Ulyana Velikova

How is the situation with offshore companies? nowadays? Ulyana Velikova Table of Contents 1)What is an offshore company............................................................................................................1 a)Characteristics of offshore company:...........................................................................................2 2)Advantages of offshore companies...................................................................................................3 3)Most popular offshore jurisdictions..................................................................................................4 a)Typical offshore jurisdictions.......................................................................................................4 -Jurisdictions of the Bahamas,Belize,British Virgin Islands,Costa Rica,Dominica,Gibraltar....4 -Jurisdictions of Hong Kong, Marshall Islands, Nevis, Panama,Seychelles..............................6 b)Respected jurisdictions that offer offshore companies.................................................................8 - Jurisdictions of Cyprus, Denmark, Ireland, Malta, the Netherlands...........................................8 -Jurisdictions of Singapore, Sweden, UK, US..........................................................................11 3)Conclusion.......................................................................................................................................12 1)What is an offshore company An Offshore Company refers a corporation, LLC or similar class of entities formed in a foreign country to that of the principals of the organization or one that can only operate outside of its country of formation. First of all, we will define the term Offshore. Offshore means located or situated beyond one’s national boundaries. The term Offshore Company has two definitions depending on its perspective. From the standpoint of the principals of the company, it is a company that has been filed outside of the country where its principals (officers, directors, shareholders, members, partners) reside. From within its country of formation, it is a company that has been formed for the purpose of operating outside of the jurisdiction where it was originally filed. The reason why one would form such an entity is often to take advantage of laws that are not available in one’s country of residence. Examples of these benefits may be tax savings, asset protection from lawsuits or to take advantage of foreign business opportunities. The reason why a country would offer such entities is to bring revenue to the jurisdiction in the way of filing fees and fees to the agents that form such entities. For example, jurisdictions such as Nevis, BVI and Belize have little in the way of natural resources. So, they have created unique offshore company laws that make it attractive for foreign investors to form entities and/or hold capital within their borders. -In some cases, there are additional requirements for officers of companies incorporated in these countries. As an example, in a number of jurisdictions, directors of the company have to be individuals. Other jurisdictions may require that one or more of the directors should be resident in the country where the company is incorporated. Companies from this group of jurisdictions are usually used where a respectable and prestigious corporate instrument is required. This is subject to the demands of business partners or a specific commercial situation. -Jurisdictions of Cyprus, Denmark, Ireland, Malta and the Netherlands Country Cyprus Denmark Company type International Business Company (IBC)(No resident company) Directors/ officers Minimum 1 Director Shareholders Ireland Malta Netherlands Komanditssels Limited kab - K/S Partnership (L.P.) Private Limited Liability Company (Ltd.) Commanditaire Venootschaap (CV) Minimum 1 Director Minimum 2 Partners Minimum 1 Director Minimum 2 Partners Minimum of 1 No shareholder Requirement No Requirement Minimum of 2 No shareholders Requirement Secretary Minimum of 1 No Secretary Requirement No Requirement Minimum of 1 No Secretary Requirement Authorized share capital Standard authorised capital - EUR 2,000; must be paid into account of the company during the first accounting period Standard authorised capital = EUR 1,000. Standard authorised capital = EUR 100. Standard authorised capital = EUR 1,000. The above mentioned amount must be fully paid by the end of first financial year. There is no statutory requirement for capital to be fully or partly paid on formation. Standard authorised capital - EUR 1165; at least 20% must be paid into account of the company before registration. Filling of annual returns An Annual Return must be submitted every 12 months after the date of registration An Annual No Return must be submitted every 12 months after the date of registration. Annually Annually Filing of Financial statements Financial Statement, certified by licensed Financial Statements must be submitted Annually Annually Annually However, responsibility of the General Partner for liabilities of CV company is unlimited ABOUT THE AUTHOR Ulyana Velikova. E-mail-LinkedIn profile: https://www.linkedin.com/in/julia-rai-rai-b9b762150/ Long years entrepreneur, I have a huge passion for this. From starting a business from humble beginnings to write articles/advises and sharing my experience with others. As a typical entrepreneur, I have not one, but several activities in which I have a huge passion :))) I like to do professional researches and articles and I have a huge passion about finances, investment and entrepreneurship. I also do translation as my business for more complicated translation (medical and technical one, etc.) -Bulgarian, English, Russian. In my free time I like walking, jogging, reading crime novels and meeting with interesting people. If you have the same passions and interests as me, you can follow me on my LinkedIn https://www.linkedin.com/in/julia-rai-rai-b9b762150/