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Offshores (article)

Dear reader, have you decided to open a company, or as it is often called – a firm, in Switzerland, Hong Kong, Singapore, or the United Kingdom? We are happy to assist with the process, help with the choice (including any other) of jurisdiction, advise on taxation, and provide services for opening an account with a bank or our payment system.

Open or buy a ready-made company (firm) with an account in Hong Kong, the UK, Switzerland, or Singapore: Choosing a jurisdiction

The first thing to consider is the goals and tasks that the ready-made or newly established company should fulfill, and not to overlook the budget that you, dear reader, are willing to allocate for this task, as prices can vary significantly for similar services provided by these jurisdictions.
Typically, when contacting our company for company registration services, we ask the client to consider the following questions, which help determine what to offer the client, which bank and jurisdiction to recommend.

So, the questions.

1. What type of company are you interested in?
2. What will it do (detailed description)?
3. Preferred jurisdiction, or do you want us to select the optimal form and jurisdiction?
4. Are you considering opening an account with a payment system?
5. What are the expected annual/monthly turnover and the number of transactions?
6. Geography of partners for the import and export of goods or services?
7. Is the founder an individual or a legal entity?
8. Jurisdiction of the founder/director and is hiring needed?

After answering these questions, our client usually receives several optimal options for them, decides to implement one or more of them.

Buy a ready-made offshore or onshore: Offshore and onshore structures

Clients often come to us wanting to buy a ready-made offshore with an account in a prestigious bank, such as in Cyprus, Hong Kong, Switzerland, Hungary, Luxembourg, Singapore, UAE (Dubai most often), England, and many other countries. However, due to the fight against money laundering and deoffshorization, which the EU and OECD have been relentlessly pursuing, such combinations are often unavailable as banks stopped opening accounts for offshore structures back in 2019, or more precisely, at the end of 2018.

Solutions to this situation:

1. Open an account with an offshore bank,
2. Buy an offshore bank and open accounts in it for your companies,
3. Open an account with a good and reliable payment system like ours,
4. Register a company in an onshore jurisdiction and open an account in an EU bank,
5. Register a company in a regular jurisdiction and pay taxes there.

Open an account with an offshore bank or buy an offshore bank

This option is good and quite fast (if not buying the bank), but there are some drawbacks: a) not all companies want to work with offshore banks; b) the service is more expensive compared to ordinary banks, c) there is no clear understanding of what will happen to such banks in the future.
We provide services for opening and selecting ready-made offshore banks.

Open an account with a payment system

This is a decent option if the system is reliable, has no problems, and its details meet international standards. For example, the owner of our payment system has experience in this field since 2004, and the system operated in the Czech Republic from 2014 to 2019 and from 2018 in Hong Kong, where all clients were transferred. Currently, we are launching a British payment system, which should be completed by the end of March 2020. Thus, we can offer our clients a choice between two payment systems of the same brand with the same tariffs. The British one, in turn, will make SEPA transfers available. We open accounts in such a system within one business day, and often – within an hour, after receiving the required documents, the same applies to opening high-risk accounts. This system also offers merchant services and many other useful options, making it a very decent service on the international market.

Register a company in an onshore jurisdiction, such as in: Switzerland, Hong Kong, Singapore, the UK

This option is good as it allows you to enjoy all the advantages of an offshore while also being able to open accounts in prestigious EU banks and other jurisdictions. The beauty of this is that taxation in such onshores is territorial, meaning that if the company does not conduct business within the country, there is no tax on such activities.

Register a company, for example, in Hungary

And pay 9% tax, which is quite low, and if compared within the EU, it is the smallest rate across the European Union. This option is attractive because the cost of setting up and maintaining the company is not very high, but there are significant ongoing costs such as:

• office maintenance,
• director’s fees,
• accounting services, etc.

The choice is always up to the client, but whatever they desire – there is always a solution!

Register a company in Hong Kong

To register a company in Hong Kong, you generally need to carry out the standard operations similar to other jurisdictions, namely:

• choose a company name,
• select a legal address for your company,
• choose a secretary,
• select a bank.

Also, after choosing a bank, you must meet its requirements, which often include:

• providing a phone number and address of your office in Hong Kong,
• providing a copy of the passport and proof of residence of the company owner,
• sometimes the bank may request a bank statement from the owner.

For a company in Hong Kong to be considered offshore and avoid paying profits tax (16.5%), it must:

• not have clients in Hong Kong,
• not have a physical office,
• not have partners in Hong Kong,
• conduct all business activities outside of Hong Kong.

Register a company in Singapore: advantages

1. No profit tax for the first three years or until reaching a profit of 100,000 dollars.
After three years, a different tax system applies:

• from 100 to 300 thousand – profit tax – 8.5%,
• everything above 300 thousand – 17%.

1. No capital gains tax at all.
2. Shareholder dividends are not taxed even after payment.
3. Singapore’s jurisdiction is known for the reliability of its banking system and is recommended as one of the best for long-term savings.
4. No control on currency exchange operations and no restrictions on transferring (out of this country) profits to another account.
5. Possibility to obtain a residence permit in Singapore – Entre Pass.
6. Digitization or online interaction with the government, which is fully implemented.
7. Ability to open accounts in any bank in the world, as it is a very prestigious jurisdiction and banks are eager to open accounts for companies.
8. Non-resident companies in Singapore are treated the same as local companies and have the same rights but not the same obligations.

As you can see, it is a very reputable and prestigious jurisdiction and can be completely tax-free.

Register a company in the UK

Registering a company in the UK, specifically in London, is one of our offerings.
Here are the reasons:

• corporate tax – 19%,
• income tax – from 0 to 45%,
• VAT – from 0 to 20%.

Corporate tax does not apply if:

• the company in England earns its income outside the country,
• the founders of the company are not its residents.

Advantages of a company in the UK:

• not on blacklists, ease of opening accounts,
• reputation of the jurisdiction,
• confidentiality of the persons controlling the company’s activities,
• no need to maintain accounting and submit reports,
• low cost of maintaining the company,
• completely remote registration process,
• ability to open accounts in any global banks.

Our company has many ready-made firms waiting for their owners and registered in London. There are also many options available in other regions of England. It is possible to choose a company with a virtual address in the city center or any other region of England.
If you have any further questions or want to learn more about buying a ready-made firm, please do not hesitate to contact us!
Our company has many ready-made firms registered in London waiting for their owners, and we can also register a company in London upon request. To do this, the following is required:

• copy of the passport,
• utility bill, bank statement, or a passport copy with address registration,
• partial payment for our services.

Companies in England have several forms of ownership, namely: LP, LTD, LLP.
We register a company within 48 hours from receiving all necessary documentation and the completed client questionnaire, which we can fill out ourselves if desired.
Re-registration of a company takes from 1 to 2 business days.

Company Registration in Switzerland

The first thing to consider is the requirement to contribute a statutory capital of 20,000 CHF.
Often, ready-made companies are sold in Switzerland; for example, we have a company in this country with a statutory capital of 20,000 CHF, and its cost is 16,000 euros.

Advantages of registering or buying a ready-made company in Switzerland:

• prestige of the jurisdiction itself,
• Swiss bank account,
• director – Swiss citizen,
• speed of document provision,
• no limit on the number of company owners,
• no disclosure of company owners,
• low tax rates (e.g., Zug canton),
• possibility of no profit tax.

The registration process takes from 3 to 5 weeks, while re-registration of a ready-made company takes from 3 to 5 business days.
VAT in Switzerland can be obtained upon successful confirmation of the company’s turnover of 100,000 CHF.
It is worth noting that with successful business operations in this country, one can gain a positive reputation in the region, bank favor, and favorable credit conditions, as well as a residence permit in Switzerland.

In Conclusion

As you can see, dear reader, for each business model, specific combinations should be selected, and all significant factors should be taken into account. Our company and its experienced partners, with experience ranging from 10-15 years to 30-35 years of successful market activity, will guide you through the entire process of registering a new or re-registering a ready-made company in any jurisdiction suitable for your business.

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