Offshore company registration in 2021

Occasionally, Healy Consultants Group PLC assists multi-national Clients with offshore company registration. There are three types of offshore company including:

  1. Traditional tax havens like the BVI, the Isle of Man and the Seychelles. Refer to this web page to view a global map of tax haven jurisdictions.
  2. Legally tax-exempt trading companies in reputable countries like Singapore and Hong Kong and UK. Refer to this web page to view a global map of tax haven jurisdictions.
  3. Low tax trading companies in reputable countries like Ireland, Hungary and Romania. Refer to this web page to view a global map of tax haven jurisdictions.
  • Traditional tax haven entities

    • These entities have limited uses because they are unpopular with banks, customers, suppliers and governments. Companies from these jurisdictions are perceived as tax avoidance vehicles.
    • Consequently, it is almost impossible to open multi-currency corporate bank accounts with reputable banks in major financial centres for these entities.
    • The most common use for these entities is proprietary trading of crypto-currencies.
    • Occasionally, multi-national Clients register tax haven entities and secure a local regulatory financial license from the government. Some international banks welcome these regulated entities as customers.
    • Over the coming years, all tax haven jurisdictions will demand economic substance reporting.
    • Healy Consultants Group PLC recommends our Clients register entities in reputable transparent jurisdictions.
    • Millions of files regarding ownership of companies set up by the Panamanian Law Firm Mossack Fonseca were leaked to the press in 2016. This event showed that offshore companies are still commonly used by businessman, politicians and high net worth individuals to minimize their international tax obligations.
  • Reputable zero tax jurisdictions

    • These entities are more popular with banks, customers, suppliers and governments. Companies from these jurisdictions are not perceived as tax avoidance vehicles.
    • It is possible to open multi-currency corporate bank accounts with reputable banks in major financial centres for these entities.
    • The most common use for these entities is international trading of products and services.
    • Through these jurisdictions, multi-national Clients can access double tax treaties if they have a local permanent establishment with economic substance.
    • These jurisdictions usually have an online public register of shareholders and directors and our multi-national Clients must submit to the government a legal annual return.
    • Furthermore, our Client must submit to the government annual financial statements and a corporation tax return.
    • If properly structured, these entities are usually legally tax exempt.
  • Low tax entities

    • These entities have unlimited uses and are popular with international banks, customers, suppliers and governments. Companies from these jurisdictions are perceived as legitimate business entities.
    • Consequently, it is possible to open multi-currency corporate bank accounts with local and international reputable banks in major financial centres for these entities.
    • Usually, our multi-national Clients register for VAT or GST and hire local staff and lease a local office. Monthly and quarterly government reporting including sales tax and payroll.
    • These jurisdictions usually have an online public register of shareholders and directors and our multi-national Clients must submit to the government a legal annual return (click link).
    • Furthermore, our Client must submit to the government annual financial statements and a corporation tax return.
  • Comparison of offshore companies

    A sample of jurisdictions for offshore companiesMore information
    Global tax-exempt companiesMore information
    Traditional tax haven companies for offshore businessesMore information
    Tax exempt trading companies from reputable countriesMore information
    Trading companies from reputable low tax countriesCompare in table
    Asian offshore companiesCompare in table
    Legally tax-exempt offshore companiesCompare in table

  • Offshore banking

    • Global banks have been increasingly more reluctant to open corporate accounts for offshore companies. Healy Consultants Group PLC will assist our Clients to prepare a quality corporate bank account opening application with their preferred banking institution.
    • Clients will be requested to provide standard due diligence documents, including i) detailed business plan; ii) certified business profile; iii) certified passport copy and proof of address from all bank signatories, directors and shareholders; and iv) board resolution with the name of the signatories authorized to open and operate the account.
    • As banks continue to tighten bank account opening procedures for offshore companies, our Clients may also be requested to provide additional documents, such as i) proof of business in the country where the account will be opened; and ii) sales contracts.
    • Furthermore, there is a 50% probability that the bank will require our Client to travel to attend a one-hour interview with the bank officer. In that case our Banking Team will try to negotiate an exemption for our Client.
    • Following bank account approval, the selected bank will directly and independently provide our Clients with the corporate bank account numbers. If required, we can assist our Clients to activate their internet banking.
    • Common Reporting Standards – in 2014, the OECD countries agreed to adopt new standards for automatic exchange of fiscal information (AEOI) between their tax administrations. This will allow Governments to crack down on tax residents that use offshore companies to evade tax obligations.
  • Other considerations

    • It is important our Clients are aware of their personal and corporate tax obligations in their country of residence and domicile; and that they will fulfill those obligations annually. Let us know if you need Healy Consultants help to clarify your local and international annual tax reporting obligations.
    • Healy Consultants will only incorporate your company after 75% of due diligence documentation is received by email. Healy Consultants will only open a corporate bank account after 100% of the Client’s original due diligence documentation is received by courier.
    • During the annual renewal engagement with our Client, our in-house Legal and Compliance Department (click link) reviews the quality and completeness of our Client file. Consequently, Healy Consultants may revert to our Client to ask for more up to date due diligence documentation.

Conclusion

Email us to discuss your offshore company requirements. Healy Consultants Group PLC will assist your Firm establish an entity in a quality jurisdiction and open a multi-currency corporate bank account with a reputable bank.

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Disclaimer: Healy Consultants Group PLC neither has an office nor staff in Mauritius nor is it licenced as a management company under Section 77(1) of the Financial Services Act of 2007 or in any other way by the Financial Services Commission.

Contact us

For additional information on our offshore company registration services, please contact our in-house country expert, Mr. Kunal Fabiani, directly:
client relationship officer - Kunal
joint research centre for EU offshore authorities group RAK offshore - a complete offshore business and financial center OECD better policies for better lives