by Gust A. Lenglet
In previous years, the average business owner or investor knew little or nothing about offshore incorporation. With the advent of the internet and other information sources, times have changed. No longer is it only for the very wealthy and other international business entrepreneurs, but the advantages of offshore incorporation are being used by many. Utilizing offshore incorporation features, you can plan your business tax burden as well as protect yourself in case of personal problems or some national catastrophe. Going offshore can be an excellent way to protect your personal and financial privacy, and your future well-being. You also need to be aware that offshore banking and asset protection strategies are completely legal, and makes good business sense.
By using an offshore incorporation vehicle, you can become judgment-proof, as the world-wide courts are not recognized in most offshore jurisdictions; and just as important, tax-free, as there are no taxes assessed on offshore trusts or International Business Companies formed in offshore jurisdictions. Many offshore jurisdictions also do not tax income earned outside of their jurisdiction.
A properly structured offshore incorporation can be an excellent, tax-efficient corporate vehicle through which international business can be conducted, as well as total privacy and asset protection. Most offshore incorporation jurisdictions promote client confidentiality. Shareholders' and directors' details remain private - offshore incorporation jurisdictions tend to have strong corporate and banking secrecy laws; however, be advised that some tax havens have changed. They are reportedly responding to pressure from the Organization for Economic Cooperation and Development (OECD) to exchange confidential information about corporations and bank accounts. This is particularly true in the Bahamas and other English controlled areas where recent legislation and modified agreements have taken away client confidentiality. This tends to negate many benefits of an offshore incorporation there.
There are, however, some jurisdictions, primarily in Asia, who are refusing to cooperate with the OECD requests to exchange information. Singapore and Hong Kong, are well established, reputable jurisdictions, who have nicely growing economies and also offer good potential for investors. Offshore incorporation in these areas remains especially attractive. If you deal in a business that is inundated with problems and reporting requirements under your domestic jurisdiction, then offshore incorporation under a favorable jurisdiction such as these can be what you are looking for.
The purposes for an offshore incorporation is often for anonymity, no or limited liability, high tax exemptions as well as increased revenue benefits, such as no taxes, and asset protection.
Setting up an offshore incorporation for your company in a low or no tax jurisdiction, you could potentially save yourself substantial amounts of money legally. Most often, the rules are that if the company incorporated in a particular jurisdiction doesn't derive income from the local economy, it can virtually, and legally, operate tax free.
Offshore Incorporation offers privacy, increased profits and prestige in the eyes of many. In today's society we're concerned with litigious attorneys, employers, disgruntled employees, ex-spouses, ex-business partners, and the IRS and others invading our privacy. How would you like to have bank accounts with total confidentiality from the above intruders? How would you like to have the option of investing in high-yielding securities and other strategies that an offshore incorporation offers that aren't available at home? With an offshore incorporation, you can have the prestige and credibility of being the founder or officer of your own international company! In addition, you can expand your business and offer your products or services to a worldwide marketplace, while at the same time, maintaining your privacy and asset protection.
In summary, there are many benefits in choosing offshore incorporation. Protecting your privacy from the prying eyes of governmental agencies - especially in the area of online information, legally limiting or eliminating the amount of taxes you pay on your online income, and protecting your business against lawsuits are just a few of the ways an offshore incorporation or IBC can benefit you. We cannot emphasize enough...seek professional legal and accounting assistance and be certain that an offshore incorporation is right for your situation. Be sure to deal with a reputable and knowledgeable firm who has an established track record, and who can satisfy your needs for establishing an offshore incorporation. If everything is properly planned and executed, doing an offshore incorporation should be comparable in cost and time as to forming a domestic corporation in your resident state. Ask the right questions, and don't base your decision solely on cost for an offshore incorporation.
About the Author
Gust A. Lenglet is an accountant and financial advisor for many years. He is President and CEO of HBS Financial Group, Ltd. and offers online tax filing as well as income tax articles and information.
Monday, November 20, 2006
Friday, October 27, 2006
Monday, May 29, 2006
Swiss Bank Account
The mystery of Banking in Switzerland. Is there still bank secrecy in Swiss Banks?
Is your money safe? Are there still gnomes in Zurich's banks?
Do the agreements between the European Union and Switzerland effect you?
Banks in Switzerland is the place to find your Swiss Bank.
High in the Swiss mountains tax havens do exist.
Is your money safe? Are there still gnomes in Zurich's banks?
Do the agreements between the European Union and Switzerland effect you?
Banks in Switzerland is the place to find your Swiss Bank.
High in the Swiss mountains tax havens do exist.
Thursday, April 06, 2006
Dubai Banking
Dubai has the become the tax haven of choice in the middle east.Starting with the free zones, The Jebel Free Zone, the International Financial Center Airport Free Zone and Maritime City.There is even a zone especially for outsourcing the Dubai Outsource Zone (DOZ). Set up a tax free company enjoy world class airport and harbour.
Bank in Dubai and enjoy zero taxation.
Bank in Dubai and enjoy zero taxation.
Wednesday, April 05, 2006
Anti Money Laundering Software
Does your financial institution, bank or credit union have the software to enable you to ensure full compliance with the latest anti moneylaudering legislations? The anti-money laundering software of choice should enable you to know your customer and follow the activity of the account.
All banks onshore or offshore need to be able to see at a glance if there is suspicious activity. With the help of the KYC information that a banking establishment receives from the client and is regularly updated and anti money laundering software a finance company will have no problem knowing a clients normal account activity.
All banks onshore or offshore need to be able to see at a glance if there is suspicious activity. With the help of the KYC information that a banking establishment receives from the client and is regularly updated and anti money laundering software a finance company will have no problem knowing a clients normal account activity.
Tuesday, April 04, 2006
Malta Banks
Why would you open a bank account in Malta? Visit banks in Malta to learn more about offshore incorporation and company formation.
The Offshore Banking way of life. Low taxes and anti money laundering.
Great Britain formally acquired possession of Malta in 1814. The island staunchly supported the UK through both World Wars and remained in the Commonwealth when it became independent in 1964. A decade later Malta became a republic. Since about the mid-1980s, the island has transformed itself into a freight transshipment point, a financial center, and a tourist destination. Malta became an EU member in May of 2004. Many double taxation treaties here.
The Offshore Banking way of life. Low taxes and anti money laundering.
Great Britain formally acquired possession of Malta in 1814. The island staunchly supported the UK through both World Wars and remained in the Commonwealth when it became independent in 1964. A decade later Malta became a republic. Since about the mid-1980s, the island has transformed itself into a freight transshipment point, a financial center, and a tourist destination. Malta became an EU member in May of 2004. Many double taxation treaties here.
Tuesday, February 14, 2006
How To Bank Offshore
This wonderful article you are going to read is just one of the many articles on the subject that you will be seeing on this website. These resources on the subject will give you a wonderful insight as well as the best information that can be found on the internet. So read on...
First of all, we have to define what offshore banking is:
Offshore Banking is having a bank account in a country where you are not a resident. Normally this would be in a tax haven (a country that has low taxes or no taxation). Because of the word “offshore” you would think that only remote islands are offering this type of banking. In reality even the USA and Canada can be offshore tax haven for you depending on your country of residence and nationality.
Why Bank Offshore?
For people living in a politically or financially unstable country banking offshore will allow them to keep their hard earned money in a safe place. One way to lower your taxes is re-invoicing using an offshore corporation.
Some of the other advantages of offshore banking are:
- Low taxes or no taxes at all. Avoid tax rate increases in your home country.
- Higher interest rates are often available due to non-existent corporate taxes.
- Possibility of investments that may not be available in your home country.
- Anonymous accounts and strict privacy and bank secrecy laws will keep your banking confidential. Increase the level of protection by having an offshore corporation.
- Asset protection.
How to get the offshore bank account?
First make a list of banking services you need. Then check carefully the background of the banks in the various offshore banking havens. Take into consideration the distance from your country of residence, if you need to visit your bank frequently. To keep your account confidential it may be wise to travel indirectly to your chosen tax haven.
Offshore banking can be found all around the world. Maybe you will find a bank in country where you would like to vacation. The Caribbean Islands have many offshore banks. Asian countries such as Hong Kong and Singapore have taxation based on territoriality only taxing persons and corporations on business actually done in the country. Both are major financial centers with world class business facilities.
Depending on the services you require the initial bank deposit could be only $500 but may reach $500,000.00 if you desire private banking services.
Most offshore banks have web sites where you can see the services they provide. Look for a downloadable application form. Read it carefully and check what documents need to be submitted with your application. Some documents may need to be notarized.
Some offshore banks are stricter in compliance of KYC or Know Your Customer regulations and may require more documentation than others. Some banks may want you to appear in person to open the account.
We’ve already done the hard work for you by sorting through many sources of information; discover which countries provide offshore banking by visiting offshore banking http://www.offshoreincorporation101.com
First of all, we have to define what offshore banking is:
Offshore Banking is having a bank account in a country where you are not a resident. Normally this would be in a tax haven (a country that has low taxes or no taxation). Because of the word “offshore” you would think that only remote islands are offering this type of banking. In reality even the USA and Canada can be offshore tax haven for you depending on your country of residence and nationality.
Why Bank Offshore?
For people living in a politically or financially unstable country banking offshore will allow them to keep their hard earned money in a safe place. One way to lower your taxes is re-invoicing using an offshore corporation.
Some of the other advantages of offshore banking are:
- Low taxes or no taxes at all. Avoid tax rate increases in your home country.
- Higher interest rates are often available due to non-existent corporate taxes.
- Possibility of investments that may not be available in your home country.
- Anonymous accounts and strict privacy and bank secrecy laws will keep your banking confidential. Increase the level of protection by having an offshore corporation.
- Asset protection.
How to get the offshore bank account?
First make a list of banking services you need. Then check carefully the background of the banks in the various offshore banking havens. Take into consideration the distance from your country of residence, if you need to visit your bank frequently. To keep your account confidential it may be wise to travel indirectly to your chosen tax haven.
Offshore banking can be found all around the world. Maybe you will find a bank in country where you would like to vacation. The Caribbean Islands have many offshore banks. Asian countries such as Hong Kong and Singapore have taxation based on territoriality only taxing persons and corporations on business actually done in the country. Both are major financial centers with world class business facilities.
Depending on the services you require the initial bank deposit could be only $500 but may reach $500,000.00 if you desire private banking services.
Most offshore banks have web sites where you can see the services they provide. Look for a downloadable application form. Read it carefully and check what documents need to be submitted with your application. Some documents may need to be notarized.
Some offshore banks are stricter in compliance of KYC or Know Your Customer regulations and may require more documentation than others. Some banks may want you to appear in person to open the account.
We’ve already done the hard work for you by sorting through many sources of information; discover which countries provide offshore banking by visiting offshore banking http://www.offshoreincorporation101.com
Thursday, February 02, 2006
Panama Tax Haven Bank
Panama well known for its canal is also one of the worlds most recognized tax havens and financial centers.
Just to prove it. Here are Panama Banks
The low cost of living makes Panama a great place to retire. Though many people speak English it would not hurt to learn some Spanish.
Just to prove it. Here are Panama Banks
The low cost of living makes Panama a great place to retire. Though many people speak English it would not hurt to learn some Spanish.
Monday, January 30, 2006
Isle of Man Banks
Why would you like to do your banking in Isle of Man? Isle of Man banks have of the advantage of bank secrecy laws and low taxation that's why a large percentage of the Isle of Man population works in the financial sector.
Discover Isle of Man Banks
http://www.offshoreincorporation101.com/isle-of-man-banks-b.html
Discover Isle of Man Banks
http://www.offshoreincorporation101.com/isle-of-man-banks-b.html
Monday, January 23, 2006
Offshore Banking in Jersey
You have decided to choose one of Jersey Offshore Banks to bank in. The choice is large. At Offshore Incorporation 101 you can find a complete directory of Banks in Jersey.
The island of Jersey and the other Channel Islands represent the last remnants of the medieval Dukedom of Normandy that held sway in both France and England. These islands were the only British soil occupied by German troops in World War II.
The Channel Island economy is based on international financial services, agriculture, and tourism. In 1996 the finance sector accounted for about 60% of the island's output.
Banks in Jersey
Jersey Banking
Jersey Bank Secrecy
Offshore Banking Jersey
Jersey Offshore Banking
http://www.offshoreincorporation101.com/jersey-banks-i.html
http://www.offshoreincorporation101.com/jersey-banks-j.html
http://www.offshoreincorporation101.com/jersey-banks-k.html
http://www.offshoreincorporation101.com/jersey-banks-l.html
http://www.offshoreincorporation101.com/jersey-banks-n.html
http://www.offshoreincorporation101.com/jersey-banks-r.html
http://www.offshoreincorporation101.com/jersey-banks-s.html
http://www.offshoreincorporation101.com/jersey-banks-t.html
http://www.offshoreincorporation101.com/jersey-banks-u.html
The island of Jersey and the other Channel Islands represent the last remnants of the medieval Dukedom of Normandy that held sway in both France and England. These islands were the only British soil occupied by German troops in World War II.
The Channel Island economy is based on international financial services, agriculture, and tourism. In 1996 the finance sector accounted for about 60% of the island's output.
Banks in Jersey
Jersey Banking
Jersey Bank Secrecy
Offshore Banking Jersey
Jersey Offshore Banking
http://www.offshoreincorporation101.com/jersey-banks-i.html
http://www.offshoreincorporation101.com/jersey-banks-j.html
http://www.offshoreincorporation101.com/jersey-banks-k.html
http://www.offshoreincorporation101.com/jersey-banks-l.html
http://www.offshoreincorporation101.com/jersey-banks-n.html
http://www.offshoreincorporation101.com/jersey-banks-r.html
http://www.offshoreincorporation101.com/jersey-banks-s.html
http://www.offshoreincorporation101.com/jersey-banks-t.html
http://www.offshoreincorporation101.com/jersey-banks-u.html
Wednesday, January 18, 2006
Banking in Lxembourg
In Luxembourg most banks are foreign-owned and have extensive foreign dealings. Many banks served as trustees for investment funds.
To see a complete list of Banks in Luxembourg www.offshoreincorporation101.com
Luxembourg is the world's eighth largest financial center.
Luxembourg's Stock exchange trades more than 35000 securities mostly eurobonds from over 4000 companies in 100 countries.
Luxembourg Banks
Banks in Luxembourg
Luxembourg Banking
Luxembourg Bank Secrecy
Offshore Bank Luxembourg
Luxembourg Bank
Luxembourg Bank Account
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To see a complete list of Banks in Luxembourg www.offshoreincorporation101.com
Luxembourg is the world's eighth largest financial center.
Luxembourg's Stock exchange trades more than 35000 securities mostly eurobonds from over 4000 companies in 100 countries.
Luxembourg Banks
Banks in Luxembourg
Luxembourg Banking
Luxembourg Bank Secrecy
Offshore Bank Luxembourg
Luxembourg Bank
Luxembourg Bank Account
account bank for non resident in luxembourg
account bank for expatriate in luxembourg
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luxembourg bank
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Wednesday, January 11, 2006
Singapore Banks
Singapore's Banking Sector has an incredible amount of banks present. Banks in Singapore are from all countries as Singapore is major financial center in South East Asia. To find the right bank for you in Singapore Offshore Incorporation 101 has made available a directory of banks in Singapore
Tuesday, January 03, 2006
Offshore Banking Seychelles
Seychelles has 6 licensed banks, more than enough for a population of 81000.
An offshore company incorporated in the Seychelles has a zero tax rate.
A lengthy struggle between France and Great Britain for the Seychelles islands ended in 1814, when they were ceded to the latter. Independence came to the Seychelles in 1976. Socialist rule was brought to a close with a new constitution and free elections in 1993. The most recent presidential elections were held in 2001; President RENE, who had served since 1977, was re-elected. In April 2004 RENE stepped down and Vice President James MICHEL was sworn in as president.
Seychelles Bank Directory | Banking in Seychelles
An offshore company incorporated in the Seychelles has a zero tax rate.
A lengthy struggle between France and Great Britain for the Seychelles islands ended in 1814, when they were ceded to the latter. Independence came to the Seychelles in 1976. Socialist rule was brought to a close with a new constitution and free elections in 1993. The most recent presidential elections were held in 2001; President RENE, who had served since 1977, was re-elected. In April 2004 RENE stepped down and Vice President James MICHEL was sworn in as president.
Seychelles Bank Directory | Banking in Seychelles
Sunday, January 01, 2006
HSBC Online Banking
The HSBC website seems to be stat central. Rather than using flashy advertisements, they have found that straightforward comparative analysis is their biggest advantage as an online bank. This is perhaps why they use it to lure in potential new customers to their online banking website.
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