Offshore Incorporation 101

Tips To Keep In Mind When Using Online Banking

2008-04-02T20:52:00.000-07:00

By Craig Thornburrow

Online banking is becoming much more popular these days than in the past. Especially with high speed Internet getting even faster and Internet users gaining greater expertise in the area of cyberspace, many find that doing their banking online is a handy thing to do. For those who may be new to the concept of banking via the World Wide Web, there are a few tips to keep in mind.

Choose a Bank Which Has a Good Online Banking System

First and foremost, you want to do your banking via online means with those lenders who have a good system going. Banks which have been working in the online bank arena for years may be good ones to choose as they have experience in the art of offering online venues for banking. This means that they may have more in depth websites, offer better online means for banking needs and have more secure operating systems than some of their competitors in this industry.

Know How to Bank Online Securely

Another tip to keep in mind when completing your banking tasks online is to have the necessary knowledge with regard to securely banking online. This knowledge can be gained by reading articles on the subject, inquiring with your lending institution and reading about the safety measures taken by your bank via their website. By having the requisite knowledge with regard to Internet banking safety, not only will you protect your financial interests but you will also have peace of mind in knowing that you are completing your banking in a safe and secure manner.

Determine If Any Fees Are Issued for Using Online Financial Tools

When banking online it is also a wise idea to inquire with your financial institution about any fees which are issued to those who utilize online means for completing banking transactions. Many banks offer the online access to their customers for free however some may issue convenience fees so these are something to be on the lookout for when choosing a bank with online capabilities.

See If You Can Pay Bills Online Via Your Bank Website

In addition to balancing your accounts online and checking on the status of your bank accounts, you may also be able to pay bills online via your financial institution. Many banks which provide online access to customers are starting to allow customers to utilize their bill pay system to pay a variety of consumer bills such as utility bills, credit cards, mortgage payments and more. Paying bills through your bank via the Internet is not only a secure way of sending payment but extremely convenient as well. One who begins to utilize online banking will soon see just how easy it is to use and they will never go back to the old way of banking again.

Craig Thornburrow is an acknowledged expert in his field. You can get more free advice on online banking and offshore banking at http://www.onlinebankingadvice.com

Source: ezinearticles.com

The Risks of Banking Offshore

2008-03-24T02:37:00.000-07:00

by Earnest Leibermanso

If you are looking for a way to keep your money safe, keep your transactions private and lower your tax burden, you may be considering opening an offshore bank account. An offshore bank account can be a good idea for some people, but there are some things you should know before you set up your account.

Unlike what you see in the movie's, offshore bank accounts are not illegal on their own. If, however, you set up an offshore bank account for an illegal reason, like tax evasion or money laundering, you could still be in a lot of legal hot water if you get caught. Even if your offshore bank account was set up for illegal purposes, your money could still be protected, depending on the laws of the country where you have an offshore bank account.

For all of the benefits in having an offshore bank account, there are some risks involved. If you keep you money in a U.S. based bank account, your account is protected by the FDIC. Offshore banks offer no such guarantees. If your offshore bank account is in a country that is hit by a natural disaster, strife or civil war, your money could vanish and you would have no recourse to recover your money.

Even though you don't have to be a millionaire to have an offshore bank account, you should have enough cash to deposit to make your time and trouble worthwhile. There is no one minimum amount for an offshore bank account. Different banks have different rules, but if you want to get the most out of your account, plan on depositing at least $10,000.

The Internet has made managing your offshore bank account easier than ever, but even with secure websites and excellent security, it is still possible for someone to hack into your system or to gather your personal information through a phishing scam.

If your account information is compromised, you could lose your entire investment and there would be little you could do to get your money back. To minimize this risk, never access your account with a wireless connection, especially in a public place. Stick to accessing your account at home with a protected wired network. Never respond to an email from your bank asking for your password or other account information. Reputable banks will never ask for account information in an email.

If you have decided that an offshore bank account is for you, do your research and select a location with laws that are the most favorable for your situation. You can move your money fro country to country, but each time you move your money, you take a risk that you account information will be compromised and your money will be lost.

An offshore bank account provides many benefits, but before you open your account, you should carefully weight the benefits versus the costs and risks involved. If you decide to open an account take steps to protect yourself to minimize the risk.

About the Author
For more information about offshore banking and asset protection in Panama please visit: http://www.offshorelegal.org/

Source: goarticles.com

Offshore Incorporation and Tax Reduction

2008-03-13T02:57:00.000-07:00

by Ron Mendelson

Most people surf the Internet everyday and are swamped with adverts and articles describing the benefits of offshore company formation in various financial and legal aspects. For business owners contending with increasing tax rates on an annual basis the idea of offshore incorporation might just be what you need. While your company struggles to make profits, the powers that be seem only interested in shaving of a substantial portion of your profits by demanding that you pay tax rates that are no reflection of the current state of the economy.

There is nothing wrong with tax; it is the tax that businesses pay that go towards the improvement of the state of a nation and its economy. When the concept of tax was established the idea was to create a compulsory avenue for individuals and businesses alike to contribute a quota of their earnings towards the well-being of the economy. However the disbursement of funds accumulated from charging hefty tax rates are hardly subject to the decisions of the people who pay these taxes but to politicians and lobbyists. Most business owners struggle to pay their taxes regularly only to see majority of these funds misappropriated.

If youâ€™re trying to run a profitable business and look for a legal way of avoiding tax payments, you may want to consider the idea of offshore incorporation. Incorporating your business offshore requires that you pay your taxes on the profits made by your business in the jurisdiction the business is located. Usually this jurisdiction happens may be a small island or country whose government requires only a small fraction of what your company makes. This way you can make much more and pay less tax on what you make from your profits. If youâ€™re the conscientious type you can even invest a measure of your profits into areas of your local economy that you want your money spent in. This way you not only save money on tax but you can contribute your own quota positively to your society without worrying about political wrangling of who gets which tax funds and not knowing what happened to your tax contributions.

About the Author
Ron Z. Mendelson, Managing Partner at Offshore Secrets Network, is a recognized leading expert in wealth management, Offshore Asset Protection and international business.
His expertise covers various fields including: wealth management, international banking, and online gaming business services

Ron Z. Mendelson Managing Partner Offshore Secrets Network SA 1 888 249 9430 http://offshoresecrets.com

Why You Should Have an Offshore Bank Account

2008-03-11T19:17:00.000-07:00

by Ron Mendelson

In the past if someone talked of offshore banking or opening an offshore bank account, they belonged to a category that included: drug dealers, art thieves, dictators and a host of other unsavory characters. Why should anyone with nothing to hide and in their right frame of mind want to open an account in a country that may be halfway around the world? Even much more recent movies still portray offshore banking in a bad light, thereâ€™s always some shady character transferring ill-gotten funds to an offshore bank account in the Cayman Islands or Costa Rica to escape.

While there is some truth to the fact that people of shady character often open offshore bank accounts due to secrecy benefits, there are a larger number of legitimate individuals and businesses who follow this option as well. Even many of the big Fortune 500 companies maintain offshore accounts in countries and jurisdictions like Bermuda or Switzerland. Big reputable banks in Europe such as HSBC also have offshore banking services in such jurisdictions to cater to people who may want to open accounts in these countries.

Opening a bank account in an offshore location has many other benefits other than just secrecy. Offshore bank accounts tend to offer more lucrative investment options than local bank accounts; offshore bank accounts also tend to offer higher interest rates on simple deposits. It is for these reasons that most individuals (especially the wealthy ones) tend to place their money in bank accounts in these countries. Rather than have your money subject to all manner scrutiny in your own country, having this money in an offshore location protects your privacy and garners more profits for you as well. Thereâ€™s nothing wrong with someone who wants to secure a better financial future for themselves and their family by securing their assets in an offshore bank account.

About the Author
Ron Z. Mendelson, Managing Partner at Offshore Secrets Network, is a recognized leading expert in wealth management, Offshore Asset Protection and international business.
His expertise covers various fields including: wealth management, international banking, and online gaming business services

Source: goarticles.com

Panama Banks - Safe, Secure, Stable

2008-03-05T02:55:00.000-08:00

By Earnest Leibermanso

Panama was once listed as a "non cooperative tax haven" but the little country has worked hard to shed itself of that outcast image. If you are interested in banking in Panama for offshore purposes or otherwise, you should learn about the policies, processes, risks and features involved with transacting business with a Panama financial institution.

Panama has recently tightened its anti-money laundering laws and has created a banking system that is extremely private and highly competitive, but it is monitored well by the international offshore banking community. If you decide to do business with a Panama bank, you can be assured that our privacy will be strictly guarded and your assets will be in a bank that is reputable and safe.

Before the major reforms of the mid 1990s, Panama was home to over 150 offshore banks, but that number has been trimmed to around 80 banks. The remaining banks must adhere to strict banking and privacy regulations while at the same time ensuring that illegal activities are not allowed to happen.

Banks in Panama have many advantages over banks in other offshore jurisdictions. The only type of monies that are taxable in the Republic of Panama are those that are generated outside of the country. If you choose to incorporate your business in Panama, but you decide to conduct your business elsewhere, you can deposit all of your assets and earning into your Panama bank without being responsible for paying local taxes on your money.

Panama banks offer many banking services for the banking client that requires a number of different options for their business. There are three types of accounts that you can get at a Panama bank including; merchant accounts, personal accounts and business accounts.

Non-resident Panama bank customers can have Internet account access set up by the bank's management in order to access any necessary account information and in order to transfer funds to and from your Panama bank. It is also easy to apply for and receive a debit, ATM or credit card from a Panama bank to make access to your money even easier.

The majority of banks in Panama require that their potential customers have an initial minimum deposit which can be as low as $1000 USD. Many banks also require that each account must maintain a minimum balance in order to avoid costly fees.

If you decide that a Panama bank is for you, you are able to choose many options. You can open a personal account or you can takes steps to incorporate an IBC or an offshore company. Be prepared to show your personal information and verify your identity by providing a notarized copy of your passport, reference letters and a drivers license or equivalent photo id.

Only you can decide if opening one of the many available accounts at a Panama bank is for you, but you can rest assured that Panama is no longer the place for shady business dealings. The Panama bank system has been cleaned up and offers savvy customers the opportunity to keep their money in a safe account while watching it grow with little tax burden.

Offshore legal is a law firm based in the Republic of Panama which provides clients with professional offshore banking services including free asset planning and protection consultations.

Liechtenstein Bank Shares Fall Amid German Tax Probe (Update1)

2008-02-18T17:04:00.000-08:00

By Warren Giles

Feb. 18 (Bloomberg) -- Liechtenstein banks traded on the Swiss Exchange declined after reports that German police carried out raids on residents accused of illegally funneling money to the alpine tax haven.

VP Bank Group, the first Liechtenstein-based company to list shares in Zurich, fell 7.6 percent to 250 francs, the steepest drop since 2002. Liechtensteinische Landesbank AG, the principality's oldest bank, shed 11 percent to 85.95 francs, the most since the shares were listed in 1993. Neither bank has been named by authorities in connection with the raids.

German prosecutors are investigating hundreds of people for possible tax evasion in connection with a raid on the Cologne home of Deutsche Post AG Chief Executive Officer Klaus Zumwinkel, who resigned last week. Adding to pressure on Liechtenstein banks, authorities in the northern German town of Rostock in a separate case arrested three men suspected of using stolen client data to extort money from LLB.

``Obviously it's bad because if you're a client there you don't know whether the German tax authorities have your details,'' said Claudia Meier, an analyst at Bank Vontobel in Zurich. ``You have to assume that we'll see some decline in client inflows going forward.''

German Raids

The raids are based on a list of alleged tax-evaders for which Germany's foreign intelligence service paid a former employee of another Liechtenstein bank, LGT Group, at least 4 million euros ($5.9 million), the Financial Times said today, citing an unidentified person. The list is thought to include account details of about 750 German nationals who put money in trusts managed by LGT, the FT said.

Police nationwide planned to execute some 900 court-ordered search warrants, beginning with an initial round of 125 searches of private homes at a rate of 20 to 25 a day, the newspaper Sueddeutsche Zeitung reported today, citing people close to the investigation. Homes and business are being searched in and around Frankfurt, Munich, Hamburg and Ulm, business newspaper Handelsblatt said.

LGT, which is owned by the principality's ruling family, said Feb. 15 that client data stolen in 2002 may have been passed on illegally after the former employee who stole the records was convicted. LGT said a link between the stolen data and the German probe wasn't ``conclusively confirmed.''

Rostock Arrests

The arrests by Rostock authorities, which were made Feb. 15, are unrelated to the raids, the local prosecutor said today. The three men, together with a fourth accomplice arrested earlier, are suspected of extorting about 9 million euros from LLB since 2005, in return for about 1,600 account statements. The remaining 400 statements were scheduled to be handed over next year for an additional 4 million euros, the prosecutor said.

LLB spokesman Cyrill Sele declined to comment on the arrests announced by the Rostock prosecutor because the investigation is ongoing. VP Bank spokeswoman Tanja Gartman also declined to comment for this article.

LLB managed client assets worth 60.6 billion francs at the end of June, compared with 39.6 billion francs at VP Bank and 99.7 billion francs at LGT.

Liechtenstein, with a population of 35,000, lies on Switzerland's northeastern border. It has developed financial services into an industry that accounts for 30 percent of gross domestic product.

The principality is listed by the Paris-based Organization for Economic Co-operation and Development as among the ``offshore financial centers'' in which ``significant restrictions on access to bank information for tax purposes remain.''

To contact the reporter on this story: Warren Giles in Geneva at wgiles@bloomberg.net

Source: Bloomberg

What To Consider Before Opening An Offshore Bank Account

2007-10-11T09:07:00.000-07:00

by carl formby

Many banks in different countries of the world offer offshore bank accounts. However, before you open a bank account it is very important to understand the various considerations. Many offshore banks offer a full range of private banking services, but have certain terms and conditions that need to be met by their clients. This article will look at some considerations that need to be taken into account before entering into any relationship with an offshore bank.

The main points any individual must consider before opting for an offshore bank account depends mainly on the status of offshore accounts in the country where the bank is located and in the country of residence of the prospective account holder. But the main considerations that any individual should keep on mind to avoid unfamiliar circumstances are as follows:

1. LEGALITY: An individual must know whether it is legal or illegal to open an offshore bank account in their country of residence. Failure to do so could result in negative tax consequences and/or criminal charges. That said, opening an offshore bank account is totally legal in many places and it is sometimes a vital requirement for individuals and companies to transfer their money around the world.

2. BENEFICIENCY: Before deciding to open an offshore bank account an individual needs to know whether he is actually going to be benefited by it or not. People wishing to live in any other country or businessmen having assets in other countries are those that derive the maximum benefits from an offshore bank account. Make sure that there are advantages to opening an account before you do so.

3. ADVANTAGES: Better interest rates are always among major benefits derived from an offshore bank account. It also solves the problem of conversion of money into different currencies. The transactions made in these banks are totally secured and private. Individuals can easily have other facilities regarding loan, mortgage, credit and debit card acquisitions. The advantages of offshore bank accounts are covered in more detail at http://www.offshorebankbenefits.com

4. TAX AND INTEREST CONSIDERATIONS: Depending upon the size of assets and bank balance individuals will be liable to pay taxes. To seek knowledge of tax legislations individuals should take advice from independent offshore financial advisers or tax consultants. Depending upon the investment account holders also receive interest.

5. CONFIDENTIALITY: Some offshore bank accounts provide complete security and personalized services help to keep confidentiality of transactions, while some do not. If confidentiality is important to you, then make sure the account provides this.

6. COMPARISONS AMONG VARIOUS BANKS: The number of banks offering offshore bank accounts is huge and each has its own advantages and disadvantages. Considerations of account and transaction fees are important. Therefore, it is very important for individuals to differentiate among various banks and choose the best option depending upon his personal requirements.

7. HOW TO OPEN THE ACCOUNT: Individuals need to know the complete procedure to open an offshore bank account, since the procedure can vary in complexity from bank to bank and jurisdiction to jurisdiction. Before applying for the account, individuals should make themselves aware of how much paperwork is involved and the normal amount of time it takes for the account to be opened.

As can be seen, there are several considerations to be taken into account when opening an offshore bank account. Each person should take time to research various banks and jurisdictions before choosing the one that fits best with his or her personal circumstances.

Carl Formby owns and operates http://www.offshorebankbenefits.com, a website dedicated to information and resources about Offshore Bank Benefits

Getting An Offshore Bank Account Via The Internet

2007-08-17T00:10:00.000-07:00

by T. O Donnell

There is no need to use the many middleman websites you will find via a search engine. Most of these are *bogus*, even the slick-looking ones. More and more banks are offering offshore bank accounts direct. Just get a list of banks in the country you're interested in, and go to their web sites.

Opening an offshore bank account is like opening one in your high street; meet their criteria, and you're in. The only difference is you're not there in person.

The first thing is to find out whether they will accept citizens or residents of your country. For example, Swiss banks tend not to want US customers; they don't want the hassle from the IRS.

You will need to prove your identity, and the legal existence of your company, if you wish to open an account for it.

If applying by mail, DO NOT PART WITH ORIGINAL DOCUMENTS. Get copies notarised by a notary public. Originals can be used for fraud or identity theft. Or they can get lost.

A Notary Public is a public officer commissioned by the State to perform notarial acts. A Notary is an impartial witness. The notary is empowered to issue an apostille.

Apostille - Is a method of certifying a document for use in another country pursuant to the 1961 Hague Convention. With this certification by apostille, a document is entitled to recognition in the country of intended use, and no certification or legalization by the embassy or consulate of the foreign country where the document is to be used is required.

In practice this means you provide evidence to this man that you are who you say you are, and/or that your company is what you say it is. You take an oath on the Bible. That's right, it's not a joke.

Due diligence: Banks need to show they have checked who their customers are, and how they came by their money.

Passport - If you apply by post a notarised copy is needed;

Information about yourself - name, date of birth, address, phone number etc.

Your economic background - documents showing how you earn your money (work contract, bank statement, tax return, company documents);

Origin of your deposits - documents showing how you earned them. If you sell a house, proof of the sale, a copy of the estate agent's listing, and so on;

Information about your deposits - how much you plan to deposit, and what you plan to do with the money once you've banked it.

If opening a company account, you send an apostilled copy of the certificate of incorporation to the bank providing your account, along with evidence of your identity, an application form, and any other documents they ask for.

If you want to get an offshore bank account, *consider visiting the bank in person*. If you can, travel to the country in question, and open a bank account there. You probably live near one tax haven at least. This especially applies if you are planning to deposit large sums; find out who you're dealing with!

NOTES:

1. Don't pay a middleman to open a bank account for you. See above.

2. Do not use services which offer bank accounts in Eastern European countries.

You are likely to be cheated, possibly by the bank itself. Avoid Latvia!

3. Avoid web sites where:

The business address is a P.O. Box, or a 'Suite';
The site is on a free web host;
The site is badly translated into English;
You have the sense you are dealing with Africans or Eastern Europeans;
The site has not been updated recently e.g. the Copyright reads 2001;
They've only been running for a few years;
They offer a range of dubious products - second passports, citizenships, anonymous debit cards;
You cannot pay via credit card - it's much harder to get refunds on banker's drafts, Western Union and e-Gold etc;
They require you sign a confidentiality agreement, or you have the sense you are entering quasi-legal or illegal territory.

Bogus offshore banking sites can threaten to report you to your tax authority if you question their methods. It's an old con trick; get the mark involved in something illegal, then he can't go to the authorities.

Offshore bank accounts and company formations are just like their onshore equivalents; there's no big mystery about them. If you want a company formation, contact a local registration agent, who speaks English, in the country of registration. Then use another local agent to check what the first one's done.

Open your bank account yourself.

One last thing: *don't think that because your bank account and company are offshore you can do business in your home country, and/or with fellow residents, and avoid taxes there*.

You'll find plenty of websites that'll purport to help you, right up until the time you get a small brown envelope from your country's tax inspectors, inviting you in for a little chat.

T. O' Donnell is an author and credit broker running websites about unsecured, personal and home loans in London, UK

How To Find Safe Offshore Banking You'll Be Happy With

2007-07-16T22:37:00.000-07:00

by T. O' Donnell

You might want an offshore bank account in order to:

- Expand your business;
- Minimise your taxation;
- Simplify business administration;
- Asset protection;
- Estate planning;
- Financial anonymity;
- Tax-free investing.

Those who engage in international or online business and who generate a large tax exposure can legally ease their burden through an offshore account. Bear in mind that the Swiss government, for example, charges a 35% withholding tax on interest earned by accounts held by foreign residents.

Also, cheques are not used any more in Switzerland. This is a nuisance if you're used to dealing in them.

Many people think that a Swiss bank account is somehow dodgy or unsafe because they are not banking in their home country. This is untrue. Some Swiss banks have been around for over a hundred years. They are the same as your local bank account; just in a different country.

You can pay revenues from your offshore company into it, transfer funds to your other accounts, such as a local bank account used to pay daily expenses and bills, or cover any outgoings that you may still have in your home country.

Participating in international commerce is even easier now because of the World Wide Web. Many businessmen have signed up for Swiss bank accounts in order to manage their funds, protect their privacy, increase financial security and the tax haven benefit.

Offshore savings accounts offer preferential interest rates acting like any other regular savings account. You can make deposits and withdrawals, earning interest calculated on your account balance at the end of each day, which is added to the account twice a year, or more often, depending on your contract.

One of the most common misconceptions is that offshore savings accounts and general offshore banking can legally prevent assets from being subject to personal income tax on interest.

Certainly some have low or no taxation. However this exception is generally associated with certain persons' accounts meeting fairly complex requirements.

The 'no-taxes' conception is incorrect as the personal income tax of most nations makes no distinction between interest earned in local banks and those earned abroad, adding clauses to enforce tax payments.

For example, all individuals and corporate entities subject to US income tax are required to declare, on penalty of perjury, all the offshore bank accounts they may have and pay the corresponding taxes.

While some offshore banks report their clients income to other tax authorities, most of them do not, but this does not make the non-declaration of the income or the evasion of the tax on that income legal.

Offshore savings accounts are not for evading taxes but for investors who want to take advantage of the foreign exchange allowance diversifying their assets by placing some of their funds in a secure offshore location.

There are no guarantees provided on offshore savings accounts but, as with any regular local savings account, your capital is secure and so is the published rate of interest on your capital.

These accounts are classified into:

No Notice Accounts, which are those that do not require notice to be given to withdraw funds. Account features include:

- Minimum balance requirements;
- Minimum amount of transaction;
- Limits to the number of withdrawals;
- Rate guarantees and bonuses may vary depending on which account you choose.

Monthly Income Accounts: These are accounts that pay monthly interest. They may be no notice accounts, if they do not require it, or notice accounts, that mean those where notice must be given to withdraw funds without penalty. Account features are similar to No Notice Accounts.

Interest Paying Current: These are accounts offering the facility of a chequebook or cash card that does not require any notice to be given to withdraw funds. Due to their nature, these accounts vary in the facilities offered such as debit cards, check guarantee cards, overdrafts, etc. Account features are similar to No Notice Accounts.

Notice Accounts - are those accounts requiring notice to be given to withdraw funds to avoid any penalty, including loss of interest. The amount of notice that needs to be given varies with the account you choose. Account features are the same as previous and in the case of bonds there will be a maturity date that marks the end of the account term.

T. O' Donnell http://www.ttoffshorebanking.com is a licenced credit broker based in London, UK.

Google and Spam

2007-02-21T16:26:00.000-08:00

Interesting today I received an email from Blogger that I am a spammer when all I do is promote my own which is all original content. Though, I have noticed that Google does not seem to know what its right hand is oing something while the left hand totally disagrees and is off doing something quite contrary.

My blog does not even show up in the search engines and I don't even get google alerts for it.

So, adieu as even if google approves my blog I will remove it from blogger and move to a more accomadation host. I will have to start from scratch as my lose the content.

Will An Offshore Incorporation Satisfy Your Objectives? Don't Jump In Blindly, Check It Out Carefully

2006-11-20T07:59:00.000-08:00

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.

Offshore Banking News

2006-10-27T10:26:00.000-07:00

Please send us any news of offshore banking in your tax haven jurisdiction.

Swiss Bank Account

2006-05-29T07:48:00.000-07:00

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.

Dubai Banking

2006-04-06T06:50:00.000-07:00

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.

Anti Money Laundering Software

2006-04-05T08:33:00.000-07:00

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.

Malta Banks

2006-04-04T07:37:00.000-07:00

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.

How To Bank Offshore

2006-02-14T23:04:00.000-08:00

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

Panama Tax Haven Bank

2006-02-02T01:52:00.000-08:00

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.

Isle of Man Banks

2006-01-30T19:00:00.000-08:00

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

Offshore Banking in Jersey

2006-01-23T18:16:00.000-08:00

Banking in Lxembourg

2006-01-18T02:58:00.000-08:00

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.

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Singapore Banks

2006-01-11T00:45:00.000-08:00

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

Offshore Banking Seychelles

2006-01-03T21:38:00.000-08:00

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

HSBC Online Banking

2006-01-01T22:57:00.000-08:00

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.

Hong Kong Banks

2005-12-22T04:09:00.000-08:00

Banking in Hong Kong has many advantages because of this we have revised our Hong Kong Banking Directory.

Banks in Hong Kong are now indexed in alphabetical order to enable you to easily find the bank you are looking for:

Hong Kong Banks A
Banks in Hong Kong B
Banks in Hong Kong C
Banks in Hong Kong D
Banks in Hong Kong E
Banks in Hong Kong F
Banks in Hong Kong I
Banks in Hong Kong J
Banks in Hong Kong K
Banks in Hong Kong L
Banks in Hong Kong M
Banks in Hong Kong N
Banks in Hong Kong O
Banks in Hong Kong P
Banks in Hong Kong R
Banks in Hong Kong S
Banks in Hong Kong T
Banks in Hong Kong U
Banks in Hong Kong W

Incorporating in Hong Kong and using Hong Kong based banks is good way to start doing buisness in China. Low taxation and good infrastructure are there to kickstart a profitable venture. There are no taxes levied on companies that carry on their business offshore.