TaiPan International

How to guides

Company registration and
bank account opening

Here you will find short key features of select zero tax & low tax jurisdictions, together with IBCs and other offshore company formation.

You will also quickly navigate to our complete guides that cover all aspects of company formation and bank account opening topics.

Business Set up and Structuring Services

On this page, you will find the following:

Where to register your offshore business?

The good news is that there is no need to register your business where you live or plan to live. You don’t have to move or travel anywhere. You can choose to set up a business wherever it suits your circumstances. Nearly any online business is suitable to be run by an offshore company, so if you have online consultancy, coaching or e-commerce business, you are in the right category, but of course, this list not at all exhaustive. We will be happy to advise you whether your business is suitable and you can structure it.   

 

The next step is to choose where your new company should be incorporated. It is straightforward to incorporate a company, but it can be costly if you don’t think it through first. You can, for example, find out that your company was incorporated in the wrong country for your type of business.

How to decide where your company should be established?

To decide where your company should be established, you need to ask yourself some fundamental questions. The most crucial questions are: 

  1. Where do you live?
  2. What is your citizenship?
  3. Where is your tax residency?

Even though you may think that all three of the above questions should have the same answer at first glance, it is not necessarily the case. 

 

For example:

 

There may be a US citizen living in Dubai with a Dubai tax residency or

a Polish citizen living in Thailand. Each of the examples has different tax implications:

 

In the case of a US citizen, he will always need to declare his worldwide income and pay some taxes where his income exceeds the $100K exemption.

 

If you are a Polish citizen, you may be subject to an exit tax if you become a non-resident. 

Companies with low taxes vs reputational risk

There is a balance to be struck. Traditional tax havens are going through rough times, mainly due to the recent scandals (e.g. Panama Papers). Therefore, you should carefully consider whether your clients may suffer withholding taxes when paying invoices issued by a BVI (British Virgin Island) company. You may also find it very difficult to open a bank account for a typical tax haven company. 

 

However, a company incorporated in Singapore or Hong Kong where taxation is relatively low but not perceived as a tax havens may be a better option.

 

Considering complex company structure

You should also consider whether a more complex structure would work better for your type of business.

 

 It does not have to increase your costs by very much and also increase the level of privacy and protection. UK companies, which are not expensive to form, may work very well in an “Agency Structure.” 

 

It is worth remembering that the price of the company is not the most crucial factor here. Many offshore company service providers offer very cheap formations. They will tell you what you want to hear but not what you need to know.

 

After the formation, you may find out that your company cannot open a bank account or find that it is not suitable for trading in your chosen areas. For example, a British Virgin Island company selling to French clients is simply not going to work.

Consultancy Re-domiciliation
Fixed fee re-dom consultancy service

Bank account and e-Wallet accounts

Getting paid - bank account, e-wallet, payment providers

How would you expect your clients to pay you? Although the choice largely depends on types of services or product you are selling, at the end of the day you will still need a bank account.
 
You may have heard familiar names such a Shopify, Stripe… but some payment platforms like PayPal require your company bank account to be in the same country (of registration). So, in the case of PayPal you need to ensure that your company can open a bank account in the incorporation jurisdiction.
 
There are, of course, alternatives such as Stripe, which does not have the same restrictions.
 
You should always have more than one bank account for your company. Banks differ in the way they operate, in their transfer charges, exchange rates etc. Therefore it is better to have a choice. We would generally recommend setting up one e-wallet account and one traditional bank account.    
 

Choice of a bank or an an e-wallet? or both...

What is e-wallet account?

In brief, e-wallets is an online digital ‘bank’. The main difference between banks and e-wallets is that the traditional banks have a banking licence and e-wallets hold a money services licence.

 

How much does e-wallet cost?

E-wallets tend to offer cheap transfers and have low maintenance fees. Traditional banks are suitable for keeping most of your money and receiving payments from platforms like PayPal. However, an e-wallet account is much easier to open than an account with traditional banks.

Maintaining your offshore company

Once your company is incorporated and has a bank account, it should run itself, allowing you to concentrate on your business.

 

You can rely on us to let you know well in advance whenever your company needs to be renewed, whenever you need to prepare accounts or file annual returns. We can also recommend several useful online tools and programmes for bookkeeping, admin, calendar appointments as examples.
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Company registration - Jurisdictions Key Facts

Hong Kong Company Features

What is the company tax rate in Hong Kong?

The maximum rate of corporate tax in Hong Kong is 16.5%, with a lower rate of 8.25% on assessable profits below HK$ 2 million. However, Profit earned outside Hong Kong is not taxable i.e. is tax free.

Can a foreigner start a company in Hong Kong?

Yes! There are no restrictions on either the shareholders or directors of Hong Kong company. The process is quick and easy and your Hong Kong company will be incorporated within a week.

How to open a corporate bank account for a Hong Kong company

In Hong Kong, it is difficult, particularly if you can't travel there. However, there are alternatives - both banks outside Hong Kong and e-Wallets/digital banks.

Singapore

What is the company tax rate in Singapore?

The maximum corporate tax rate is 17%, but there are various exemptions and allowances, particularly in the first three years of operation. Please see our Singapore page for more information.

Can a foreigner start a company in Singapore?

Yes! There are no restrictions on either the shareholders of a Singapore company. At least one director must be a resident in Singapore and we can introduce a qualified person to full fill this role. The incorporation process is quick and easy and your Singapore company will be formed within a week.

How to open a corporate bank account for a Singapore company

It generally not difficult to open a corporate bank account for a Singapore company in Singapore or neighbouring Malaysia etc. There are also other options, including e-Wallets/digital banks.

Dubai

What is the company tax rate in Dubai?

The tax rate for a Dubai Free Zone company is zero. For those wishing to take advantage of the residence Visa, the tax rate is also zero.

Can a foreigner start a company in Dubai?

Yes! There are no restrictions on either owning or managing a Dubai Free Zone company.

How to open a corporate bank account for a Dubai company

It generally not difficult to open a corporate bank account for Dubai Free Zone company. Although a personal visit will be required.

What is the company tax rate in Wyoming

As an LLC is a form of limited partnership, it is not taxed. Instead, distributions to members (shareholders) are, but where these members are not US residents, no taxes (either Federal or State) are due, and no business is done in the USA.

Can a foreigner start a company in Wyoming?

Yes! There are no restrictions on either owning or managing a Wyoming LLC but please note that to avoid US taxes, no business can be conducted in the USA and that the members and managers should not be resident in the USA.

How to open a corporate bank account for a Wyoming LLC?

It would not be easy to open a traditional bank account without a personal visit to the USA. However, we have a solution and can introduce clients to a US-based 'neo' bank, which will open an account remotely. We can also recommend e-wallets in various jurisdictions worldwide.

UK company formation

WHAT IS THE COMPANY TAX RATE IN THE UK?

The maximum rate of corporate tax in the U.K. is 19%. However, there are no withholding taxes from a U.K. company applied to salaries or dividends paid to those residents outside the U.K. This means that taxable profit can be reduced by payment of salaries.

CAN A FOREIGNER START A COMPANY IN THE UK?

Yes! There are no restrictions on either the shareholders or directors of a U.K. company. The process is quick and easy, and your U.K. company will be incorporated within a couple of days.

HOW TO OPEN A CORPORATE BANK ACCOUNT FOR A UK COMPANY

Most U.K. banks require a personal visit to open a corporate account. However, there are a number of "neo" banks and e-wallets that allow remote opening of accounts. Bank accounts may also be opened in any other country subject to local requirements.

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