Frequently Asked Questions (FAQ)

Company Formation

What is a designated director?

Designated director – An appointed director is often denominated for privacy reasons. For example, the appointed leader will be elected if you do not want your name to appear in a commercial contract, or if you do not want to sign all the forms to open a bank account. When an appointed director is appointed, customers and the authorized person sign a service contract, which guarantees that the person appointed will only be able to actor sign documents upon request. It also assures appointed citizens that they have no responsibility.

Why do I need to obtain an EU VAT number?

Offshore companies usually do not apply for a VAT number.

Is it possible to close a company?

If you don’t want to use your offshore company anymore, it is possible to close it. In this case, also your business bank account will be closed.

How long does it take to create a company?

It again depends on each jurisdiction but for the offshore companies it usually takes from 1 – 5 days.

What does the administration of the company comprise?

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

Can I have a company that has one person only?


When do I have to pay my company’s renewal Fees?

We will invite you to settle the renewal fees each anniversary of your company. To avoid any last minute rush, we will send you a renewal invitation one month before the anniversary.

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.

Why do I need to provide a proof of who I am?

To make sure that nobody is using your personal data illegally.

Which jurisdiction should I choose for my company?

To choose right jurisdiction for your company depends on where you live and on the business you conduct. World Offshore can help you understand the different jurisdictions so that you may select which one makes the most sense with regard to your personal situation.
Generally, the Seychelles or Belize are well noted for their low fees, the rapid incorporation process and their excellent confidentiality. Some clients may also want to consider onshore jurisdictions such as Hong Kong or UK to offer even greater guarantees to their clients or providers.

Bank Account Opening

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.

Can you cash checks on the account and in what time frame?


What happens if there is an overdraft on the account?

Once you overdraw your account, you need to put money in to your account as soon as possible, otherwise the bank can charge you with an overdraft fee.

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.

Do I need to visit the bank to open an account?

No, this is not necessary. The whole procedure may be completed by post (apart from a few exceptions). In special cases, it is possible to organise a personal meeting with the managers of the banks with which we work.

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.

Additional services

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.

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.