Open an Offshore Company with GLS Law Company

Offshore companies are those registered in one jurisdiction but conducting their business in another. Often, firms open in countries where tax rates are the lowest, allowing businesses to save a significant amount of funds. In the past, companies not only saved on taxes but also were exempt from maintaining financial records. This was possible because businessmen were not required to rent an office or hire employees. However, the requirements have become stricter today.

If you want to open an offshore company, it’s crucial to choose the right country where you will conduct your business. This involves considering both the tax rates and the specific legal features of the chosen offshore zone. The simplest way to do this is to seek legal services from GLS Law Company. Our experts will answer all your questions, help choose the right jurisdiction, and provide support at all stages of registering an offshore firm.

What to Know Before Opening an Offshore Company

For Ukrainian citizens, a certain list of jurisdictions is considered offshore territories from a legal standpoint. Choosing any such offshore for business enables you to open a firm, but it also leads to additional taxation. This minimizes the efforts aimed at registering an offshore company.

The list of offshore territories is approved by the Cabinet of Ministers of Ukraine and includes 42 countries, such as:

• Isle of Man, Alderney, Jersey;
• Belize;
• Panama;
• Monaco;
• Gibraltar;
• Anguilla;
• Aruba;
• Republic of Maldives, among many others.

Additionally, when deciding to open an offshore, a businessman needs to come up with a company name that is not used by any other organization. This process can take time: if registration is denied, you will have to go through the process again, re-selecting a name and waiting for the results of the check. Seek legal services from our experts to minimize the chance of refusal.

Requirements for Opening an Offshore from Kyiv and Other Cities

Ukrainian citizens looking to register an offshore firm must prepare some documents and provide information about themselves and the business. The required documents can significantly vary across jurisdictions, so we recommend seeking legal services and personal consultation from our specialists. They will answer any questions you have and help prepare a document package.

Typically, to open an offshore, you need to provide:

• Identity documents for the company’s beneficiary and a proxy (a person representing the company’s interests by power of attorney), usually including a civil and international passport.
• Proof of residence for the beneficiary and the proxy, which can be any document, such as a utility bill or a passport page showing residence registration.
• A brief description of the business in a concise form (without detailed specifics).
• Any other documents that may be required for the company’s registration in the chosen jurisdiction.

Opening a Bank Account for the Company Offshore

After registering the company, you might need a checking account in an offshore bank. This is designed for easier business management abroad, especially with a high volume of transactions. An important advantage of such an account is the unlimited number of financial operations that can be conducted through it.

Note that service conditions can significantly vary across different banks and jurisdictions. Therefore, it’s better to seek legal services from our specialists to discuss how sensible it is to open an offshore account in your case.

Typically, to open an account, the offshore must deposit a certain amount of funds. This is required to confirm the company’s solvency. After the verification and activation of the account, the firm gains access to the previously deposited funds and can use them at its discretion.

The Cost of Opening an Offshore and Influencing Factors

Many factors influence the cost of registering a firm. If you plan to open an offshore, the price will vary widely depending on the chosen jurisdiction. Additionally, rates depend on the list of services provided:

• Registration of founding documents.
• Apostille certification.
• Mandatory budget payments.
• Courier mail services, and so on.

If you want to open an offshore in Ukraine, GLS Law Company’s experts can assist you. Our services are available in Kyiv, Odesa, and other cities in Ukraine. Our specialists will consult you and handle the registration of your offshore company in the jurisdiction of your choice.