Offshore Company
The BVI Business Companies Act 2004 (“the Act”)
Introduction The New Act came into force on January 1, 2005. Unlike the International Business Companies Act (IBC Act), this new act allows for the incorporation of international offshore companies as well as locally owned companies doing business in the British Virgin Islands (BVI). There is a two-year transition period during which both the IBC Act and the new Act will be in force. After the two-year period, the new Act will be the sole corporate statute for the BVI and will regulate all BVI companies. Range of Corporate Vehicles The new Act provides for flexibility and choice in the range of corporate vehicles. Seven different types of companies can be incorporated, namely; companies limited by shares, companies limited by guarantee not authorized to issue shares, companies limited by guarantee authorized to issue shares, unlimited companies authorized to issue shares, unlimited companies not authorized to issue shares, restricted purposed […]
Tax Havens History
Some twenty years ago, there were only a handful of offshore, (tax havens) and to many, their use was surrounded in ‘mystique’. Also, there were only a few professionals specializing in offshore practice and tax havens, and those that did, typically made use of only one or two jurisdictions. Over the last twenty years, startling advances in technology and the telecommunications revolution, have made it easier to access offshore facilities – so much so, that today’s offshore industry has developed in to a major global business, spanning all quarters of the world, involving, in one way or another, approximately half of the world’s financial transactions by value. Consequently, International Financial Services Centers are no longer surrounded by the ‘mystique’ of twenty years ago. They are used globally, twenty-four hours a day, each and every day, as an integral and important part of the world’s financial system. Possibly […]
Summary of Key Corporate Features of Cayman Islands Exempted Company
General Type of entity: Exempt Type of law: Common Shelf company availability: Yes Our time to establish a new company: 7-14 Days Minimum government fees (excluding taxation): USD575.00 Corporate taxation: Nil Double taxation treaty access: No Share capital or equivalent Standard currency: USD Permitted currencies: Any Minimum paid up: USD1 Usual authorized: USD50,000 Directors or Managers Minimum number: One Local required: No Publicly accessible records: No Location of meetings: Anywhere Members/Shareholder Minimum number: One Publicly accessible records: No Location of meetings: Anywhere Company Secretary Required: No Local or qualified: No Accounts Requirement to prepare: Yes Audit requirements: No Requirement to file accounts: No Publicly accessible accounts: No Other Requirement to file annual return: No Change in domicile permitted: Yes
Summary of Features of Panama Company
General Information Company Law Company Law No. 32 1927 Type of Company Corporation Language of Legislation and Corporate Documents Spanish Taxation of Foreign Profits Nil Exchange Controls None Length of Time to Incorporate 5 working days Shelf Companies Available Yes Corporate Names Name Restrictions Names identical or similar, offensive words Endings and Abbreviations Required Corporation, Incorporated, Sociedad Anonima, or its abbreviations Length of Time to Verify Name Availability 2 hours Reservation of Names Permitted Yes Language of Name Any language using the Latin alphabet Name of Banks, Insurance, Investment Fund, Trust Company or their equivalents requiring consent or license Yes Capital and Shareholders Minimum Number of Shareholders One Local Shareholders Required No Corporate Shareholders Permitted Yes Disclosure of Shareholders No Minimum Authorised Capital Required Yes Bearer Shares Permitted Yes Registered Shares Permitted Yes No Par Value Shares Permitted Yes Directors and Officers Minimum Number of Directors Three natural persons […]
Summary of Features of Cayman Islands Exempted Company
General Information Company Law Cayman Islands Companies Law (Cap.22) . Type of Company Exempt Company Language of Legislation and Corporate Documents English Taxation of Foreign Profits Nil Exchange Controls None Length of Time to Incorporate 1 day Shelf Companies Available Yes Corporate Names Name Restrictions Names identical or similar, offensive words Endings and Abbreviations Required Limited or its abbreviation “Ltd”. Length of Time to Verify Name Availability few minutes Reservation of Names Permitted Yes Language of Name Any language Name of Banks, Insurance, Investment Fund, Trust Company or their equivalents requiring consent or license Yes Capital and Shareholders Minimum Number of Shareholders One Local Shareholders Required No Corporate Shareholders Permitted Yes Disclosure of Shareholders No Minimum Authorised Capital Required No minimum Bearer Shares Permitted Yes (but with restricted mobility) Registered Shares Permitted Yes No Par Value Shares Permitted Yes Directors and Officers Minimum Number of Directors One Qualifications of […]
Summary of Features of British Virgin Islands Company
General Information Company Law Business Companies Act 2004 Type of Company Business Company (BC) Language of Legislation and Corporate Documents English Taxation of Foreign Profits Nil Exchange Controls None Length of Time to Incorporate 2 to 3 working days Shelf Companies Available Yes Corporate Names Name Restrictions Names identical or similar, offensive words Endings and Abbreviations Required Limited, Corporation, Incorporated, Sociedad Anonima, or its abbreviations Length of Time to Verify Name Availability One hour Reservation of Names Permitted Yes Language of Name Any language using the Latin alphabet Name of Banks, Insurance, Investment Fund, Trust Company or their equivalents requiring consent or license Yes Capital and Shareholders Minimum Number of Shareholders One Local Shareholders Required No Corporate Shareholders Permitted Yes Disclosure of Shareholders No Minimum Authorized Shares to be issued No minimum Bearer Shares Permitted Yes Registered Shares Permitted Yes No Par Value Shares Permitted Yes Directors and Officers […]
Summary of Features of Belize International Business Company
Factor Description Income tax in Belize None Conduct business internationally Yes Conduct business within Belize No Formally considered as tax-resident in Belize No Official language / language of documents English Operational objects Anything that is not expressly prohibited by law Minimum authorized capital No minimum required Optimum authorized capital (minimum state duty) $ 50`000 Minimum paid-up capital No minimum required Capital currency Any. US dollar is standard. Bearer shares Yes (but only held in custody by Agent in Belize) Registered Agent in Belize Required Registered Address in Belize Required Minimum number of directors One Non-resident directors Allowed Corporate directors Allowed Register of Directors To be kept by the Registered Agent Register of Directors filed for public record No Minimum number of Members (shareholders) One Register of Members To be kept by the Registered Agent Register of Members filed for public record No Holding of Annual General Meeting Not mandatory […]
SUMMARY OF BVI CORPORATE FEATURES
SUMMARY OF BRITISH VIRGIN ISLANDS (BVI) CORPORATE FEATURES GENERAL Type of Company BC Political Stability Good Common or Civil Law Common Disclosure of Beneficial Owner No Migration of Domicile Permitted Yes Tax on Offshore Profits Nil Language of Name Latin Alphabet CORPORATE REQUIREMENTS Minimum Number of Shareholders One Minimum Number of Directors One Bearer Shares Allowed Yes Corporate Directors Permitted Yes Company Secretary Required Yes Standard Authorized Share Capital 50,000 Shares LOCAL REQUIREMENTS Registered Office/Agent Yes Company Secretary No Local Directors No Local Meetings No Government Register of Directors No Government Register of Shareholders No ANNUAL REQUIREMENTS Annual Return No Submit Accounts No RECURRING GOVERNMENT COSTS Minimum Annual Tax/License Fee USD350 Annual Return Filing Fee N/A
Seychelles Double Taxation Treaties
Offshore companies, like onshore corporations, use shares to reflect their ownership. Shares are in essence units of internal accounting, which represent a participation of an owner in the company. Taking (or buying) a share in a company means simply that a person has agreed to invest some of his personal money, or assets, or intellectual rights or property into the company. When he does so, he acquires the right to participate in the profits of the company, in proportion to his share. In addition to the right to receive dividend, the shareholder would also usually have the right to participate in the decision-making process of the company – although this may not be the case with non-voting shares. There are a few different types of capital. Authorized share capital This is the total amount of money that the company has been allowed (by its Memorandum of Association) to cash […]
Seychelles Company Registration Fees and Registration Procedures (Readymade Company)
Seychelles Company Registration Costs Our fees together with the first-year maintenance fee for a Seychelles readymade (shelf) company are USD950 excluding delivery fee. In particular, our fees cover: first year license fee first year registered agent fee and year registered office fee first year nominee company secretary fee One complete company kit including the corporate documents and company seal our incorporation service charges A extra USD200 will be charged if the shelf company chosen comes with a Chinese name. Documents to be provided by client for the purpose of incorporation Photocopy of passport of each of the shareholder and director Residential address with proof, such as utility bills, telephone bills of each shareholder and director Amount of share capital (unless otherwise advised, all company will be incorporated with a standard share capital of USD50,000) and percentage of shareholding by each shareholder, if more than one shareholder A brief […]