Frequently Asked Questions (FAQ)

Company Formation

What is the minimum capital of the company?

An offshore company don`t requires minimum capital to be paid up.

What documents do I get after I have registered my company?

It may slightly vary depending on each jurisdiction, but normally you will get a Certificate of Incorporation, Memorandum and Articles of Association, Appointment of First Director, Minutes of First Meeting of the Board of Directors, Register of Directors, Register of Shareholders and Share Certificate.
If nominee director and nominee shareholder service is used, you will also receive Power of Attorney and Declaration of Trust.

What is the best destination for an offshore company?

It depends on the type of business you run or plan to run in the future. There are usually at least two possible options that can suit each case.

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.

What is notarization and apostille?

Notarization is the assurance by a duly appointed and impartial Notary Public that a document

is authentic and that its signatures are genuine.

An apostille is a certification provided under the Hague Convention of 1961 for authenticating

documents for use in foreign countries.

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.

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.

What is a Double Taxation Agreement?

An arrangement between two or more countries that reduces the amount of tax that an international

worker or company must pay, so they do not have to pay tax twice on the same income.

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.

Will I be able to set up a European Company as a non-EU resident?

Yes.

Bank Account Opening

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.

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.

Additional services

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.

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.