Setting up your offshore company may seem like a daunting process, but it’s actually far more straightforward than people think by following some easy steps and using a reputable formation agent.
1. Choose Your Offshore Company Location
There will already be a reason why you are considering moving your business offshore. Political and economic stability may be an important aspect for you as this will be good for your business moving forward. An offshore jurisdiction that has a good reputation will also be more favourable when opening a bank account. There are of course far more aspects that you will be considering including tax benefits, minimum reporting and administration requirements plus the ability to run your business remotely.
Our offshore specialists can support you with choosing the right jurisdiction.
2. Pick Your Company Name
The company name will usually have a connection to your business activities or officers within your company, therefore you probably already have suggestions to the name you would like. There are certain words that will not be allowed in your company name for lots of reasons, such as being classed as sensitive. Some words may also be considered misleading, contentious or politically offensive.
If you are planning on using an abbreviation or initials an explanation on the abbreviation will also be required.
We can check up to three company names at a time and can help with suggestions, if your favoured name does not get approved.
As part of the name you’ll also need to include a suffix at the end of the company name i.e. Limited or IBC. On each of our offshore pages we have information about the suffix that is available in that jurisdiction
3. Complete An Order Form
Your company details will be required at this point, including:
- Company director and shareholder details. Each jurisdiction will have its own officer requirements, but a director and a shareholder are always required. You can appoint an individual and / or a corporate appointment.
A nominee / professional director and shareholder can be appointed and can offer an extra layer of confidentiality. If required, you may also appoint a company secretary.
- Company shares – by using the CFS online order form you will be made aware of the minimum authorised share requirements within the company. Should your business needs require, you can choose to increase the number of shares and also allocate the shares to your shareholders.
- Business activities will be detailed on the order form along with the potential trading countries.
4. Submit Due Diligence Documents
When forming any company offshore you will always be required to provide due diligence documents for the officers within the company. The usual due diligence requirements are:
- A certified copy of your passport or driver’s license.
- A certified copy of a document proving your residential address which is dated within the last three months.
5. Make Your Payment
Once payment has been made for your company the actual formation can be completed as quickly as 24 hours. During this time your dedicated accounts manager will be carefully checking all the information you have provided, checking the company names with the relevant authority and completing incorporation documents.
We are on hand to offer support every step of the way.
Tel: +44(0)1302 729041