New Offshore Company Formation with Bank Account Service

Those who require an offshore company invariably need a directly related offshore bank account so get both together from ShelterOffshore

There are basically 10 main reasons why an offshore company can be incorporated – from enabling trade to avoiding probate, from owning property to insurance and reinsurance for example - and almost anyone who establishes a company requires at least a simple offshore bank account facility to go with it.

For this very reason it makes a great deal of sense to offer formations and account opening services together to make it far easier, simpler and cost effective for a company owner to get up and running - and a new offshore company formation with bank account service has been released by our leading strategic partner and you can have direct access to their service, expertise and solutions through ShelterOffshore.

If you’re directly seeking an incorporation and bank account opening service provider rather than information about how and why people use offshore companies and bank accounts as discussed below, simply click here to be redirected to our offshore advice service form which, when you complete it, will put you in direct touch with our leading strategic partner who will make direct return contact with you.

The 10 main reasons why offshore company formation and incorporation services are required are as follows, and it’s clear to see how and why a bank account service would be an additional requirement in virtually every single case: -

1) To enable trade – a company buying products or services from one company and selling them to another or to an individual can operate offshore in a secure jurisdiction with good communication links, accept orders from clients and issue the release of goods from the original source and then retain profits accumulated from the difference in purchase and resale price offshore.  Naturally a highly flexible offshore bank account solution would be key to the smooth and tax efficient running of such an offshore company structure.

2) For investment purposes - income, profit or funds derived from investment via an offshore company can usually be remitted or reinvested anywhere in the world making such a method of investment management highly flexible – and it makes sense to have regular returns, dividends or interest from investments on which tax is payable placed in tax free bonds or in offshore bank accounts where interest is paid gross and where no capital gains taxes are applicable, meaning a company structure has to incorporate a correctly set up and administered bank account in the right type of offshore jurisdiction.

3) To hold shares - a so called ‘holding company’ can be incorporated in an offshore jurisdiction in which no tax is levied on dividends to be paid to non-residents and where there are secure double taxation treaties in place to reduce or negate the withholding tax due in the higher tax onshore country in which the subsidiary in question is located.

4) To avoid probate - a personal holding company - rather than the previous example of a holding company used to hold shares of subsidiaries which are located in higher tax countries - can be the perfect vehicle for a high net worth individual to keep all their properties and assets which are located in multiple jurisdictions around the world in one secure entity.  This helps heirs avoid having to obtain probate in each and every country upon the death of the property owner.  Naturally this also keeps affairs and assets private, it can help avoid legal fees and excessive legalities upon the death of the property owner and during their lifetime they can keep the liquid financial assets of their company within an equally secure and private offshore bank account solution.

5) To hold property - the rules relating to the foreign ownership of property differ from country to country and the rules relating to inheritance and tax on owners of foreign property also differ which means holding overseas properties through an offshore property holding company can often make the ownership process simpler, reduce administration and taxation - and anyone who has such a company can use an offshore bank account to pay ongoing bills and taxes and manage the financial side of property ownership.

6) For the self-employed - those who get paid a fee for a professional service can use an offshore company to reduce their direct personal liabilities and their personal taxation burden as well.  Self employed individuals, contractors, actors, musicians and the like can incorporate a ‘professional service company’ and their income earned can be paid to the company which can be incorporated in a low or no tax jurisdiction – naturally such a company would also require an offshore bank account!

7) For shipping - an offshore shipping company can eliminate taxation on shipping and such companies can own or charter ships and accumulate profits tax free…again the complete and new offshore company formation with bank account service from our strategic partner would be perfect for those requiring such a company.

8) Intellectual copyright, patent, royalty and straight copyright retention and protection purposes - a structure established specifically for this purpose would seek to eliminate or substantially reduce withholding taxation on dividend and royalty payments and would require a bank account as well.

9) For insurance - certain offshore jurisdictions court the establishment of insurance companies within their borders for employment and income generation reasons, therefore insurance companies often get perks and advantages from establishing themselves in a given offshore location.  Naturally enough such a complete offshore structure would have very specific and complex offshore and onshore banking requirements which would ideally be put in place at the same time as company incorporation.

10) Captive insurance purposes - the captive insurance market is a very niche but growing market whereby large multinational companies that have risks with prohibitive premiums such as the shipping or oil industries for example, or which need to insure or re-insure the risks of subsidiaries and affiliated companies require their own captive insurance company – these are always established in one of a few exclusive offshore centres and again, the banking requirements of such an offshore entity are complex and directly related to the way the company is formed.

As you can no doubt see, there are many reasons why you might require an offshore company and many ways an offshore company provides direct benefits - from taxation reduction to privacy protection for example - and at the same time, it’s clear that an offshore company structure is incomplete without a bank account solution directly relevant to the structure in place. 

This is why our leading strategic partners have launched their new offshore company formation with bank account service for our readers.  If you want to know more, contact us via our offshore advice service form and we will get back to you with direct solutions and assistance.