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F.A.Q. offshore

We invite you to read this FAQ that could meet your possible questions

Can you cash checks on the account and in what timeframe?

In most cases, banks do not cash your checks, before at least a 6 month period of trust. The deadline for cashing a check abroad is long (2-4 weeks) and, if unpaid, the bank is obliged to charge you for the risk that it is empty for the time of the payment problem.

Is there a dedicated contact at the bank?

As in any bank, account managers are assigned to each account. They may be contacted by any means at your convenience (phone, fax or email). Exception for some banks: all operations are done through your Internet Bank.

Where is the bank?

It depends on the country where your company is registered. Offshore, the company and the bank are often not in the same country, as it is generally more convenient and safer to have an account in Euros in Europe and with the absence of jet lag, which makes your exchanges (this is a non-resident offshore account).

Is it possible to do their banking online?

You can connect to your Internet Bank interface and make all your online transactions. You can also send inquiries by fax by entering your identification code. This system applies to all banking organizations.

What is the limit for transfers from a distance?

There is no limit, you can transfer all the funds in your account to another bank account anywhere in the world.

How quickly does a bank transfer in or out?

An incoming payment takes on average 24 hours to get credited to your account. Outgoing transfers made from your account are in debit with a value date, which ensures your recipient prompt payment.

Can we freely use the money?

Yes. You’re the only one to have power over your bank accounts, so you can perform all the operations you want.

What happens if there is an overdraft on the account?

No overdraft is allowed. The account operates on demand; if you have more no funds in the account, payments are no longer possible.

What is the minimum amount to open an account?

This minimum amount varies by banks. When opening the account, you will most often make a minimum deposit of 5000 Euros to the account, to obtain your credit card and your Internet access.

What is the difference between offshore and onshore?

An offshore company is a non-resident company which is exempt from taxation, which does not file accounts and provides almost complete anonymity. Three conditions must be met: 1) That you be not of the nationality of the country where your company is registered. 2) That you are not a tax resident of the country where your offshore company is registered. 3) What do you do commercially with any company in the country in which you formed your offshore company? An onshore company is simply a country where taxation is more advantageous, such as England or Hong Kong. Taxes are levied, book-keeping is required, but the flexibility of the tax system benefits you in certain situations. You may submit three trade names. We will conduct an availability search of these names with the Trade Register of the chosen jurisdiction. This takes 48 hours.

Who registers the company?

We give instructions to our local agents in each country who realize the full administrative procedures.

Who chooses the name of the company?

You may submit three trade names. We will conduct an availability search of these names with the Trade Register of the chosen jurisdiction. This takes 48 hours.

Is there a physical business address?

The business address can receive mail. Generally, little or no mail is received because the bank does not send you anything unless you specifically request bank statements (all accounts are available online).

Who appears in the statutes?

The director appearing is the Director Nominee. The latter dismisses the powers of the company by signing a Power of Attorney, a document conveying the rights and responsibilities in the company. It is through this document that the bank will recognize you as the beneficial owner of the company and to have only power over any offshore bank accounts. You and your prospective partners are the only shareholders, but you do not appear in the statutes, because the shares are either bearer or held by a Shareholder Nominee.

When and how do I appear?

You appear on the Power of Attorney and computer data in the bank.

What is the minimum capital of the company?

An offshore company requires no minimum capital. The capital default is 50,000 Euros (capital used) but it is not necessary for the creation or afterwards.

Is it possible to have a telephone line or fax to my company?

Yes, it is possible. The telephone number can be forwarded to any number or answering machine. The fax forwards the received files to your email box. An estimate is available upon request.

Who has access to bank accounts?

People appearing on the Power of Attorney and the people signing bank forms and identified by the bank.

Anonymity?

The anonymity is that the Power of Attorney is a document by private agreement and no copy or record exists. You are, with the bank, known only to have power of an offshore company with jurisdiction over the offshore bank accounts.

Who does the accounting?

Offshore, there is no tax, no accounting, or hold. In European countries, we will file accounting each year.

Template of an invoice with header?

Yes. We will provide a model with details of your company, your registration number, other mandatory formalities and your bank details.

What about the VAT?

Like any foreign company charging another, you do not apply VAT, therefore you charge VAT exemption. This rule applies regardless of the offshore.

What should you pay annually?

At the end of twelve months following the establishment of the offshore company, we will return to you to renew your offshore company: Fees and charges relating to the jurisdiction, the headquarters, the Nominee Director, Nominee Shareholder and the agent local authorized. The amount of the second period is specified in our quotation. We will inform you in time – on average 30 days before the anniversary – of the renewal.

Is it possible to close a company and what is the cost?

It is possible for non-use of the company, and the cost, according to country, varies between 700 Euros and 1000 Euros. The fence will be possible after emptying the bank account of the remaining funds and the bank asked to close bank accounts.

What are the formalities required when a foreign company uses an employee living in France?

It’s up to the employee of a foreign company to make statements himself, submitting them to the Bas Rhin County and the URSSAF, disclosing all income and employer taxes. It is best to use an umbrella company solution for wage payments.

What is the creation of the seal / stamp of the company?

We will send a seal or stamp with the name of your offshore company.

What is a nominee director?

The designated nominee director service is used to ensure the highest level of confidentiality: the manager’s name appears in corporate documents, in any contract work and in the commercial register of the jurisdiction.

What is a nominee shareholder?

The shareholder nominee is appointed to prevent the true owner of the company from being publicly associated with the possession of the company. In appointing the nominee shareholder, a Declaration of Trust agreement is signed between you and the nominee shareholder.

In which countries do you open bank accounts?

We can open offshore bank accounts in Switzerland, Liechtenstein, Seychelles, Cyprus, Dubai, UK, Latvia and Hong Kong within our partner banks.

Do I have to physically go to the bank to open an account?

No. You do not have to go there to open a bank account. The whole process can be conducted by us and by correspondence. However, if you wish, we can also organize meetings with bank managers with whom we work.

Is it possible to open a private account in addition to the account in the name of my company?

Yes, we can also open a private account in addition to the bank account in your company name.

How you do choose the location of the offshore company and its direct debit?

The type and country of the offshore company is chosen according to your business and countries you deal with. Direct debit is the physical address of the agent with whom we work locally.

A best suited an offshore company?

We invite you to read this glossary that could meet your possible questions

How to make payment for your services?

By bank transfer, PayPal or cash in our office.

Provided for your benefit?

Our estimates are detailed, and we take care of all paperwork to incorporate your offshore company, including any registration fees, head office, the appointment of Nominee Director and Nominee Shareholder, and delivery of original documents. Various documents are required for opening bank accounts: we ensure the supply of bank forms. We track openings of bank accounts and we respond to questions from the offshore bank, until the opening of accounts. We are available for information on banking, your company, how to activate accounts, and other details of your life.

Is the opening of bank accounts included in your prices?

Yes. The opening of bank accounts is included in our services. A company without bank accounts has no reason to exist.

Do we need to move abroad?

No. No travel to the country of registration or the bank is required, and all formalities are taken care of by us. Once your bank accounts are open we will send you, confidentially, your bank details. The bank will directly send your Visa/MasterCard and your access to Internet banking.

What currency is the bank account?

The bank account is, by default, denominated in Euros or Dollars, depending on your choice. All exchangeable currencies are available.

Is it possible to obtain one or more ATM cards for payment?

The account is opened with a Visa or MasterCard. The other three regular versions are available (Business, Gold, or Platinum). The rates for these methods of payment are set by Visa and / or MasterCard. Rates are similar to those in France. It is also possible to create sub accounts with multiple cards for different partners.

So how much do you charge with your credit card?

Depending on the cards (Business, Gold, or Platinum) will debit the amount of 1000 Euros to 3000 Euros per day.

What are the costs, when making a purchase or a withdrawal with Visa or MasterCard?

Withdrawal fees and payment are set by Visa and / or MasterCard, according to each country. Fees range from 0.5% for payments to 1% for withdrawals. These costs do not depend on the bank but the distributor or retail outlet chosen, and the country in which you made your purchases.

Is it possible to get a checkbook to the bank account?

Some banks still issue and others do not. Generally, we obtain check books only for non-English companies and offshores. Most banks have eliminated the checkbook of their banking system. It is rare to see a foreign check accepted in France by a debtor who has no guarantee. With your credit card and your Internet bank, you can make all payment transactions.  

Which jurisdiction should I choose for my company?

The most important factor in choosing a tax haven jurisdiction is to ensure that the company will be incorporated in a country with the following features: 1) good communication, 2) political and economic stability, 3) good reputation, 4) the rights of companies adapted. Jurisdictions that we work with have all this support. The most suitable offshore jurisdiction also depends on where you live and your place of business. Generally, we recommend offshore companies in Seychelles (low fees, company formation fast and an excellent level of privacy).

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