The process of setting up an Offshore Company (i.e. a company that is registered in a country other than the one in which the Ultimate Beneficial Owners live) is very straight forward, and depending upon the jurisdiction chosen, can be very quick.
1. Choose your jurisdiction
Arriving at a decision as to which jurisdiction suits you best will be the most difficult factor (and with the right guidance, this will not be difficult at all). The jurisdiction you choose will depend almost entirely on the purpose for which you want to use the company. If you are wanting to trade with the US for example, you will want to look for a European location that has favourable corporate tax rates and a Tax Treaty agreement with the US to prevent withholding tax charges.
If you are looking to use the company to hold an asset (such as a piece of UK property) then a jurisdiction that offers high levels of confidentiality would be more appropriate, somewhere like Belize or the Seychelles.
If you are looking to keep your trading information private from competitors and you are likely to be doing business worldwide, a Hong Kong entity may very well be more appropriate. Whatever your circumstances, we can provide guidance for you to ensure you get exactly what you need.
2. Decide on your Company Name
In all countries you are prohibited from incorporating a company with the same or very similar name as one already incorporated in that jurisdiction. It is absolutely possible to incorporate a company in Hong Kong however, with the same name as a UK company. As a result of the required name uniqueness, we ask that our clients give us 3 name options, this avoids disappointment if the first name chosen is unavailable.
Most jurisdictions also have a list of words that are not allowed to be included in their company names. Examples of these include, Assurance, Royal, University , Bank, Trust, Building Society, Cooperative, Chamber of Commerce, Chartered, Insurance, Imperial, Municipal, Foundation, Casino, Fund, Securities or Pharmacy (or anything suggesting the investment of the government of the country of incorporation).
3. Get your Due Diligence Documents ready
In order for us to comply with UK legislation we need the following from you;
- A certified* copy of your passport & driver’s license
- An original or certified copy of a utility bill or bank statement dated within the last 3 months showing your residential address (this will be needed for all Directors and Shareholders)
- An outline of the company’s proposed business activities
*certification of original documents must be carried out by a registered, practicing Solicitor, Accountant or Notary Public.
4. Lastly, contact us and we will process your order
When we process your order we will ask you to provide the following information;
- Who will the Company Director/s be? In most Offshore jurisdictions you can choose to be appointed as a Company Director or confidentiality reasons to use a ‘Nominee’ Company Director provided by us.
- Who will the shareholders be? As with the Directors, in many jurisdictions you can choose to appoint your own shareholders or use ‘Nominee’ Company Shareholders. Again we would provide these for you to maintain your confidentiality.
- How the shares are to be issued? If more than one shareholder is being appointed, what
- Will a Company Secretary be needed and if so who? Some jurisdictions require a Company Secretary, and they might have to be provided locally which we can arrange.
- What Banking, Virtual Office or other services are required? We can also assist you with all of these aspects.
If you’d like more information about what you need to include in an order form please contact us.
5. Make Payment
We receive payments by Paypal and bank transfer. Payment is required before commencement of our services.