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 so many different things that offshore companies have to offer that it can almost be overwhelming at times. Many wonder why they should have property in their off shore company- what is all the fuss about? What are the benefits associated with it?
Offshore companies have the ability to handle many different types of property transactions. Real Estate is something that is especially suited for offshore companies. Ownership is extremely simplified and it is a great form of assets protection because it offers a buffer between the owner and the company itself. This would help relieve any sense of personal liability. An example of this would be when a person is harmed while occupying a property.
If you were selling a property, the costs of transferring the property would be much lower because the ownership of the land is still with the company. The Government Land Registry would not be involved so the share transfer would also be much easier than the alternative.
One last thing that is helpful about having your property through an offshore company is that passing this property along to children or other family members becomes simplified as well. Trusts and wills can be set up and put into place using a third person party and they can make sure your wills and trusts are seen through, especially it comes to your property and other assets.
If you are looking to invest in other companies and get involved in properties in Anguilla, feel free to contact us.