* all prices are in us dollar
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Non-U.S from Mexico
“In 30 days i had my ITIN number and started my business”
Non-U.S from Mexico
“In 30 days i had my ITIN number and started my business”
Non-U.S from Mexico
“In 30 days i had my ITIN number and started my business”
Jim Ong ⭐️⭐️⭐️⭐️⭐️
Jun 4, 2021
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Jim Ong ⭐️⭐️⭐️⭐️⭐️
Jun 4, 2021
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Jim Ong ⭐️⭐️⭐️⭐️⭐️
Jun 4, 2021
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Jim Ong ⭐️⭐️⭐️⭐️⭐️
Jun 4, 2021
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Jun 4, 2021
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Jim Ong ⭐️⭐️⭐️⭐️⭐️
Jun 4, 2021
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In the traditional sense, a tax paradise is a country where one can register a business that will remain completely tax-free in that country (except for certain government fees), as long as it does not operate inside its own country. Some tax haven jurisdictions have gone even further, by abolishing business and income taxation for all businesses, both domestic and offshore.
Quite simply, offshore is something that is NOT onshore, NOT nearby the home.
Yes, an offshore company is just the same as your domestic firm, only the offshore company is not burdened by excessive tax, is faster to incorporate and easier to manage.
There are three main purposes. The first is legal tax avoidance, minimization or deferral. The second is asset protection and confidentiality. The third is easy to set up the business system and easy on global payment.
The main advantages are: (a) zero or absolute minimum taxation on profits and capital gains; (b) confidentiality, due to no sensitive personal information registered on public file; (c) protection, due to secrecy provisions enshrined in the law and no information-sharing agreements; (d) corporate flexibility: no paid-up capital, no requirement to declare operational objects, minimum requirements on directors and shareholders, speedy incorporation, and so on; (e) simplicity of management – shareholders` meetings can be held anywhere, and also by electronic means, the corporate decision-making process is extremely flexible; (f) minimum reporting – no audit, no tax reporting, no financial information on public file.
In terms of the internal structure – there is very little difference! An offshore company is quite simply the same sort of legal entity (a corporation), only registered outside the domicile country of its owner(s). Historically, though, the term “offshore” has been narrowly associated with a company, which is not only formed outside the home country of its owner but also has several benefits, that are not exactly available back home. An onshore corporation pays income tax (sometimes, lots of it), an offshore company is tax-free. An offshore company is also free from financial reporting and mundane book-keeping requirements. To form an offshore company, its owners don`t need to come up with big paid-up capital. The offshore company is not required to register its shareholders on a public file. It`s easy and quick to register, simple to operate and maintain. Apart from those “perks”, the internal structure and management principles of an offshore company are still largely similar to those of any “regular” business corporation.
No. There are no minimum paid-up capital requirements for an offshore company.
No. The only mandatory legal requirement is to have a “minimum local presence” in the country. This means having a Registered Office and a Registered Agent.
Yes, certainly – although this may not be the best option from the secrecy point of view.
No. All licensed Registered Agents are required by the law to know the identities and residential addresses of their clients.
No. All pre-incorporation and post-registration procedures can be carried out without the personal presence of the client.
The following business activities are restricted:
Yes, but we cannot guarantee any success at application for such an account. While we can supply merchant service, the success of obtaining a merchant account will depend on the actual business background of the client.
By default, no one in the bank or registrar is going to pass your offshore account information to any foreign agent because of its security rules. However, a bank would be obliged to comply with a local court order, requesting to divulge such information. In principle, a local court order could be obtained, via litigation, by a foreign government or its agency. To obtain such a court order, the foreign plaintiff would need to claim and prove in a (fairly reluctant) court, that the request is directly necessary for an ongoing criminal investigation on money laundering, fraud or other general crime. If this is proven beyond a reasonable doubt, the court may grant an information release order. However, in practice, the success of such cases has been severely limited.
Yes, practically all offshore banks do debit cards. It’s one of their best businesses.
No. The client (the beneficial owner of the offshore company) is at least supposed to confirm to the bank that he is the actual beneficial owner. In addition to that, the owner would also be required to provide his Due Diligence documentation to the bank.
As with any other bank account, the funds of your offshore company bank account will be accessible through credit/debit cards, cheques, Internet banking or withdrawal at the bank.
No. While the registration of an offshore company is a pretty straightforward process, the opening of a bank account, even for the same newly registered company, is a whole different story. The success of the offshore bank account opening does not depend on the legal status and structure of the company, but largely on the personal and business details of the beneficial owner. The main guarantee for a successful bank account opening is providing clear, straightforward and logical information to the bank in regards to the intended business of the company and the details of the beneficial owners of the company.
The time starts ticking after the bank has received the completed account application file. As the account application must contain a substantial number of documents and information from the beneficial owner, we cannot influence the time taken by the client to fill these forms and to obtain these due diligence documents. From the moment the file is with the bank, it can take from a couple of days to a couple of months until the bank comes up with a letter of acceptance – or, sometimes, rejection. In some cases, the bank would ask for clarifications or additional documents from the applicant. Then, it would take additional time until such information or documents are furnished. All in all, it is rather impossible to determine an exact timeframe for offshore bank account opening. Any previous experience with the same bank may be the only reference to go by.
Once the bank account has been opened, you can choose a multi-currency account. This will allow you to keep several currencies in the same account.
No. An offshore company may open the bank account, or even several accounts, wherever the owner wishes. There is no requirement for an offshore company to operate a bank account in its host country.
* all prices are in us dollar
