| WHY GO OFFSHORE: FREQUENTLY ASKED QUESTIONS
Anonymity, banks, credit cards
How long does it take to open a bank account for my company?
As soon as you provide us with all the information the bank needs
for due diligence it should not take more than 2 to 4 days to have
your account ready.
Can I get debit cards and credit cards?
Usually you can get a debit card, which is connected, to your account.
Credit cards may also be available, however a blocked amount which
is twice your limit is required.
What information about my company appears on the public
register?
This varies from offshore centre to offshore centre. The most respectable
jurisdictions like Cyprus, Jersey and Guernsey require the name
of the ultimate beneficial owner to be lodged with the authorities,
but this is not a matter of public record. In some jurisdictions
such as Cyprus, the Memorandum & Articles of Association, directors,
secretary, registered office, shareholders, share capital, mortgages
and charges. If nominee shareholders are used, the beneficial owners
remain anonymous. Same applies for nominee directors.
How do you deal with renewals?
Assuming the company we have formed for you continues in existence,
it will need annually to pay a fee for its registered office, nominee
services, secretary and tax to the appropriate government. We normally
invoice a month in advance of the renewal date so that you can pay
us in time. Some jurisdictions impose late payment penalties and
ultimately strike off the company if government fees are not paid.
We realise that, for various reasons, you may not wish to continue
the existence of your company in which case please notify us and
we will close our file without further charge (provided all back
fees are paid). If you do not renew and we are not advised we will
discontinue our services to the company three months after the renewal
date. After this we charge a fee for reopening the file.
Where could I set up an offshore bank?
Kyriakides, Savvides & Associates does not normally entertain
enquiries to establish offshore banks. This is a grey world where
there are few legitimate reasons to set up such an arrangement.
Under certain circumstances a subsidiary of an established bank
may be formed in a respectable offshore jurisdiction
Do you offer second passports?
This is another area we consider 'grey'. The reasons for requiring
a second passport usually involve concealment of true identity and
this is not an area in which Kyriakides, Savvides & Associates
as a firm of integrity wishes to become involved.
How do I know my affairs will be kept confidential?
Confidentiality is a cornerstone of all international financial
centres, without which they would cease to exist. Banking secrecy
goes without saying and the same standards are applied in all parts
of the offshore finance industry. In none of the jurisdictions we
use is the identity of the beneficial owner a matter of public record.
In Cyprus the authority which knows the beneficial owner is the
Central Bank of Cyprus and in Guernsey and Jersey the Financial
Services Commissions, and it is not available to anyone outside
those government authorities.
There is no provision for exchange of information between offshore
centres and onshore tax authorities, and approaches for information
are firmly resisted. Most offshore banks and institutions do not
have their computer systems linked to their onshore parent for the
same reasons. The only circumstances in which Kyriakides, Savvides
& Associates will divulge any information about its clients
is in response to a request relating to a properly authorised criminal
(not tax) investigation such as terrorism, drugs etc.
What is my security?
The shareholders execute a document called a Declaration of Trust,
which says that they hold the share on your behalf. We also provide
unsigned and undated share transfer forms in your favour, allowing
you to transfer ownership into your own name at any time should
you feel it necessary. These documents should be held securely.
Kyriakides, Savvides & Associates can provide secure storage
offshore if required.
Does Kyriakides, Savvides & Associates give tax advice?
Yes. Our firm consists of professional tax advisors. Within our
international network of Polaris, we can provide offshore corporate
structures which will be designed for the specific circumstances
of every client.
What is the difference between authorised share capital
and issued share capital?
Authorised share capital is the maximum limit of shares, agreed
at incorporation stage. However, while you might incorporate with
an authorised share capital of, say, 5,000, you don't have to actually
issue them at this stage. You could choose to issue 2, or 10, or
1,000. By incorporating with the "standard” authorised
share capital, you are avoiding a possible expense in the future
of having to pay to make an alteration to the Memorandum and Articles
of Association, should you wish to increase the share capital.
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