Posts Tagged offshore company
Bearer shares a great way to protect your company shares.
Posted by peter in Cyprus Company Formation on January 11, 2009
In certain jurisdictions, bearer shares have common legitimate use, such as to facilitate the transfer of shares and to avoid costs associated with the transfer of registered shares ( stamp duties, expenses incurred through the use of a notary, cost of printing new registered share certificate, etc.)
However, in certain jurisdictions and in certain commercial contexts, the high level of anonymity that bearer shares provide make them attractive for nefarious purposes, such as money laundering, tax evasion and other illicit conduct, especially when they are issued by private limited companies.
Bearer shares are permitted in many (but not all) jurisdictions, both onshore and offshore. However for instant in Uruguay it is the most common thing to form the company by using bearer shares, same in the Netherlands Antilles.
In many continental European jurisdictions, public limited companies are permitted to issue bearer shares while private limited companies are not allowed to do so.
In Gibraltar, for example, an exempt company may issue bearer shares but they must be disclosed to the authorities. Furthermore, the names of the beneficiaries must be disclosed to the authorities. Therefore Gibraltar lost their privilege as Offshore Jurisdiction and as TAX haven; it isn’t of interest for businesses or individuals to form companies there any longer.
Corporate service providers regularly design structures to ensure that the beneficial owner remains anonymous and often act as the intermediary between the client and the authorities in the jurisdiction of incorporation.
For Offshore Company Formation (IBC) or Cyprus Bank Account, please contact cclogic.com we have specialized our services to warrant your anonymity.
What is the different between a Cyprus Company and a Cyprus Offshore Company?
Posted by peter in Cyprus Company Formation on January 6, 2009
Actually they are no different, most people know better the term offshore company since it is the term which is used by many people to describe companies which are located in countries with TAX benefits.
To manage a Cyprus company it isn’t different then managing any other company in any other country, however there is a great benefit for having a Cyprus Company or also called Offshore Company for businesses which trade their gods and service online or which want to make investments.
Most likely people do a Cyprus Company Formation because they want to protect their assets and because it often is easier to have a Cyprus Company / Offshore Company then a local company due to TAX reporting and of course due to TAX treaties. Also in many European countries you must have about EURO 17.000 in share capital to start a company, which isn’t necessary with a Cyprus Company or Offshore Company most often such companies can be established with a share capital of EURO 1.000.
What you also should consider is if you start a new business and you don’t know how things will go then it is much easier to liquidate a Cyprus Company or an Offshore Company in general than any other European Company since the highly regulated countries in Europe will require you to report TAX and Liabilities before you can close / liquidate the company which often is connected with additional costs.
Some may say that an Cyprus Company or an Offshore Company in general isn’t the way to go due to difficulties to trade with other companies because of the limited liabilities such an company has, but this isn’t true, Cyprus is a full member of the European Union and has a good and strong regulated Banking infrastructure which shut down some of the red lights in many people’s opinion.
If you are going to sell your products and services through the Internet, then an Cyprus Company formation or a Offshore Company formation in general is the way to go, you can get started easy and with less costs then with a local company and most important, with your Cyprus Company or Offshore Company in general you will have more protection in regards to liabilities and assets then with a local company formation.
If you are interested to register a Cyprus Company or Offshore Company in general then CCLOGIC LLC can help, contact them today.
A bank reference will be needed from any personal bank account!
Posted by peter in Cyprus Bank Account on January 1, 2009
A bank reference will be needed from any personal bank account you currently have, this will be in the form of a letter and will be required from all the signatories, directors and shareholders of the account you are planning to open.
You also need to send the bank where you want to open the account a board resolution that choices the approved signatories. If you are hiring the services of an agency in your bank account application then they will be responsible for preparing this for you.
Once you have completed all the necessary documents and filled in the forms correctly ensure they are all signed and then they are to be sent together to the bank where you wish to open the account. Once your Cyprus bank account is open you can then make a deposit into it, normally this is in the region of 1,000 USD, 1,000 Euro or 500 GBP.
Any bank account opened in another country, apart from your own country, is considered an offshore bank account. Whether you are looking for a personal offshore bank account or a corporate offshore bank account the appeal of offshore bank accounts is the amount of tax you will save. Recently, rules and laws governing an offshore bank account have become a lot stricter. Any bank account holding over $1,000 USD has to be reported as income to the IRS, even if that bank account is located in a jurisdiction such as the Cayman Islands. Some companies and more affluent individuals choose to open an offshore bank account in the smaller sovereign states as they permit account holders to stay close to anonymous.
Continues at Cyprus Company Formation and Merchant Service Forum
Offshore company formation – Read the News here
Posted by peter in Cyprus Bank Account, Cyprus Company Formation on November 26, 2008
An offshore company formation can be no different to any other business, the only disparity is the jurisdiction in which it has been established. An offshore company formation is usually in the form of an International Business Corporation, otherwise known as an IBC, and receives large tax advantages. An IBC is a corporation that can do business anywhere it likes apart from its home country.
There are consultants who will assist you in setting up your offshore company and advice on all the legal aspects required. They have many years of experience in setting up offshore company, offshore bank accounts, setting up a trust and so on. They also offer total privacy and guarantee that your accounts and personal details will remain secure and confidential.
Anyone in business these days realizes how difficult it is to make a profit no matter how hard you work and when you are paying out large amounts of your profit in the form of tax it can be frustrating. It is important to keep up to date with all the rules and regulations regarding tax and income, after all you don’t want the profits from your business being eaten up by the financial institutions and tax departments!
If you are considering setting up an offshore company then it is advised you look for a reliable and well established agency to help you. As well as having the relevant knowledge and experience they have the experience needed in this area and know all the laws and will be up to date on any changes in these laws. Your business relationship with the agency will be founded on trust, if an agency isn’t trustworthy they would soon be out of business themselves as no-one would want to do business with them. They can offer your company offshore banking and other professional services that go along with it.
You are able to purchase a ready made offshore company if that is what you require with the agency providing a nominee director and nominee shareholder, or you can re-register the company and assign your own people as company director, secretary and shareholders. The choice is yours and can be fitted to suit your requirements. If you are concerned that the ready to trade offshore companies might have outstanding liabilities or have procured debts there is no need as the companies are clear of any trade or transactions since the day they were registered.
You are not required to actually live in the country where your offshore company is registered and that is why it is so popular with all types of industries. There are no restrictions placed on you based on your residence and who controls the company is entirely your decision, you can control it yourself or allocate an agent who is located on the offshore territory to take care of everything for you. Many industries that conduct trade all over the world do so through offshore international business centers and a large majority of the worlds hard currency is kept in offshore banks, much more than anyone realizes and this figure is likely to keep growing and developing for companies and individuals.
Many offshore banks have very strict rules on who they accept as their customers and contrary to popular belief they don’t accept just anyone as long as they have money! They have their reputation to maintain as a reliable and trustworthy financial institution and it would not be acceptable to them to allow criminals to use their services. Opening an offshore company can give you privacy or anonymity, the confidentiality laws of these jurisdictions are usually very strong and are a legal method of minimizing the tax amount you have to pay each year.
Many people set up offshore companies to protect their assets, if there is a liability case brought against them keeping their money offshore can make it more difficult for would-be creditors to get their hands on it. An offshore company can also be a way to save towards your retirement fund, better that money is in your pocket then the tax mans.
Cyprus Company Formation – Offshore Business
Posted by peter in Cyprus Bank Account, Cyprus Company Formation on November 24, 2008
There are many advantages if you are interested in an offshore company formation. The main one is that there are considerable savings to be made in tax, for people working in countries that offer high earning potential this is a major benefit. There is also more privacy and confidentiality with an offshore account. If you don’t want people to know you are the owner of company for any particular reason it is possible to choose others on your behalf to have their names listed for the company. This, of course, won’t affect the control of your business at all. Your operating costs will be lower with less bureaucracy to deal with and added to all these benefits, your personal wealth will grow.
Choosing the right location for your offshore company is an important decision and not one to be taken lightly. You will need to do lots of research beforehand and take everything into consideration before settling on a destination suitable for you and your business. If you are likely to want to visit the location or even have an office set up there you will need to take the travelling time and distance into account as you don’t want be spending excess amounts of time travelling to and from the jurisdiction.
Other factors to consider are the political and economic stability of the country, this is crucial as a country with an unsteady and unreliable economy is not somewhere you should be willing to secure your money. The paperwork involved in setting up an offshore company should be well established and thus be as simple as possible. The accessibility of double taxation treaties are an important aspect as they reduce withholding taxes on the payment of dividends and royalties from contracting states. There should be reliable and trustworthy advisers who can help you with all areas of the offshore business. A good banking system is vital for any offshore company and reliable telecommunications. Lastly, reputation is especially important when it comes to choosing the right jurisdiction as some countries are known as ‘tax dodges’ and should be avoided as they will give your company a bad name.
Once you have made the decision to set up your offshore company in Cyprus there is no need to actually go to the island to register. The company you have employed to set up the business for you will do everything. In fact, if you never want to go to Cyprus at all there will be no need, however it is a beautiful island and worth taking a look for its beaches, climate and friendly locals. Once you pay a visit to the island you might then decide to move here and bring your family. Many companies operate out of Cyprus already but have never been there and they are international and profitable businesses.
There are a range of business activities that are ideal for offshore company formation. Some of the more common include those that deal in imports and exports, International companies dealing in construction and engineering or transport and distribution, real estate companies, shipping companies, commission agents, E-business and holding companies who receive dividends from foreign subsidiaries.
Always seek advice and information from professionals to assist you with your decision making as you should be made aware of any restrictions and reporting requirements.
Cyprus Company Formation
Posted by peter in Cyprus Company Formation on November 24, 2008
Considering setting up and operating your own international company? Then consider Cyprus as the jurisdiction to do it. Strategically located in the eastern Mediterranean, it has the perfect location for access to Europe, Asia and Africa. Its pleasant Mediterranean climate of hot summers and mild winters makes it the ideal place to establish a company where you can have everything you need in a beautiful and relaxed setting.
An independent republic since 1960, Cyprus is governed similarly to other western democracies with the emphasis on human rights, political freedom and private property. Their legal system is familiar as it is based on English Law, added to that, Cyprus is a member of the United Nations, the Commonwealth and the Council of Europe, as well as a member of the European Union.
Language isn’t a barrier in Cyprus as although Greek and Turkish are the official languages, English is spoken by the majority of the residents and commonly used in the areas of business and government.
Cyprus has a well established transport system with two 2 international airports and important port connections. It has a good infrastructure already in place and first-rate telecommunications, banking facilities also offer onshore banks, offshore banking units and dedicated financial organizations.
Many companies are attracted to the island as it is well-known for having one of the lowest tax structures throughout all of Europe. A reputable international financial centre, Cyprus has an extensive system of Double Tax Treaties, a first-rate legal and economic infrastructure already in place and these are just a few of the reasons businesses locate their head offices here.
There are known to be over 20,000 international business companies presently resident and operating on the island. Some of these companies are resident with their head office based here, whilst others are non-residents and facilitate local accountants and lawyers as their representatives.
Cyprus currently has the lowest tax structure throughout Europe and this is what makes it so attractive to those seeking the perfect location for their offshore company. It also offers many advantages in comparison to other jurisdictions and is well known as an international financial centre. The government of Cyprus places no difference on the amount of tax paid, regardless of whether it is a local company or an International Business Company. Everyone pays a single corporation tax rate.