Quick And Reliable
PROCOFORM is a company that prides itself on offering speedy and reliable services, we’ll get your offshore or onshore company formed and the documents in your hands in a timely manner.
Price Transparency
Our services have been packaged with annual prices that are calculated on a yearly basis, there’ll be no sudden raise in your fees mid year.
Safe Transactions
We work under a very strict confidentiality agreement, your personal information and your offshore or onshore company’s information will be secure in our hands.
24/7 Assistance
You can get in touch with us any time from anywhere, by email, we’ll reply to you promptly with an answer to your question.
General FAQs About Offshore And Onshore Company Formation.
Main concerns and doubts you may have in regards to offshore and onshore banking and company formation.
Q: What are offshore companies?
A: They are essentially just the same as any other company but established in jurisdictions outside of its shareholders’, directors’ and owners’ place of residence. The purpose of this has been mainly to allow companies to be able to operate with more freedom and, in certain instances, to do so without the need to pay taxes, thus maximizing profit.
Q: What are Tax Havens?
A: They are countries, dependencies, and sometimes even smaller jurisdictions within countries that offer little tax liability or none whatsoever in a stable political and financial environment. These places also provide businesses and particular individuals the possibility to withhold information related to their operation, profit and anything else from tax authorities, making it likely for such businesses to benefit greatly from the low tax fees and few tax liabilities these places offer.
Q: What is an offshore or onshore shelf company? / What are shelf companies?
A: As the name suggests, a shelf company is one that has been “shelved” since its creation in order to make it available for any possible buyer and ready to operate in the jurisdiction of its inception – these companies could be a standard International Business Corporation (IBC), a Limited Liability Company (LLC) or a Foundation. They are also known as “aged companies” and are a good choice for those who wish to acquire one with built-in corporate longevity as this could enable them to start signing contracts right away, get the attention of important clients, participate in bidding (in most cases, bidding is only possible for companies of a certain age) and, ultimately, gain higher reputation faster than the average IBC, LLC or Foundation that has to start from scratch.
Q: What is an offshore trust?
A: As the name suggests, it is an arrangement where the client (trustor) hands over a form of “legal power” to the fiduciary company (trustee) so that the latter can operate as the ‘legal owner’ of the asset and execute the terms agreed to by both trustor and trustee in the fiduciary relationship contract (trust deed). In an offshore trust, the professional fiduciary services provider, bank or whatever entity is chosen to act as a trustee will then manage the assets for as long as it was established in the trust deed and deliver the benefits of such operations to the beneficiaries of said trust (often times, the trustor is also the beneficiary).
Q: What is the difference between C Corporation and S Corporation?
A: Once you decide to start the offshore or onshore company formation process, one of the most significant elements to consider is whether you want to form a C Corporation or an S Corporation. In order to make the best decision, you must know the differences between the two. In regards to capital generation, administration, proprietary rights and legal accountability, both corporations are pretty similar; the most important difference between the two corporations comes in the form of taxes as their taxation levels are different. A C Corp is subject to double taxing, i.e. C corporations are taxed on the corporate level for the company’s whole income and a separate tax for the investors when they receive their revenues. An S Corp has just one taxing level, it’s not taxed on a corporate level, only the investors are taxed. On another hand, some activities may be subject to double taxation, one in the home country and one in the country where they are exercised, whether you form a C Corp or an S Corp.
Q: What is a registered agent? Does an offshore or onshore company need one?
A: A registered agent is the one who will represent your offshore or onshore company in the jurisdiction where it was formed; which means that yes, an offshore or onshore company does need a registered agent. Registered agents will be in charge of delivering and receiving legal documents on behalf of the offshore or onshore company, as well as a variety of other things that your offshore and onshore company formation, PROCOFORM, will provide.
Q: What is a nominee director?
A: A nominee director is a person who takes the place of a non-executive director of an offshore or onshore company, appointed with the purpose of preventing the public from learning that the actual owner and beneficiary of an offshore or onshore company has any involvement with said company. The nominee director will represent the interests of his appointor, the actual owner, in the company; this appointment is legal and in some countries is necessary for the nominee director to reside in the country where the company was founded, for example in Singapore the company director must be a person who resides in the country.
Q: What are offshore companies?
A: They are essentially just the same as any other company but established in jurisdictions outside of its shareholders’, directors’ and owners’ place of residence. The purpose of this has been mainly to allow companies to be able to operate with more freedom and, in certain instances, to do so without the need to pay taxes, thus maximizing profit.
Q: What does it mean to go offshore?
A: Going offshore means to form your company outside your country’s boundaries, both legal and geographical, like Belize, Bahamas, Cyprus, Canada, Dubai, Luxembourg, Panama, USA (Delaware) and New Zealand. Offshore company formation may be used to allow for more freedom to operate a company and the possibility of less taxes, the offshore company works the same as a home based company would work but going offshore may maximize your revenue. Although, the real objective of offshoring is to protect your assets and maintain your confidentiality.
Q: Are there any other advantages to going offshore?
A: Depending on the jurisdiction you chose to set up your company, you will find several different benefits that can help your business grow. Among these different benefits, we can find: Anonymity, lower taxation, simplicity, lawsuit protection, financial privacy etc.
One of the key aspects here is to seek the best possible offshore and onshore company formation agent who can guide you along the process and provide all the necessary information and services required.
Q: Is setting up offshore illegal?
A: Offshore company formation is not illegal. Actually, with today’s technology it is common practice for many businesses around the world due to the many benefits that can be found. You do need to keep in mind that withholding specific information about your offshore investments could be considered in certain countries. The best way to avoid any possible conflict with local laws in your specific country is to seek professional help and advice from a qualified offshore and onshore company formation agent who can guide you along the process.
Q: What are articles of Incorporation?
A: Articles of incorporation are usually a set of documents filed with a specific government to legally establish the creation of a corporation. While each state or country has their own set of rules and/or laws as to how this is done, they share similar characteristics and formal requirements in order for the process to be completed. Normally these will include general aspects such as: The Company’s name, address, amount of stock, etc.
It is of great importance to seek professional help since not all jurisdictions have the same requirements when it comes to Articles of Incorporation. PROCOFORM will advise you on the best and safest jurisdiction for your corporation.
Q: What are by-laws?
A: By-laws are the set of written rules by which a company governs itself. These rules usually set and determine the rights and procedures by which business will be conducted by a company.
By-laws are considered legal documents and as such they need to meet certain requirements. These requirements will vary depending on the state or country in which a company is legally established and for this reason they need to be carefully crafted by a qualified offshore company formation agent.
Q: Where is the best place to form an offshore Company?
A: The best place to create an offshore company will depend on many different aspects like what your company does, your banking requirements, etc. The best you can do is contact a specialized offshore company formation agent to find out what jurisdiction best fits your needs.
At PROCOFORM we can provide services for offshore and onshore company formation in the following jurisdictions:
Q: What is the difference between offshore and onshore companies?
A: Simply put, these two types of companies differ in the laws, taxes and limitations that govern the services they provide or their overall operation in a particular place or country; an onshore company is bound by all federal and local laws of the country where it was established and registered, sometimes being restrained from offering specific services to its clients whereas an offshore company can operate without feeling the limitations of federal laws because they are set in places where management fees are slightly moderate and there is little corporate regulation (they are established in particular countries with little control, called Tax Havens).
Q: What is asset protection?
A: Many companies and individuals call upon asset protection as a way to safeguard their valuable holdings and other possessions from creditor claims. It is a planning strategy that allows company owners, small-business owners and all others who qualify the chance to minimize the risk to which their assets and values could or will be exposed in an effort to keep them from being “taken away” by real creditors (banks or loan agencies holding a legal ‘contract’ with the debtor) or personal creditors (individuals who do not request for a contract in order to loan money).
Q: What is offshore banking?
A: In short, offshore banking means to start and make bank transactions outside of your home country, in currency different from that of your place of legal residence, where your capital is subject to government intervention, financial instability, multiple tax deductions and so on. Offshore banking is an alternative for individuals and companies who wish to diversify financially and enjoy benefits such as: medical care abroad, higher interest rates per deposit, asset protection and, quite often, the possibility to conceal financial information from those only looking for a way to subsidize their own private, and many times political, interests.
Q: What is offshore investing?
A: This refers to the idea of moving money through an offshore company, or banking offshore. The investor can choose to buy or sell, place term deposits or transform capital into any form of valuable holding. However, it is important to keep in mind that, although offshore investments come with advantages such as confidentiality, asset protection, tax reduction and diversification, efforts to prevent tax evasion and illegal activities abroad have opened the door to international strategies of cooperation between tax authorities all over the globe.
Q: What are fiduciary services?
A: The term ‘fiduciary’ makes reference to a third party who will provide the necessary for the establishment and offshore or onshore incorporation of the IBC, LLC or Foundation the investor wants to start. Furthermore, fiduciaries even take care of the investor’s assets offshore after having made the fiduciary relationship official and formal. PROCOFORM, your trustworthy fiduciary services corporation, will not only ensure that your company is successfully established offshore and onshore, but also make sure that it operates, from the very moment of its inception, with the utmost transparency and solidity.
Q: What is a Limited Liability Company?
A: Also known as Limited Life Company, it is, in essence, just as any other corporation but with a much less complex business structure resulting from the combination of the benefits of a standard corporation with those of a sole-proprietorship or partnership - this is currently one of the most attractive options for those interested in going offshore. Probably the most important characteristic of the offshore incorporation of an LLC is that its members’ personal assets cannot be reached by creditor claims if the company goes bankrupt or is forced into it; only the company’s assets are at risk. PROCOFORM ensures that your offshore or onshore LLC or IBC company will bring you the most benefits and revenue at an affordable cost, making you feel you’ve made the best decision..
Q: What are expatriate tax services?
A: Expatriation tax refers to a fee that’s charged to citizens who cease to be tax residents of a country; since each country has different stipulations for what constitutes forgoing your citizenship the taxes to pay will vary depending on your country’s legal jurisdiction. Expatriate tax services refer to the services that some company formation businesses provide, since offshore companies are subject to this taxation, in order to make the tax paying process easier for their clients.
Q: What is a nominee shareholder?
A: A nominee shareholder is a third party, unrelated to a business, who is named as the holder of shares of an offshore company to maintain private the identity of the true owner of the company and to shield them from being publicly associated with one particular offshore company.
Q: What is notarization and apostille?
A: First of all, these are two different legal procedures that can be done to authenticate and legalise certain documents your offshore company will need. Notarizing a document means having it signed by a public notary that has been certified by Secretary of State’s office in order to make it legal and binding in the US. An apostille is another level of authentication that a document will need in order to be legal and binding offshore, some countries require different apostilles before accepting certain documents as binding in accordance with the Apostille Convention.
Q: What are privacy/secrecy laws?
A: While these two concepts can be easily confused, there is a thin line that separates them, specially when it comes to aspects concerning legality. As with any aspect concerning offshore and onshore company formation, it is advisable to always seek the assistance of a qualified and reputable offshore and onshore company formation agent in order to be sure the process of creating and maintaining your offshore and onshore corporation is carried out without any problems.
Q: Is offshore company formation only for the rich?
A: This is one of the most common misconceptions when looking for information on offshore company formation. While this might have been true in the past, nowadays with the technological advances and ease of information, it is relatively easy and affordable for any person to access the best offshore company formation services for any desired jurisdiction. Nevertheless, professional fiduciary services and offshore company formations are most commonly affordable for those individuals who can invest the necessary amount at the beginning or for those small entrepreneurs looking for a way to diversify their operations.
Q: How are offshore corporations used?
A: The uses of an offshore corporation do not vary that much from a “local corporation” in the sense that it can open bank accounts, be part of business contracts (selling or buying), provide services and even own property. The aspects where you will find differences are mainly in taxation. While you may not be liable for taxation purposes in your home jurisdiction, you might need to pay taxes in the offshore jurisdiction you decide to open your company.
Q: What are bearer shares?
A: These are a specific type of shares for a certain company where the share itself is not issued to a specific person but to whoever holds possession of the share. The issuing company does not keep track of transfers or even a registry of the owners of the stock. Dividends are paid to whoever bears the share and presents a coupon for this purpose.
Q: What are registered shares?
A: Contrary to bearer shares, registered shares are those whose owner’s name is recorded. The company (issuing company) keeps a stock register where information for each share holder is kept. This information includes: details as full name, address, date of birth etc. This registry will also include how many share each person holds.
Your Personal Inquiries About Offshore And Onshore Company Formation.
Are you wondering if offshore and onshore banking and company formation are legal procedures? This section will answer all your doubts about the legality and safety of the process.
Q: Is offshore banking safe for my business and investments?
A: Yes, offshore banking can be safe as long as you follow the law of each specific country and keep your business legal. Having an offshore bank account may be a safe way to protect your assets and the confidentiality of your investments; even though there are some countries that may no longer be a safe haven for your assets such as Hong Kong, Dubai and UK, offshore banking may be a safe way to protect your assets if done correctly and in accordance with the law.
Q: How long does it take to set up an offshore account?
A: Setting up an offshore account and creating an offshore company are processes that require a lot of documentation and a good eye for the fine print of the law, which means that setting up your offshore account on your own may take a great deal of time and effort but, at PROCOFORM, we’ll take care of everything for you and minimize the time it takes to set up your offshore and onshore accounts.
Q: Is a bank account immediately set up for my company when I form an offshore company?
A: This will depend on your company formation provider and the services they have. Here at PROCOFORM, we will collaborate with you to open your account and make everything as easy as possible to make your offshore or onshore venture a success.
Q: Must I visit your offices to register my offshore company?
A: No, there’s absolutely no need for that. Here at PROCOFORM we do all our transactions online and by mail; you don’t have to worry about scheduling meetings, wasting gas or fighting traffic, we’ll send you all the pertinent paperwork and documentation concerning your international business corporation to the comforts of your home.
Q: When will I receive my corporate documents?
A: At PROCOFORM, we pride ourselves on our prompt and responsible handling of all information and documentation necessary to open your offshore or onshore company. Our untainted experience as a fiduciary services provider makes us your best option for company formations. You can expect delivery of all corporate documents you are entitled to within 7 working days of having placed the order.
Q: Should I open a personal offshore account or a corporate offshore account?
A: This will greatly depend on why you need to open an offshore account, what kind of assets you will protect with this account and where you want to open your offshore account. Generally speaking, a personal offshore account has more risks for the owner as there may not be a way to maintain confidentiality or anonymity with a personal account; however, if you create a corporate offshore account, you may be able to protect your assets, your privacy and the confidentiality of your investments.
Q: Does my LLC need to hold formal meetings?
A: While LLCs (Limited Liability Companies) may not be required by law to hold formal meetings or keep a record of their meetings, your offshore and onshore company formation provider will advise you on any need for meetings, annual or otherwise, and they’ll take care of all the legalities of the process for you.
Q: Do I have to go to the bank personally to open an offshore bank account for my company?
A: No, there’s no need to personally open your bank account - the process can be done by mail and here at PROCOFORM we take care of everything for you, from your offshore and onshore company registration to your banking requirements, making it easier and less time consuming to form your offshore and onshore companies.
Q: Do I need to declare my offshore assets?
A: This will greatly depend on several key factors such as the jurisdiction where you open your offshore company, the laws and treaties that rule over this jurisdiction, the kind of company you wish to form and the amount of assets involved or invested. At PROCOFORM, we will provide you with all the information you need to know about your taxation and other concerns you may have regarding offshore and onshore assets or company formation.
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