Frequently Asked Questions (FAQ)

Company Formation

How long will it take for me to receive my corporate documents ?

Every jurisdiction has its own incorporation timeframe. Once your company will be incorporated, it will take you about two to six days to receive the original corporate documents.

Why do I need to have a virtual offices?

It is not a compulsory requirement to have a virtual office. At the same time, virtual office gives

you several advantages when it comes to the company image, trust of your clients and business

partners.

Why should I use World Offshore to open my offshore company ?

We will offer you our professional assistance in company formation, high anonymity of your identity and possibility to protect your wealth.

Why do I need to obtain an EU VAT number?

Offshore companies usually do not apply for a VAT number.

Can the same person be a shareholder of the company and act as its director at the same time?

Yes. Mostly it is possible that the same person acts as shareholder and director of the company.

Can I have a company that has one person only?

Yes.

What is the difference between a director and a shareholder?

Director: The Director is the person responsible for signing all corporate documents, as well as determining and executing corporate policy. The functions of directors involve a fiduciary duty to the corporation. Directors are in control of others’ property and their powers are derived primarily from statute.

Shareholder: Any person, company or other institution that owns at least one share of a company’s stock. Shareholders are the owners of the company. They have the potential to profit if the company does well, but that comes with the potential for losses if the company does poorly. A shareholder may also be referred to as a “stockholder”.

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

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

Can a person be a director and a shareholder?

Yes, a beneficial owner can be a director or a shareholder.

Why does company formation takes more time in Europe?

Company formation may take longer time in Europe because the requirements concerning company set-up in the EU countries are more strict, and it takes more time to prepare the necessary paper work.

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.

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.

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.

Is opening a bank account included in company incorporation price?

No, there is an additional price for opening a bank account. You can find this in our price list. However, a company without a bank account is useless.

In which currency will the bank account be?

Once the bank account has been opened, you can choose a multi-currency account. This will allow you to keep several currencies in the same account. Also, the bank will automatically open a sub-account when a new currency is used.

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

Réponse

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.

Additional services

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.

 

Can you arrange accounting for my company?

Yes, we provide annual accounting services.

Please see the description under Accounting and Auditing.