As the directors' details can be kept confidential and need not be registered on the public file, many clients prefer to put their own names forward as directors. However, during the course of the business operations of the company there will typically be many documents which require signing by a director so clients will lose their anonymity and confidentiality upon signing. Additionally, most onshore countries have provisions within their tax legislation whereby any company, no matter where it is incorporated, which is managed or controlled from within their jurisdiction can be considered tax resident and taxable on worldwide income at local rates. Thus, for example, any offshore company which had UK based directors would be deemed by the UK Inland Revenue as being tax resident in the UK and subject to UK tax on its worldwide income. Most other onshore countries have similar provisions within their tax legislation. Therefore, to guarantee that confidentiality can be retained and in order to help rebut any suggestion that the company may be tax resident in the home country of the promoters or any other onshore jurisdiction, clients may care to ask us to provide professional third party directors who are resident in a fiscally neutral location. Our fees for the provision of directors is from € 1,100.00 per annum and our fee for the provision of nominee shareholders is € 500.00 per annum.
We can open bank accounts for the company in most places in the world and our fees for attending to the account opening procedures would be from € 520.00 plus the costs of preparing any additional notarised documentation which a particular bank may require.
REMAILING, FAX, TEL. AND OFFICE FACILITIES
As part of the domiciliary service fee we provide clients with a registered office address in the country of incorporation but clients may find it convenient to arrange for mail forwarding, fax and telephone facilities through our Isle of Man, London or other Group offices. This service may be especially useful where, for example, the company is opening bank accounts. Normally the bank would address statements and other correspondence to the company at the address of the client but in many cases this may not be a suitable procedure because there will be a loss of confidentiality in that the connection between the company name and the address of the client will be automatically made. To safeguard against this mail can be directed to our offices and we can then remail those letters in a plain envelope addressed to the client, rather than the company or otherwise as the client directs. An additional advantage of using our re-mailing services is that the provision of a remailing address through one of our prestigiously located offices in the onshore jurisdictions may allow the offshore company to appear to be domiciled onshore and thereby give that company and added degree of respectability. For example, your offshore company could quote our London office address on its letterhead and thereby appear to be domiciled in the UK. The charge for this service is € 520.00 per annum plus handling charges (€ 2.50 per item plus disbursements incurred). If you require this service please tick the appropriate box within section 7 of the application form.
DEDICATED TELEPHONE LINES
For those companies which are particularly active or wish to have a higher profile we can arrange the immediate allocation of a dedicated telephone line answered with the name of your company. Additional costs apply to this service and details are available upon request.
Using a trust to own the shares of an offshore company can result in very substantial tax and non-tax related advantages which will accrue both on death and during the lifetime of the trust settlor. These advantages may be summarised as follows:-
(1) SAVING ON INHERITANCE TAX: On death, the inheritance tax which would normally be assessed on the value of the shares would generally be eradicated.
(2) ASSET PROTECTION: Assets placed into trust are generally beyond the reach of creditors who might arise as a result of financial difficulties, divorce proceedings, litigation etc.
(3) AVOIDANCE OF PROBATE: A trust provides a means whereby assets can be smoothly passed on to the next generation without the disruption, delays, substantial costs, loss of confidentiality associated with the probate procedure which necessarily follows when assets are bequeathed by will.
(4) CONTINUITY: Trusts provide a means whereby assets can continue to be administered in accordance with the wishes of the settlor after his death so the weak can be protected from others and the spendthrift can be protected from himself.
(5) LIFETIME TAX SAVINGS: During lifetime, substantial income and capital gains tax advantages may result from setting up the trust.
Trust services are principally provided by ICSL Trust Corporation (TCI) Limited, a company which is licensed and regulated as a professional trustee by the Financial Service Commission of the Turks & Caicos Islands. Using these services we are able to arrange a concessionary fee rate for a trust which is used only for the purpose of owning the shares in a private company which is administered by one of the operating companies of the ICSL Group but, in all other respects, is considered dormant.
Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, this information does not constitute legal or other professional advice. We do not accept any responsibility, legal or otherwise, for any error or omission.