Offshore Formations

	Delaware	Click for more information Delaware Close Advantages Because of low incorporation and administration fees, Delaware Corporations are often used for American trading situations Quick incorporation procedures Readily understandable corporate law Disadvantages Can be difficult to prove ownership but Directors can be named in Articles of Incorporation Company Status Standard US Corporation with Limited Liability Corporate legislation source General Corporation Law of Delaware Company name Prior name approval required The name must contain a corporate ending word such as "Company", "Incorporated", "Corporation", "Limited", "Association", "Club", or an abbreviation of such words The words "bank", "trust", "insurance", "university" and "college" require approval from appropriate regulatory agency. "Finance" and "fiduciary" are subject to additional approvals Time taken to incorporate 24 hours Are shelf companies available? Yes ? but more expensive Usual minimum capital 1500 authorised shares of no par value, however, no minimum amount of capital required Capital Duty See Annual Franchise Tax payable Minimum number of shareholders One Are bearer shares / shares of no par value possible? No / Yes Directors: minimum number / corporate directors allowed / location One / No / No restriction Secretary: mandatory / corporate secretary allowed / location Yes / No / No restriction Is there a requirement for a Registered Office / Registered Agent? Yes / Yes Is any information required by the authorities prior to incorporation or prior to tax status being granted? No What information is available on the public file? Name of the Company and any changes thereof, incorporation number, date of incorporation, registered office address, registered agent's detail Principal activities of the Company, Director's details, issued capital may be voluntarily disclosed What documents must he kept at the Registered Office? None Corporate books & seal Can be kept anywhere. No stipulation Are accounts required / filed? No / No Is an annual return required? No - only the Annual Franchise Tax Report Where are meetings to be held? Can be held anywhere. No stipulation Annual fees payable to the government: Tax / Annual Return Filing Fee Annual Franchise Tax due in March - a minimum (with filing fee) US$50.00 - increases depending on the number of shares authorised or the value of the Company's assets Are there any exchange controls? United States Law requires that anyone taking more than US$ 10,000 into or out of the US must report this fact to the US customs authorities Double tax treaties The USA has numerous treaties
	Turks & Caicos	Click for more information Turks & Caicos Close Advantages A fore-runner of both the BV1 and the Bahamas, the Turks & Caicos benefits from the same flexibility in its legislation, allowing the operation of a Turks & Caicos company to be almost totally dependant on the requirements of the client A twenty year guarantee of exemption from future taxes and increases in government taxes can be obtained. Very quick formation procedure. Disadvantages Due to a lack of marketing the Turks & Caicos does not have as high a profile as many of its Caribbean cousins. Has suffered from bad publicity on the odd occasion. Company Status Exempt Company Corporate legislation source Companies Ordinance 1981 Company name Prior approval required. The name may be in any language and need not end ‘Limited’. Time taken to incorporate Same day Are shelf companies available? Yes Usual minimum capital No minimum Capital Duty Nil Minimum number of shareholders One Are bearer shares / shares of no par value possible? Yes Yes Directors: minimum number / corporate directors allowed / location One / Yes / No restriction Secretary: mandatory / corporate secretary allowed / location No / Yes / No restriction Is there a requirement for a Registered Office / Registered Agent? Yes / No Is any information required by the authorities prior to incorporation or prior to tax status being granted? None What information is available on the public file? Articles of Incorporation, Registered Office What documents must he kept at the Registered Office? None Corporate books & seal No register of members or directors need be maintained. The company should have a seal. Are accounts required / filed? No / No Is an annual return required? Yes Where are meetings to be held? No restrictions Annual fees payable to the government: Tax / Annual Return Filing Fee Nil / US$300 Are there any exchange controls? No Double tax treaties None Changes made to Isle of Man legislation in April 1999 mean that a company may no longer be registered as "Nonresidelif' in this jurisdiction. If you wish to know how this change will affect either an existing or a new company held in the Isle of Man, please contact us.
	British Virgin Islands	Click for more information British Virgin Islands Close Advantages The flexibility of the legislation allows a company incorporated in the BVI to operate with the absolute minimum of fuss Low annual fees Highly popular Disadvantages The lack of public registers can make proof of ownership difficult Not particularly recommended for high profile trading operations Company Status International Business Company (IBC) Corporate legislation source Common Law - International Business Companies Act 1984 - as amended Company name Prior approval required. Some words sensitive, eg Royal, Imperial. Must end 'Limited', or 'Corporation', 'Incorporated', 'Societe Anonyme' or any other recognised alternative Time taken to incorporate One day Are shelf companies available? Yes Usual minimum capital US $50,000 Capital Duty If the company's authorised capital does not exceed US$50,000, or equivalent, the fee is US$300. If over US$50,000 this increases to US$1,000 Minimum number of shareholders One Are bearer shares / shares of no par value possible? Yes / Yes Directors: minimum number / corporate directors allowed / location One / Yes / No restriction No / Yes / No restriction Yes Yes No restriction Is there a requirement for a Registered Office / Registered Agent? Yes / Yes
	Ireland	Click for more information Ireland Close Advantages Full EU membership gives the Irish Company a high international status Corporate Taxation is to be significantly reduced over the next four years and it is ultimately intended to be set at 12.5% (in 2003). A respected low tax jurisdiction, ideal for use as an onshore 'agent' in an offshore nominee structure. Numerous tax treaties allow Irish tax credits where company control and management is resident in an appropriate treaty country (e.g. Cyprus) Disadvantages Audited accounts must be filed annually Company Tax Status Resident - i.e. profits liable to Irish taxation Corporate legislation source Common Law - Companies Act 1963 to 1999 Company name Many words sensitive, e.g. Bank, Trust etc. Must end "Limited", or "Teoranta" Time taken to incorporate 7 - 10 days Are shelf companies available? Yes Usual minimum capital No usual minimum - may be as little as £2 Capital Duty 1% on issued capital Minimum number of shareholders One, but companies are generally incorporated with two shareholders Are bearer shares / shares of no par value possible? Not for private companies / No Directors: minimum number / corporate directors allowed / location Two / No No restriction Secretary: mandatory / corporate secretary allowed / location Yes / Yes No restriction Is there a requirement for a Registered Office / Registered Agent? Yes / No Is any information required by the authorities prior to incorporation or prior to tax status being granted? No What information is available on the public file? Directors, shareholders, secretary, registered office, Memorandum & Articles of Association, Annual Return, Mortgages & Charges, Annual Accounts What documents must he kept at the Registered Office? Register of Directors / Members / Secretaries / Mortgages & Charges Corporate books & seal Both required and usually retained at the Registered Office Are accounts required / filed? Yes / Yes Is an annual return required? Yes IWhere are meetings to be held? No restrictions Annual fees payable to the government: Tax / Annual Return Filing Fee 28% if profits are in excess of IR£ 100,000; or 25% if profits are less than IR£ 100,000 (Irish corporate tax rates are scheduled to be reduced as follows: 2000 - 25%, 2001 - 20%, 2002 - 16%, 2003 - 12.5%) Filing Fee - IR£25 Are there any exchange controls? No Double tax treaties Numerous
	Hong Kong	Click for more information Hong Kong Close Advantages If no revenue arises from within the Hong Kong region, a Company can avoid all taxation Because of Hong Kong's trading tradition a Company will not automatically be perceived as a "Tax Haven" Company Strong professional infrastructure Disadvantages An audit is required annually Time zone can make dealings on a personal level difficult for Europeans and Americans There are heavy penalties for non?compliance with strict statutory filing requirements Company Status Private Company Limited by Shares (i.e. no special category) Corporate legislation source The Companies Ordinance Company name Words such as "Royal", "Imperial", etc will not be permitted. Names must end in "LIMITED" Time taken to incorporate 2 - 3 weeks Are shelf companies available? Yes Usual minimum capital HK$10,000 authorised Capital Duty 0.6% Minimum number of shareholders Two Are bearer shares / shares of no par value possible? No / No Directors: minimum number / corporate directors allowed / location Two Yes No restriction Secretary: mandatory / corporate secretary allowed / location Yes Yes Must be in Hong Kong Is there a requirement for a Registered Office / Registered Agent? Yes / No Is any information required by the authorities prior to incorporation or prior to tax status being granted? No What information is available on the public file? Memorandum & Articles of Association, Directors, Secretary, Shareholders, Registered Office, Annual Returns and mortgages and charges What documents must he kept at the Registered Office? Register of Members, Secretaries, Directors, mortgages and charges and minute book Corporate books & seal Yes Are accounts required / filed? Yes / Not on public record, but are required by the Inland Revenue Is an annual return required? Yes Where are meetings to be held? No restrictions Annual fees payable to the government: Tax / Annual Return Filing Fee HK$2250 (Business Registration Fee) / HK$105 (Annual Return Filing Fee) Are there any exchange controls? No Double tax treaties None

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