Offshore Company Incorporation
Posted on January 13, 2008 - Filed Under Automotive, Legal and Law
One would anticipate a trip to the Offshore jurisdiction at the very least but that is entirely optional, not a rule. All the required information can be submitted online. Even to apply for an IBC, all one has to do is to fill a simple application form on line and follow it up with physical copies of required documents by fax or courier.
The next step would be to open a bank account, and if the bank chosen is one of those with whom the agent has a tie up, forms for the same are forwarded by the local agents and the same can be filled and sent directly to the bank along with other photocopies.
In addition a clear copy of the Passport or Driver’s License or National ID is required to be submitted to the registered agent of the Offshore Enterprise as the latter is expected to maintain a valid identification proof of the legal beneficiaries , shareholders and directors incorporated through them. Although these details do not have to be made public or declared, the registered agent is a custodian of the same.
However, the offshore agent does not adopt the role of advisory to the enterprise. He only provides the tax free vehicle for offshore business and investment at low cost and an efficient manner.
The company to be incorporated is also required to submit a Beneficial Owners Declaration [BOD], which provides the registered agent with information relevant to the owner’s residence, career, present business activity and intended activity through the new organization. An undertaking is also given by the Offshore Company that it will not participate in any unlawful acts in the country of incorporation nor encroach upon other prohibited areas.
The documents of Incorporation are usually signed by a person called the ‘Incorporator’, who is most likely, closely associated with one’s Offshore Service Provider. This person is also the first shareholder on behalf of the Beneficial Owner who in the early stages, acts as a legal signatory in the latter’s absence. The Incorporator also subscribes for the legally acceptable, minimum requisite of shares. After Incorporation these can be transferred to the actual client.
A lot has been done to make these havens business friendly and turn them into an inviting and impossible-to-turn-down proposition for those looking to take the pain away from running a profitable business.
Offshore-protection.com specializes in Offshore Company Incorporation - IBC’s, trusts and Foundations - and assist in the setting up of banking accounts for asset protection, privacy, and tax reduction.
Tags: consulting, financial, legal, Offshore, Startup
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