Registering an Offshore Company with GLS Law Company

Offshore companies are firms registered in one jurisdiction but conduct their business in another. These firms are often opened in countries with the lowest tax rates, allowing businesses to save a significant amount of money. In the past, companies not only saved on taxes but also were exempt from financial reporting due to the absence of obligations for businessmen to rent office space and hire employees. However, today, the requirements have become stricter.

If you want to open an offshore account, it is essential to choose the country where you will conduct your business wisely. This decision should consider both the tax rates and the specific legal features of the chosen offshore zone. The simplest way to navigate these considerations is to seek the legal services provided by GLS Law Company. Our professionals will answer all your questions and assist in selecting the appropriate jurisdiction, as well as support you through all stages of registering an offshore company.

What to Know Before Opening an Offshore Account

For Ukrainian citizens, there is a specific list of jurisdictions considered offshore territories by legislation. Choosing any offshore for business enables you to establish a firm, but it also introduces additional taxation, negating the benefits of 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;
• Maldives, among many others.

Additionally, an offshore company must have a unique name not used by any other organization. This process can be time-consuming: if registration is denied, you must restart the procedure, choosing a new name and awaiting the results of the review. Opting for legal services from our experts can minimize the possibility of refusal.

About Offshore Services from GLS Law Company

Ukrainian citizens looking to register an offshore firm need to prepare certain documents and provide information about themselves and their business.

Typically, offshore registration requires:

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

Opening Offshore Accounts for Companies

After registering the company, you might need an offshore bank account to facilitate easier management of business overseas, especially with a high volume of transactions. An important advantage of such accounts is the unlimited number of financial operations that can be conducted.

Note that the terms of service can vary significantly across different banks and jurisdictions. It’s advisable to consult with our legal experts to discuss the feasibility of opening offshore accounts for your particular case.

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

Cost of Registering an Offshore Company and Influencing Factors

Many factors affect the registration and cost of an offshore company, including the range of services provided:

• Registration of founding documents.
• Apostille services.
• Mandatory government fees.
• Courier services, and so on.

If you’re interested in how to open offshore companies, the experts at GLS Law Company in Ukraine will assist you. Our offshore services are available in various Ukrainian cities, including Kyiv, Odesa, and others. Our specialists will provide consultation and take care of registering your offshore company in the selected jurisdiction.