Free big offshore guide june 2013 version

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Free big offshore guide june 2013 version

  1. 1. 1 BRITISH VIRGIN ISLANDS
  2. 2. SNAPSHOT QUICK VIEW 7 BELIZE Belize (formerly British Honduras) is a scenically beautiful, independent country located on the Caribbean seaboard of Central America. Belize covers an area of approximately 23,000 sq km, and is bounded by Mexico to the north and Guatemala to the west and south. The administrative capital of Belize is Belmopan, but the major commercial centre is Belize City, which is located on the eastern coast close to the major international airport. POPULATION The population of Belize is about 320,000 of which some 70,000 live in Belize City. The population of Belize is ethnically diverse and includes descendants of the original Mayan culture and people of Chinese, Caribbean, Caucasian and East Indian descent. POLITICAL STRUCTURE Belize has a long history of peace, stability and democracy. It became a British Crown Colony in 1862 and achieved complete self-rule in 1981. Belize is a member of the British Commonwealth, the United Nations and the Non-Aligned Movement. Belize is a parliamentary democracy and constitutional monarchy which recognises HM Queen Elizabeth II as head of state represented by a Governor General who must be a Belizean national. The National Assembly is composed of the Senate and the House of Representatives. The Senate has 12 members and the House of Representatives comprises of 29 members, directly elected at intervals of no longer than five years. The prime minister and cabinet have executive power. There are two main political parties; both parties are committed to the economic development of the country and the encouragement of overseas investment. INFRASTRUCTURE AND ECONOMY Belize´s unspoiled environment with cays and barrier reef make it a popular destination for eco-tourists, whilst its clear unpolluted waters are excellent for swimming, diving, fishing and other aqua sports. The country also offers a unique mix of unspoiled woodlands, caves, mountains, waterfalls and jungle, in addition to a wealth of Mayan archaeological sites. There are also marine resort areas, forest reserves, wildlife sanctuaries and the world´s only jaguar reserve! Major exports are citrus products, sugar, bananas, fishery prod- ucts, garments and timber and food products. The offshore finance industry is generating an increasing proportion of national income. LANGUAGE The official and spoken language is English but Spanish is widely spoken. CURRENCY The Belize Dollar (BZ$). EXCHANGE CONTROL Offshore activities are exempted from exchange control. TYPE OF LAW Common Law. Based on English Common Law. PRINCIPAL CORPORATE LEGISLATION International Business Companies Act, 1990, amended 2000. Location: Central America Time: GMT - 5 Hours Capital: Belmopen City Official Language: English, Creole, Spanish Currency: BZD IDC: +501 Legal System: English Common Law Political System: Democratic Shelf Companies: Yes Incorporation Time: 24 Hours Directors: 1 Residency: Not required Corporate Directors: Yes Shareholder Disclosure: No Nominee Directors: Yes Bearer Shares: Yes but immobilised Min. Shares: 1 Public Share Registry: No Meetings: Subject to Memorandum & Articles Registered Office: Yes Annual Accounts Return: No Audit Requirements: No Bank Accounts: Anywhere in the world Low start-up and annual maintenance• costs A minimum of one Director and one• Shareholder. Any nationality and need not be resident in Belize Directors can be individual or corporate• bodies and need not be local residents No public disclosure of Shareholders or• Directors Total exemption from all forms of local• tax including stamp duty No requirement to audit or file accounts• and annual returns Incorporation procedures are simple and• normally completed in one day IMPORTANT - A Belize Company is due• for renewal on January 1 each year Restrictions on Trading Cannot trade within Belize or own real estate there. Cannot undertake the business of banking, insurance, assurance or reinsurance, Company management or registered office facilities for Belizean incorporated Companies. Powers of Company A Company incorporated in Belize has the same powers as a natural person. Language of Legislation and Corporate Documents English. Shelf Companies Available Yes. Time to Incorporate One day. Name Restrictions Any name that has already been incorporated in Belize, or is so similar as to cause confusion. Any name which in the opinion of the Registrar is considered undesirable,obsceneoroffensive.NamessuchasRoyalor imperial and any name that suggests the patronage of Belize Government. Language of Name A Belize IBC can be incorporated using any language. Chinese language incorporations with Chinese documentation are popular. Registered Office Required Yes, must be maintained in Belize at the address of a licensed management company. Names Requiring Consent or License Bank, building society, savings, loans, insurance, ssurance, reinsurance, trust, trustees, Chamber of Commerce, university, municipal or their foreign language equivalents or any name in English or a foreign language that may suggest association with the banking or insurance industries. Suffixes to Denote Limited Liability Limited,Corporation,Incorporation,SociétéAnonyme, Sociedad Anónima, Aktiengesellschaft or the relevant abbreviations. Disclosure of Beneficial Ownership to Government Authorities No. Confidential Banking eazyoffshore can incorporate your Belize company and open a highly confidential bank account at the same time. To make the most of your Belize IBC, a confidential bank account is a must. Belize Offshore Anonymity Belize has traditionally offered excellent privacy. Belize offshore companies are not required to disclose the names of Beneficial Owners, Shareholders and Directors to the authorities. With eazyoffshore, there is a further level of anonymity protection. The eazyoffshore foundation in the West Indies acts as Nominee Director and Shareholder ensuring the ownership of your Belize company can never be discovered. Authorised and Issued Share Capital The usual authorised share capital is US$50,000 divided into shares with or without par value. The share capital may be expressed in any currency. The minimum issued capital may be one share of no par value or one share of par value. Classes of Shares Permitted Registered shares, shares of no par value, preference shares, redeemable shares and shares with or without voting rights. Taxation A Belize International Business Company does not pay any tax on its worldwide profits to Belize authorities. Double Taxation Agreements Belize is not a party to any double tax agreements. Financial Statements Required Whilst there is no requirement to file audited accounts with the authorities, a company is required to keep financial records that reflect the financial position of a company. Directors The minimum number of Directors is one. Directors may be natural persons or corporate entities, they may be of any nationality and need not be Belize resident. Company Secretary A Company Secretary is not a requirement under the Act, but a Secretary is normally appointed to facilitate signing obligations. Shareholders The minimum number of Shareholders is one. BELIZE COMPLIANCE
  3. 3. SNAPSHOT QUICK VIEW 13 The British Virgin Islands is an archipelago of over 40 islands, 16 of which are inhabited. Discovered by Columbus who is said to have been so impressed by their large number that he named them “Las Virgenes” in honour of St. Ursula and her 11,000 attendant virgins they lie to the north west of the United States Virgin Islands. The neighbour with the largest land area is Puerto Rico, 96 km to the west. Except for Anegada, which is a flat reef surrounded island of coral limestone, the Islands are hilly and enjoy a subtropical climate. Their greatest tourist attraction is their superb beaches. POPULATION The population is about 23,000. The largest and most heavily populated Island is Tortola which has 18,000 inhabitants. 90% of the inhabitants are of African descent, the balance being made up of Indian, European or mixed race. The capital, Road Town, is on the southern shore near Sir Francis Drake Channel. Tortola is connected by a road bridge to Beef Island, and the local airport. POLITICAL STRUCTURE In 1672, Britain claimed Tortola. Simultaneously, Denmark asserted her sovereignty over St. Thomas and St. John; then in 1773 Denmark purchased St. Croix from France. The Danish Islands were sold to the United States in 1917 for US$25 million. Relations between the United States and British Virgin Islands are very good. The British Virgin Islands are a UK overseas territory with self-government in most internal matters. Under the 1977 constitution, HM Queen Elizabeth II is represented by a Governor responsible for public services, external affairs, defence and internal security, with reserved legislative powers as necessary for the exercise of special responsibilities. On all other matters, the executive council has authority. The executive council consists of the Governor, the Chief Minister, the Attorney-General and three other ministers appointed by the governor from the legislative council on the advice of the Chief Minister. The legislative council has a four year term and consists of a Speaker, 13 directly elected members and the Attorney-General. INFRASTRUCTURE AND ECONOMY There is an excellent daily air service between the Islands and the USA. Cruise ships call in weekly to the Islands and there are freight carriers. The economy, one of the most prosperous in the Caribbean area, is highly dependent on the tourist industry, which generates about 21% of the national income. In 1984, the Government offered offshore registration to companies wishing to incorporate in the Islands. By 2006 the number incorporated had exceed 750,000. Incorporation in the first three quarters of 2006 exceeded 51,000 making the British Virgin Islands the world’s leading offshore jurisdiction. The BVI is the only Caribbean jurisdiction to boast the presence of all five of the largest offshore law firms in the region and the legal profession presence in the territory continues to expand. The finance sector and ship registration now generate approximately 50% of government revenue. LANGUAGE The official and spoken language is English. CURRENCY US Dollar. EXCHANGE CONTROL None. TYPE OF LAW Common Law, based on English Common Law with local modifications and local statutes. PRINCIPAL CORPORATE LEGISLATION The Companies Act (Cap. 285) and The BVI Business Companies Act, 2004. (“The BVI BC Act”). All Companies previously incorporated under the International Business Companies Act, 1984, automatically. A BVI Business Company requires no• disclosure of Directors or Shareholders to the government or on any public record The British Virgin Islands do not require• a resident Secretary, local Directors or local Shareholders With over 500,000 companies• registered, the British Virgin Islands is the world´s leading offshore jurisdiction BVI offshore companies are exempt• from all taxes A British Virgin Islands BC is allowed to• have bank accounts in any region of the world A BVI Company takes up to two• business days to incorporate (usually 24 hours) There is no limit for the maximum capital• of the Company IMPORTANT - A BVI Company is due• for renewal on its anniversary of incorporation Location: Eastern Caribbean Time: GMT – 4 Hours Capital: Road Town Official Language: English Currency: USD IDC: +1 284 Legal System: Based on English Common Law. UK Privy Council is final court of appeal Political System: Democratic Shelf Companies: Yes Incorporation Time: 24 Hours Directors: 1 Residency: Not required Corporate Directors: Yes Shareholder Disclosure: No Nominee Directors: Yes Bearer Shares: Yes Min. Shares: 1 Public Share Registry: No Meetings: As and when Directors/Share- holders Determine Registered Office: Yes Annual Accounts Return: No Audit Requirements: No Bank Accounts: Anywhere in the world Restrictions on Trading Cannot trade within the British Virgin Islands or own real estate there. Cannot undertake the business of banking, insurance, assurance, reinsurance, fund management, collective investment schemes, trust management, trusteeship, the rendering of investment advice or any other activity that would suggest an association with the banking or insurance industries. Cannot offer its shares for sale to the public. Powers of Company A Company incorporated in the British Virgin Islands has the same powers as a natural person. Language of Legislation and Corporate Documents English. Shelf Companies Available Yes. Time to Incorporate Normally 24 hours. Language of Name Latin Alphabet. Any name in a language other than English must be accompanied by a translation to ensure that the name is not restricted. Registered Office Required Yes, must be maintained in the British Virgin Islands, and must be maintained at the office of a licensed management company. Names Requiring Consent or License Bank, building society, savings, loans, insurance, assurance, reinsurance, fund management, investment fund, trust, trustees, Chamber of Commerce, university, municipal or their foreign language equivalents. Suffixes to Denote Limited Liability Limited, Corporation, Incorporated, Société Anonyme, Sociedad Anónima or their relevant abbreviations. Disclosure of Beneficial Ownership to Government Authorities No. Confidential Banking eazyoffshore can incorporate your BVI company and open a highly confidential bank account at the same time. To make the most of your BVI BC, a confidential bank account is a must. British Virgin Islands Offshore Anonymity BVI has traditionally offered excellent privacy. BVI offshore companies are not required to disclose the names of Beneficial Owners, Shareholders and Directors to the authorities. With eazyoffshore, there is a further level of anonymity protection. The eazyoffshore founda- tion in the West Indies acts as Nominee Director and Shareholder ensuring the ownership of your BVI company can never be discovered. Share Capital The normal share capital is US$50,000 with all of the shares having a par value, this being the maximum share capital for the minimum duty payable upon incorporation and annually thereafter. The share capital may be expressed in any currency. The minimum issued capital is one share of no par value or one share of par value. Classes of Shares Permitted Registered shares, shares of no par value, preference shares, redeemable shares and shares with or without voting rights. Taxation A Business Company does not pay any tax on its worldwide profits to the British Virgin Islands authorities. Double Taxation Agreements The British Virgin Islands has treaties with Japan and Switzerland, though they have limited benefit and are not applicable to offshore business. Financial Statements Required Whilst there is no requirement to file audited accounts with the authorities, a company is required to keep financial records,which reflect the financial position of a company. Directors The minimum number of Directors is one. Directors may be natural persons or corporate bodies. They can be of any nationality and need not be resident. A copy of the Register of Directors must be held at the Registered Office and any changes to the Register must be sent to the Registered Office within 15 days of the change. Failure to do so may result in a fine of US$10,000. Company Secretary A Company Secretary is not a requirement under the Act, but a Secretary is normally appointed to facilitate signing obligations. An imprint of the Company Seal must be held at the Registered Office. Failure to do so may result in a fine of US$10,000. If the Minute Books containing records of meetings of members and Directors are not held at the Registered Office the address at which these books are held needs to be provided. Shareholders The minimum number of Shareholders is one. A copy of the Register of Members must be held at the Registered Office and any changes to the Register must be sent to the Registered Office within 15 days of the change. Failure to do so may result in a fine of US$10,000. BVI COMPLIANCE
  4. 4. SNAPSHOT QUICK VIEW 19 The Cayman Islands consists of a group of three islands in the Caribbean: Little Cayman, Cayman Brac and Grand Cayman. The main Island, Grand Cayman, is situated about 500 miles southeast of Miami. POPULATION The population is about 50,000. POLITICAL STRUCTURE The Cayman Islands are a British colony and therefore the United Kingdom Parliament at Westminster retains the right to legislate. A Governor who is appoint- ed by the Queen Elizabeth II heads the Cayman Islands Government. There is a Legislative Assembly consisting of 18 seats: 3 appointed members from the Executive Council (Financial Secretary, the Attorney-General and Administrative Secretary) and 15 members elected by the popular vote. An Executive Council, consisting of three official members appointed by the Governor and four members elected by the Legislative Assembly, formulates policy and advises the Governor. Appointments are to a four-year term. INFRASTRUCTURE AND ECONOMY The economy of the Islands is strong, enjoying full employment with most of the revenue being derived from the financial services sector and tourism. Miami is one hour away by air and the Island has direct air links with New York, Atlanta, Tampa, Houston and Jamaica. The Islands are a popular cruise-ship stop. LANGUAGE English. CURRENCY Caymanian Dollar. EXCHANGE CONTROL None. TYPE OF LAW Common Law based on English Common Law. PRINCIPAL CORPORATE LEGISLATION The Company Law of the Cayman Islands is based on the English Companies Act of 1948 and can be found in the Cayman Islands: Companies Laws (2007 Revision) Companies (Amendment) (No 2) Law 2009 Companies (Amendment) Law 2010. A minimum of one Shareholder and one• Director is required Shareholder and Director registers are• not available for public inspection Total exemption from all forms of local• taxation including stamp duty Companies can be formed and registered• within one or two working days Foreign Companies from approved• jurisdictions may apply to be registered by way of continuation as a Cayman Exempted Company First class accounting, legal and banking• services Political stability• IMPORTANT - A Cayman Islands• Company is due for renewal on December 31 each year Location: Western Caribbean Time: GMT - 5 Hours Capital: George Town Official Language: English Currency: KYD IDC: +1 345 Legal System: Based on English Common Law Political System: Democratic Shelf Companies: Yes Incorporation Time: 2 Days Directors: 1 Residency: Not required Corporate Directors: Yes Shareholder Disclosure: No Nominee Directors: Yes Bearer Shares: Yes Min. Shares: 1 Public Share Registry: No Meetings: Yes by Proxy Registered Office: Yes Annual Accounts Return: Yes Audit Requirements: No Bank Accounts: Anywhere in the world Restrictions on Trading Cannot trade within the Cayman Islands, own real estate in the Cayman Islands. Cannot undertake the business of banking, insurance business or mutual fund business unless licensed. Cannot solicit funds from the public. Powers of Company A Cayman Islands Exempt company has all the powers of a natural person. Language of Legislation and Corporate Documents English. An Arabic language facility was enabled in 2007. Registered Office Required Yes, must be maintained in the Cayman Islands. Shelf Companies Available Yes. Time to Incorporate Two days. Name Restrictions Bank, insurance, assurance, reinsurance, trust, municipal, charter, co-operative, their foreign language equivalents or any name that, in the opinion of the Registrar, would suggest a connection with a Royal family or Government authority. Language of Name Names can be expressed in any language using the Latin alphabet, Chinese or Arabic, if the Registrar of Companies receives a translation. The corporate documents will be in English.Names Requiring Consent or License Bank, building society, savings, loans, insurance, assurance, reinsurance, fund management, asset manage- ment, trust, trustees or their foreign language equivalent. Suffixes to Denote Limited Liability There is no requirement to utilise a suffix to Denote limited liability, although normally companies are incorporated to include the suffixes Limited, Incorporated, Corporation or their abbreviations. Disclosure of Beneficial Ownership to Government Authorities No. Confidential Banking eazyoffshore can incorporate your Cayman Islands company and open a highly confidential bank account at the same time. To make the most of your Cayman IBC, a confidential bank account is a must. Cayman Islands Offshore Anonymity The Cayman Islands has traditionally offered excellent privacy. Cayman offshore companies are not required to disclose the names of Beneficial Owners, Shareholders and Directors to the authorities. With eazyoffshore, there is a further level of anonymity protection. The eazyoffshore foundation in the West Indies acts as Nominee Director and Shareholder ensuring the ownership of your Cayman company can never be discovered. Authorised and Issued Share Capital The minimum is US$1, but it is normal to incorporate with an authorised share capital of US$50,000; divided into 50,000 common voting shares of US$1, this being the maximum for the minimum capital duty payable to the Registrar of Companies. The minimum issued share capital is one share of no par value or one share of part value. Classes of Shares Permitted Registered shares of par or no par value, preference shares, redeemable shares and voting or non-voting shares. Taxation There is no form of taxation in the Cayman Islands relating to individuals, Corporations or Trusts. Double Taxation Agreements The Cayman Islands has no double tax agreements. Financial Statements Required Companies (Amendment) Law 2010 states that “Every company shall cause to be kept proper books of account including where ap- plicable, material underlying documentation including contracts and invoices. Such documentation must be retained for a minimum period of five years from the date on which they are prepared”. Failure to retain such records shall be subject to a penalty of $5,000. Unregulated Exempt Companies do not need to file accounts. Directors The minimum number of Directors is one. The Directors may benatural persons or corporate entities. The Directors may be of any nationality, and need not be resident in the Cayman Islands. Company Secretary The Cayman Islands Companies Ordinance does not make any specific reference to a requirement for a Company Secretary. However, it is customary to appoint one. Can be either a natural person or a corporate entity. Shareholders The minimum number of Shareholders is one. CAYMAN ISLANDS COMPLIANCE
  5. 5. SNAPSHOT QUICK VIEW 25 Gibraltar is famous for its dramatic rock. It is located in a strategic position at the southern end of the Iberian Peninsula. It overlooks the Straits of Gibraltar and is linked to Spain by a narrow roadway which crosses its aircraft runway. Gibraltar is small but imposing and measures approximately 6.5 sq km. POPULATION The population of Gibraltar is about 30,000 although a substantial number of the working population commutes daily from homes nearby in Spain. A number of Moroccan, British and Indian expatriates live in Gibraltar. POLITICAL STRUCTURE Gibraltar is a British Dependent Territory and is a Crown Colony with internal self-government based on a Constitution of 1969. It has its own elected House of Assembly, which legislates on domestic matters. The United Kingdom is responsible for defence, foreign affairs, financial stability and internal security. Gibraltar became part of the European Community in 1973 when it joined as a UK Dependent Territory under Article 227 (4) of the Treaty of Rome. Gibraltar enjoys special status within the Community and is exempted from the Common Customs Tariff, the Common Agricultural Policy and Value Added Taxation. INFRASTRUCTURE AND ECONOMY Since the opening of the border with Spain in 1985, the level of tourism and investment has increased dramatically. Several international banks and insurance companies have offices in Gibraltar. Gibraltar has excellent modern postal and telecommunications systems. Thanks to a joint venture between the Gibraltar Government and the Nynex Corporation of the USA, Gibraltar enjoys the latest in digital and fibre-optic telecommunications. This has produced a growth in the technology sector with a number of betting and gaming companies taking advantage of the low-tax re- gime and good telecommunication facilities. The growth in the gaming industry has not only produced in excess of 1,100 jobs but the industry also pays in excess of £4M to the Government each year in Gaming Tax. The Port of Gibraltar enjoys free port status and hosts frequent calls from many of the world´s shipping lines, both passenger and freight. Bunkering is a significant business in Gibraltar. Gibraltar’s Stock Exchange, “GibEx” opened in May 2007 and has the technical assistance of the Vienna Stock Exchange as well as Bank Medici. A major partner of the Stock Exchange is Van der Moolen NV which is known to be the fourth largest liquidity provider on the New York Stock Exchange. LANGUAGE The official and spoken language is English. Gibraltarian is a mix of English, Spanish, Arabic and Maltese. CURRENCY Gibraltar Pound which is on par with the British Sterling. EXCHANGE CONTROL None. TYPE OF LAW Common Law based on English Common Law. PRINCIPAL CORPORATE LEGISLATION Based on the United Kingdom 1929 Companies Act (as amended) and the Companies Ordinance 1984 (as amended). The tax status of Gibraltar Companies is established by the Gibraltar Companies Ordinance of 1967.Recent amendments to the Act ensure that all relevant EU Directives are implemented. Location: Mediterranean Time: GMT + 1 Hour Capital: Gibraltar Official Language: English Currency: GBP IDC: +350 Legal System: English Law with local statute variations Political System: Democratic Shelf Companies: Yes Incorporation Time: 3 – 5 Days Directors: 1 Residency: Not required Corporate Directors: Yes Shareholder Disclosure: Yes Nominee Directors: Yes Bearer Shares: Yes Min. Shares: 1 Public Share Registry: Yes Meetings: Once a year at any location Registered Office: Yes Annual Accounts Return: Yes Audit Requirements: Yes Bank Accounts: Anywhere in the world Restrictions on Trading Cannot trade within Gibraltar or remit income to Gibraltar if the company is to retain its non resident status for tax purposes. A Non Resident Company cannot undertake the business of banking, deposit taking, insurance, assurance, reinsurance, fund management, asset management or any other activity associated with the finance industry. Powers of Company A company incorporated in Gibraltar has the same powers as a natural person. Language of Legislation and Corporate Documents English. Registered Office Required Yes, must be maintained in Gibraltar. Shelf Companies Available Yes. Time to Incorporate Subject to name approval, a company can be incorporated within three to five working days. Name Restrictions Any name that is identical or similar to an existing company. Any name which, in the opinion of the Registrar, is undesirable or offensive. Any name that suggests Roy- al or government patronage. Any English name, or their foreignlanguageequivalent,whichmayimplyafieldofactivity associated with the banking or finance industry. Language of Name The name can be in any language that uses the Latin alphabet, but must be accompanied by a translation to ensure that the name is not prohibited or licensable. Names Requiring Consent or License The following names or their derivatives require consent or a licence: bank, building society, insurance, assurance, reinsurance, fund management, asset management, investment fund, trust, trustees, municipal, Chamber of Commerce, cooperative or their foreign language equivalents. “International” and “Gibraltar” cannot be used without consent unless they are bracketed. Suffixes to Denote Limited Liability Limited or Ltd. Disclosure of Beneficial Ownership to Government Authorities The names of the Shareholders are required to be listed on the Annual Return and Incorporation documents. The identity of the Beneficial Owners of the Gibraltar Non Resident Company may remain confidential if Corporate Shareholders are engaged to act as the Shareholder on behalf of the Ultimate Beneficial Owners. This confidentiality is maintained as long as the company and its Ultimate Beneficial Owners are not involved in any criminal activity. Confidential Banking eazyoffshore can incorporate your Gibraltar company and open a highly confidential bank account at the same time. To make the most of your Gibraltar IBC, a confidential bank account is a must. Gibraltar Offshore Anonymity Gibraltar has traditionally offered excellent privacy. Gibraltar offshore companies are not required to disclose the names of Beneficial Owners to the authorities. With eazyoffshore, there is a further level of anonymity protection. The eazyoffshore foundation in the West Indies acts as Nominee Director and Shareholder ensuring the ownership of your Gibraltar company can never be discovered. Authorised and Issued Share Capital Usually £2,000 divided into 2,000 shares of £1 each. This being the maximum authorised share capital for the minimum capital duty payable upon incorporation. The authorised share capital may be expressed in any currency. The minimum issued capital is £100. Classes of Shares Permitted Registered shares, preference shares and redeemable shares or shares with or without voting rights. Taxation A Gibraltar Non Resident Company does not fall under the Gibraltar tax system and therefore is not required to register or file in Gibraltar for taxation purposes. In addition there is no wealth tax, Capital Gains Tax, gift tax or Value Added Tax. Double Taxation Agreements Gibraltar is not a party to any double tax treaties. Financial Statements Required All Limited Companies are required to file accounts, however it the company quali- fies as a “small Company” an abridged balance sheet is permissible and there is no requirement for an audit or profit and loss accounts. To qualify as a small company two of the following three requirements should be met: • Net Annual Turnover below £4.8 million. • Total Balance Sheet value below £2.4 million. • The number of employees should not exceed 50. A medium sized company is required to file a Profit and Loss, Balance Sheet and an Auditors report, to qualify as “medium company” two of the following three require- ments should be met: • Net Annual Turnover must not exceed £19.2 million. • Total Balance Sheet value below £9.6 million. • The number of employees should not exceed 250. A large company must file Profit and Loss Statements, Balance Sheet and an Auditors Report. Accounts are not available to the public. Directors The minimum number of Directors is one, who may be natural persons or corporate entity. They may be of any nationality, and need not be resident of Gibraltar. Company Secretary All Gibraltar companies must appoint a resident Company Secretary, who may be a natural person or corporate entity. Shareholders The minimum number of Shareholders is one and should be a non resident of Gibraltar. • A minimum of one Shareholder and one Director is required. They may be of any nationality and must not be resident in Gibraltar • All Gibraltar companies must appoint a resident Company Secretary, who may be a natural person or a corporate entity • The names of Company officers appear on public record. Anonymity can be preserved by the use of eazyoffshore’s Nominee Directors and Shareholders • Accounts and tax filing must be submitted every year • The tax rate is 10% as from 1st of January 2011. This rate of tax will be levied on company profits which derive in or accrue in Gibraltar (otherwise zero) • Very stable jurisdiction with an excellent reputation • Subject to name approval, a company can be incorporated within 3-5 days (same day speedy service available on request) • eazyoffsore shelf companies are available for immediate purchase • IMPORTANT - A Gibraltar Company is due for renewal on its anniversary of incorporation GIBRALTAR COMPLIANCE
  6. 6. SNAPSHOT QUICK VIEW 31 A minimum of one Director and one Shareholder• must be appointed A Company Secretary must be appointed. An• individual Secretary must be ordinarily resident in Hong Kong The names of company officers appear on public• record. Anonymity can be preserved by eazyoffshore’s Nominee Services Preparation of accounts is required. Accounts are• not publicly accessible A Private Company is required to file an• annual return each year within forty-two days of the company´s anniversary date of incorporation A Hong Kong company is only taxed on its profits• arising in or derived from a trade or business carried on in Hong Kong. Worldwide profits can be drawn in with no tax payable. There is no tax on dividends paid by a company otherwise chargeable to profits tax The actual incorporation takes about 6 working days• Stable jurisdiction with very good reputation• Included in your formation is the Tax Registration of• your company eazyoffshore provide local accounting and auditing• services at very competitive rates IMPORTANT - A Hong Kong Company is due for• renewal on its anniversary of incorporation Location: Province of China Time: GMT + 8 Hours Capital: Victoria (or nowadays ‘Central’) Official Language: Cantonese & English Currency: HKD IDC: +852 Legal System: English Common Law Political System: Special Administrative Region Shelf Companies: Yes Incorporation Time: 6 Days Directors: 1 Residency: Not required Corporate Directors: Yes Shareholder Disclosure: Listed Companies Only Nominee Directors: Yes Bearer Shares: No Min. Shares: 1 Public Share Registry: No Meetings: Once a year at any location Registered Office: Yes Annual Accounts Return: Yes Audit Requirements: Yes Bank Accounts: Anywhere in the world Hong Kong is on the southeast coast of China and consists of a large number of islands and a part of the mainland totaling just over 1,000 sq km. On 1 July 1997 all of Hong Kong reverted from British control back to China and became a Special Administration Region “SAR” within the People´s Republic of China (PRC). POPULATION 7 million. POLITICAL STRUCTURE Hong Kong elects its own legislature and maintains its own court structure. THE FUTURE OF HONG KONG Under the “one country - two systems” philosophy, the SAR has executive, legislative and independent judicial power. The capitalist system, legal structure and lifestyle remain unchanged. Hong Kong remains a free port with a free flow of capital and a freely convertible Hong Kong dollar. With China pushing forward with the modernisationofitsowneconomy,thePRChasexpressedthewishthat Hong Kong should assist in this endeavour. It has stated that its future development will be based on market led reforms with socialist characteristics and this has led to the opening up of its economy to foreign investments. It is widely recognised that Hong Kong is and will continue to be a significant gateway to China. Operating from 2004, Hong Kong and Mainland China has been developing the Closer Economic Partnership Arrangement (CEPA). The Arrangement is to ensure Hong Kong is “economically interlocked” with the Mainland and that CEPA has offered lower entry thresholds for smaller players (capital/trading history requirements) in Hong Kong and 100% ownership of many China ventures. It makes Hong Kong the simplest, most profitable route into and out of Mainland China. CEPA offers preferential access to China’s markets, commitments made by China under WTO. It adds to the long list of reasons why international businesses choose Hong Kong as a base for their China and Asia operations today. INFRASTRUCTURE AND ECONOMY Hong Kong has excellent communication facilities. Since 2001 Hong Kong has achieved a yearly accolade in the Skytrax annual passenger survey and has been voted as the World´s Best Airport eight times. Hong Kong has been ranked first in terms of economic freedom for 16 consecutive years (1995 – 2010) by the Heritage Foundation of its Economic Freedom study. Up to end of May 2010, the external net assets held by banks and deposit-taking institutions reached HK$1,656 billion, making Hong Kong one of the largest banking centres in the world. LANGUAGE The official languages are English and Chinese, with English being used in the commercial and political context and Cantonese Chinese used widely in industry and domestic trade. CURRENCY The Hong Kong Dollar, which is officially pegged to the US Dollar. EXCHANGE CONTROL None. TYPE OF LAW Common Law. Based on English Common Law. PRINCIPAL CORPORATE LEGISLATION Companies Ordinance (Cap 32). Restrictions on Trading Cannot undertake banking or insurance activities or solicit funds from or sell its shares to the public. Powers of Company A Hong Kong company has all the powers of a natural person. Language of Legislation and Corporate Documents Chinese and English. Registered Office Required Yes, must be maintained in Hong Kong. Name Approval Required It is not possible to reserve a name. It is essential to check that there is no similar or identical name on the register, which would prevent the company being incorporated. Shelf Companies Available Yes. Time to Incorporate About 6 working days from the submission of documentation. Name Restrictions A name that is similar to or identical to an existing company. A name that constitutes a criminal offence or is otherwise contrary to the pub- lic interest. A name that gives the impression of which it is connect- ed with the Government of PRC, the Government of HKSAR or any departments of either Governments. Names Requiring Consent or License Building Society, Chamber of Commerce, cooperative, Kaifong, mass transit, municipal, savings, tour- ist association, trust, trustee, underground railway, bank, insurance, assurance, reinsurance, etc. Suffixes to Denote Limited Liability Limited. Disclosure of Beneficial Ownership to Government Authorities No. Confidential Banking eazyoffshore can incorporate your Hong Kong company and open a highly confidential bank account at the same time. To make the most of your Hong Kong IBC, a confidential bank account is a must. Hong Kong Offshore Anonymity Hong Kong has traditionally offered excellent privacy. Hong Kong offshore companies are not required to disclose the names of Beneficial Owners to the authorities. With eazyoffshore, there is a further level of anonymity protection. The eazyoffshore foundation in the West Indies acts as Nominee Director and Shareholder ensuring the ownership of your Hong Kong company can never be discovered. Authorised and Issued Share Capital The usual authorised share capital is HK$1,000. The minimum issued capital is one share of par value. Classes of Shares Permitted Ordinary shares, preference shares, redeemable shares and shares with or without voting rights. Taxation Hong Kong is one of the few countries in the world that tax on a territorial basis. Many countries levy tax on a different basis and they tax the worldwide profits of a business, including profits derived from an offshore source. Hong Kong profits tax is ONLY charged on profits derived from a trade, profession or business carried on in Hong Kong. Consequently, this means that a company which carries on a business in Hong Kong, but derives profits from another place, is not required to pay tax in Hong Kong on those profits. Hong Kong sourced income is currently subject to a rate of taxation of 16.5%. There is no tax in Hong Kong on capital gains, dividends and interest earned. The principle of Hong Kong profits tax is that it is a tax on profits that has its source in Hong Kong rather than a tax based on residence. Income sourced elsewhere, even remitted to Hong Kong, is not subject to Hong Kong profits tax at all. Consequently, if a Hong Kong Company´s trading or business activities are based outside Hong Kong no taxation will be levied. A factor that determines the locality of profits from trading in goods and commodities is generally the place where the contracts for purchase and sale are effected. “Effected” does not only mean that the contracts are legally executed, it also covers the negotiation, conclusion and execution of the terms of the contracts. If a business earns commission by securing buyers for products or by securing suppliers of products required by customers, the activity which gives rise to the commission income is the arrangement of the business to be transacted between the principals. The source of the income is the place where the activities of the commission agent are performed. If such activities are performed through an office in Hong Kong, the income has a source in Hong Kong. Certain sums, like royalties, paid or payable to non-resident persons for use of or right to use certain intellectual property are subject to withholding tax. The payerwho claims deduction for the use of the intellectual property against its assessable income is required to withhold a prescribed percentage from the payment while that recipient is not subject to Hong Kong profits tax. The prescribed percentage is 4.95% on the gross payment if the payer and the recipient are not related, but 16.5% if the payer and recipient are related. The recipients of the royalties may enjoy different treaty rates under double taxation agreements. Double Taxation Agreements Hong Kong has arrangement with a number of jurisdictions for double taxation relief of shipping or airline income. It has also comprehensive double tax agreements with Belgium, Thailand, and Luxembourg respectively to relieve taxation on income, for instance, dividends, interest and royalties. The Hong Kong Inland Revenue Department allows a deduction for foreign tax paid on a turnover basis in respect of income which is also subject to tax in Hong Kong. Therefore, businesses operating in Hong Kong do not generally have problems with double taxation of income. The respective comprehensive double tax agreements with Austria, Czech Republic, France, Hungary, Indonesia, Ireland, Japan, Kuwait, Liechtenstein, Netherlands, New Zealand, Portugal, Spain and Switzerland will become effective from 1 April 2012 to relieve the applicable double taxation on various incomes. Financial Statements Required A Hong Kong company must keep accounting records, which may be kept at the registered office address or elsewhere at the discretion of the Directors. Every company must appoint an auditor who must be a member of the Hong Kong Institute of Certified Public Accountants and hold a practicing certificate. Although there is no requirement to file accounts with the Registrar, there is a requirement to file accounts with the Hong Kong Inland Revenue Department. Directors The minimum number of Directors is one, who may be natural persons or corporate entities. They may be of any nationality, and need not be resident in Hong Kong. Company Secretary A Hong Kong company must appoint a Company Secretary, who may be a natural person or a corporate entity. The Company Secretary must be resident in Hong Kong. Shareholders The minimum number of Shareholders is one. HONG KONG COMPLIANCE
  7. 7. SNAPSHOT QUICK VIEW 37 Nevis is situated in the northern part of the Leeward Islands and was once known as “The Queen of the Caribbean” due to its breathtaking palm-fringed beaches and scenery dominated by Nevis Peak in the centre of the island which rises to a height of over 3,200 feet. POPULATION The population of Nevis is approximately 12,000. POLITICAL STRUCTURE Nevis was a British colony from 1628 until 1983 when it became independent and joined the Federation of St. Kitts and Nevis. The Federation is an active member of the British Commonwealth. Nevis is a democracy based upon the British Parliamentary system with an elected local assembly. The Head of State is HM Queen Elizabeth II who is represented on the island by a Governor General. INFRASTRUCTURE AND ECONOMY Nevis was virtually a sugar monocrop economy until the late 1970s, when the government backed a drive into small-scale industrialisation. In July 2005, sugar production ceased. Tourism has become the largest source of foreign exchange although mass tourism has been rejected in favour of quality development and five star resorts. The arrival of the first direct flight from Atlanta Hartsfield Jackson International to St Kitts in February 2008 marks a significant milestone in the Federation’s (Federation of St Kitts & Nevis) efforts to penetrate the US travel market. In 1984 the Government of Nevis enacted a modern corporate statute, the Nevis Business Corporation Ordinance 1984, which has resulted in rapid growth of the finance sector with around 18,000 companies registered by 1999. The main trading partners are the US, the UK and Canada (for exports) and the US, Italy, and Trinidad and Tobago (for imports). LANGUAGE English is the official and commercial language of the Island. Nevis enjoys a literacy rate of 98%, one of the highest in the Western Hemisphere. CURRENCY Eastern Caribbean Dollar (EC$), which is fixed to the US Dollar. EXCHANGE CONTROL None. TYPE OF LAW Common Law based on English Common Law and American Corporate Law. PRINCIPAL CORPORATE LEGISLATION Nevis Limited Liability Company Ordinance 1995. Nevis Limited Liability Company (amendment) Ordinance, 2009. Location: Eastern Caribbean Time: GMT -4/-5 Hours Capital: Charlestown Official Language: English Currency: ECD IDC: +1 869 Legal System: English Common Law Political System: Democratic Shelf Companies: No Incorporation Time: 24 Hours Directors: 1 Residency: Not required Corporate Directors: Yes Shareholder Disclosure: No Nominee Directors: Yes Bearer Shares: Yes Min. Shares: 1 Public Share Registry: No Meetings: Yes, at a time and place as indicated by the board Registered Office: Yes Annual Accounts Return: No Audit Requirements: No Bank Accounts: Anywhere in the world Sole member companies are permitted• Members may be individuals or corporate• entities of any nationality or domicile Management of the company may be by the• members or by managers appointed by the members Members are not liable for the obligations• of the company No taxes are levied on income of a company• earned outside of Nevis Whilst there is no requirement to submit or• file audited financial statements, a Nevis company is required to maintain financial records to reflect the financial position of the company No annual or other reports by members are• required to be filed in the public records of Nevis It takes only one working day to incorporate• IMPORTANT - Nevis Companies are due for• renewal on their anniversary of incorporation Restrictions on Trading Cannot trade within Nevis or own real estate there. A company may not engage in the business of banking, insurance, assurance, fund and collective investment schemes or any other activity that would suggest an association with the banking or insurance industries. Powers of Company A company incorporated in Nevis has the same powers as a natural person. Language of Legislation and Corporate Documents English. Name Approval Required Yes. Shelf Companies Available No. Registered Office Required Yes, must be maintained in Nevis. Time to Incorporate One day, but allow five days for delivery of documentation. Name Restrictions Any name that is identical to or similar to an translation if a foreign language name is to be used. Names Requiring Consent or License Bank, Building Society, savings, loans, insurance, assurance, reinsurance, fund management, investment fund, municipal, trust,trustee, Chamber of Commerce, university or their foreign language equivalent. Suffixes to Denote Limited Liability Limited Liability Company or LLC. Disclosure of Beneficial Ownership to Government Authorities None. Confidential Banking eazyoffshore can incorporate your Nevis company and open a highly confidential bank account at the same time. To make the most of your Nevis IBC, a confidential bank account is a must. Nevis Offshore Anonymity Nevis has traditionally offered excellent privacy. Nevis offshore companies are not required to disclose the names of Beneficial Owners, Shareholders and Directors to the authorities. With eazyoffshore, there is a further level of anonymity protection. The eazyoffshore foundation acts as Nominee Director and Shareholder ensuring the ownership of your Nevis company can never be discovered. Taxation A Nevis Limited Liability Company pays no Tax on income earned outside Nevis. Double Taxation Agreements Although Nevis does have double tax agreements, a company incorporated under the Nevis Limited Liability Company Ordinance 1995 cannot obtain any treaty relief through them. Financial Statements Required Whilst there is no requirement to submit or file audited financial statements, a Nevis company is required to maintain financial records to reflect the financial position of the company. Managers The minimum number of managers is one. The managers may be natural persons or corporate entities and may be of any nationality and need not be residents of Nevis. Members The minimum number of members is one. Membersmaybeindividualsorcorporateentitiesofany nationality or domicile. NEVIS COMPLIANCE
  8. 8. SNAPSHOT QUICK VIEW 43 The Republic of Panama has a land mass of about 75,500 sq km, is located between Costa Rica and Colombia, forms the narrowest and lowest portion of the isthmus that links North and South America. It is best known for the Panama Canal which joins the Caribbean Sea to the North Pacific Ocean, and connects Central America to South America. POPULATION The population of Panama is approximately 3.4 million, about 52% of which reside in Panama City, consisting of mainly the Mestizos (70%) and a mix of West Indians, Caucasians and Indians. The dominant religion is Roman Catholicism. POLITICAL STRUCTURE Panama was a Spanish colony until 1821. In 1903, Panama broke an alliance with Colombia and became an independent republic. There are three Branches of Government: The Executive Branch of the Government is at present composed of a• President and two vice-presidents, elected by majority vote, for a five year term. The Ministers of State are appointed by the President subject to approval by the Legislative Assembly The Legislative Assembly is composed of legislators elected from the• electoral districts for a five-year term The Judicial Branch of Government consists of Supreme Court of• Justice, five Superior Courts and three Courts of Appeal. The Supreme Court of Justice is presided over by nine judges appointed for a ten year term An autonomous Electoral Tribunal supervises voter registration and all citizens over the age of 18 are required to vote. INFRASTRUCTURE AND ECONOMY The Colon Free Zone is located on the Caribbean side of the Isthmus of Panama near the Atlantic entrance to the Panama Canal. This Free Trade Zone is the second largest in the world after Hong Kong. Operations and transactions taking place in the Free Trade Zone are subject to a special tax treatment whereby imports from other parts of the world and reexports to other countries are exempted from any import or export taxes imposed by Panama. Income earned from re-exports is taxed at specially reduced rates. Panama has the world´s largest shipping registry and a well established Banking centre. Economic growth will be bolstered by the Panama Canal expansion which began in 2007 and is expected to complete in 2014-15 at a cost of US$5.3 billion. The project will more than double the Canal´s pres- ent capacity enabling it to accommodate the modern super tankers that are becoming too large to transverse the existing transoceanic crossway. Without the expansion, it was anticipated that the Panama Canal would be forced to turn away approximately 37 per cent of the world´s con- tainer ships by 2011. Other areas of economic activity are in agriculture, manufacturing, construction, transport, tourism and financial services. LANGUAGE Spanish is the official and spoken language. English is also spoken widely in urban areas and is used daily in commerce and international trade. CURRENCY United States Dollar. EXCHANGE CONTROL None. TYPE OF LAW Based on Spanish Civil Law with many Common Law influences, particularly regarding Company Law. PRINCIPAL CORPORATE LEGISLATION Corporation Law No. 32 of the 1927 Commercial Code, Decree Law 5 of 1997 and Executive Decree 296 of 1997. Location: Central America Time: GMT - 5 Hours Capital: Panama City Official Language: Spanish Currency: USD IDC: +507 Legal System: Civil Law Political System: Democratic Shelf Companies: Yes Incorporation Time: 2 – 4 Days Directors: 1 Residency: Not required Corporate Directors: Yes Shareholder Disclosure: No Nominee Directors: Yes Bearer Shares: Yes Min. Shares: 1 Public Share Registry: No Meetings: Yes, any location in the world Registered Office: Yes Annual Accounts Return: No Audit Requirements: No Bank Accounts: Anywhere in the world A minimum of three Directors must be appointed.• Directors may be individuals or corporate entities• of any nationality or domicile A President, a Secretary and Treasurer must be• appointed. Directors of the company can also serve as Officers. One person can occupy each of the Officer positions The name and address of each Director and• Officer is filed with the Public Registry The names of Shareholders are not filed with the• Public Registry Whilst there is no requirement to file audited• accounts with the authorities, a company is re- quired to keep financial records, which reflect the financial position of a company Panama operates a territorial tax system. Income• earned from outside Panama is not taxable in Panama Interest earned on bank accounts maintained in• Panama by a Panama company is exempt from tax in Panama Company takes two to four working days to• incorporate IMPORTANT - A Panama Company is due for• renewal on its anniversary of incorporation Type of Company for international Trade and Investment Generally, Corporations are incorporated under the Corporation Statute Law 32 of the 1927 Commercial Code. Limited Liability Companies and Limited Partnerships are used also. Restrictions on Trading Cannot undertake the business of banking, trusteeship and trust administration, insurance, assurance, reinsurance, fund management, investment funds, collective investment schemes or any other activity that would suggest an association with the banking, finance, fiduciary or insurance businesses. Language of Legislation and Corporate Documents Spanish and certified English translations. Registered Office Required Yes, must be maintained in Panama at the address of the Registered Agent. Name Approval Required Yes. Shelf Companies Available Yes. Time to Incorporate Two to four days, subject to name approval. Name Restrictions A name that is similar to or identical to an existing company. Names of well known companies incorporated elsewhere or a name that implies government patronage. Language of Name Names may be expressed in any language using the Latin alphabet. The Registrar may request a Spanish or English translation. Names Requiring Consent or License Bank, building society, savings, insurance, assurance, reinsurance, fund management, investment fund, trust or their foreign language equivalents. Suffixes to Denote Limited Liability All Panamanian Corporations must end with the suffix Corporation, Incorporated, Sociedad Anónima or the abbreviations Corp, Inc or SA. They may not utilise the suffix Limited or Ltd. Disclosure of Beneficial Ownership to Government Authorities No. Confidential Banking eazyoffshore can incorporate your Panama company and open a highly confidential bank account at the same time. To make the most of your Panama IBC, a confidential bank account is a must. Panama Offshore Anonymity Panama has traditionally offered excellent privacy. Panama offshore companies are not required to disclose the names of the Beneficial Owners to the authorities. With eazyoffshore there is a further level of anonymity protection. The easyoffshore foundation in the West Indies acts as Nominee Director and Shareholder ensuring the ownership of your Panama company can never be discovered. Authorised and Issued Share Capital The standard authorised share capital is US$10,000 divided into 100 common voting shares of US$100 each or 500 common voting shares of no par value; the capital may be expressed in any convertible currency. The minimum issued capital is either one share of no par value or one share of par value. Classes of Shares Permitted Non-voting shares, preferred shares and registered shares. Bearer shares can be issued but no-par-value and bearer shares must be fully paid when issued. The registered agent must keep the bearer shares certificate in safe custody and must notify the Registrar that the shares have been issued. Taxation No corporation tax is levied on non-Panamanian sourced income. Double Taxation Agreements None. Financial Statements Required Whilst there is no requirement to file audited accounts with the authorities, a company is required to keep financial records, which reflect the financial position of a company. Directors Both corporations and natural persons may act as Directors and the minimum number of Directors is three. They may be of any nationality and need not be residents of Panama. Panamanian companies are also required to appoint a minimum of three Officers (President, Secretary and Treasurer) who may also be the Directors. Company Secretary A Company Secretary must be appointed, who may be a natural person or corporate body. The Company Secretary may be of any nationality and need not be a resident of Panama. Shareholders The minimum number of Shareholders is one. PANAMA COMPLIANCE
  9. 9. SNAPSHOT QUICK VIEW 49 Low start-up cost and low annual• maintenance A minimum of one Director and one Share-• holder is required. They may be natural persons or corporate entities, be of any nationality and need not be resident in the Seychelles No minimum paid-up capital is required to• start up a Seychelles IBC No public disclosure of Directors or• Shareholders Total exemption from all forms of local• taxation including stamp duty No requirement for audit or to file accounts• and annual returns Incorporation procedures are straightforward• and can normally be completed in one day Shelf companies are available for immediate• purchase IMPORTANT - A Seychelles Company is due• for renewal on its anniversary of incorporation The Seychelles group of islands in the Indian Ocean comprises over one hundred named islands, most being situated between four and five degrees South of the equator. The largest island is Mahé. POPULATION The Seychelles has a population of around 80,000, descended primarily from French settlers, Africans, British sailors and traders from India, China and the Middle East. POLITICAL STRUCTURE Discovery of the Islands is credited to the Portuguese explorer Vasco de Gama. The first French settlement was established on St. Anne Island on the 27th August 1770. In 1814 the Seychelles, along with Mauritius, were ceded to Great Britain under the terms of the Treaty of Paris. It was only in 1960 that the first gradual constitutional reforms were introduced. The Head of State is the President and a National Assembly of directly elected Members heads the legislative side of Government. Seychelles is an independent republic within the British Commonwealth. INFRASTRUCTURE AND ECONOMY The Seychelles economy is primarily tourism and fishing based. Industrial scale fishing is on the increase. The rapidly expanding financial sector, linked to the establishment of the Seychelles International Business Authority and a suite of progressive laws facilitating the establishment of offshore structures and encouraging inward investment, is now a significant element of the economy. An ever-increasing number of international banks and insurance companies have established either branches or subsidiaries whom, together with local management, accounting and legal firms provide clients with support. The Port of Victoria is well equipped with modern cargo handling equipment and has more than 6,000 square metres of covered storage space. The Seychelles International Airport is one of the finest in the Indian Ocean region. In addition to the national flag carrier, Air Seychelles, the airport is served by a number of other airlines. LANGUAGE The official languages are English, French and Creole. Creole is spoken widely. English is the main language of business. CURRENCY Seychelles Rupee. EXCHANGE CONTROL Exchange controls do not apply to offshore business. TYPE OF LAW Based on English Common Law and French Civil Law. PRINCIPAL CORPORATE LEGISLATION The International Business Companies Act 1994. Type of Company for international Trade and Investment The Seychelles International Business Company. Restrictions on Trading Cannot trade within the Seychelles or own real estate there. Cannot undertake the business of banking, insurance, assurance, reinsurance, fund management, asset management (other than the company´s own assets) or any other activity that would suggest an association with the banking and insurance industries. A Seychelles IBC cannot provide registered office facilities in the Seychelles, or sell its shares to the public. Powers of Company A Seychelles incorporated company has the same powers as a natural person. Registered Office Required Yes, must be maintained in the Seychelles at the office of a licensed Registered Agent. Language of Legislation and Corporate Documents English. Shelf Companies Available Yes. Time to Incorporate Two to three working days. Name Restrictions Anything identical or similar to a company already incorporated. Anything that implies patronage of the Seychelles, or any other government, insurance, Royal, imperial or any other name that may imply that a company intends to undertake a licensable or undesirable activity. Language of Name The name can be in any language, but must be accompanied by a translation in English or French. The documentation will either be in English, or it is possible to have bilingual documentation in English and Chinese or any other language accompanied by a translation in English or French. Names Requiring Consent or License Bank, building society, savings, loans, insurance, assurance, reinsurance, trust, trustees, Chamber of Commerce, university, municipal or their foreign language equivalents or any name in English or a foreign language that may suggest association with the banking or insurance industries. Suffixes to Denote Limited Liability The name of an IBC must end in one of the following: Limited, Corporation, Incorporated, Société Anonyme or their abbreviations. A wide variety of other suffix- es such as BV, GmbH, and SARL may also be used. Disclosure of Beneficial Ownership to Government Authorities No. Confidential Banking eazyoffshore can incorporate your Seychelles company and open a highly confidential bank account at the same time. To make the most of your Seychelles IBC, a confidential bank account is a must. Seychelles Offshore Anonymity The Seychelles has traditionally offered excellent privacy. Seychelles offshore companies are not required to disclose the names of Beneficial Owners, Shareholders and Directors to the authorities. With eazyoffshore, there is a further level of anonymity protection. The eazyoffshore foundation in the West Indies acts as nominee Director and Shareholder ensuring the ownership of your Seychelles company can never be discovered. Authorised and Issued Share Capital Seychelles IBC’s are normally incorporated with an authorised share capital of US$100,000 with par value. The authorised share capital may be expressed in any currency. The minimum issued capital is either one share of no par value or one share of par value. Classes of Shares Permitted Registered shares, shares of no par value, preference shares, redeemable shares and shares with or without voting rights. Taxation An International Company is exempted from local taxation. Financial Statements Required There is no requirement to file financial statements, but a company must keep records to reflect its financial position. Directors The minimum number of Directors is one, who may be a natural person or a corporate entity. They may be of any nationality and need not be resident in the Seychelles. Company Secretary A Seychelles IBC need not appoint a Company Secretary, although it is customary to do so. The Secretary may be a natural person or corporate entity, be of any nationality and need not be resident in the Seychelles. Shareholders The minimum number of Shareholders is one. Location: Indian Ocean Time: GMT + 4 Hours Capital: Victoria Official Language: English, French, Creole Currency: SCR IDC: +248 Legal System: Based on English Common Law and French Civil Law Political System: Democratic Shelf Companies: Yes Incorporation Time: 2 - 3 Days Directors: 1 Residency: Not required Corporate Directors: Yes Shareholder Disclosure: No Nominee Directors: Yes Bearer Shares: Yes Min. Shares: 1 Public Share Registry: No Meetings: No Registered Office: Yes Annual Accounts Return: No Audit Requirements: No Bank Accounts: Anywhere in the world SEYCHELLES COMPLIANCE
  10. 10. Dalton House 60 Windsor Avenue LONDON SW19 2RR United Kingdom Telephone: 0203 086 8315 Calling from outside the UK: +44 203 086 8315 mail@eazyoffshore.com eazyoffshore.com eazyoffshore London is an authorised representative office of International Incorporators Inc of Foundation House, Government Road, Nevis, West Indies. Company Incorporation Number C35917. © COPYRIGHT 2013 INTERNATIONAL INCORPORATORS INC. ALL RIGHTS RESERVED. E&OE. THIS DOCUMENT AND ITS CONTENTS DOES NOT CONSTITUTE ADVICE AND READERS ARE ADVISED TO TAKE REGULAR INDEPENDENT FINANCIAL ADVICE

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