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Companies Questions
1. Offshore? Any country other than yours  2. Onshore? Country of tax residence for an individual or company 3. Tax Heaven? A country or territory whose taxation and the legal system allow an individual or a company to reduce their total tax liability. There are several different categories of tax haven:
4. Who uses these companies? Two significant categories of customer
5. What do we mean by a non-resident company and resident company? A company is "non-resident" simply by its Director and/or its "effective place of management" being located outside the country where it is registered A resident company is taxed in the territory of its registered office. The level of the tax is however very different from one country to another. Although offering less advantageous tax treatment than offshore companies they make it possible for certain activities to enjoy very favourable treatment (profits, dividends...). Residentcompanies, unlike offshore companies have the advantage of benefiting from tax agreements, international treaties which aim to limit instances of double taxation between States. Companies resident with advantageous tax treatment can be registered in Luxembourg, Great Britain, the United States, Cyprus, and Ireland Some examples of possible advantages in term of taxation:
6. International Business Company? The International Business Company is the usual legal form of the companies owned by non-residents in a certain number of jurisdictions such as the Bahamas, British Virgin Islands, etc. 7. Nominee ? Appointment of an individual in the capacity of director and/or shareholder instead of the beneficial owner of the company. The use of nominees lies within a very strict contractual scope. The nominee does not have any directorial capacity of direction and management rights, nor of signature of the company's bank accounts. In return the beneficial owner agrees not to engage in criminal activities. This agreement results from the nominee agreement, a contract signed between the nominee and the economic owner of the company. At any time, the economic owner can revoke the nominee with an unsigned and undated letter of resignation. Share certificates are always held by the economic owner, even where a nominee shareholder is used. The economic owner'sright to represent and sign on behalf of the company are allotted to him by a power of attorney signed by the nominee director. 8. Double taxation treaties? Agreement between two countries whose goal is to prevent a company or an individual being taxed twice on the same income in the two countries. These agreements establish the rules which determine who has the right to tax profits, dividends or income of any kind. 9. Articles of association? Company's articles of association, 3 or 4 copies of which are provided in the official language of the country. In order to open a bank account, certain banks or institutions may require an official translation annotated by the embassy. 10. Registered office? The company's headquarters. In Anglo-Saxon law both the number of the Certificate of Incorporation and the jurisdiction must be indicated on all documents issued by the company(letters, invoices, etc.) 11. Beneficial ownership? The real owner, who may be different from the apparent or legal owner or the shareholders at the time of incorporation. This is a very important concept in the operation of a trust. Shares of the company, in the name of a person. This person cannot appear in Company's articles of association. Unlike registered shares, bearer shares are transferable on delivery of a certificate. This type of share is used in the case of Shelf Companies.
The power of attorney is normally issued for a specific act.
However if you do business with public bodies, it may be essential to have a public document, proving your rights to direct and make commitments on behalf of the company. This legal act must be performed by notary and then authenticated by the Ministry for Foreign Affairs.
Banking secrecy can in theory be removed in cases of tax evasion or money laundering. Let us recognize however that the procedures, in certain jurisdictions, seem rather heavy. Banking secrecy is one of the pillars of the free economy and of the respect of private property.
"Private investment" companies: a company whose object is to invest the owners' money in shares. Import/export companies: ideal in the context of managing the costs of transfers. Professionals services companies: allow providers of professional services to invoice their fees via the IBC. Financial companies: one of the roles of a holding company can be the financing of another company by the means of loans, especially if the company which receives the loan is in a country which authorizes the deduction of interest paid. This strategy makes it possible for a group of companies to lend itself money to itself and to receive the interest tax free in a jurisdiction of its choice.
Applies to a contractual relationship between an individual, or a trustee
company which legally manages an estate, and other people called "beneficiaries"
via a settlor or grantor. The trustee must manage the assets placed in
the trust while respecting the articles constituting the trust (deed or
wishes).
1.If I am not a citizen
or a resident of the country where the
2. Can the bank account be opened in a foreign currency? In the majority of countries, accounts can be opened in the country's currency but also in US$ or Euro.
3. What are the documents needed to open a bank account? Please find this information under the heading Devenir Client .
4. What security do the banking partners selected provide? Banking partners present the official guarantees essential to the traditional financial establishments within the framework of international business. Our partnership enables us to present services in keeping with our customers' requirements.We are regularly invited to meet banking partners in order to refine and to consolidate the existing partnership. It is entirely possible and even advisable to visit the different financial establishments in person.
5. How are the fees for opening a bank account paid?
6. What happens if the bank refuses to open an account for me? If, for some reason, the bank refuses to open a bank account, you would
receive a refund of expenses less administrative fees related to your
application(99 euros). |
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