So you have decided to set up your offshore company. You think you know where to incorporate. You know how to form the company. Correct? Well, maybe. You did your research, you gathered all the information, and you think you possess the “know-how”.
But do you know what you don’t know? In other words, are you aware of the things you did not even think about?
The best way to illustrate what I am talking about is to give a working example.
A couple of years ago, one of our clients set up a company in the Emirates – an IBC (International Business Company) incorporated in Ras Al Khaimah (RAK). His two main reasons for setting up the RAK company were:
(1) RAK companies do not have a public register, so the names of the shareholders and directors are not available to public searches and
(2) he did not have to file accounts.
The client did not feel he needed our consultancy services. He decided a RAK company would be a good choice, and the company was formed. Then came the problem he had not thought about. His business was going to be fully ‘on line’, and he wanted to receive payments via PayPal… Fine, until he discovered that PayPal insists that the company and the bank account must be in the same country. Banks in the UAE are not opening accounts for RAK IBC’s (even now). The UAE bank turned him down. Therefore, the company was rendered largely useless for his purposes.
The above example illustrates why we recommend clients to consider our consultancy services.
We offer structuring advice based on your circumstances and your business plans. By ‘structuring advice’ we mean consulting you on choice of jurisdiction and whether it is suitable for your business, our advice on the most suitable bank/e-wallet, payment processor, general advice on setting up your business.
In summary, you can save yourself time and effort as we will do the research for you, and we will recommend a practical and workable solution and structure.