Frequently Asked Questions (FAQ)
Find answers to some of the most frequently asked questions about offshore companies, their formation, and their operations. Whether you’re looking to set up an offshore company for business purposes or are simply curious about the concept, we have you covered.
Have any queries? Scroll down our FAQ list and should you have further questions, please reach out to our team and we will gladly assist you.
Frequently Asked Questions
Frequently Asked Questions on Hong Kong Offshore Companies
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Yes, non-Hong Kong Residents are able to incorporate a local limited company.
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You will have to select the company type, (limited by shares or limited by guarantee) select a company name, and submit to us these following documents;-
- Incorporation Forms
- A copy of company’s articles of association
- A notice to business registration office
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Eventhough the popular choice for businessmen is to opt for Company Limited By Shares, do talk to our experts on which is best suited for your business.
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Everyone except the company secretary can be foreigners. The company secretary of a Hong Kong company must be an individual and a local resident.
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A Hong Kong offshore company is a business entity registered in Hong Kong but operates primarily outside the territory. It is often used for international trade and investment activities.
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A Hong Kong offshore company provides a number of benefits, including a low tax rate, a stable political environment, a reputable business climate, and access to a large pool of potential customers in Asia.
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To set up a Hong Kong offshore company, you must have a local registered address, appoint a local company secretary, and have at least one director and one shareholder.
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The process of setting up a Hong Kong offshore company can take anywhere from one day to two weeks, depending on the complexity of the business structure and the availability of required documents.
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Ongoing compliance requirements for a Hong Kong offshore company include the filing of annual financial statements and tax returns, and the appointment of a local company secretary. It is also important to maintain accurate records of company meetings and transactions.
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Yes, a Hong Kong offshore company can have foreign ownership, and there are no restrictions on the number or nationality of shareholders or directors.
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Hong Kong has a territorial tax system, which means that only income derived from within Hong Kong is subject to tax. Hong Kong offshore companies are generally taxed at a low rate of 8.25%, and foreign income is exempted.
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Yes, a Hong Kong offshore company can open a bank account in Hong Kong or in any other jurisdiction. The process of opening a bank account is straightforward and can be completed in a matter of days.
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No, it is not necessary to have a physical office in Hong Kong for a Hong Kong offshore company. However, a registered office address is required, which can be a virtual office address.
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Yes, a Hong Kong offshore company can engage in import and export activities and use Hong Kong as a hub for its international trade operations. Hong Kong is a major trading hub and offers a number of advantages for companies engaged in international trade.
Frequently Asked Questions on Singapore Offshore Companies
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Depending on the type and nature of your business that you’re setting up, the minimum paid-up capital varies. The minimum paid-up capital for a private limited company can be as little as SGD$1.00
However, businesses that are in regulated industries, would require higher paid-up capital requirements.
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Every company incorporated in Singapore will be required to register a local address.
Having a local address is essential for your business to be easily located for mail, especially from local authorities. -
No. It is not required for you to be physically present in Singapore for the incorporation process. Our team of experts will assist you every step of the way.
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Yes, taxes are charged from business activities in Singapore or any income received in Singapore.
Corporate taxes in Singapore can be as low as 0% -17% while personal income tax can be anywhere from 0% – 20%.
However, foreign-sourced income is exempted. In addition, Singapore does not have capital gains tax, nor a dividend tax.
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A Singapore offshore company is a business entity registered in Singapore but operates primarily outside of the country. It is often used for international trade and investment activities.
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A Singapore offshore company offers several benefits, including a favorable tax regime, a highly developed and stable economy, a reputable business environment, and access to a large pool of potential customers in Asia.
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To set up a Singapore offshore company, you must appoint a local registered agent, have at least one director and one shareholder, and provide a local registered address.
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The process of setting up a Singapore offshore company can take anywhere from one day to two weeks, depending on the complexity of the business structure and the availability of required documents.
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Singapore has a territorial tax system, which means that only income derived from within the country is subject to tax. Singapore offshore companies are generally taxed at a low rate of 17%. Foreign income is exempted.
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Yes, a Singapore offshore company can have foreign ownership, and there are no restrictions on the number or nationality of shareholders or directors.
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Yes, a Singapore offshore company can open a bank account in Singapore or in any other jurisdiction. The process of opening a bank account is straightforward and can be completed in a matter of days.
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No, it is not necessary to have a physical office in Singapore for a Singapore offshore company. However, a registered office address is required, which can be a virtual office address.
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Yes, a Singapore offshore company can engage in import and export activities and use Singapore as a hub for its international trade operations. Singapore is a major trading hub and offers a number of advantages for companies engaged in international trade.
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Ongoing compliance requirements for a Singapore offshore company include the filing of annual financial statements and tax returns, and the appointment of a local registered agent. It is also important to maintain accurate records of company meetings and transactions.
Frequently Asked Questions on United Arab Emirates (UAE) Offshore Companies
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Yes, UAE offshore companies can be 100% owned by foreigners.
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Offshore company details are generally kept anonymous and cannot be found on public registrars.
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At Worldwide Fellow, we assist our clients on the following forms of business structures;
- RAK International Business Company (IBC)
- RAK Free Zone Company
- Dubai Free Zone Company
- Ajman Free Zone Company
- Limited Liability Company (LLC)
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Costs vary on the company selected and the services required. Our fees are inclusive of all necessary government fees. Do reach out to our team of experts to assist you with this.
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There are several free zones in the UAE that offer offshore company formation, including the Jebel Ali Free Zone (JAFZA), Dubai International Financial Centre (DIFC), Ras Al Khaimah Free Trade Zone (RAK FTZ), and the Abu Dhabi Global Market (ADGM).
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An offshore company in the UAE can engage in a wide range of business activities, including international trade, e-commerce, consultancy, management services, and more.
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An offshore company in the UAE can obtain residency visas for its employees through the free zone authority. The process of obtaining a residency visa typically involves the submission of required documents, such as passport copies and proof of employment, and payment of a visa fee.
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Yes, it is possible to transfer an existing offshore company to the UAE. The process of transferring an offshore company to the UAE involves the transfer of assets, liabilities, and business operations to a new entity in the UAE.
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The UAE has strict laws and regulations in place to protect the confidentiality of offshore company information. Offshore companies in the UAE are not required to disclose sensitive information, such as the names of shareholders and directors, to the public.
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Yes, an offshore company in the UAE can participate in government tenders. However, the rules and regulations for participating in government tenders vary depending on the specific free zone and the type of tender.
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An offshore company in the UAE is not allowed to issue shares to the public. Offshore companies in the UAE are restricted to private ownership, with shares only available to individual shareholders and not to the general public.
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The penalties for non-compliance for an offshore company in the UAE depend on the specific free zone and the type of non-compliance. Penalties can range from fines and penalties to the closure of the company.
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Yes, it is possible to convert an offshore company in the UAE to a onshore company. The process of converting an offshore company to a onshore company involves a number of steps, including obtaining a trade license, registering with the local authorities, and obtaining the necessary approvals.
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Yes, an offshore company in the UAE can establish branch offices in other countries. However, the rules and regulations for establishing branch offices vary depending on the specific country and the type of business activities being conducted.
Frequently Asked Questions on United Kingdom (UK) Offshore Companies
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There is no minimum paid-up share capital requirements
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There is no audit requirement for companies with revenues below GBP £1,000,000 and net assets of less than GBP £1,400,000.
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No. It is not required for you to be physically present in the United Kingdom for the incorporation process. Our team of experts will assist you every step of the way.
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Yes. Offshore companies incorporated in the UK are required to pay Corporation Tax, Income Tax, Capital Gains Tax and VAT.
Corporation Tax rates are at 19% – 25%.
Income Tax rates can be up to 45%. Dividends are exempted, and no double taxation on dividends throughout the EU.
Capital Gains Tax (CGT) rates are from 18% – 28%, depending on the amount of your taxable income. Non-residents of UK offshore companies typically do not pay CGT with the exception of real estate in the UK.
VAT, or Value Added Tax is at a standard rate of 20% (some exceptions at 5%). Your offshore company has to register for VAT if its annual turnover is more than £85,000. Thereafter, you can reclaim input tax and collect VAT from your clients.
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Yes, a UK offshore company can apply for a work visa for its employees. However, the visa requirements and the process for obtaining a work visa can be complex, please contact us for assistance.
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A UK offshore company can maintain confidentiality by using nominee directors and shareholders and keeping its beneficial ownership information confidential.
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The process for opening a business bank account for a UK offshore company involves providing the bank with relevant documentation, including the company’s incorporation papers and proof of identity for the company’s directors and shareholders.
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Yes, a UK offshore company can conduct business in the UK. However, it is subject to UK tax laws, and any income generated in the UK is subject to tax.
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To register a UK offshore company for VAT purposes, you must apply to HM Revenue & Customs (HMRC) and provide relevant information about the company, including its VAT number and contact details.
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The process for transferring ownership of a UK offshore company involves transferring the shares in the company from the current owner to the new owner. This process is typically done through a share transfer agreement.
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Yes, a UK offshore company can participate in public tenders and contracts, subject to the conditions of the tender or contract and the laws and regulations of the jurisdiction where the company is registered.
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Yes, a UK offshore company can have multiple branches or subsidiaries in other countries, subject to the laws and regulations of the jurisdiction where the branches or subsidiaries are located.
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Yes, a UK offshore company can change its name or address by filing the necessary paperwork with the Companies House. The process for changing a company name or address is straightforward and can be completed in a matter of days.
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The process for winding up a UK offshore company involves filing the necessary paperwork with the Companies House and resolving any outstanding debts or liabilities. The process can be complex and it is advisable to seek professional advice.
Frequently Asked Questions on Vanuatu Offshore Companies
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Vanuatu offshore companies offer a number of benefits, including tax exemptions, asset protection, and confidentiality.
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No, there is no minimum capital requirement for a Vanuatu offshore company.
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Vanuatu offshore companies are not required to file annual financial statements or pay taxes. However, they are required to maintain accurate records and submit an annual return to the Registrar of Companies.
The annual return is a document that confirms that the company is still in good standing, and that there have been no changes to the company’s directors, shareholders, or registered office. The company’s financial statements are not submitted to the government but should be kept in the company’s records.
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Yes, it is possible to have nominee directors and shareholders for a Vanuatu offshore company. We can provide you nominee services which can heighten your security and confidentiality.
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A Vanuatu offshore company is a type of business structure that is incorporated in Vanuatu, a small island nation in the South Pacific. It offers several benefits, including tax efficiency, asset protection, and confidentiality.
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To set up an offshore company in Vanuatu, you will need to provide the following information: the name of the company, the names and addresses of the directors and shareholders, a registered address, and a copy of the company’s memorandum and articles of association.
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There are several advantages of setting up an offshore company in Vanuatu, including tax efficiency, asset protection, confidentiality, and ease of administration. Vanuatu also has a stable political and economic environment and is considered a safe and secure place to do business.
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Yes, it is possible to have a bank account for a Vanuatu offshore company. However, the specific requirements for opening a bank account will vary depending on the bank and the type of business activities being conducted.
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Offshore companies in Vanuatu are subject to the regulations of the International Companies Act and are required to comply with anti-money laundering and know-your-customer (KYC) regulations. They are also required to appoint a registered agent and maintain accurate and up-to-date records.
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No, a Vanuatu offshore company cannot issue shares to the public. Offshore companies in Vanuatu are typically restricted to private ownership, with shares only available to individual shareholders and not to the general public.
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No, it is not possible to obtain residency visas through a Vanuatu offshore company. Vanuatu does not have a residency visa program and offshore companies in Vanuatu are not eligible for residency visas.
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No, a Vanuatu offshore company cannot participate in government tenders. Offshore companies in Vanuatu are restricted to conducting international business activities and are not eligible for government contracts.
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A Vanuatu offshore company is not subject to taxes on income, profits, or capital gains, provided that it does not conduct business activities within Vanuatu. However, it is still required to comply with anti-money laundering and know-your-customer (KYC) regulations.
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The registered agent is a professional service provider who is responsible for maintaining the company’s records and ensuring that it complies with the regulations of the International Companies Act. The registered agent is also the point of contact for government authorities and the public.
Frequently Asked Questions on Mauritius Offshore Companies
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Mauritius offers several advantages for incorporating an offshore company, including a favorable tax regime, political stability, and a well-developed infrastructure. These factors make it an attractive destination for businesses looking to establish a presence in the region.
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To incorporate an offshore company in Mauritius, you will need to provide a range of information, including the names and addresses of the directors and shareholders, the company’s proposed business activities, and the registered office address. You will also need to appoint a local registered agent and pay the required incorporation fees.
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Once an offshore company is incorporated in Mauritius, there are a number of ongoing compliance requirements that must be met. These include filing annual financial statements, appointing an auditor, and paying an annual fee to the Registrar of Companies. It is also important to ensure that the company’s registered office address and contact details are kept up-to-date with the Registrar of Companies.
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Offshore companies in Mauritius are generally allowed to engage in any lawful business activity, subject to certain restrictions such as those imposed by international sanctions or anti-money laundering laws. However, there are some activities that are prohibited by the Companies Act, such as activities that are illegal or against public policy.
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Yes, a Mauritius offshore company can engage in e-commerce activities, but the specific requirements and regulations will vary depending on the jurisdiction in which the company operates and the type of e-commerce activities it engages in.
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The secretary is responsible for maintaining the company’s records, preparing and submitting the necessary reports and returns, and ensuring that the company complies with the regulations of the Companies Act in Mauritius.
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The process for changing the structure of a Mauritius offshore company involves making changes to the company’s memorandum and articles of association, obtaining the approval of the shareholders, and registering the changes with the Registrar of Companies in Mauritius.
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Yes, a Mauritius offshore company can enter into a joint venture with another company, but the specific requirements and regulations will vary depending on the jurisdiction in which the joint venture is located.
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The shareholders are the owners of the company and have the right to vote on important matters, such as the appointment of directors, the approval of financial statements, and changes to the company’s articles of association.
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The currency used by a Mauritius offshore company is typically the Mauritian rupee, but the company may also use other currencies if it participates in international transactions.
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The reporting requirements for a Mauritius offshore company include filing annual financial statements, preparing tax returns, and complying with the regulations of the Companies Act in Mauritius.
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Yes, a Mauritius offshore company can own property, but the specific requirements and regulations will vary depending on the type of property and the jurisdiction in which it is located.
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The registered agent is a professional service provider who is responsible for maintaining the company’s records and ensuring that it complies with the regulations of the Companies Act in Mauritius. The registered agent is also the point of contact for government authorities and the public.
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A Mauritius offshore company is a type of business entity that is registered in Mauritius but operates outside of the country. This type of company is often used for international trade and investment activities.
Frequently Asked Questions on Malta Offshore Companies
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Some benefits of setting up an offshore company in Malta include access to the EU market, a highly educated workforce, and a favorable corporate tax rate.
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To incorporate an offshore company in Malta, you’ll need to provide information such as the company’s name, registered address, and details of its directors and shareholders. Additionally, you’ll need to submit all necessary documentation, such as articles of incorporation and proof of identity for all individuals involved.
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Offshore companies in Malta are required to file an annual return and financial statements, as well as maintain proper accounting records. Additionally, they may be subject to anti-money laundering regulations and may be required to disclose information about their shareholders and directors to the Maltese government.
The annual return is a document that confirms that the company is still in good standing, and that there have been no changes to the company’s directors, shareholders, or registered office. The company’s financial statements are not submitted to the government but should be kept in the company’s records.
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Yes, Malta’s offshore company setup is suitable for holding companies. Malta’s corporate tax rate is favorable and it is a member of EU which makes it a suitable location for holding company. Additionally, Malta’s laws provide for flexibility in structuring the company and protecting its assets.
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The penalties for non-compliance with regulations for a Malta offshore company can include fines, penalties, and other legal consequences, depending on the specific regulations and jurisdiction involved.
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Yes, a Malta offshore company can own real estate, but the specific requirements and regulations will vary depending on the jurisdiction in which the real estate is located.
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The process for dissolving a Malta offshore company involves liquidating the assets of the company, paying any debts and liabilities, and submitting the necessary documents to the Registrar of Companies in Malta.
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The maintenance costs for a Malta offshore company typically include government fees, legal fees, and other costs associated with the maintenance of the company’s records and compliance with regulations.
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The currency used by a Malta offshore company is typically the Euro, but the company may also use other currencies if it participates in international transactions.
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The process for obtaining a license for a Malta offshore company will depend on the specific type of license required, but typically involves submitting a business plan and other required documentation to the relevant government authority.
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The tax treatment of a Malta offshore company depends on the specific circumstances of the company, but Malta has a favorable tax regime for international businesses.
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Yes, a Malta offshore company can open a bank account, but the specific requirements and regulations will vary depending on the jurisdiction in which the bank is located.
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The reporting requirements for a Malta offshore company include preparing and filing annual financial statements and tax returns, and complying with the regulations of the Companies Act in Malta.
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The fees for incorporating a Malta offshore company can vary, but typically include government fees, legal fees, and other costs associated with the incorporation process.
Frequently Asked Questions on British Virgin Islands Offshore Companies
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A BVI offshore company is a type of company incorporated in the British Virgin Islands (BVI) that operates outside of its jurisdiction for various purposes, such as tax minimization, asset protection, and business transactions.
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The benefits of incorporating a BVI offshore company include tax efficiency, privacy, asset protection, and ease of ownership and management.
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The requirements for incorporating a BVI offshore company include selecting a suitable name, appointing directors and shareholders, preparing and filing the necessary documents, and paying the required fees.
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The annual filing requirements for a BVI offshore company include filing an annual return with the Registrar of Companies and maintaining accurate company records.
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The process for opening a bank account for a BVI offshore company typically involves providing the bank with the necessary documents, such as a certificate of incorporation and articles of association, and meeting the bank’s due diligence requirements.
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Ownership of a BVI offshore company can be transferred by executing a transfer of shares and updating the company’s records with the Registrar of Companies.
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The directors of a BVI offshore company can be changed by executing a resolution to appoint new directors and updating the company’s records with the Registrar of Companies.
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Yes, it is possible to have anonymous ownership of a BVI offshore company through the use of nominee directors and shareholders.
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Yes, it is necessary to appoint a registered agent for a BVI offshore company, who will be responsible for receiving and forwarding official correspondence and maintaining the company’s records.
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The process for renewing the license of a BVI offshore company will depend on the specific regulations of the jurisdiction in which it operates, but typically involves submitting the necessary documentation and fees to the Registrar of Companies.
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Yes, a BVI offshore company can engage in international trade, but it may be subject to regulations and restrictions depending on the jurisdiction in which it operates and the goods or services it provides.
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Yes, a BVI offshore company can own real estate, but the specific requirements and regulations will vary depending on the jurisdiction in which the real estate is located.
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The penalties for non-compliance with regulations for a BVI offshore company can include fines, penalties, and other legal consequences, depending on the specific regulations and jurisdiction involved.
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Frequently Asked Questions (FAQ)
Find answers to some of the most frequently asked questions about offshore companies, their formation, and their operations. Whether you’re looking to set up an offshore company for business purposes or are simply curious about the concept, we have you covered.
Have any queries? Scroll down our FAQ list and should you have further questions, please reach out to our team and we will gladly assist you.