Questions concerning companies

Do I need a company or something else?

In most cases the formation of a company is a solution. Our staff of experts will examine your needs and decide for your best interest what kind of company and which jurisdiction is the best solution for you.

Can I own a company?

Yes, you can own companies from all jurisdictions we offer. In most cases the information we will request is a coloured copy of the Ultimate Beneficial Owner Passport, Utility bill of the UBO address or for Russians a copy of the local passport showing the address and Curriculum Vitae.

What is an offshore company?

Offshore or non-resident companies can be defined as companies that have no activities in the country are incorporated and in addition are being protected by specific legislation which provide partial or full tax exception. For example, a Belize company that is used for any purpose outside of Belize has the status of an offshore company with zero tax on its profits and no audit requirements.

More specifically, offshore companies have three characteristics:

1. Registered to a jurisdiction that provides such entities .

2. The business should be outside of the jurisdiction that is incorporated.

3. The management and control of the company should be done outside of the jurisdiction.

Why should I use ASAPGLOBAL to establish my company?

1) Our team of professionals is constitute by auditors, tax and legal advisors. We have been providing services of this nature for more than 10 years. Our primary purpose is to offer to our clients solutions that already work and give positive results.

2) Our company is a based on “Know Your Client”(KYC) business. We will work with you to ensure that before make any decision you examine, if possible, all different solutions.

3) We offer our services in competitive prices and we are 100% client oriented business.

Which jurisdiction should I choose for my company?

All the jurisdictions we work with are attractive and offer some advantages and disadvantages that need to be considered before making any decision. The most important factors to consider before reaching into any decisions are:

1. Whether the jurisdiction is suitable for your business.

2. Bank accounts.

3. Reputation of the jurisdiction.

4. Double Tax Treaties with other countries and tax clearance certificates.

5. Structure of companies involved.

For example, if you want to create a holding company to hold shares of a Russian company, then the most attractive jurisdiction is Cyprus. Furthermore you can have shareholder of the Cyprus Company, a Belize or Seychelles Company so the dividends received from Russia would have 5% withholding tax in Russia and no tax in Cyprus even by issuing the dividends to Belize Company.

Are your fees lower than those of your competitors?

Our fees are competitive but not the lowest.Our goal is not the volume but quality of our services. In the long run you will understand that our fees are reasonable.

How can I settle my company fees?

Your company fees can be settled by wire transfer or cash to our offices in Cyprus and London. Our staff will send you an invoice for the next year fees two months prior to expiration date. We would like to receive your payment in time so we will avoid any additional charges by the jurisdictions you work with.

Does my company have to provide audited accounts to any tax authority?

In some cases your company will have to provide audited accounts. In all jurisdictions we offer, except RAK offshore Dubai, we need to have bookkeeping of your company in our office. Our staff will explain you about the requirements of the jurisdictions you are interested in.

What is a Tax Free Jurisdiction?

A special legal financial system created by Monaco, Luxembourg, Liechtenstein, Panama, Hong Kong and Switzerland, 50 years ago. Later on British Virgin Islands joined the system. The benefits that offers the financial system are that it allows wealthy individuals to move their wealth, or at least part of it, out of their home country where they were being taxed and benefited from low taxes and financial privacy.  In nowadays, anyone can use and benefit from this system.

•           The term ‘offshore’ is now recognized widely in most sectors of the economy.

•           Companies and individuals take advantage of the seclusion of wealth.

•           Very low or no tax burdens are levied.

•           International business can be less complicated allowing profitability to increase.

What is an Offshore IBC?

IBC refers to International Business Company. An IBC  is a company which does not conduct substantial business in its country of incorporation, and also it’s formulated in a tax free jurisdiction. By using an IBC legally minimizes any type of tax burdens and improves one’s wealth management.

Why Offshore?

•           Large numbers of high net worth Individuals and corporations are taking steps to incorporate overseas.

•           Away from the area of their main business transactions.

To Save Tax

•           An offshore company can form part of an overall taxation reduction strategy for certain individuals or entities.

•           Combined with an offshore bank account or trust, for example, an offshore company can save an individual or company tax.

•           If an offshore company is set up in a low/no tax area then profits can be realized in a tax efficient way increasing profitability.

Favorable Local Legislation Relating to Reporting

The amount of company information and accounting data that needs to be submitted and held on file is far reduced in the majority of offshore centers which goes hand in hand making an offshore company that much easier to manage and run.

Offshore Asset Protection

•           An offshore company is the perfect entity for enabling individuals to achieve asset protection offshore.

•           Assets can be owned by the company rather than directly by an individual, and the company can be placed in trust or foundation for example.

Achieve a higher level of anonymity

•           A number of overseas centers offer the option of having nominee directors for the establishment of a company.

•           Others also keep the names of directors and shareholders off public record.

•           Those who transact through such a company can keep their affairs private.

Greater Ease of Operation

•           Many offshore centers make it very easy for companies to trade.

•           The aviation, media and financial sectors require specific licenses and much greater regulation.

•           An offshore company can be far easier to manage than an onshore one.

How long will it take and how will I receive my corporate documents?

Your corporate documents will be ready to ship or will be delivered to you most of the times no later than 10 days. You can receive them from our offices, from our representative office, or they can be sent to you by courier. Our policy is to hold copies of the corporate documents. We can hold the original documents only after a client’s request.

Can I choose the name of my company?

Yes you can choose the name of your company. Please allow 2 -4 days for approval of the name. In most jurisdictions they do not accept names with words such as funds, charity or non profit. In general they do not accept words that are misleading to the public. We also have a list of shelf companies or pre-approved names that we can send to you upon request.

What is a shelf company

A shelf company is the company that our office has already formed and shareholders/directors are our nominee persons. We recommend such company when the client needs a company with full nominee services and bank account urgently, otherwise the client must wait to proceed with changes to the registrar. Shelf companies are usually more expensive than newly incorporated companies because of their age.

What is the difference between a shareholder and a director?

A shareholder is the person who owns the company. The registrar of the jurisdiction will provide the certificate of shareholders. The certificate of shareholders varies from jurisdiction to jurisdiction. A company can have more than one shareholder but cannot have no shareholders. The shareholder can be a physical person or a company. We can provide nominee shareholders. The director is the person responsible for the management of the company. He is the responsible person by law for the company. He will sign the opening of bank accounts and appoint the signatory to the bank. Also will be signed any Power of Attorneys given to 3rd parties and any business contracts. Directors are usually elected by the shareholders, but sometimes are appointed by resolution. A company can have one or several directors. The director can be a physical person or a company. We can provide nominee directors.

Can the same person be a shareholder of the company and act as its director at the same time?

Yes it is possible. Actually it is the most normal way to do so.

Do I have to pay taxes on profit or interest earned by my company?

In jurisdictions that are offshore like Belize, BVI and Seychelles there are no taxes on profit, but there is a yearly fee. In jurisdictions like Cyprus, England and Luxemburg there is a tax on profit and interest earned.


Questions concerning the bank account opening process.

Do I need to come to the bank in person to open an account?

You are not obliged to come in person to open a bank account. The whole procedure may be completed to our offices, our representative offices, bank’s representative offices and if all of the above do not apply, then the procedure may be accomplished by post. However, we advise our clients for the opening of the bank account or in a later stage to visit the bank if possible and organize a personal meeting with the bank’s staff. We can arrange such meeting beforehand.

Does opening a company mean that a bank account will automatically be opened for the company?

No, we will proceed with opening a bank account after you purchase the company. If you allow us to open a bank account in the banks we work with, we can provide you bank accounts with IBAN number in a day and internet banking in 4 days.

In which countries can you open a bank account for my company?

We can open bank accounts in Cyprus, Dubai, Tanzania, Latvia, Luxemburg, Malta and Gibraltar.

Which banks do you work with? Is it possible to open a private account as well as an account in the name of my company?

We cannot state all the names of the banks we recommend but for any jurisdictions we can provide you with a list of the banks that you can open bank accounts. We do not guarantee the opening of the bank account if you do not provide us with all information about your business. Most of the banks need information about the type of your business, from which countries you are expecting to receive or transfer funds and the yearly turnover of the accounts. Furthermore, they might request more information about the Ultimate Beneficial Owner, like Curriculum Vitae or personal interview.

What fees apply for maintaining the bank account?

We charge a fee only for opening a bank account. There is no other fee after the opening of the bank account. If you request our nominee director to be the signatory to your companies’ bank account then there is a yearly fee and a transaction fee that we agree beforehand.

Can I have a bank account in different currencies?

Yes you can have bank accounts in any currency that you request. Most of our clients request USD, Euro and the currency of the country that their main business is located. We advise our clients to have bank accounts in the currencies they trade so to avoid any exchange difference and extra charges by the banks.

How can I use the funds from my company’s bank account?

You can use the funds from your company’s bank account by transfer of funds, withdrawn cash if you are present at the bank or through credit/debit cards.


Questions concerning additional services.

What is a nominee services?

The nominee director or shareholder service is used to ensure the highest degree of privacy and confidentiality. The name of the nominee director and shareholder will appear in the corporate documents, in any business contract and eventually in the jurisdiction’s business register. The only people who will know the identity of the Ultimate Beneficial Owner (UBO) is our firm and if there is a bank account then the bank. Our office can provide to 3rd parties details of the UBO only after a written consent of the UBO or a court order/judgment from Cyprus courts We guarantee to clients that the nominee can only act or sign documents upon the client’s request and with the client’s prior approval.

The nominee service Agreement plus the trust of shares will be signed by the nominee director/ shareholder and the client, before the company proceeds with opening any bank account or start a business.