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Remote Offshore Company Formation and Banking: Affordable Solutions with Low Reporting Needs

For business owners looking to incorporate an offshore company and open a corporate account remotely, choosing the right jurisdiction that fits their business needs is of major importance. The article below highlights top jurisdictions and banking options that offer low-cost annual maintenance and come with minimum reporting requirements.

Effortless Remote Business Setup

Remote company setup in Seychelles

Seychelles has become a top choice for setting up companies, all thanks to its flexible business laws, easy registration process, and low taxes. Plus, the privacy of the company owners’ data is well-protected. Suffice it to mention that it is only available to the incorporation agent and during legal investigations. A key update for 2024 is that Seychelles is no longer on the EU’s blacklist.

In Seychelles, a company must meet these requirements:

  • have at least one shareholder and one director
  • file an annual non-financial report
  • maintain financial records
  • remit an annual fee.

Also, there’s no requirement for the company to have an audit.

For a company to be eligible for a zero tax rate in the Seychelles, it must comply with these criteria:

  • conduct no business in Seychelles 
  • have no property in Seychelles
  • run no banking or insurance business
  • avoid involvement in the gambling industry.

Although the company’s share capital must be authorized, it doesn’t need to be paid up. The company registration in Seychelles is currently USD 2,899.

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Remote LLC registration in Nevis

A remote company setup in Nevis is another smart and affordable option. Everything can be done quickly in as little as 10 days. In 2019, legal amendments came into force to align the local legislation with certain EU rules, which keeps the nation off the EU’s blacklist.

Entrepreneurs who register their companies in Nevis enjoy multiple benefits:

  • no taxes on international profits
  • fast and simple registration
  • asset protection against creditors and lawsuits
  • strong confidentiality safeguards
  • non-recognition of foreign court judgments by Nevis courts.

Nevis remains your strategic choice for asset protection and tax planning due to its double taxation avoidance agreements. Should a creditor challenge a company’s assets in Nevis, they are required to pursue legal action locally, which entails a starting fee of USD 100,000 and often results in an unfavorable ruling for the claimant. Here are the documents you will need to set up a company in Nevis in 2024:

  • valid ID for each founder
  • proof of address
  • bank statement to confirm the source of funds
  • reference letter
  • CV
  • filled in and signed due diligence and order forms.

You can register your Nevis company in just 10 days, with fees starting at USD 2,950.

Remote company setup in Belize

Belize is a great choice for starting a business, especially if it is an International Business Company (IBC) or a Limited Liability Company (LLC).

Simply take a look at the perks of setting up an LLC in Belize:

  • No taxes on profits from outside Belize.
  • Entirely foreign-owned businesses are welcome.
  • Owners have limited liability.
  • No need to invest in share capital upfront.
  • Freedom to conduct a wide range of business activities.
  • A single person from another country can form a local LLC.
  • It is possible to appoint nominee directors and shareholders.

Following the latest rules and regulations from the OECD and EU, an LLC in Belize is treated as a low-risk legal entity, not limited by its incorporation jurisdiction. Starting a company in Belize will cost you USD 2,950 or more.

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Bank account in Belize

Top services from International Wealth include setting up a corporate bank account in Belize. The jurisdiction is celebrated for its stable economy and politics, along with an advanced banking industry. Belize’s thorough laws guarantee that international investors benefit from the nation’s business-friendly climate and competitive banking costs.

Here’s what a company needs to submit to open a bank account in Belize:

  • standard certificates, including the shareholder, good standing (for companies active over a year), and incorporation ones
  • trust declaration
  • articles of association
  • minutes of its general meeting
  • company profile that inter alia characterizes its activities, etc.

The main currencies offered for Belize bank accounts are USD, GBP, CHF, EUR, and CAD.

The account comes with these features:

  • Monthly maintenance fee: USD 14.50.
  • Minimum balance: USD 1,000.
  • Interest rate: 0.1% for balances over USD 10,000.
  • Account updates: Real-time and automatic.

These are the fees for international transactions:

  • Incoming: USD 10.
  • Outgoing: USD 100.

Singapore payment system 

Businesses are welcome to remotely open accounts with Singapore’s payment system, known for its quick and flexible transactions. Boasting substantial advantages, here’s what it allows its international customers to do:

  • manage their accounts via online banking from any location
  • obtain corporate banking details
  • instantly issue virtual cards
  • open USD or SGD accounts 
  • make international transfers in 30 different currencies across 130 countries worldwide at low fees.

The starting monthly account maintenance fee is SGD 12.

An account in the Singapore payment system offers these benefits to its holder:

  • No fees for both incoming and outgoing payments.
  • Zero charges for incoming ACH & ABA/Fedwire Transfers.
  • A fee of USD 8 for SWIFT transactions.
  • Free outgoing ACH transactions.
  • A fee of USD 8 for outgoing SWIFT transactions with currency conversion.

Should you decide to order the service from International Wealth, the fee will make EUR 2999.

Account in the UK payment system

An opportunity to set up a corporate account remotely within the UK payment system is another attractive option. The said system guarantees the safety of client funds by holding all assets in separate UK-based accounts.

The UK payment system offers a comprehensive suite of services:

  • currency exchange
  • round-the-clock customer support
  • incoming and outgoing SEPA, SWIFT, and FPS transfers
  • remote account opening in just one day
  • multi-currency support for 10 different currencies
  • mobile and web access to your funds and payment tools
  • specialized services for high-risk businesses.

Clients receive a complimentary account with a unique IBAN that enables seamless transfers within the UK and EU. There are 2 available tariff plans: the basic (Solid Rock) and the comprehensive (Sheer Cliff) ones.

This is what the main costs associated with the payment system include:

  • Monthly service fee: EUR 30 to EUR 70, varies by business incorporation jurisdiction.
  • Internet banking: Free of charge.
  • Balance maintenance fee: 0.15% monthly.
  • Incoming SEPA transaction fee: 0.1%, minimum EUR 2.00
  • Incoming SWIFT transaction fee: 0.1%, minimum EUR 2.00

For remote account opening in the UK payment system, the required documents are:

  • proof of residence for the company’s beneficiaries
  • corporate documents
  • registry extract
  • directors’ IDs
  • business partner contracts, and more.

It takes approximately 5 days to set up an account in the system, with service fees beginning at EUR 1999.

Company registration and corporate banking: benefit from favorable terms

Start your business adventure with International Wealth by your side!  If the allure of low yearly maintenance fees and effortless reporting requirements has captured your interest, our seasoned specialists are here to assist you. Get in touch, and we’ll pick the right jurisdiction for your business that fits exactly what you need. Companies in the cryptocurrency sector will find our service offers particularly effective.

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