| The 10 Steps to Set Up an Offshore Foundation | |
| Healy Consultants assists many clients to set up an offshore foundation. The procedure to set up an offshore foundation is relatively straightforward, and typically evolves as follows: | |
| 1. | Our client settles our fees to set up an offshore foundation and signs Healy Consultants engagement letter. |
| 2. | Healy Consultants provides our client with a detailed engagement plan with which to set up an offshore foundation. This project plan provides a roadmap for the engagement minimising unwanted surprises and meeting client expectations. |
| 3. | Healy Consultants collects all due diligence from our client. |
| 4. | Our client and Healy Consultants work together to draw up clear goals for the offshore foundation, as well as choosing the most suitable jurisdiction in which to set up an offshore foundation. |
| 5. | Our client and Healy Consultants agree the tax implications involved to set up an offshore foundation. Clients planning to set up an offshore foundation should note that the contributions raised in operating the entity must be deemed tax deductible in order to qualify as a foundation. To set up an offshore foundation with instant tax deductions for donations promised for the future, the foundation will need to be private. Some jurisdictions required offshore foundations to divest a percentage of the year-end fair market value of its assets, or pay an excise tax on earnings. |
| 6. | If required, Healy Consultants assists our client to draw up the contractual obligations of the foundation. Clients planning to set up an offshore foundation should note that the administration of an offshore foundation is based on purely contractual obligations, which must be tight and protected. |
| 7. | Healy Consultants prepares the documentation required to set up an offshore foundation in the chosen jurisdiction and sends to our client for signature and return to our offices. |
| 8. | Healy Consultants legally completes the set up an offshore foundation for our client with the correct structure and foundation documents. You do not need to visit the chosen jurisdiction in order to set up an offshore foundation as Healy Consultants' officers will complete all the formalities on the ground on your behalf. |
| 9. | Having set up an offshore foundation, Healy Consultants provides support services if required, including accounting and taxation support (including corporate structuring services, tax returns and financial statements) and setting up a corporate bank account (including world-class multi-currency internet banking facilities). Healy Consultants works with internationally recognised banks such as HSBC, Standard Chartered and Citibank to provide corporate bank account services. |
| 10. | Having set up an offshore foundation for our client, Healy Consultants e-mails an engagement feedback survey to the client. |
| Contact Us | |
| To set up an offshore foundation, email email@healyconsultants.com or telephone us at (+65) 6735 0120. | |
| Back to Setting up a Foundation page. | |
Buy the Singapore chapter of Healy Consultants' Asia Business Set Up book for US$100, to order call +65 6735 0120 or e-mail email@healyconsultants.com
