company incorporation.

A director of the company is the person who is accountable for seamlessly managing the firm.  The Director is responsible and authorized to sign the crucial documents like the business documents for incorporation, opening a bank account etc. The process of choosing a Director of the company is normally done through election within the company management and shareholders.  There can be one or many directors in a company depending on the company. Further, the director can also be an individual or a company itself.

Yes. In most of the jurisdictions, it is common (and possible) that the same person performs the role of a shareholder as well as director of the company.

The company’s renewal fees needs to be settled on each anniversary of your company in each calendar year. In order to avoid any kind of last minute rush, we recommend to renew two months before the anniversary.

No. The jurisdictions that we work with do not impose taxes on the income or interest earned by the company. However, there are some jurisdictions like Hong Kong, Cyprus or Delaware where tax profits made through business within the jurisdictions need to be paid at the rate of flat 10%.  While a company may not be subject to tax reporting to its local authorities, from a personal standpoint it mustn’t relieve you from seeking counsel from a tax advisor in your country of residence in order to assess the extent of your own obligations, if any.

There are a standard set of documents for International Business formation for companies. However, the document checklist may vary depending on the type of company to be incorporated and selection of the jurisdiction which plays a vital role in the entire process.

Once the company is registered, the set of corporate registration documents are sent to you as scanned copies by e-mail and couriered to at the designated international address defined at the time of Company Registration:

 

  • Official Certificate of Incorporation.
  • Memorandum and Articles of Association.
  • Appointment of First Directors.
  • Register of Directors, Shareholders, Secretary.
  • Share Certificate.
  • Power of Attorney (if applicable).
  • Declaration of Trust (if applicable).
  • A Common Company seal.

As mentioned above, the list of documents may vary depending on the type of company incorporation and international jurisdiction selected for the company registration.

All the company documents orders are shipped using the UPS services so that you can avail the best possible services.

At the time of payment, the shipping and handling charges for sending the documentation or other communication is calculated and added to the order.

The average delivery time taken is estimated to 3-4 days depending on the destination, occasions, business working days, etc.

In case of any delay occurred in shipping the documentation due to any of natural disasters, strikes or events outside of our control, AbroadBiz is not accountable.
Once the documentation is sent through the UPS, the tracking number of the courier will be provided to the company.

Questions about the Process of Opening a Bank Account

As per the standard norms of the international banks, we cooperate with the offshore company person to open an account remotely. So, you are not obliged to come in person to open a bank account and the whole procedure may be completed by post (apart from few exceptions). However, if you wish, we can organize a personal meeting with the managers of the banks we work with.

In case of the personal interview to be scheduled, we shall arrange one with the bank officer at the nearest branch or representative office.

Based on the initial information received from the bank including the standard documents set of an individual or company, we receive the pre-approval confirmation from the bank where the account opening request has been submitted.  The client is qualified based on the information collected in this process.  If there are any queries or concerns related to the processing of the account then the banker will contact us with the details needed.  Further to the approval of the account once processed successfully, you will have complete access of the account to send and receive payments.

No. In order open your account there is a manual process through which all the personal documents are reviewed by us and checked if it is complete and valid.  Based on the information supplied to the bank, the banker has the right to approve or decline the account. The approval or rejection of opening an offshore company bank account also depends on the nature of your business and the information provided by you. However, the cases that we have handled till now, more than 90% of cases are approved by the bank.

As soon as the online purchase is done, we start processing for your bank account. The processing of each offshore company’s bank account vary because there are several factors and information involved depending on the jurisdiction selected. Normally the bank account is activated within a span of 1 week, once all the required information and documentation are received by the bank. The notification email is sent on the registered email ID to keep you updated about your processing.

The bank has the complete rights and authority to approve or reject the offshore company’s bank account opening request. However, we will provide complete assistance to you with information, documentation, and guidance to present in the best way to achieve positive results. However, we do not guarantee it but we have strong experience and portfolio of enabling an offshore company to open bank account successfully.

In case the bank account of the offshore company that you want to open is rejected by any bank then we will evaluate the reasons and suggest alternate banking options. As per our strong experience, almost all our offshore company cases we have received approved bank accounts.

Yes. We can provide you with the professional consultancy services on how to open offshore company bank account and individual private bank account.

The maintenance charges of every bank account vary from bank to bank. However, the average cost is around Euro 200 per year. As far as our charges are considered, we do not charge anything additionally once the bank has been opened.

Please provide the following documents for all Directors, Shareholders, Beneficial Owners, Authorized Signatories:

 

  • A copy of a valid passport notarized by the authorized official. The passport must be signed, and the signature must match with the signature in the application form. The photograph must be clearly visible.
  • Original or Certified copy of utility bill / bank statement (as verification of residential address, not older than 3 months); the household utility bill (e.g. gas, electricity, water or fixed line telephone but mobile phone bill not considered) or bank, building society or credit card statement as the proof of address. It must be not more than 3 months old and your name should be clearly visible with the current address. Just the P.O. Box number mentioned is not accepted.
  • An original or certified copy of Bank’s reference letter dated within 3 months. The reference letter should be from the bank where you hold an active bank account. The reference letter should have confirmation that the relationship has been maintained for more than 2 years and the business affairs are run satisfactorily.
  • In the cases where shareholders and/or directors are corporate bodies are involved, full apostilled set of corporate documents will be required: Certificate of Incorporation, List of Directors, Shareholders, Secretary, Share Certificate, ‘Declaration of Trust’ document signed by the nominee shareholder and the owner(s), Certificate of Good Standing (if the firm has operated for 12+ months); Notarized copy of a valid passport, utility bill and the reference letter for each individual Director, Shareholder and Beneficial Owner.
  • A copy of your personal CV with complete information of your work experience, education, qualifications, current place of work and position should be clearly mentioned.
  • Fully completed and signed an application form. The relevant Application Form you can find in ‘My Transactions’ of your account profile

In order to open a personal bank account, kindly provide the following documents as mentioned below:

  • A copy of a valid passport notarized by the authorized official. The passport must be signed, and the signature must match with the signature in the application form. The photograph must be clearly visible.
  • Original or Certified copy of utility bill / bank statement (as verification of residential address, not older than 3 months); the household utility bill (e.g. gas, electricity, water or fixed line telephone but mobile phone bill not considered) or bank, building society or credit card statement as the proof of address. It must be not more than 3 months old and your name should be clearly visible with the current address. Just the P.O. Box number mentioned is not accepted.
  • An original or certified copy of Bank’s reference letter dated within 3 months. The reference letter should be from the bank where you hold an active bank account. The reference letter should have confirmation that the relationship has been maintained for more than 2 years and the business affairs are run satisfactorily.
  • In the cases where shareholders and/or directors are corporate bodies are involved, full apostilled set of corporate documents will be required: Certificate of Incorporation, List of Directors, Shareholders, Secretary, Share Certificate, ‘Declaration of Trust’ document copy and ultimate beneficial owner(s) (if it is applicable), Good Standing Certificate of the company( in case the setup has been operational for 12+ months); Notarized copy of a valid passport, utility bill and the reference letter for each individual Director, Shareholder and Beneficial Owner.
  • A copy of your personal CV with complete information about your work experience, education, qualifications, current place of work and position should be clearly mentioned.
  • Fully completed and signed an application form. The relevant application form is available in the ‘My Transactions’ section of your account profile

Yes. Once the bank account request has been successfully processed and opened, you can choose a multi-currency account. This will enable you to keep different currencies using the same account. Whenever a new currency transaction is done, the bank will automatically open a ‘sub-account’ so you are not charged with additional exchange fees.

Just like other bank accounts, you will be able to access using credit/debit cards, cheques, Internet banking or withdrawal at the bank.

As per the standard security norms, we are not allowed to access or manage the client’s bank accounts and we do not provide such services as well. As soon as the bank account is opened the bank will provide all the bank account related information to the client. The information may include e-banking security devices, credit/debit cards and PINs directly to the correspondence address mentioned during the bank account opening process. The account can be managed and accessed by only authorized signatories to the personal or company account.

The European Union Savings Tax Directive (EUSTD) became effective on 1st of July 2005 and applies to EU countries on all the incomes like the interest on savings or deposit a/c, etc. Currently, it does not affect interest paid to companies. EUSTD is an agreement between the EU Member States to automatically exchange information between states about individuals who reside in one EU Member state but earn interest in another.

EUSTD applies to EU residents that receive interest on savings instruments, deposit accounts, etc. Currently, it does not affect interest paid to companies.

Travel Cash Card is a card issued by Swiss banks only and the major advantage of the card is it is anonymous. Thus, you have the facility to withdraw cash or buy goods without leaving any trace. Any offshore company incorporated in the jurisdiction can choose to have a Travel Cash Card.

Administrative Services

The role of the nominee director is to ensure the highest level of privacy and confidentiality is maintained, as the nominee director’s name will appear on all the corporate documents whether it is a business contract and in the jurisdiction’s business register.

Whenever the nominee director is appointed, an agreement known as NSA (Nominee Service Agreement) is created. The document is a legal agreement between the signee (nominee) and the client. Based on the details defined in the agreement, nominees have the right to authority to sign/act for client’s request with prior approval. Client can hire professional directors from AbroadBiz who closely work with the superior level of integrity and confidentiality.

Temsilci hissedar, şirketin gerçek sahibinin, bu şirket sahipliğiyle ilgili kamusal olarak ilişkilendirilmesini perdelemek amacıyla seçilir.
Bir temsilci hissedarın atanmasının ardından, Temsilci Hizmet sözleşmesi (mal beyannamesi) müşteri ve temsilci arasında imzalanır. Profesyonel hissedarlar AbroadBiz tarafından en yüksek dürüstlük ve gizlilik derecesinde temin edilir.

The Virtual Office enables your offshore company to have a corporate address in Geneva, London or Hong Kong etc. and to receive mail there, which, in some cases, can be enabled your company to have more credibility and reach.

On choosing this option, we will provide you five different options of logos for your company. Depending on your business requirements and activity, these logos can be further customized and designed to suit your needs. Once the logo has been finalized, you can choose one logo among the ones suggested for the company. The logo will be shared in different file formats The logo will be sent to you in different formats and will be placed on the company’s letterhead and business cards prepared by us.

Using this option, we will provide you the stamp or seal that has your company name, address, and logo which can be used to stamp & seal on documents, communications, etc.

The simple meaning of notarization is that the documents issued by the company are notarized by the authorized notary confirming the authenticity of the documents.
Similarly, the Apostille is a certificate that is recognized internationally for the legalization of company documents by the government jurisdiction in which the offshore company is incorporated.For any kind of international business documents to be evaluated or validated, we recommend you to choose Apostile as the documents. It is useful in all processes, whether you want to open a corporate bank account or need corporate documents for legal proceedings (e.g. concluding a contract).

Bize Ulaşın

+90 212 963 05 52
Size en kısa zamanda geri dönuş yapıcağız

©2018 AbroadBiz Bütün Haklar ve İçerekler AbroadBiz Aittir

Compare

Log in with your credentials

Forgot your details?