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BANK ACCOUNTS
We can open bank accounts for your company in most places in the world and our fees for attending to the account opening procedures would be FROM GBP150/US$250
FISCAL AGENCY
Companies in jurisdictions such as the Ireland and Hong Kong may not necessarily be automatically granted tax free status and detailed information on the company's dealings, including audited accounts, may have to be supplied. There is a requirement for Isle of Man companies to register for Value Added Tax and other non-European Union companies may wish to register for VAT in the Isle of Man or the UK to assist in their trading with EU residents. For this reason we offer to provide the service of fiscal agent. The fiscal agent will deal with the above matters and arrange the audit, as required by law, at competitive cost. The cost of this service is GBP275/US$400 per annum.
DIRECTORS
In some jurisdictions it can be seen that the details of the directors appear on the public file so anonymity can only be retained by the use of third party professionals. In other jurisdictions no public registration of the directors details is required but during the course of business operations of the company there will typically be many documents which require signing. Additionally, most onshore countries have provisions within their tax legislation whereby any company, no matter where it is incorporated, which is managed and controlled from within their jurisdiction can be considered tax resident and taxable on worldwide income at local rates. Thus, for example, any offshore company which has UK based directors would be deemed by the UK Inland Revenue as being tax resident in the UK and subject to UK tax on its worldwide income. Most other onshore countries have similar provisions within their tax legislation. Therefore to guarantee that confidentiality can be retained and in order to help rebut any suggestion that the company may be tax resident in the home country of the promoters or elsewhere, clients may care to ask us to provide professional third party directors who are resident in a fiscally neutral location. Our fees for the provision of directors are from GBP£575/US$875 per annum and our fees for the provision of nominee shareholders are from GBP£125/US$180 per annum.
REMAILING, FAX, TELEPHONE AND OFFICE FACILITIES
As part of the domiciliary sercice fee we provide clients with a registered office address in the country of incorporation but clients may find it convenient to arrange for mail forwarding, fax and telephone facilities through our Isle of Man, London or other Group offices. This service may be especially useful where, for example, the company is opening bank accounts. Normally the bank would address statments and other correspondence to the company at the address of the client but this results in a loss of confidentiality in that the connection between the company name and the client will be automatically made. To safeguard against this mail can be directed to our offices and we can remail those letters in a plain envelope addressed to the client or otherwise as the client directs. An additional advantage of using our remailing services is that the provision of a remailing address through one of our presitigiously located offices in the onshore jurisdictions may allow the offshore company to appear to be domiciled onshore and thereby give that company an added degree if respectability.For example, your offshore company could quote our London office address on its letterhead and thereby appear to be domiciled in the UK. The charge for this service is GBP300/US$475 per annum plus handling charges (GBP1.50/US$2.50 per item plus disbursements incurred).
TRUST SERVICES
Using a trust to own the shares of an offshore company can result in very substantial tax and non-tax related advantages which will accrue both on death and during the lifetime of the trust settlor. These advantages may include:-
1. SAVING OF INHERITANCE TAX: On death, the Inheritance tax which would normally be assessed on the value of shares would generally be erradicated.
2. ASSET PROTECTION: Assets placed into trust are generally beyond the reach of creditors who might arise as a result of financial difficulties, divorce proceedings, litigation, etc.
3. AVOIDANCE OF PROBATE: A trust provides a means whereby assets can be smoothly passed on to the next generation without the disruption, delays substantial costs, loss of confidentiality associated with the probate procedure which necessarily follows when assets are bequeathed by will.
4. CONTINUITY: Trusts provide a means whereby assets can continue to be administered in accordance with the wishes of the settlor after his death so the weak can be protected from others and the spend-thrift can be protected from himself.
5. LIFETIME TAX SAVINGS: During lifetime, substantial income and capital gains tax advantages may result from setting up the trust. Using the service of one of our licensed trust companies, we are pleased to act as trustee for a sultably drafted discretionary trust and the cost of this service would be from GBP500/US$1250 for setting up the trust deed and from GBP750/US$1250 per annum for the provision of trustee services.
OTHER SERVICES
We provide a wide range of administrative and documentary services including, but not limited to legalisation and notarisation of documents, credit cards, yacht and ship registration, invoicing, documentary trade services, trade finance applications, accounting, consultancy and immigration services.
© International Company Services Limited 1999.