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Seychelles general information

Seychelles: general information

Presentation of general information about the Seychelles, peculiarities of the historical, political and economic development, investment environment, business industry and set of financial instruments as well as international reputation of the jurisdiction

Seychelles general information
Why to choose Seychelles?

Why to choose Seychelles?

Detailed research of features and advantages of all business companies types which could be incorporated within the jurisdiction of the Seychelles

Why to choose Seychelles
Seychelles: IBC & CSL

Seychelles: IBC & CSL

The brochure is devoted to research registration process, capabilities, tax rates and application practice in business environment of Seychelles IBC and CSL.

Why to choose Seychelles
Seychelles: Foundations, Trusts, Limited Partnerships

Seychelles:
Foundations, Trusts, Limited Partnerships

The brochure deepen in the essence of the next types of Seychelles entities such as foundations, trusts and limited partnerships which are considered suitable vehicles for international tax planning, assets protection and other financial activities.

Why to choose Seychelles
Seychelles: Cooperation between companies

Seychelles:
Cooperation between companies and banks

The brochure provides considering relationships between banks and entities that is a natural extension of opening an entity in the Seychelles.

Why to choose Seychelles
Seychelles: frequently asked questions

Seychelles:
frequently asked questions

The brochure summarizes the survey about Seychelles offshore and answers some frequently asked questions, which arise when acquainting with the Seychelles jurisdiction.

Why to choose Seychelles
UNITED KINGDOM: OVERALL REVIEW

UNITED KINGDOM: OVERALL REVIEW

In this brochure, examples of practical use of an LTD are examined eg provided detailed information on a business purposes as using an LTD as company receiving dividends, holding company and nominee or agent. Another one issue is to study complex guidance how to rule an LTD and LLP.

UNITED KINGDOM: OVERALL REVIEW
UNITED KINGDOM: LTD & LLP (part 1)

UNITED KINGDOM: LTD & LLP (part 1)

This brochure presents an information about tax rates and tax residence status in the UK. In addition, it is studying the details of the most demanded business structures, particularly Private Company Limited by shares (LTD) and Limited Liability Partnership (LLP)

UNITED KINGDOM: LTD & LLP (part 1)
UNITED KINGDOM: LTD & LLP (part 2)

UNITED KINGDOM: LTD & LLP (part 2)

In this brochure, examples of practical use of an LTD are examined eg provided detailed information on a business purposes as using an LTD as company receiving dividends, holding company and nominee or agent. Another one issue is to study complex guidance how to rule an LTD and LLP.

UNITED KINGDOM: LTD & LLP (part 2)
Public Limited Company

Public Limited Company

In this brochure, the leading experts of our company provide answers on the most popular questions related to this business structure. There is an excellent possibility to fill up your knowledge by information about doing business with the help of Public Limited Companies, receive an explanation on the rules how to sell the company's shares on the stock market and other advantages.

Public Limited Company
Scotland: WHY NOT?

Scotland: WHY NOT?

This brochure fulfilled the UK jurisdiction series with Scottish business structures. All the requirements, practice of application, advantages, main differences between the UK LLP and Scottish LP and other issues are examined in this survey.

Scotland: WHY NOT?
Hong Kong: Comprehensive Review

Hong Kong: Comprehensive Review

This brochure dedicated to inform about business atmosphere and business facilities in the studied jurisdiction, explain the reasons of popularity of Hong Kong entities for tax-optimisation purposes. Familiarity with this brochure is the first step on a way to the possibility of carrying on successful business in stable economic conditions of Asian region with maximum benefits.

Hong Kong: Comprehensive Review
Hong Kong: Choosing Business Vehicles

Hong Kong: Choosing Business Vehicles

The present research concerns the most popular forms of business organization in Hong Kong, as well as the basic rules of their use for the purposes of breaking down the tax burden. The brochure contains a number of clarifications regarding the demand for offshore structures in Hong Kong, a minimum set of requirements for the establishment and registration procedures.

Hong Kong: Comprehensive Review
Hong Kong: Frequently Asked Questions

Hong Kong: Frequently Asked Questions

This brochure summarizes the research concerning the reasons of popularity, business opportunities, tax rates, companies and partnerships in Hong Kong. This is an interview where our manager answers frequently asked questions, appeared during the time of studying the Hong Kong jurisdiction.

Frequently Asked Questions
Business Purposes: Regular Practice

Business Purposes: Regular Practice

The brochure says on corporate and classical targets of Hong Kong enterprises, provides examples of practical use of the enterprises established in Hong Kong. Here we specify the long-term and short-term goals of business structuring, as well as the use of Hong Kong enterprises to operate as a trading company, the company, opening a representative office in China and a holding company, which owns the rights to ownership of the company in China.

Business Purposes: Regular Practice
UnitedKingdomOverallReviewBrochurePopup
HongKongOverallReviewBrochurePopup

Automatic Exchange of Information

April 22, 2016

AEOI

Jurisdictions sign the CRS (Common Reporting Standard) as well as the MCAA (Mutual Competent Authority Agreement). The documents regulate which details should be shared and which authorities are responsible for the handling.

These results are in Automatic Exchange of Information, the jurisdictions join the agreements to automatically exchange information as to the bank accounts of the signatories’ residents.
Common reporting standards were set up to standardize the way in which data should be shared. It’s important that all the parties could streamline the handling out of all the data received.

Is it related to companies, trusts, foundations?

Business ownership, trust deeds as well as foundations are not subject of AEOI, so the jurisdictions have no obligations to send information about business ownership to the other locations automatically. Company proprietorship details are only known by financial institutions. You can keep your company data out of the AEOI scope registering the legal entity in an AEOI hub, but setting the banking accounts in a non-AEOI hub.

Common Reporting Standards pay specific attention to trusts; according to it, the latter should be reportable to the locations, where they are resident. As a rule, it is the domicile of the trustee (mostly a tax haven). Nevertheless, there are also provisions to report taxable income to the dominion of the recipients’ residence.

For offshore IBC in Seychelles, Costa Rica SAs, or Marshall Islands LLCs, for example, there are no CRS provisions, which may oblige the registered Seychelles agent, the accounting or Law Company in Costa Rica reporting any data. Reporting duty is on Reporting Financial Institutions, it doesn’t comprise the types of service providers mentioned above. (For better understanding what a Reporting Financial Institution is – check CRS Section VIII: Defined Terms).

What is «reported»?

In case you open a bank account abroad in some AEOI hub, the latter will report the details about the account to the country, where the account holders reside.

You may have heard about certain thresholds and schemes whereby the account holder sets up a paper-only residence in one of the tax havens. The thresholds are intended to ease the task for the banks unable to collect details automatically and the limits will probably go away in course of the time. At present, in certain circumstances, the banks are allowed not to report on accounts which are under the limit.

What banks don’t report the low-balance accounts?

Those banks, which fail to collect the data about their clients in an appropriate manner do not report the low-balance accounts, but you are unlikely willing to deal with them.

To whom is the information reported?

The information goes to the authorities in the recipient dominion, which should be the residual location of the account holders. Still, in some doubtful cases or due to over-compliance, the banks may send data to multiple jurisdictions. In case, if you have a Norwegian passport and present Panama as a place of residence, a conscientious bank would report to both Norway and Panama. Reporting to all involved hubs is a measure taken by the banks to avoid the cases of obvious abuse of easy-going residency schemes.

Why do jurisdictions sign up for CSR, MCAA, and AEOI?

Reputation gains more and more importance in regards to financial services, so at present the reason is having a good reputation.

What about the US and FATCA?

FATCA is isolated, while the US did not sign up for AEOI, and does not have such intent. The US considers FATCA good enough; however, it doesn’t always live up to its obligations under FATCA. So the United States doesn’t follow the OECD standards while the latter lacks influence to force the USA to comply with the AEOI regulations.

Is the USA more secretive now than Switzerland, Singapore or the Cayman Islands?

Definitely, it is. Keeping the means, the USA has become extremely attractive lately to the non-resident, non-citizens of the US. The country shows political stability, being wealthy enough and able to offer sophisticated financial services.

How can I avoid AEOI or prevent it?

There are certain schemes available, they are not simple, nevertheless, it comes down to one or both of the following:
1. Move to a tax haven offshore.
2. Surrender possession of the assets.
3. Turn to on-AEOI hubs.

Move to a Tax Haven Offshore

The majority of tax havens have extremely tough immigration rules, so it’s easier said than done.

However, the citizens of the European Union are lucky enough because there are various tax havens with relatively easy or even free movement opportunities, like Malta, Switzerland or Cyprus. Nevertheless, due to the multi-jurisdictional reporting, changing the place of official residence may be not enough. However, in most cases it relieves the tax burden (especially for the non-US citizens).

Surrender Possession of the Assets

In case, if you have no assets and you aren’t the UBO of the assets, you are not in the scope for AEOI. So, settling the properties in a trust, setting up a foundation, or some kind of non-ownership arrangement may help you avoid the reporting. You can maintain control over your assets, without the ownership. Still it may cost you a lot and it’s not an easy task to realize. The decision should be reasonable and well-thought.

Turn to Non-AEOI Hubs

Before you set your eyes on Lebanon or Azerbaijan to open an account abroad, think that they may sign up the agreement in future, even though they have not done it yet. In a long run, little jurisdictions worth talking about will stay outside the AEOI. Do you really want to spend years jumping from hub to hub, changing the location to more and more reputable location with each jump? Are you ready for such a continuous cat-and-mouse game?
Keep in mind that AEOI is here and is going to stay, so it’s spreading all over the globe.

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