Are you able to have a bank account for an offshore company? The simple answer is yes. First Anguilla Trust will help you set one up so that you can keep track of your finances and be more confident in your company’s spending. However for those who are not familiar with the process, here are some handy things to keep in mind as you go through the process.
You do have the ability to go through this process yourself, but if you have someone create the account for you then there are many advantages. One of which is that you do not have to worry about the paperwork, and the right bank can also be chosen for you and your company. Ask to see if there is a debit or credit card needed for the account and what other special circumstances may apply to you.
Here is a list of documents required to open up a corporate offshore account:
- A notarized copy of your passport
- Notarized copy of utility bill
- A Bank Reference: This is generally a letter from your bank with an official letterhead stating that you have been with the bank for a number of years and have been an upstanding customer.
- A Professional Reference: there are some banks that require these, although they are more rare.
- Full Set of Notarized Company Documents: This includes memorandum, articles of association, certificate of good standing, and a company structure diagram.
- Detailed Business Plan
Going through a third party can help in the assembly of these documents. First Anguilla Trust has many great tools to help you through this process.
Many wonder why they should bother having a trust. The truth is there are many reasons why you should set up a trust, but we have outlined the top ten for you:
- Avoid Probates. Avoiding probates can save you a lot of time, effort, money, and paperwork. Probates are when the judge has to determine the validity of the will and how everything was to be distributed. Setting up a trust would bypass this process and allow your family to access the assets quicker.
- Better Protection Against Contesting. A trust would make it harder for someone to contest an inheritance that they were not happy with.
- Distribution is Flexible. While the person creating the trust would generally outline how the funds would be distributed, there are some exceptions. If the grantor of the trust has the option to disburse in smaller amounts, if the beneficiary does not do well with larger sums.
- Paying for Higher Education. One of the many reasons that parents set up trusts is to help pay for their children’s education. It can be specified that the funds are to go toward education and once that is paid for, the extra money can be split up evenly.
- Charitable Trust. This is a popular way for people to donate to charity in a way that it can be done on a regular basis. Or they can use these to offer their land or other assets to a charity once they pass away or are no longer using it.
- Reducing Estate Taxes. Trusts can help you to reduce the taxes on your estate, which typically happens once a person has passed away and the property is being transferred.
- Dividing Assets and Property. Living trusts can help you to decide how you are going to split up property and other tricky assets. Living trusts can help to spell out who inherits property.
- Eliminate (or reduce) Family Feuds. Trusts are customizable, allowing the grantors to tailor the trust to their needs, or anyone else’s.
- Helping to Manage Affairs. Some people set up trusts so that affairs can still run smoothly even if they become disabled or have other complications due to old age.
- Privacy. There aren’t public record of trusts and do not have to go through probate, so they offer a lot more privacy than wills do.
There are a multitude of entrepreneurs today seeking business relationships with well-established regulated offshore territories to supply their ecommerce needs. Smart, successful entrepreneurs and CEO’s know that establishing financial partnerships with companies that are carefully chosen, lightly regulated, and reside in low tax offshore districts; puts them ahead of their onshore counterparts when it comes to ecommerce business solutions.
Besides gaining significant tax savings, many offshore companies have chosen to work under favorable regulatory frameworks; knowing that the industry of ecommerce will unfold gradually without placing premature restraints upon its workings. The ecommerce industry will ultimately be molded into the type of industry its clients need most. Placing stringent regulations on a fledgling industry could stifle its growth.
Businesses also benefits from low cost regulatory compliance costs, which are substantially reduced from the cost of doing business onshore. This major advantage frees up resources and gives companies the ability to have personnel that are able to focus on the quality and marketing of its products and services.
Main Points When Considering Offshore Ecommerce Solutions:
–Seek contacts that are able to provide complete offshore ecommerce solutions. Ideally they should be able to work across multiple jurisdictions.
–A tax and regulatory corporate structure should be established.
–The chosen ecommerce company should be managed and controlled offshore as well.
–Payment solutions and e-merchant bank accounts should also be set-up offshore.
–Also seek offshore business website hosting.
If an e-company wants to be regarded as “offshore”, their payment solutions and banking must be managed offshore. Many offshore banks are offering competitive rates along with cutting-edge services to make the process even more advantageous.
After solidifying ecommerce solutions with an offshore company, the long list of benefits and rewards can be enjoyed.