In order to finalise your proposed structure, you will need to know the key advantages of each jurisdiction. A brief outline of each of our company formation services follows below.
INTRODUCTION TO OFFSHORE COMPANIES
The TMS Group offers a wide range of jurisdictions and services to assist and reduce your tax burden. We suggest that you look at our Structuring & Tax Planning Services page. We have split the jurisdictions we offer into two categories:
Zero Tax Jurisdictions commonly referred to as IBC’s and often described as “tax havens”
Low Tax Jurisdictions which offer tax rates of 20% or less.
FORMING A COMPANY
In most common law countries (broadly the English speaking world) the formation of a company is fairly straight forward and comprises of the following steps:
Check if the name is available and reserve it if possible. Please be aware that registrars will reject the names where they are too similar to the existing ones for this reason we request you to provide us with three name choices.
The incorporation documents are then presented by us to the registry. The speed of incorporation can vary between one day and a week. No personal visit is required.
Certificate of incorporation is then produced by the registry proving the company’s existence. At this point we can start the bank account opening process.
LOW TAX JURISDICTIONS
Common features are:
Tax rates of below 20% (Ireland, Cyprus, Hong Kong & Singapore).
Acceptability for trading in high tax areas e.g. Europe, USA, Canada.
Generally, these jurisdictions are considered reputable.
They do not appear on OECD or other ‘black lists’.
A public registry meaning directors’ and shareholders’ names are searchable. Nominees may, of course, be used.
Accounts (in some cases audited) must be filed both at the registry and with the tax office.
ZERO TAX JURISDICTIONS
Zero taxation (other than an annual fixed fee) e.g. Belize, Dominica, BVI, RAK, Seychelles amongst others.
Minimal information on the public register – at most the registered office and registered agent. No information about the directors and shareholders is publicly available.
Accounts should be maintained but do not need to be filed. No audit is required.