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OFFSHORE BUSINESS – FAQs – OFFSHORE BUSINESS
1. Do I have to travel to "go offshore"?
No you don't have to. # 1 Abacus – Offshore Company Registration Services Corporation is located offshore and serves as your agent to form IBC's, open bank and merchant accounts, hold and forward offshore mail, etc. so that clients don't have to leave the convenience of their home and office to go offshore. But of course if you wish to visit the country you will be always welcomed.
2. What is the best tax haven to form an IBC ?
There are many countries all over the world that are considered as "tax havens". These jurisdictions generally have no taxes (on foreigners) and strict privacy laws. The question is not, "which is the best", but "which is the best for your situation". For Europeans, Americans and Canadians, several factors are important. First, the tax havens under consideration must not have taxes of any kind and strictly enforced privacy laws. Next, English must be the main language, the judicial system must be based on British Common Law, and the country must have a long history of political stability and must be completely independent from one's home country. This narrows the field down to a very few including Dominica and Seychelles. All Offshore jurisdictions form completely private IBC's that are authorized to do business worldwide (except in the country of incorporation). An IBC formed in one country is just as private and functional as an IBC formed in any other country. Therefore, the Cost of setting up and annual maintenance fee becomes the final criteria.
3. How are offshore corporations used?
Main and most popular use of an offshore corporation is for personal investment purposes. Offshore companies may be used to own and operate businesses, issue shares, bonds or otherwise raise capital, guarantee obligations, hire employees, buy goods and services, sell goods and services, enter into contractual agreements, rent office space, maintain checking and saving accounts, etc. Although most of the offshore corporations are closely and privately held, some of them are publicly traded on major stock exchanges.
4. What Is An Acceptable Name for An IBC?
Any name you desire as long as it is not already in use. There are very few restrictions, like bank, insurance, trust, imperial, building society, chartered, Dominica, etc. The name of an IBC must end with "Incorporated", "Limited", "Corporation", PLC, N.V., S.A., GmbH, AG, LLC, Pty Ltd, etc. Other than these limitations, an IBC may have virtually any name. An IBC name may include numbers and symbols and can be registered in any language (English translation is required).
5. What are bearer shares?
Bearer share certificates do not indicate the name of the owner. The certificate simply specifies that the person having physical possession of the document is the owner. Bearer shares facilitate the transfer of assets simply because the transfer of the certificate accomplishes transfer of ownership.
6. Do you provide nominee services for offshore companies?
Yes we do. You can request nominee shareholder (free of charge) and nominee director services for your IBC, both corporate and physical persons.
7. I don't want to use registered shares, what would you recommend to use, bearer or nominee shareholder?
It's totally up to you, but in our opinion, better use nominee shareholder (some banks do not open accounts for companies with bearer shares and so on) especially as we provide this service for free. Bearer shares are not permitted in the Seychelles.
8. Why are your prices so low?
Very simple, we are wholesalers! We supply many of the major offshore providers with the offshore companies registered in Dominica, Seychelles, BVI, Belize, Panama and Gibraltar, and UK LLPs' and Limited Companies and USA LLC's. We generally deal with wholesale clients, but have recently set up this site to offer wholesale prices to the public for establishing Dominica, BVI, Central American, Indian Ocean, European, UK and USA Companies and Corporate bank accounts.
9. What about refunds if after the company is formed but never used I have a change of heart and no longer want the company?
If the company has been formed, all fees will have been paid and the documentation has been completed and filed. We cannot offer refunds.
10. What if I want an offshore shelf company?
Simple – just tell us that you want an offshore shelf company instead of a new entity! Let us know about your interest and we will send you the list of offshore shelf and vintage companies ready for the immediate delivery. Prices for shelf vintage companies will be higher, all our shelf companies have never been used and are 100% clean.
11. Are there any annual maintenance fees for the IBC?
Yes, there are, like in all other offshore jurisdictions. But we are ready to bet nowhere you will find such a low maintenance fee. Each year an IBC has to pay Government fees, registered office and registered agent fees. For Dominica Belize and Seychelles the total annual maintenance fees are US$ 395.00 or US$ 590 with nominee director services. In the other jurisdiction which we offer the annual maintenance fees are also very low. Check all our prices on the Fees & Packages page.. If you want to order a certificate of Good standing for the company, which may be required by some banks or your new business partners, you can order it any time for just US$ 100.
12. What is the amount of the share capital of an IBC? Do I have to pay it in?
The share capital of the IBC in Dominica is limited only by your imagination, but can start as low as US $100.00.The Incorporation price and maintenance fee in Dominica does not depend on the size of share capital. In Seychelles it is advisable to choose up to US $5,000 because if you choose a higher share capital, the prices for incorporation and maintenance fees become unreasonably high. In Panama, while there is no minimum share capital on its offshore corporation, the standard share capital is US$10,000. Both BVI and Belize have no minimum share capital and a standard share capital of US $50,000. In Gibraltar there is a fee of 0.5% on the declared share capital and the standard share capital is £2,000.A US LLC and UK LLP do not issue shares and therefore have no share capital. The UK Limited Company has no minimum share capital, but the standard is normally £1,000. Share capital does not have to be paid-up at the time of incorporation or bank account opening.
13. In what bank do you open an account for an offshore company, and do I have to pay for these services if I want to open an account myself?
First of all, we offer two main packages; the first package offers incorporation of a company without Nominee Director Services. The second package offers incorporation with Nominee Director Services. In any package you have an option to decide if you want a bank account. We provide you with the company documents, which are enough to open an account in any bank. Of course you don't have to pay for the service you didn't order. We open accounts in rock solid banks with high levels of privacy. One of them is the main and oldest offshore bank in Dominica; others include offshore banks in Dominica, St. Vincent, Latvia, Austria and Cyprus. These are recommended for offshore investments and trading. We do not really advise you to have an account in the United States for investment purposes, but for trading companies it can really make sense. If you, for any reason you want to open an account in the United States for an offshore company, we can do it for you.
We have studied many banks and have concluded those with whom we work provide more advantages to our clients.
14. Do these banks provide online banking?
Yes they do, all off them provide Internet banking. Also you can operate your account by phone, fax or mail.
15. Which documents do these banks require for opening an account? Do I have to come to the bank?
When you order an offshore company with a bank account from us, we will FedEx you the company documents with the necessary bank forms. You have to fill them (nothing complicated at all), sign them, attach a photocopy of your ID (Passport or Driver License) and send everything to the bank by courier post. As soon as the bank will receive the package, your account will be activated. The US bank additionally requires two professional references on the signatory (from a lawyer, accountant, or business partner) or banking references. The Latvian bank accepts our recommendation and do not require any additional references. You don't have to visit the banks personally to open or operate your account.
16. What is the minimum opening balance in these banks?
The minimum required balance are as follows:
- Dominican bank: US $ 1,000
- St. Vincent bank: US $ 500
- Latvian bank: US $ 500
- Austria bank: US $ 50,000 - $ 100,000
17. Do these banks look for a good credit history? Do they offer credit, debit and anonymous cards?
First of all, these banks (and all other banks who are dealing with offshore companies) do not perform any credit check and do not look into your credit history, because it is often almost impossible to implement. They would ask you for a security deposit. All banks that we offer follow this rule too and ask you about a deposit before issuing a credit (they are called secured by deposit) card. In the Latvian Bank, the minimum deposit starts from 1,000 USD and Visa Business (or Visa Gold) or MasterCard Business (or Gold MasterCard) can be issued. Additionally the Latvian bank offers you anonymous debit Visa Electron (no minimum deposit), with no security deposit requirements, no name on your card and your will have access to your funds 24 hours through any ATM cash machine in the world. A debit card can be issued within one week from the Dominican bank providing that there is a minimum deposit of US $ 500.
You are in an OFFSHORE BUSINESS!
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