Don’t choose a bank on the basis of the “brand”. Although a seemingly big bank may appear to offer more reliability based on its reputation, in a number of cases they may not be able to provide the services which you require in the everyday running of your business. For example, the banks offering “private banking” services don’t tend to allow daily transactions, and in many cases it is not possible to use internet banking facilities.
Go through the terms and conditions for the opening and maintenance of accounts thoroughly. Pay special attention to numbers and figures. What is the minimum deposit required in the account at all times? What are the bank’s expectations regarding turnover? What is the fee for opening the account (one-off fee)? What are the fees for maintaining the account (recurring fees)? How much does the internet banking cost? What transaction charges does the bank apply to the services you use?
A company can have more than one bank account: - a company may open several accounts in different banks in the same country, or - it may also more than one account in several different countries at the same time, providing a number of advantages.
If you have any questions, don’t hesitate to call our colleagues who deal with the opening of bank accounts. They open accounts for our clients on a daily basis, so are specialists who can provide precise and detailed information.
If any problems arise during the everyday running of the account, don’t think that you are necessarily the only one to experience such problems. LAVECO Ltd. can assist in this, too, as over the last 20 years we have come across thousands of cases, as a result of which we can also help guide you through the banking world.
Offshore companyOffshore company formationOffshore company registration
An offshore company is an enterprise which only carries out economic activities outside the country in which it is registered. So, an offshore company can be any enterprise which doesn't operate "at home". At the same time, according to public opinion, an offshore company is any enterprise which enjoys tax-free or low-tax status in the country of registration. In the USA, the term offshore company is also used as a synonym for any overseas activities.
The offshore company existed in ancient Greek times, when Greek merchants offered their wares from nearby islands in order to escape the taxes in Athens. The format of the modern offshore company, however, is undeniably linked to the United Kingdom, and it was the British who developed the offshore company as we know it today. It was English corporate law, adopted in one form or another by just about every British territory, which provided the basis for the establishment of the laws necessary for the incorporation of offshore companies.
If we examine the most significant tax havens where it is possible to incorporate offshore companies, then the British legislative roots can be discovered almost everywhere. And here it is not just the everyday transplantation of offshore companies as is the practice in common law which we are talking about, but the legislation itself, based on the English law, specifically allows for the establishment of the offshore company, often through a separate law. For example, numerous jurisdictions have copied one of the most popular laws regarding offshore companies of the last 25 years, the British Virgin Islands IBC Act, which replaced the BC Act, though the rules for the formation of an offshore company hardly changed under the new law.
The only real change in the British Virgin Islands is that while it was possible earlier to form an offshore company with bearer shares, this possibility has now been very tightly restricted. It is still possible today for an offshore company in the BVI to issue bearer shares, but such an offshore company will pay a minimum of 1100 USD in annual tax as opposed to 350 USD, and an offshore company formed this way has to deposit the issued shares with a person specifically authorised for the purpose.