Frequently Asked Questions (FAQ)

Company Formation

Who registers the company?

Our specialists give instructions to our local agents in each country who realize the full administrative procedures.

What does the administration of the company comprise?

The administration of the company comprises: the beneficial owner, director, shareholders and employees.

Do I have to pay renewal fees each year?

If you wish to renew your company, then renewal fees are applied each year.

Who chooses the name of the company?

On our application form you are free to input three names for your offshore company, in order of your preference. We will then check with the Company Registry of the offshore jurisdiction if those names are available for incorporation.

When do the company’s annual fees have to be paid?

Annual fees have to be paid by the company every year after the formation of the company on the renewal date.

Are there any additional costs besides the renewal fees?

If you use nominee director and/or shareholder service, you will be asked to pay renewal fee

for these services too. If your company has been set up in a jurisdiction where bookkeeping is

required, you will also have to pay for the preparation and filing of the accounts.

Who appears in the statutes?

If you are using the Nominee services, the names who will appear in the statutes will be Nominee director’s and Nominee Shareholder’s.

What is a Declaration of Trust?

A Declaration of Trust is a document which is signed by the director of the company which creates a trust of company shares for the beneficial owner.

Why do companies in Europe have such high share capital?

Not all of the companies in Europe are obliged to register high share capital. For example, in

order to set up a company in the UK, the minimum paid up share capital is 1 £.

When and how do I appear?

You appear on the Declaration of Trust and Power of Attorney. These documents are signed between Beneficial Owner and Nominee Director/Nominee Shareholder.

Bank Account Opening

Does the offshore company always need to have also a bank account?

An offshore company is useless without a bank account. Without the bank account the company cannot fully operate and receive and send funds.

The only exceptions are when an offshore company is used as a holding company and is not expecting any operations, or if you need to register a yacht or vessel.

Are there annual fees for maintaining the bank account?

To maintain the bank account, each bank has their own fees table, which will be considered as account management fees.

There are no annual charges payable to World Offshore to renew your bank account. It is very important to renew your company, because if the company is not in good standing, the bank account will be closed.

See the renewal fees for your company under Prices and choose your Jurisdiction.

What is an Anonymous Card?

An Anonymous Card is a debit or credit card which does not feature the card holder’s name. It ensures that purchases made with the card remain anonymous.

Do international banks issue debit or credit cards?

Yes, by ordering a bank account with World Offshore you will also have a card. Each bank has their own conditions regarding the cards.

Who has access to bank accounts?

Only the beneficial owner/-s of the company will have access to the bank account. Beneficial owners can also instruct us to add another account holder.

Do I need to visit the bank in person to open a bank account?

We work with banks where the bank account can be opened remotely, without visiting the bank.

Can you cash checks in the account and, if so, with in what time frame?

We can provide this service, which takes about 3-4 weeks.

Is there a dedicated contact at the bank?

We have dedicated bankers in our partner banks.

Is it possible to do my banking online?

Yes, online banking is available after bank account opening.

How long does it take to make a bank transfer?

This process takes about 1 hour to 3 days depending from the bank.

Additional services

What is a template of an invoice with letter head and how can I order one?

Templates for invoices and quotations are included in the Virtual Office Premium package. You will receive a template with your company and bank account details that you will then be able to modify by adding a description of the services or products you provide before sending it to your clients.

Can you provide nominee services?

Yes, we provide professional nominee director and shareholder services.

See the description under Nominee services.

What is a nominee director?

The nominee director service is used to ensure a higher level of security and confidentiality of the real beneficial owner. The director’s name will appear in the official corporate legal documents, in contracts and agreements issued and signed on behalf of the company and in the Company Register of the jurisdiction. When appointing a nominee director, a Power of Attorney is issued that serves as a guarantee for the real owner of the company.

What is a nominee shareholder?

The nominee shareholder is appointed in the legal corporate documents to prevent the true beneficial owner of the company from being publicly disclosed. In appointing the nominee shareholder, a Declaration of Trust between the real owner of the company and the nominee shareholder is issued and signed.

How to make payment for your services?

You can pay by bank transfer, PayPal or cash at our office.

 

Can you arrange accounting for my company?

Yes, we provide annual accounting services.

Please see the description under Accounting and Auditing.

Is it possible to have a telephone line or fax for my company?

Yes, World Offshore offers Virtual Office packages which include a local telephone number in London or Hong Kong. The calls received will be forwarded to any chosen telephone number – mobile or landline. In such cases, you will receive the calls wherever you are located. This gives your partners and clients the impression that you are located in London.

By ordering a fax number, you will be provided with a local fax number of your chosen city and all received faxes will be forwarded to your email address in PDF format.