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offshore banker

INTERSHORES I Account Opening Perspective From An Offshore Banker

The CEO of Capital Security Bank in the Cook Islands shares his opinion on account opening in 'China Offshore' as below: Entrepreneurs spend much effort in selecting the right banking partner. Their consideration includes the offshore jurisdiction, its legal framework from asset protection, privacy,*strength of regulator, financial standing of the selected bank such as history, management, financial status and products provided by bank, the banking procedure including but not limited to speed of account opening and disclosure. When considering to start a banking relationship, bank is interested in the following: 1. Source of wealth The key area in assessing new banking...
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INTERSHORES I U.K. The Economic Crime (Transparency and Enforcement) Act 2022

As part of the response to the Ukraine conflict, UK Government has fast-tracked The Economic Crime (Transparency and Enforcement) Act 2022 on 15 March 2022 to create a register of overseas entities that own U.K. land. This Act will have a significant impact on commercial real estate in the U.K. Register of overseas entities that hold UK land The Act establishes a new Register of Overseas Entities, to be maintained at Companies House. Overseas entity, as defined as a legal entity governed by the law of a non-UK country or territory which owns or plans to own a "qualifying estate" in UK property must apply to become a "registered overseas entity" on this register. A "qualifying...
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INTERSHORES I Cayman Islands - Economic Substance Requirements

The Cayman Islands International Tax Co-operation (Economic Substance) Law, 2018 (the “Economic Substance Law”) came into effect on 1 January 2019. To whom does the Economic Substance Law apply? All companies incorporated under the Companies Law (2018 Revision) (the “Companies Law”), limited liability companies registered under the Limited Liability Companies Law (2018 Revision) (the “LLC Law”), limited liability partnerships registered in accordance with the Limited Liability Partnership Law (2018 Revision) (the “LLP Law”), or companies incorporated outside of the Cayman Islands and registered under the Companies Law, which are...
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INTERSHORES I British Virgin Islands Quick Fix

What are the advantages of the BVI as an offshore jurisdiction for Chinese investors? What makes it different from other jurisdictions? The British Virgin Islands (BVI) has built a reputation as one of the world leading finance centres meeting the needs of international businesses and high net worth individuals. Advantages for Chinese investors using BVI structures and services include: 1. Protect assets from expropriation or confiscation orders from foreign governments 2. Asset security- able to transfer domicile 3. No all local taxes and stamp duty 4. Maximum confidentiality and anonymity no requirements to file the accounting information with the Registrar of Corporate...
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INTERSHORES I The British Virgin Islands (BVI) Bank Powered Up For Its New Chapter Of Growth

With motto of Change the Way People Bank, Bank of Asia in British Virgin Islands has launched its new logo in February 2021 marked a new period of growth for the institution.  The bank has been granted a General Banking License since 2016, being the last banking license issued by the BVI government,  With the banking license, Bank of Asia is able to offer services to both BVI business community and global clients.  The bank has tapped into services and products beyond the traditional core banking services to raise the profile of the BVI in the global financial services market.   The Bank is looking to bring its financial products and banking services to the local market.  All-in-one...
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INTERSHORES I British Virgins Islands Will Create Public Register Of Beneficial Owners By 2023

The government of the British Virgin Islands (BVI) plans to create a public register of beneficial owners (RBO) of companies registered locally by 2023. In this regards, the business owners of an entity will be shown at the Registry publicly from year 2023. This is a measure adopted in accordance with international anti-money laundering standards and becomes a significant step in fighting corruption and financial crimes. What information will the public register contain? The public register is expected to be the same information as contained in the existing private registers except that residential addresses will not be made publicly. As a British Overseas Territories, the...
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Offshore

INTERSHORES I Benefits To Open Offshore Company In Hong Kong

What are the advantages of an offshore company in Hong Kong? 1. Tax system i. Businesses in Hong Kong are subjected to a Profits Tax Rate of 8.25%for the first assessable profits of HK$2million and thereafter 16.5% on the locally sourced income, which is lower than the worldwide average corporate tax rate of 23.85% measured across 177 jurisdictions. ii. Hong Kong offshore company tax system is simple and beneficial for businesses. Businesses are completely exempted from tax on foreign income, capital gains tax, and withholding tax on dividends or interests. iii. The government has an extensive network of Double Tax Agreements with over 45 countries. 2. Effective...
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INTERSHORES I Benefits And Structuring Possibilities Of A Trust

Trust is a fiduciary arrangement that the settlor transfers the assets to the trustee, and the trustee holds and manages the assets for the beneficiary according to the wishes of the settlor and the trustee can arrange the property effectively to the designated beneficiary. It works on dual ownership concept whereby the legal title is vested in one person (a trustee) and beneficial ownership vested in another (beneficiary). It is a popular vehicle and delivers much advantage. Components of a trust Settlor - a person who transfers rights and possession to the property owned by him. Protector (optional) - a person who guides trustees in carrying out their duties as settlor...
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INTERSHORES I Reasons For Hong Kong Account Closure

Banks in Hong Kong have followed strictly with the guidelines issued by FATF and OECD’s to combat money laundering and terrorist financing and tax evasion. In this regards, it isn’t easy to open offshore account in Hong Kong without substance. Like all of the banks in the world, banks in Hong Kong review the customers’ accounts regularly. Once an account is identified not operating in line with its Anti-Money Laundering (AML) guideline, it will be closed as an administrative protocol. Account will be closed when the following happens: 1. Deposit large amounts of cash. Different bank has different internal guideline for maximum amount of single deposit. i. ...
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china co

INTERSHORES I Ultimate Guide To Company Formation in China in 2022

China is one of the fastest-growing economies in the world with an annual gross domestic product (GDP) growth by 8.1% in 2020. In 2021, China accounts for 19% of the global economy. Foreign investors are attracted by China’s strong economic growth and are seeking to expand their business to China. With that, China is known as a land of rising business opportunities. It develops a business-friendly environment by helping investors to set up a business in China. Since December 2004, China has become a member of the World Trade Organization, and thus, starting a business in China is more simpler than before. 1. Types of companies in China If you are a foreign investor who wishes...
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INTERSHORES I Things To Know Before You Set Up Company In China

If you are looking to expand your business into China, there are many considerations to be taken account into before proceeding with the China business registration. In this article, our team at Tetra Consultants has highlighted 9 pros and cons to know before you set up company in China which will help you in deciding whether to register company in China. Pros: 1. Technological Advancement in China China is well known as a leading technology innovator all around the world. As seen from emerging famous handphone brands such as Huawei, Oppo and Xiaomi, China is shifting towards being a technology producer. The advancement in China is a driving force for economic growth, and this...
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INTERSHORES i 6 Things To Know About A Labuan Holding Company

With a low attractive text regime, Labuan is one of the few offshore financial centers in Asia. It is politically stable and economically strong. Hence, attracting many foreign investors to set up a company in Labuan. If you are deciding whether to start a company in Labuan, it is important to understand the advantages of doing so. Attractive tax regime The low tax in Labuan allows Labuan to remain attractive for foreign investors to start a business. The corporate tax rate is 3% on annual net profits. This is relatively lower than the Worldwide Average Statutory Corporate Income Tax Rate of approximately 24%. There are zero taxes for non-trading offshore companies. In addition, there...
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