It is hardly a secret for anybody that business owners about to establish an offshore company and remotely open a corporate account for it should carefully select a jurisdiction that meets their business objectives. For your convenience, the InternationalWealth team will describe the leading jurisdictions and banking choices with affordable yearly upkeep and minimum reporting obligations below.
Seychelles
It is due to its flexible laws, easy registration, and tax benefits that Seychelles has become a top choice for company formation. Owner confidentiality is strictly upheld here, with access limited to certain legal circumstances. As of 2024, Seychelles is also off the EU’s blacklist.
These are the legal obligations of Seychelles companies:
- maintain a minimum of one shareholder and one director
- submit an annual non-financial report
- keep financial records
- pay an annual fee.
Note that Seychelles entities are not mandated to undergo audits.
To qualify for a zero tax rate in Seychelles, a company must meet certain criteria:
- not engage in any business in Seychelles
- not own any real estate in Seychelles
- not conduct any banking or insurance operations
- not participate in the gambling industry.
While the company’s share capital must be authorized, immediate payment is not required.
Nevis
In 2024, establishing a remote company in Nevis remains a savvy and cost-effective choice. The entire setup process can be completed within a mere 10 days. In 2019, Nevis implemented legal amendments to guarantee compliance with specific EU regulations, effectively maintaining the country’s exclusion from the EU’s blacklist.
Entrepreneurs opting to register their companies in Nevis are privy to a host of advantages:
- zero taxation on profits earned internationally
- efficient and straightforward company registration
- reliable protection of assets from creditors and legal actions
- enhanced privacy measures
- Nevis courts’ refusal to enforce foreign court judgments.
Nevis still remains a key choice for asset protection and tax planning, thanks to its double taxation treaties. Creditors contesting a Nevisian company’s assets must litigate locally and face a hefty USD 100,000 fee, often resulting in rulings against them. This is what essential documents for setting up a Nevis company in 2024 include:
- valid identification for each founder
- proof of residence
- bank statement verifying the origin of funds
- reference letter
- Curriculum Vitae (CV)
- completed and signed due diligence and order forms.
Assisted by InternationalWealth, you will get your company set up in Nevis in only 10 days.
Belize
Belize is an excellent location for business formation, particularly for an International Business Company (IBC) or a Limited Liability Company (LLC).
Take a look at the benefits of establishing an LLC in Belize:
- Zero tax on income earned outside of Belize.
- Full foreign ownership is permitted.
- Limited liability for owners.
- No initial share capital requirement.
- Broad scope for business operations.
- Single-person ownership from abroad is possible for a local LLC.
- Nominee directors and shareholders may be appointed.
Under the most recent OECD and EU standards, a Belizean LLC is recognized as a low-risk entity and is not confined to the jurisdiction of its incorporation.
InternationalWealth’s premier offerings include corporate bank account establishment in Belize. This jurisdiction is renowned for its economic and political stability, complemented by a sophisticated banking sector. Belize’s strong laws make sure that investors from around the world can benefit from its advantageous business terms and low banking costs.
To open a bank account in Belize, a company must provide the following documents:
- Standard certificates, which include certificates of shareholders, good standing (for companies in operation for more than a year), and incorporation.
- Trust declaration
- Articles of association
- Minutes from the general meeting
- Company profile that should detail the company’s activities, among other characteristics.
The primary currencies available for bank accounts in Belize include USD, GBP, CHF, EUR, and CAD.
Each account is structured to provide a range of financial features. It includes a monthly maintenance fee of USD 14.50 and necessitates maintaining a minimum balance of USD 1,000. An interest rate of 0.1% is applied to any balance over USD 10,000. Account updates are both real-time and automatic, meaning you’re always informed of your financial status. When it comes to international transactions, the account charges USD 10 for incoming transactions and USD 100 for outgoing transactions.
Singapore
Businesses are welcome to take advantage of the opportunity to open accounts remotely with Singapore’s payment system, which is celebrated for its speedy and adaptable transaction procedures. This system comes with a variety of significant benefits for its international clientele, allowing them to manage accounts through online banking from any part of the world, secure corporate banking details, instantly issue virtual cards, open accounts in either USD or SGD, and conduct international transfers in 30 different currencies to over 130 countries globally at minimal fees.
The initial monthly maintenance fee for an account is set at SGD 12.
Holders of an account within the Singapore payment system enjoy additional perks:
- no fees on both incoming and outgoing payments
- no charges for incoming ACH & ABA/Fedwire Transfers
- nominal fee of USD 8 for SWIFT transactions
- free outgoing ACH transactions
- fee of USD 8 for outgoing SWIFT transactions that involve currency conversion.
United Kingdom
Setting up a corporate account with the UK payment system remotely is a viable and appealing choice in 2024. This system protects client assets by segregating funds into individual accounts in the UK.
The UK payment system provides an extensive array of services:
- currency exchange
- 24/7 customer support
- SEPA, SWIFT, and FPS transfers, both incoming and outgoing
- one-day remote account opening
- support for 10 different currencies
- mobile and web access to funds and payment tools
- tailored services for high-risk businesses.
Clients are granted a free account featuring a unique IBAN that facilitates effortless transfers both within the UK and across the EU. Customers can choose between two tariff plans: the Solid Rock (basic) and the Sheer Cliff (comprehensive).
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Need fast and efficient banking services? InternationalWealth can help!
Attracted by low maintenance fees and simple reporting? InternationalWealth experts will help select the perfect jurisdiction for your banking needs. Come to us to benefit from the top services we offer!
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