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Corporate Service Advisory - FAQs

+ General

1. How to set up an offshore company?

How to set up an offshore company

Step 1 Initially, our relationship managers will ask you to provide detailed information for all shareholders and directors, including their names. You can select the level of services you need. This stage normally takes one to three working days, or a working day in urgent cases. Furthermore, give the proposed company names so that we can check the eligibility of the names in each jurisdiction’s/country’s company registry/company house.

Step 2 You settle the payment of our service fee and the official Government fee required for your selected jurisdiction/country. We accept payment by credit/debit card Visa Visa payment-discover payment-american , Paypal Paypal or by wire transfer to our HSBC bank account. HSBC bank account(Payment Guidelines).

See more: Company registration fees

Step 3 After collecting full information from you, One IBC® Group will send you digital versions of your corporate documents (certificate of incorporation, register of shareholders/directors, share certificate, memorandum and articles of association etc) via email. The full Offshore Company kit will be couriered to your residential address by express delivery (TNT, DHL or UPS etc).

You can open an offshore bank account for your company in Europe, Hong Kong, Singapore or any other jurisdictions where we support offshore bank accounts! You have the freedom to make international money transfers from your offshore account.

Once your offshore company formation is completed. You are ready to do international business!

2. What is the difference between a holding company and an investment company?

Fresh entrepreneurs oftentimes cannot tell the difference between a holding company and an investment company. While they do have a lot of similarities, holding companies and investment companies each have their distinct purposes.

A holding company is a parent business entity that holds the controlling stock or membership interests in its subsidiary companies. The cost to set up a holding company varies depending on the legal entity it is registered with, usually a corporation or an LLC. Large businesses usually set up a holding company because of multiple benefits it brings, including: Protecting assets, reducing risk and tax, no day-to-day management, etc.

An investment company, on the other hand, does not own or directly control any subsidiary companies, but rather is engaged in the business of investing in securities. Setting up an investment company is different from setting up a holding company, as they can mostly be formed as a mutual fund, a closed-ended fund, or a unit investment trusts (UIT). Furthermore, each type of investment company has its own versions, such as stock funds, bond funds, money market funds, index funds, interval funds, and exchange-traded funds (ETFs).

3. Which Middle East country is best to start a business?

Selecting the best country in the Middle East to start a business can depend on various factors including the industry, market access, regulatory environment, and economic stability. However, the United Arab Emirates (UAE) is widely regarded as one of the top destinations for starting a business in the region due to several reasons:

  1. Business-Friendly Environment: The UAE, particularly Dubai and Abu Dhabi, has a highly business-friendly environment with robust infrastructure, a strategic geographic location for global trade, and a cosmopolitan workforce.
  2. Ease of Doing Business: The UAE ranks highly in global ease of doing business indexes. It offers various free zones where businesses can be 100% foreign-owned, are exempt from taxes, and benefit from custom duty benefits.
  3. Diverse Economy: While the UAE's economy was historically driven by oil, it has diversified significantly into sectors such as tourism, real estate, aviation, and financial services. This diversification reduces dependency on oil and offers multiple opportunities for business.
  4. Political Stability: The UAE is one of the most politically stable countries in the Middle East, which is crucial for business confidence and investment.
  5. Incentives for Investment: The government offers numerous incentives to attract foreign investment including tax breaks, no minimum capital requirement, and full repatriation of profits and capital.
  6. Innovation and Technology Focus: The UAE is investing heavily in becoming a hub for technology and innovation, making it an appealing destination for tech startups and businesses involved in innovative industries.

However, it's important to consider specific business needs and conduct thorough market research. Other countries like Israel, known for its vibrant tech startup ecosystem, and Saudi Arabia, with its large domestic market and ongoing economic reforms under Vision 2030, also offer substantial business opportunities depending on the sector and business model. Each country has unique advantages and challenges, and the best choice depends on the specific dynamics of the business you intend to start.

4. What are the top 5 economies in Asia?

As of 2023, the best five economies in Asia by GDP (Net Household Item) are typically:

  1. China: By distant the biggest economy in Asia, China has experienced quick financial development over the past few decades, getting to be the world’s second-largest economy. It's a major player in fabricating, innovation, and shopper goods.
  2. Japan: Japan is the second-largest economy in Asia. It is profoundly created and known for its car and hardware businesses. Japan has a noteworthy worldwide financial impact in spite of its generally moderate development in later years.
  3. India: India is one of the fastest-growing major economies in the world. Its economy is differing, with key segments counting data innovation, fabricating, and administrations. It is anticipated to proceed its quick development direction and statistic expansion.
  4. South Korea: South Korea gloats a exceedingly created economy, driven by its strong hardware, car, and shipbuilding businesses. It is moreover a pioneer in mechanical advancement and computerized technology.
  5. Indonesia: As the biggest economy in Southeast Asia, Indonesia benefits from copious common assets and a developing shopper showcase due to its expansive populace. The economy is differing, with critical commitments from farming, fabricating, and administrations sectors.

These rankings can shift based on the measurements utilized, such as ostensible GDP or acquiring control equality (PPP), and financial conditions can cause shifts in these standings over time.

5. What are the four major types of economic systems in Asia types of economic systems in Asia?

Asia is a landmass with a differing extend of financial frameworks, reflecting its wide assortment of societies, levels of improvement, and authentic foundations. Here are the four major sorts of financial frameworks found in Asian countries:

  1. Market Economy: In a showcase economy, financial choices and the estimating of products and administrations are guided by the intuitive of a country's person citizens and businesses. Showcase powers such as supply and request decide the quality and development of the economy. Nations like Japan, South Korea, and Singapore work transcendently market-based economies where government mediation is moderately negligible compared to centrally arranged economies.
  2. Command Economy: This framework highlights considerable government control over financial exercises, counting what products ought to be created, how much ought to be created, and the cost at which merchandise are advertised for deal. Truly, North Korea and, to a lesser degree, China have been cases of command economies, in spite of the fact that China has been continuously consolidating market-oriented reforms.
  3. Mixed Economy: Blended economies combine components of both showcase and command economies. Governments and private endeavors both play noteworthy parts in the financial decision-making prepare. India and Indonesia are cases of blended economies, where the advertise plays a overwhelming part but the government moreover has considerable impact over crucial divisions such as utilities, overwhelming businesses, and transportation.
  4. Traditional Economy: A few parts of Asia still highlight conventional economies, where financial choices are generally based on societal traditions, convictions, and conventions. Horticulture, angling, and ranger service are regularly the backbones of these economies, and trade frameworks are frequently utilized in put of cutting edge monetary frameworks. This sort of economy is more predominant in farther and provincial ranges of nations like Bhutan and other parts of Central and Southeast Asia.

These frameworks reflect the financial differing qualities of Asia, from exceedingly created economies to those still joining conventional hones into their financial systems. Each framework has its claim set of points of interest and challenges that impact the region's improvement and integration into the worldwide economy.

6. Does Asia have a good economy?

Asia's economy is different and energetic, enveloping a run of profoundly created, quickly developing, and less created economies. Here's a more nuanced view:

  1. Economic Powerhouses: Nations like China, Japan, and South Korea have strong economies. China, as the second-largest economy in the world, has seen decades of tall development, in spite of the fact that it has moderated in later a long time. Japan, in spite of the fact that encountering slower development, remains a exceedingly created economy with solid mechanical and mechanical divisions. South Korea has a solid export-oriented economy, known for its innovative propels and manufacturing.
  2. Rapid Development Economies: India is a eminent illustration, with noteworthy financial development over the final few decades. Southeast Asian nations like Vietnam, Indonesia, and the Philippines are too encountering quick financial development, driven by industrialization, urbanization, and expanding outside investment.
  3. Variety in Improvement: There are stark contrasts inside Asia. Progressed economies like Singapore and Hong Kong are worldwide budgetary center points. In the mean time, there are moreover nations with less created economies, especially in parts of South Asia and Central Asia, where financial challenges persist.
  4. Challenges: In spite of the development, numerous Asian economies confront challenges such as salary imbalance, populace development, natural issues, and the require for foundation changes. Political insecurity and administration issues too posture noteworthy challenges in a few countries.

Overall, Asia's financial scene is characterized by a blend of develop, fast-growing, and creating economies, making it one of the most financially dynamic districts universally. The continent's financial future looks promising, in spite of the fact that it will require tending to various social, political, and natural challenges to maintain development and progress living benchmarks over all countries.

7. What is the 5th largest economy in Southeast Asia?

Myanmar, regularly respected as a nation with a complex and challenging financial scene, has considerable potential due to its wealthy normal assets and key area between China and India, two of the world's biggest markets. Here are a few key angles of Myanmar's economy:

1. Economic Composition:

  • Agriculture: This division remains a foundation of Myanmar’s economy, utilizing a huge parcel of the workforce. Major items incorporate rice, beats, and different sorts of natural products and vegetables.
  • Natural Assets: Myanmar is wealthy in valuable stones, oil, and characteristic gas. It is one of the world’s biggest makers of jade and rubies. Also, there are critical stores of minerals like tin, tungsten, and zinc.
  • Manufacturing and Materials: The nation has been creating its fabricating base, which incorporates article of clothing fabricating, a noteworthy trade worker due to moo labor costs.

2. Economic Challenges:

  • Political Flimsiness: Myanmar's political environment has been profoundly unsteady, particularly taking after the military upset in 2021. This flimsiness has driven to worldwide sanctions and a diminish in remote investment.
  • Infrastructure: The need of created framework is a critical jump for financial development and advancement, influencing everything from transportation and coordinations to vitality supply.
  • Poverty and Advancement: A significant parcel of Myanmar's populace remains in destitution, with constrained get to to essential administrations like healthcare and instruction, which limits human capital development.

3. Economic Growth:

  • Despite the challenges, Myanmar has experienced periods of fast financial development, especially in the early 2010s when it started to open up to outside speculation and liberalize its economy. In any case, development has been hampered by later political improvements and the COVID-19 pandemic.

4. Foreign Relations and Trade:

  • Myanmar’s vital area makes it a key player in territorial exchange and financial activities, such as the Belt and Street Activity driven by China. Exchange relations with neighboring nations like Thailand and India are crucial for its economy.
  • The country's political circumstance has complicated its connections with Western countries, affecting its capacity to lock in completely with worldwide markets.

Overall, Myanmar's economy is stamped by critical potential and similarly critical challenges. Its future financial direction will generally depend on its political scene and how it oversees its endless characteristic assets and human capital.

8. Is ASEAN the 6th largest economy in the world?

As of 2023, the Affiliation of Southeast Asian Countries (ASEAN) is undoubtedly frequently alluded to as the sixth-largest economy in the world when considered collectively. This bunch incorporates ten nations: Indonesia, Malaysia, the Philippines, Singapore, Thailand, Brunei, Vietnam, Laos, Myanmar, and Cambodia. These countries together frame a critical financial coalition with a differing financial base, extending from exceedingly created economies like Singapore to quickly developing ones like Vietnam and Indonesia.

ASEAN's combined GDP places it among the world's biggest economies, much obliged to its considerable populace, vital area, and developing integration into the worldwide economy through exchange, speculation, and participation. The financial quality of ASEAN too benefits from its statistic points of interest, counting a youthful and developing workforce that pulls in both outside coordinate venture and multinational trade operations.

9. What are the top 5 GDP countries?

As of 2023, the best five nations by Net Residential Item (GDP) are typically:

  1. United States: With a different and innovatively progressed economy, the U.S. has the biggest GDP in the world, backed by solid businesses such as innovation, money related administrations, and healthcare.
  2. China: As the second-largest economy all inclusive, China has experienced fast mechanical development, with major commitments from fabricating, innovation, and services.
  3. Japan: Japan holds the position of the third-largest economy, with its GDP driven by its progressed innovation, car industry, and gadgets fabricating capabilities.
  4. Germany: Positioning fourth, Germany's economy is the biggest in Europe, known for its designing, car, and fabricating sectors.
  5. India: As of late outperforming the Joined together Kingdom, India has gotten to be the fifth-largest economy. Its economy is characterized by a blend of horticulture, fabricating, and a quickly developing benefit segment, counting IT and program services.

These rankings can change somewhat depending on financial conditions, trade rates, and how GDP is measured (ostensible vs. acquiring control parity).

10. Where does Vietnam rank in the world by GDP?

Vietnam's economy has appeared amazing development over the a long time, and estimates propose strong execution. As of 2024, its GDP is anticipated to reach around $465.81 billion, positioning it 34th in the world. This positions Vietnam fair underneath the Philippines and over Iran in terms of financial measure. In Southeast Asia, Vietnam is anticipated to be the fifth-largest economy, trailing behind Indonesia, Thailand, Singapore, and the Philippines.

The financial projections for Vietnam demonstrate a potential rise in its worldwide positioning over the another decade. By 2033, it's expected that Vietnam's economy will develop to around $1.05 trillion, situating it 24th all inclusive. Assist development is anticipated by 2038, with a forecasted GDP of $1.56 trillion, possibly hoisting Vietnam to the 21st spot globally.

Vietnam's financial victory is ascribed to a assortment of components counting its expansive and young populace, which gives a energetic workforce supporting different segments. The nation is anticipated to outperform numerous ASEAN nations financially, possibly getting to be a high-income nation by 2045 (Source: vietnamnews.vn). The country's key repositioning in the worldwide esteem chain, inside changes, increments in labor efficiency, and open and private ventures are other basic components contributing to its anticipated growth (Source: vietnamnews.vn).

11. What is the most developed country in Southeast Asia?

Singapore is recognized as the most created nation in Southeast Asia. It stands out with a tall Human Advancement File (HDI) and is considered an financial powerhouse in the locale due to its progressed foundation and tall GDP per capita. Singapore moreover positions profoundly in a few advancement pointers, counting innovation, healthcare, instruction, and generally quality of life, making it a demonstrate of thriving in Southeast Asia.

Singapore's status as the most created nation in Southeast Asia is supported by a few key factors:

  1. Economic Improvement: Singapore has one of the most elevated GDP per capita figures in the world, essentially ahead of its territorial neighbors. Its economy is well-diversified and incorporates solid divisions in fabricating, back, and data innovation, contributing to a tall level of financial riches and stability.
  2. Infrastructure: Singapore gloats a few of the best foundation in the world, with a exceedingly proficient open transportation framework, state-of-the-art offices, and well-planned urban situations. Its Changi Air terminal is reliably positioned among the best universally, and its ports are among the busiest.
  3. Healthcare: The healthcare framework in Singapore is eminent for its productivity and tall guidelines of care. It gives available and reasonable healthcare administrations to all its citizens and is a driving goal for therapeutic tourism in Asia.
  4. Education: Singapore’s instruction framework is considered one of the best universally, regularly topping worldwide instruction rankings. The government's noteworthy speculation in instruction guarantees tall proficiency rates and instructive attainment.
  5. Technological Headway: The nation is a center for innovation and advancement. The government effectively advances and bolsters the tech industry, driving to headways in different divisions, counting biotechnology, data innovation, and clean energy.
  6. Quality of Life: Singapore offers a tall standard of living, with a clean environment, moo wrongdoing rates, and a tall degree of individual flexibility. Its multicultural society is too a center for social trade and differing qualities, including to its engaging quality as a put to live and work.
  7. Political Soundness: Singapore is known for its steady political environment, which is conducive to financial development and commerce. The country's solid legitimate system and moo debasement levels make it a favorable environment for both neighborhood and remote investors.

These variables collectively contribute to Singapore's acknowledgment as the most created and affluent nation in Southeast Asia, setting a benchmark for advancement in the locale. For more point by point data, you can perused assist on destinations like the NCESC Geographic FAQ and other assets that talk about Southeast Asian development (Wikipedia) (Seasia.co) (Discovering Jobs & Travel).

12. Why should I use One IBC® Group to open an offshore company?
  1. One IBC® Group has more than 10 years’ experience in offshore consultancy. During this time we have been able to develop a network of offshore service providers that remains unparalleled.
  2. We provide tailor-made advice to our clients, fully integrating the latest laws.
  3. We are one of the most competitive offshore service providers.
  4. We have achieved many awards and certificates. See all Our Awards and Licenses

For further information, please read "Our Guarantees" section.

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13. What are the top 3 resources in the Middle East?

The Middle East is rich in a variety of natural resources that play a central role in its economy and global significance. The top three resources in the region are:

  1. Oil: The Middle East is renowned for its extensive oil reserves, which are the largest and most concentrated in the world. Countries like Saudi Arabia, Iraq, the UAE, and Kuwait are top global oil producers. The export of oil has historically been the backbone of these economies, providing substantial revenue and influencing global oil markets.
  2. Natural Gas: Alongside oil, the Middle East also has significant natural gas reserves. Countries such as Qatar, Iran, and Saudi Arabia are major producers of natural gas. Qatar, for instance, is one of the world's largest exporters of liquefied natural gas (LNG), which has helped it become one of the wealthiest countries per capita.
  3. Solar Energy Potential: Given its geographic location, the Middle East possesses an immense potential for solar energy. The region enjoys high solar irradiance levels, making it ideal for solar power development. This is increasingly being recognized as a vital future resource, leading to investments in renewable energy projects across the region to harness this potential and reduce dependency on fossil fuels.

These resources not only drive the economies of their respective countries but also play a crucial role in their energy policies and economic development plans. The abundance of oil and gas has historically shaped the geopolitical and economic landscape of the Middle East, while the emerging focus on solar energy represents a significant shift towards sustainable development.

14. What is an offshore company?

First and foremost, it is essential to define the term Offshore. Offshore relates to managing, registering, conducting, or operating in a foreign country, often with financial, legal and tax benefits. 

An offshore company has a variety of uses and benefits for clients wishing to engage in international financial trade and investment activities. Depending on the specific offshore jurisdiction, an offshore company may have the following features and advantages: Ease of Incorporation, Minimal Fees, No Foreign Exchange Controls, High Confidentiality, Tax Benefits.

15. Is the Middle East economy growing?

Yes, the economy of the Middle East is generally growing, though the pace and scale of economic growth vary significantly across different countries in the region. Factors influencing this growth include:

  1. Oil and Gas Revenue: Countries with significant oil and natural gas reserves, such as Saudi Arabia, the UAE, and Qatar, have historically benefited from high oil prices, which contribute to large portions of their GDP. However, fluctuations in global oil prices can also lead to economic instability.
  2. Diversification Efforts: Many Middle Eastern countries are actively working to diversify their economies away from oil dependency. Initiatives such as Saudi Arabia's Vision 2030 and the UAE's extensive investment in tourism, real estate, and renewable energy are examples of efforts to create more stable and varied economic foundations.
  3. Investment in Infrastructure: There is substantial investment in infrastructure across the region, including transport, tourism facilities, and urban development, which stimulates economic growth.
  4. Political Stability and Reforms: Economic growth in the Middle East is also closely linked to the political landscape. Countries that have experienced relative political stability and implemented economic reforms tend to show stronger growth compared to those affected by conflicts and political upheavals.
  5. Technological and Educational Advancements: Investments in technology and education are contributing to economic growth by fostering innovation and improving workforce skills, which are essential for modernizing economies and attracting foreign investment.
  6. Tourism: Tourism remains a significant economic sector for many countries in the region, particularly for those not endowed with oil resources. Nations like Jordan and Lebanon, despite facing various challenges, benefit economically from their rich historical and cultural offerings.

However, challenges such as geopolitical tensions, water scarcity, and the need for further economic reforms remain obstacles to sustained growth. Additionally, the impacts of the COVID-19 pandemic have varied across the region, affecting tourism and oil markets, which have had short-term impacts on economic growth. Overall, while there are growth opportunities, the region's economic landscape remains complex and subject to a variety of influencing factors.

16. Which jurisdiction should I choose for my company?

Offshore Jurisdictions not only have some aspects of tax benefits, they are also good places to attract investors because of factors such as stable politics, good reputation and sophisticated corporate law.

Each offshore jurisdiction has its separate benefits that can meet customers’ strategic demands. OCC’s customer service team are trained to support clients to find out the applicable tax havens for their business.

We carefully list the service countries on our website, from the lower-fee countries to higher ones (See more: Company Registration Fees). Although there is some difference in fees, all of the jurisdictions guarantee their confidentiality and integrity to investors. For good offshore jurisdictions with high-ranking currencies, clients will be introduced to Hong Kong and Singapore (See more: Hong Kong offshore company formation and Singapore offshore company formation), which are well placed to attract businessmen due to their significant economical and tax benefits.

17. Why do the countries in the Caribbean islands have weak economies?

The economies of Caribbean countries are often characterized as weak due to a combination of structural challenges and external vulnerabilities. These include:

  1. Economic Dependence: Many Caribbean economies heavily rely on one or two sectors, such as tourism and agriculture, which makes them highly susceptible to external shocks. For instance, a downturn in global travel can severely impact those countries that depend on tourism for a significant portion of their GDP.
  2. Vulnerability to Natural Disasters: Caribbean islands are frequently hit by natural disasters like hurricanes and tropical storms, which can cause substantial damage to infrastructure and the economy. The cost of rebuilding strains government budgets and can lead to significant economic setbacks.
  3. Small Open Economies: The small size of many Caribbean economies limits their ability to achieve economies of scale, which can make goods and services produced locally more expensive compared to those from larger countries. This can lead to high costs of living and doing business.
  4. High Public Debt: Many Caribbean countries have high levels of public debt, partly due to borrowing to rebuild after frequent natural disasters. High debt levels mean significant government revenue is spent on debt servicing rather than on public services or development projects.
  5. Limited Natural Resources: Aside from a few exceptions, many Caribbean nations have limited natural resources, which restricts their development options and makes them reliant on imports for energy and other necessities.
  6. Brain Drain: The emigration of skilled and educated individuals in search of better opportunities abroad deprives these countries of important human capital necessary for economic development and innovation.
  7. Geopolitical Disadvantages: The Caribbean’s geographic location makes it prone to geopolitical disadvantages in trade. Many islands face high shipping costs for importing goods from major markets, and they often lack the bargaining power to secure favorable trade terms.
  8. Climate Change: The effects of climate change, including sea-level rise and the increasing intensity and frequency of tropical storms, pose a long-term threat to the economic stability of the Caribbean, affecting everything from agriculture to tourism and infrastructure.

Addressing these challenges requires comprehensive and coordinated efforts both within the region and through international cooperation, aimed at diversification, resilience building, and sustainable development.

18. Who should use an offshore company?

An offshore company may be of interest to a great number of people, and it may be used for various activities.

Businessmen

Creating an offshore company allows you to begin an activity without having to deal with setting up a complicated infrastructure. An offshore company allows you to quickly create a stable structure with a simple administration and enjoy all the benefits of the offshore jurisdiction.

Commerce over the internet (e-commerce)

Internet traders can use an offshore company to maintain a domain name and to manage internet sites. An offshore company might be ideal for people whose business is on the internet. You might choose to incorporate the registered office of your company in an offshore jurisdiction to take advantage of the various benefits offered by these jurisdictions.

Consultants/counsellors

You can also carry on your consultancy or counselling business through an offshore company. You will find it easier to manage your company, while being registered in a stable jurisdiction and benefiting from all the strengths of that jurisdiction.

International business

International commerce can be carried out through an offshore company. It will handle purchases and sales operations. One IBC® can also obtain a VAT number for companies that we incorporate in Cyprus or incorporate in the United Kingdom.

Holding intellectual property rights

Any kind of intellectual property right (a patent or trademark) may be registered in the name of an offshore company. The company may also buy or sell this type of right. It may also grant rights of use to third parties in return for payments.

Also read: Intellectual property services

For the custody of movable and immovable property

Offshore companies are used to hold both movable property (such as yachts) and immovable property (such as houses and buildings). In addition to confidentiality, the benefits and advantages they offer include exemption from certain types of taxes (e.g. inheritance tax). It should be noted, however, that some countries do not allow the acquisition of movable/immovable property through offshore structures and therefore those wishing to form an offshore structure are advised to check with a competent authority before proceeding.

For inheritance purposes

An offshore firm that always stays afloat (provided all costs associated with running it are paid) may, in some countries, be used as a means of avoiding inheritance-tax laws. With a view to minimising inheritance-tax liability, the offshore structure may also be combined with a trust or a foundation.

Stockbroker/forex

Offshore companies are very often used for share dealing or foreign-exchange transactions. The main reasons being the anonymous nature of the transaction (the account can be opened under a company name).

You are free to make international money transfers under your Offshore Company. We wish to make you aware that you ought to liaise with a tax advisor in your country of residence before setting up an offshore company.

19. What are 3 major resources of the Caribbean?

The Caribbean region is endowed with a variety of natural resources that play a crucial role in its economy and culture. Here are three major resources:

  1. Tourism: Tourism is arguably the most significant resource in the Caribbean, given its extensive coastlines, beautiful beaches, vibrant cultures, and warm climates. The tourism industry is a major contributor to the economies of nearly all Caribbean nations, providing jobs, foreign exchange, and driving other sectors such as retail and transportation.
  2. Minerals: Several Caribbean islands have mineral deposits that contribute to their economies. Bauxite, the ore from which aluminum is produced, is particularly prevalent and important in Jamaica, which has been one of the world's leading producers. Other minerals found in the region include gold, oil, and natural gas, notably in Trinidad and Tobago which has substantial oil reserves and is a significant producer of oil and natural gas in the Caribbean.
  3. Agriculture: The Caribbean's agricultural resources include sugar, bananas, coffee, and spices which are significant not just for domestic consumption but also for export. Historically, sugar was the dominant crop, but its importance has declined due to market changes and competition. However, agriculture remains vital for local economies and employment.

These resources are central to the Caribbean's economic output and development, shaping both the regional identity and its interaction with the global economy.

20. Do I have to pay taxes on profit or interest earned by my offshore company?

No.

Most of the jurisdictions we work with do not impose taxes on profits made or interest earned by offshore company. Some, like Hong Kong or Delaware, only tax profits made within the jurisdiction, whereas Cyprus charges a 10% flat tax.

See more:

While a company may not be subject to tax reporting to its local authorities, from a personal standpoint it mustn’t relieve you from seeking counsel from a tax advisor in your country of residence in order to assess the extent of your own obligations, if any.

 

21. What are the challenges facing Caribbean countries in a globalized economy?

Caribbean countries face several significant challenges in a globalized economy, often stemming from their geographical and economic characteristics. These challenges include:

  1. Economic Diversification: Many Caribbean economies are heavily dependent on a few key sectors, such as tourism and agriculture, which makes them vulnerable to external shocks. Diversification into other sectors like technology or manufacturing is often limited by size, resources, and infrastructure.
  2. Vulnerability to Natural Disasters: The region is prone to hurricanes, earthquakes, and other natural disasters. Such events can cause devastating economic impacts, destroying infrastructure and disrupting economic activities. The high cost of recovery and rebuilding further strains these economies.
  3. Small Market Size: Caribbean nations typically have small populations, which limit domestic market size and reduce economic scale. This small scale can deter investment and limit job creation, while also making public services more expensive to deliver.
  4. Brain Drain: Many Caribbean countries experience a high emigration rate of skilled workers seeking better opportunities abroad. This brain drain depletes the workforce of skilled labor necessary for economic development and technological advancement.
  5. High Debt Levels: Several Caribbean countries have high levels of public debt, which constrain government spending and economic growth. High debt servicing costs limit the ability to invest in infrastructure and social services that are crucial for long-term development.
  6. Global Trade Challenges: Being small economies, Caribbean countries often have less negotiating power in international trade agreements. They face challenges competing with larger economies due to less efficient production scales and higher costs of compliance with international standards.
  7. Climate Change: As island nations, many Caribbean countries are particularly susceptible to the effects of climate change, including sea-level rise and increased frequency of severe weather events. This poses a long-term threat to their economic stability and development.

These challenges require comprehensive strategies that involve not only national policy changes but also international cooperation and investment to create resilient, diversified, and sustainable economies in the Caribbean.

22. When do I have to pay my company's yearly fees (Time of renewal)?

You will be asked to settle the yearly fees prior to each anniversary of your company, not at the end of each calendar year. To avoid any last minute rush, we will send you a renewal invitation before the anniversary.

See more: Company Renewal Fee

23. Which Caribbean country has the fastest growing economy?

As of the latest data available to me, the Dominican Republic has been identified as one of the fastest-growing economies in the Caribbean. This growth has been driven by tourism, construction, and services. The country has seen significant foreign investment and development in these sectors, contributing to its robust economic performance.

Other Caribbean nations may also show periods of rapid growth depending on various factors, including economic reforms, investment, and sectoral development. However, the Dominican Republic has consistently been a strong performer in the region over recent years.

24. Can the same person be a shareholder of the company and act as its director at the same time?

Yes. In most jurisdictions it is possible (and common) that the same person acts as shareholder and director of the company.

25. Which asean country has the strongest economy?

As of my last update, Singapore is widely regarded as having the strongest economy among the ASEAN (Association of Southeast Asian Nations) countries. Singapore's economy is highly developed, and it is globally recognized for its finance, manufacturing, and transport sectors. The country boasts a highly skilled workforce, robust infrastructure, and a strategic location that has made it a global hub for trade, finance, and logistics.

Other strong economies in ASEAN include Indonesia, which has the largest economy in terms of GDP due to its vast population and resources, and Thailand, which has a diverse industrial base. However, in terms of per capita income, economic development, and global economic rankings, Singapore consistently stands out as the leader in the region.

26. What is the difference between a shareholder and a director?

The shareholder is the person who owns the company through a share certificate. A company can be owned by one or several shareholders. The shareholder can be an individual or a company.

The director is the person responsible for the management of the company. He will sign any business contracts, account opening forms etc. Directors are elected by the shareholders. A company can have one or several directors. The director can be an individual or a company.

See more: Nominee Director and Shareholder Services

27. What is a shelf company?

Shelf companies are corporate entities that have been established by a provider who holds the company until a purchaser is found. Post transaction, the ownership of the company transfers from the provider to the purchaser, who then commences trading activity under the company name. The benefits of purchasing a shelf company include:

  • reduction in the time it would take to create a new corporation;
  • enables contract bidding (some jurisdictions require a fixed business age to allow this function); and
  • the appearance of corporate longevity.

Note: shelf companies are normally more expensive than newly incorporated companies because of their age.

Read more: 

28. Can I choose the name of my company?

Yes, It is even recommended that you do so. On the application form you are asked to input three company names, in order of your preference. We will then check with the Company Registry of the offshore jurisdiction if those names are available for incorporation.

Read more: 

29. Does my company have to provide accounts to any tax authority?

No, generally not. This is one of the main advantages of offshore companies.

However, in a few select jurisdictions, such as Hong Kong, Cyprus and the UK, it is indeed mandatory for companies to produce yearly accounts, to have them audited and, in some cases, to pay taxes (please refer to our jurisdiction comparison table).

While a company may not be subject to tax reporting to the relevant authorities, from a personal standpoint it must not relieve you from seeking counsel from a tax advisor in your country of residence in order to assess the extent of your own obligations, if any.

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30. How long will it take for me to receive my corporate documents?

Every jurisdiction has its own incorporation timeframe. Please refer to our jurisdiction comparison table. Once the company has been incorporated, it will generally take about two to six days for the corporate documents to reach you.

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31. How can I settle my company fees?

You can either pay by Paypal, credit card/ debit card or wire transfer.

Paypal, credit card/ debit card

Payment Guidelines

32. Why are your fees lower than those of your competitors?

Having our own offices or partners in the jurisdictions where we provide our services, we are able to offer straight-forward and competitive prices, thus we can avoid any intermediaries.

33. What are the benefits of the apostille and which countries recognise apostille certificates?

Benefits of the apostille

With the Hague Convention, the whole legalisation process has been deeply simplified by the delivery of a standard certificate entitled “apostille”. Authorities of the state where the document was issued must place the certificate on it. It will be dated, numbered and registered. This makes finalising the verification and registration through the authorities who forwarded the certificate much easier.

List of countries which recognise apostille certificates

The Hague Convention currently has over 60 countries as members. Furthermore, many others will also recognise an apostille certificate.

  • Albania, Andorra, Antigua & Barbuda, Argentina, Armenia, Australia, Austria, Azerbaijan
  • Bahamas, Barbados, Belarus, Belgium, Belize, Bosnia and Herzegovina, Botswana, Brunei Darussalam, Bulgaria
  • Colombia, Croatia, Cyprus, Czech Republic
  • Dominica
  • El Salvador
  • Fiji, Finland, Former Yugoslav Republic of Macedonia, France
  • Germany, Greece, Grenada, Guyana
  • Honduras, Hong Kong (SAR), Hungary
  • Ireland, Israel, Italy
  • Japan
  • Kazakhstan, Kiribati
  • Latvia, Lesotho, Liberia, Liechtenstein, Lithuania, Luxembourg
  • Macau (SAR), Malawi, Malta, Marshall Islands, Mauritius, Mexico, Monaco
  • Netherlands (including Aruba and Netherlands Antilles), New Zealand, Niue, Norway
  • Panama, Portugal (including Madeira)
  • Romania, Russian Federation
  • Samoa, Serbia and Montenegro, San Marino, Seychelles, Slovakia, Slovenia, Solomon Islands, South Africa, Spain (including the Canary Islands), Sri Lanka, St Kitts & Nevis, St Lucia, St Vincent & the Grenadines, Surinam, Swaziland, Sweden, Switzerland
  • Tonga, Trinidad & Tobago, Turkey, Tuvalu
  • Ukraine, United Kingdom of Great Britain and Northern Ireland, United States of America (including Puerto Rico)
  • Vanuatu, Venezuela
  • Yugoslavia

Other countries

The countries listed below have approved the apostille certificate as proof of legalisation. Although it is likely to be accepted most of the time, a consultation with the legal entity supposed to receive it is recommended.

  • Afars and the Issas, Andorra, Angola, Anguilla, Aruba
  • Bermuda, Brazil, British Antarctic Territory, British Virgin Islands
  • Canada, Cayman Islands, Chile, China, Comoros Islands
  • Denmark, Djibouti
  • Egypt, Estonia
  • Falkland Islands, French Guiana, French Polynesia
  • Georgia, Gibraltar, Guadeloupe, Guernsey (Bailiwick of), Guyana
  • Iceland
  • Jersey, Jordan
  • Malaysia, Martinique, Montserrat , Morocco, Mozambique
  • New Caledonia
  • Sri Lanka, St Georgia and South Sandwich Islands, St Helena, St Pierre and Miquelon
  • Turks and Caicos
  • Virgin Islands
  • Wallis and Futuna

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34. What is the DUNS number for my company & how to get it?

The DUNS number is a unique nine-digit number that identifies business entities on a location-specific basis. Assigned and maintained by Dun & Bradstreet (D&B), the DUNS number is widely used as a standard business identifier.

Your DUNS number will be used to check the identity and legal-entity status of your organisation as part of our enrolment-verification process, especially relating to internet services, game/app development (like SSL), Trust Seal on your website or your Apple/Google apps development account – even with applications to credit and financing institutions.

Your DUNS number will be directly linked to your company’s credit file and will play an important role in your company’s search for credit and financing. With a DUNS number and business-credit report, lenders, suppliers and creditors will now be better able to assess the creditworthiness of your business.

What do I need to get my DUNS number?

When registering for your DUNS number, you will need the following to hand.

  • Legal name
  • Headquarters name and address for your business
  • Doing Business As (DBA) or other name by which your business is commonly known
  • Physical address, city, state and ZIP code
  • Mailing address (if different from headquarters or physical address)
  • Telephone number
  • Contact name and title
  • Number of employees at your physical address

With Offshore Company Corp services, we can support you with everything. Your DUNS number can be issued within 2-5 working days and for a fee from US$190, depending on the jurisdiction your company is registered in.

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