Setup An Offshore Company

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Easy Registration/Incorporation procedure:

For processing an offshore company’s incorporation, one must know the following reasons which may delay the company setup.

A) Physical Presence:

The physical presence of the shareholder is required for processing of the company set up in the most offshore jurisdictions including UAE. If for any reason, the shareholder cannot travel because of a tight schedule and the company incorporation is urgent then an alternate processing method can be used by providing the notarized passport copies and other application documents where the shareholder signatures are required. Not all offshore jurisdictions provide such facility so the understanding has to be made before deciding to incorporate the offshore company in a particular jurisdiction.

B) Bank Account Options:

It is true for many reasons that an offshore structure is disabled until it has a corporate bank account. Some jurisdictions allow SME accounts in international banks like Standard Chartered, HSBC, CITI Bank and Barclays e.t.c without physical presence but most jurisdictions require the shareholder(s) to be available for signatures in front of the banker. Physical Presence’s requirement is not difficult to be fulfilled but it takes travel schedule to be properly ascertained by big entrepreneurs before they could actually travel for a day or two.

C) Compliance Requirements:

Some jurisdictions may not have a bunch of requirements when it comes to due-diligence documents as many require the following:

1. Passport Copies of the Shareholder.
2. Jurisdiction’s Entry Stamp Page on the Passport.
3. Original Bank Reference Letter/Last 6 Months Bank Statements.
4. Original Utility Bill/Address Proof provided by the authenticated body from the country of residence.
5. Curriculum Vitae/Professional Profile.

Jurisdictions like the Cayman Islands require some additional documentation like Source of funds declaration and Business Profile of the UBO (Ultimate Beneficial Owner) of the company.

D) Ease Of Doing Business:

No offshore requires proper accounting books to be maintained but there are few jurisdictions which require flat tax to be paid every year to maintain the company bank account. Also, the bank tariffs for all facilities must be compared to finalize the option of a bank for the account. Limits for online transfers and cash deposit also play an important role in deciding the bank for the Offshore IBC’s Bank Account. For confidential advice on the offshore company setup and bank account opening options, our business consultants are ready to answer every query which comes across through the decision-making process of setting up an OFFSHORE Company.