Do you know there are a lot of people setting up offshore companies in BVI (British Virgin Islands) and Samoa? These places are popular as they offer a lot of benefits on taxes and protect shareholders' and directors' information.
You may consider to set up an offshore company in one of the popular places, but do you truly understand what offshore incorporation is? In order to give you a comprehensive understanding on our fiduciary service, we have listed out 4 FAQ (frequently asked questions) on offshore incorporation below.
(1) What Is Jurisdictions?
The popular regions or locations that our clients chose to incorporate are often referred as the offshore jurisdictions. Offshore jurisdictions offer particular tax discount and provide high protection for both individuals and corporations. Popular jurisdictions are BVI, Samoa, Seychelles and Cayman Islands.
(2) How to Name Your Company?
One of the fundamental elements of setting up a company is the name of your company. Some jurisdictions allow you to name your business in Chinese and some only accept English. If you are fine with business name in English, make sure you are not using words that are restricted by the jurisdictions or name that are already registered beforehand. Last but not least, you still have to consider to include wordings like "limited" ("ltd.") and "corporation" ("corp.") as required by the local government.
(3) Do You Need Shareholders and Directors?
Apart from naming the company, your company should include at least one shareholder and director which they can be the same person and most importantly, most local governments do not file shareholders' and directors' information. Those information is only required to be revealed to local agents.
(4) What Copies Should You Prepare?
All notarised copies must be certified by whether an accountant or lawyer as they are all legal documents. Required items are listed as below:
Register of Shareholders and Directors
Consent of Acting as Director
Director's Proof of Address (a valid personal address which is issued within last three months by specific organisations e.g. utility bill, bank statement and telephone bill)
Original Copy of Bank Credit Certificate of Director
Certificate of Good Standing of the Company (a document that issued by the local government)
Certificate of Incorporation
Articles of Association
Board Meeting Minutes
Other supporting documents
SDG experts are familiar in offshore incorporation and willing to prepare a trust planning and designing in line with our corporate secretarial services. Feel free to book a consultation with us at info@sdgsolution.com as we are confident in providing the best solution for you.
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