Foreign Banking» Offshore Company Registration
 

Offshore Company Registration

offshore company registration is the process for registering offshore companies in the offshore tax havens. Offshore companies once registered become legal entities which are able to do business transactions anywhere in the world. These offshore companies are also able to set up offshore bank accounts at offshore banks in offshore jurisdictions where this service is provided. Offshore company registration takes place in the following countries or offshore jurisdictions; Dominica, Anguilla, Cayman Islands, British Virgin Islands, Cyprus, Mauritius, Seychelles, St Kitts, Nevis, Belize, Panama, Singapore, Hong Kong and other countries.

Offshore company registration completed by agents in the offshore jurisdictions called offshore services provides or registered agents. The use of offshore services providers for offshore company registration in mandatory in offshore jurisdictions where offshore company legislation stipulates that offshore agents must be used for offshore company incorporation. The offshore services providers are responsible for filing the registration documents with the Registrar of Companies or the authority which is responsible for licensing offshore companies in the offshore tax haven.

Advice on second citizenship is readily available. Dominica second passport system is well regulated and requires a registered agent as intermediary between government and second citizenship candidates.  The dual nationality program has a very strict application process and requires all candidates to be of sound backgrounds.  All citizenship application documents must be notarized and translated into English if written in a foreign language. A few examples of citizenship application documents which are also required for St. Kitts citizenship via citizenship by investment and the sugar investment diversification fund include two completed and notarized copies of Application Form per applicant, professional references and a letter of recommendation from the head of the school for children between the ages of 16 and 18.  Citizenship applicants must also submit an affidavit and a declaration of source of funds.

Offshore company registration is not a difficult task to complete. Offshore company incorporation can take one (1) working day in some offshore jurisdictions. The process for offshore company registration involves completing an application form which is sent to the Registrar of Companies and this is accompanied by a registration fee which must be paid by all offshore companies in order for offshore company registration to take place. A Memorandum of Association and Articles of Association must be prepared for offshore company registration. The Registrar of Companies will issue the offshore company with a Certificate of Incorporation if all the requirements have been met. The following information must be filed by the offshore services provider:

• A proposed name for the offshore company
• The name and address of the offshore services provider
• The registered address of the offshore company in the jurisdiction of registration
• The authorized startup capital for the company
• The number of shares to be issued
• The types of shares to be issued
• The value of each share
• The names and address of the shareholders
• The names, address and nationalities of the company directors
• The powers, limitations, privileges, voting rights and limitations designated to class of shares
• The purpose for offshore company registration
• The by-laws of the corporation

For offshore company registration the company name must be carefully chosen as only unique names are accepted. An offshore company will be refused registration if the name chosen is already in use by another offshore company. Company names will not be used if they are considered to be offensive. The following words and phrases many not be added to offshore company names if the necessary license has not been acquired: fund management, bank, insurance, assurance, chamber of commerce, building society, savings and loans.

Offshore company registration is very affordable and has many advantages. An offshore company will benefit from tax exemptions which is given to offshore companies and also asset protection and privacy.