FAQ

Countries?

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, Etc.

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 the set-up of 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 counseling 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 this jurisdiction. International business:International commerce can be carried out through an offshore company. It will handle purchases and sales operations. Comformo can also arrange for obtaining a VAT number for companies that we register in Cyprus or in the United Kingdom. Holding intellectual property rights:Any kind of intellectual property right (a patent or trade mark) 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 against payments. 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 optimising inheritance tax liability, the offshore structure may also be combined with a trust or a foundation.

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. 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.

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.

Off the shelf or ready made 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 third party, who then commences trading activity under the company name. The benefits of purchasing an off the shelf company include: Reduction in the time it would take to create a new corporation. The allowance of contract bidding (some jurisdictions require a fixed business age to allow this functionality). The appearance of corporate longevity.Note: Shelf companies are normally more expensive than newly incorporated companies because of their age. Does my offshore company have to provide accounts to any tax authority? 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 for example, it is indeed mandatory for companies to produce yearly accounts and to have them audited, and in some cases, to pay taxes.While a company may not be subject to tax reporting to its local 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.

We begin processing your order as soon as the online purchase is completed. Processing times will vary depending on the company type and jurisdiction chosen. Usually International Business companies can be registered within several working days (depending on jurisdiction chosen) upon receipt of all required documentation and information. Please note, that we need up to 10 working days for legalization of the corporate documents and delivery the new company package to you by courier, express fee maybe requested.

Our Corporate Executives can provide you with guidance on the types of companies and jurisdictions, choice of company name, formation procedures and other requirements. If you are unsure about any aspect of forming a company, you should consider seeking professional advice from our corporate executives. If you have any questions or need additional information, contact our Live Chat Support or send us an e-mail. In case your query requires further attention based on our consideration we will offer you a consulting package and only after paying it we will provide you with the guidance requested.

Please provide the following documents for all Directors, Shareholders, Beneficial Owners, Authorized Signatories: Notarized copy of valid passport. The passport must be signed and signature must match the signature in the application form. The photograph must be clear and of good quality. Original or Certified copy of utility bill / bank statement (as verification of residential address, dated within 3 months); the household utility bill (e.g. gas, electricity, water or fixed line telephone but not a mobile phone bill) or bank, building society or credit card statement as proof of address. It must be no more than 3 months old and show your name and current address. P.O. Box is not accepted. Original or certified copy of Banker’s reference letter (dated within 3 months). You can request the Reference Letter from the bank where you hold an account. The reference letter should include confirmation that the relationship has been maintain for longer than 2 years and the business affairs are run satisfactorily. In cases where shareholders and/or directors are corporate bodies, full apostilled set of corporate documents will be required: Certificate of Incorporation, List of Directors, Shareholders, Secretary, Share Certificate, copy of ‘Declaration of Trust’ between nominee shareholder(s) and ultimate beneficial owner(s) (if applicable), Certificate of Good Standing (if the company has been operating for 12 months or more); Notarized copy of a valid passport, utility bill and the reference letter for each individual Director, Shareholder and Beneficial Owner. Completed and Sign Application form. The relevant Application Form will be sent to you during the payment process.

The name must not be already in use or be too similar to an existing company name or state a trading name. There are also restrictions on certain words and language and other pitfalls if your chosen name is too similar to a registered trademark. We require you to provide us with three names of your choice. If your first name choice is not available, we will check the availability of the second or third. As part of our review process we will advise you if a name is identical, allowing you to suggest alternatives.

Usually most International Business Companies use standard-format documents. However, the required set of documents may vary depending on the type of company and jurisdiction.Upon registration of your company all corporate documentation will be sent to you as scanned copies by e-mail and couriered to your designated address: Official Certificate of Incorporation. Memorandum and Articles of Association. Appointment of First Directors. Register of Directors, Shareholders, Secretary. Share Certificate. Power of Attorney (if applicable). Declaration of Trust (if applicable). A Common Company seal. Appostiled copies (if applicable).The list of company documents might slightly differ from document to document, depending on chosen jurisdiction.

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 the verification and registration much easier to be finalized: a request of information to the authorities who forwarded the certificate. List of countries which recognise Apostille certificates The Hague convention has currently over 60 countries as members; furthermore many others will also recognise an Apostille certificate. Albania, Andora, Antigua & Barbuda, Argentina, Armenia, Australia, Austria, Azerbaijan (from 02/03/2005) Bahamas, Barbados, Belarus, Belgium, Belize, Bosnia and Herzegovina, Botswana, Bulgaria Colombia, Croatia, Cyprus, Czech Republic Dominica El Salvador Fiji, Finland, France, Former Yugoslav Republic of Macedonia Germany, Greece, Grenada, Guyana Honuras, 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; Netherlands Antilles), New Zealand, Niue, Norwa Panama, Portugal (including Madeira) Romania, Russian Federation Samoa, Serbia and Montenegro, St Kitts & Nevis, St Lucia, St Vincent & the Grenadines, San, Marino, Seychelles, Slovakia, Slovenia, Solomon Islands, South Africa, Spain (including the Canary Islands), Sri Lanka, 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 Other Countries The countries listed below have approved the Apostille Certificate as proof of legalization. Although it is likely to be accepted most of the times, a consultation with the legal entity supposed to receive it is recommended Affars 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

Banking?

We begin processing your order as soon as the online purchase is completed. Processing times vary depending on the bank requirements and jurisdiction chosen. Usually the bank account can be activated within 1 week upon receipt by the bank of all required documentation and information. You will be notified via email on the progress of your account opening.

Most of the international banks we cooperate with do not require a personal visit and the account opening procedure may be completed remotely.If a personal interview is required, we will arrange your meeting with the bank officer in the nearest branch or representative office.

No. If you choose the bank account opening option, we shall review your application along with personal documentation to see if it is complete and valid. The bank will then approve or decline the account, depending on how the nature of your business and other information provided by you fits with their business model. More than 90% of our cases have been approved by the bank.

Banks are entitled at their sole discretion to accept or reject applications to open an account, as such we will introduce you to the bank and guide through all account opening process, however we cannot guarantee that your account will be approved by the bank and successfully opened.If the bank declines your personal or corporate account, we will evaluate the situation and offer alternate banking options with discounted price. However, more than 90% of our cases have been approved by the bank. Can Comformo help me choose the bank and jurisdiction?Our Corporate Executives can provide you with guidance on the bank requirements and products. However, we cannot advise you whether a bank is the best vehicle for your business. If you have any questions or need additional information, please contact our Live Chat Support or send us an e-mail.

lease provide the following documents for all Directors, Shareholders, Beneficial Owners, and Authorized Signatories:• Notarized copy of valid passport. The passport must be signed and signature must match the signature in the application form. The photograph must be clear and of good quality.• Original or Certified copy of utility bill / bank statement (as verification of residential address, dated within 3 months); the household utility bill (e.g. gas, electricity, water or fixed line telephone but not a mobile phone bill) or bank, building society or credit card statement as proof of address. It must be no more than 3 months old and show your name and current address. P.O. Box is not accepted.• Original or certified copy of Banker’s reference letter (dated within 3 months). You can request the Reference Letter from the bank where you hold an account. The reference letter should include confirmation that the relationship has been maintain for longer than 2 years and the business affairs are run satisfactorily.• In cases where shareholders and/or directors are corporate bodies, full apostilled set of corporate documents will be required: Certificate of Incorporation, List of Directors, Shareholders, Secretary, Share Certificate, copy of ‘Declaration of Trust’ between nominee shareholder(s) and ultimate beneficial owner(s) (if applicable), Certificate of Good Standing (if the company has been operating for 12 months or more); Notarized copy of a valid passport, utility bill and the reference letter for each individual Director, Shareholder and Beneficial Owner.• Personal CV. In this document you should mention your work experience, qualifications, education, current place of work and position.• Business Plan (if applicable). In this document you should submit a up to date business plan about your Company the Company plans and goals.• Completed and Sign Application form. The relevant Application Form will be sent to you though the payment process.

Please provide the following documents for all Authorized Signatories:• Notarized copy of valid passport. The passport must be signed and signature must match the signature in the application form. The photograph must be clear and of good quality.• Original or Certified copy of utility bill / bank statement (as verification of residential address, dated within 3 months); the household utility bill (e.g. gas, electricity, water or fixed line telephone but not a mobile phone bill) or bank, building society or credit card statement as proof of address. It must be no more than 3 months old and show your name and current address. P.O. Box is not accepted.• Original or certified copy of Banker’s reference letter (dated within 3 months). You can request the Reference Letter from the bank where you hold an account. The reference letter should include confirmation that the relationship has been maintain for longer than 2 years and the business affairs are run satisfactorily.• Personal CV. In this document you should mention your work experience, qualifications, education, current place of work and position.• Completed and Sign Application form. The relevant Application Form will be sent to you through the payment process.

The European Union Savings Tax Directive (EUSTD) became effective on 1 July 2005 and applies to EU countries on interest received on savings instruments, deposit accounts, etc. Currently, it does not affect interest paid to companies. EUSTD is an agreement between the EU Member States to automatically exchange information between states about individuals who reside in one EU Member state but earn interest in another.EUSTD applies to EU residents that receive interest on savings instruments, deposit accounts, etc. Currently, it does not affect interest paid to companies.

For security reasons we do not manage client accounts and do not offer such service. Once your account is finalized, the bank will forward all e-banking security devices, credit/debit cards and PINs directly to your correspondent address. Only authorized signatories will be able to access your personal or corporate account.

A Digipass or a Security Token is a small device that generates a unique code. It is used together with your User ID and passcode for making payments for the high level of security of Online Banking. If you are an authorized signatory and applied for online banking, then the bank will automatically send you one of these devices.

An offshore account gives a higher level of freedom, security and profitability. Many offshore countries guarantee bank secrecy. In some, bank secrecy laws are so strict that it is a crime for a bank employee to disclose any information about a bank account or its owner. Currency control in offshore countries is considerably less rigid than in high-tax countries. Moreover, offshore bank accounts are able to avoid the high service costs that have become a part of domestic banking. Offshore banks normally offer very attractive interest rates. Offshore credit and debit cards afford a certain level of privacy since all purchases are debited to the offshore bank account.At the same time, some offshore banks are financially stronger and better managed than even major domestic banks. This is the case because an offshore bank must maintain a higher ratio of liquid assets to accumulated debts.For the above mentioned reasons it could indeed make sense to operate a bank account in an offshore jurisdiction where it is safe from domestic fiscal authorities, creditors, competitors, ex- spouses and other who might wish to appropriate your wealth.

The banking fees depend on the establishment holding your account. On average the fees for maintaining the account come to around Euro 400 per year. As for us, we do not charge any further fees once the account has been opened.

Once the bank account has been opened, you can choose a multi-currency account. This will allow you to keep several currencies in the same account. When a new currency is used, the bank will automatically open a “sub-account” so that you do not have to pay any exchange fees.

As with any other bank account, the funds of your offshore company bank account will be accessible through credit/debit cards, cheques, Internet banking or withdrawal.

Shopping with you?

We have long-term experience in provisioning of corporate services to professional clientele (law firms, banks, family offices, wealth managers etc) as well as to private individuals.

No, we can provide the requested service only after our invoice is paid in full.

All credit/debit card transactions on our website are processed through PayPal or secure and trusted payment gateways managed by leading banks. You can enter your credit or debit card information during the checkout process to complete the payment. You can also pay for your order using your PayPal account.If you prefer to pay for your order using a bank wire transfer, an invoice will be sent to you with the required bank details. Please ask your bank about international transfer charges and add these fees to your invoice, or make certain that all bank charges are paid by yourself and not deducted from the amount sent, to ensure that the full amount of the invoice is received by us.

Your online debit/credit card transactions are protected by advanced security solutions based on international standards managed by the leading banks and trusted payment processors.As an additional layer of security we support 3D Secure technology “Verified by Visa” and “MasterCard Secure Code”, which makes online transactions safer. If your bank has implemented 3D Secure, you will be redirected to your bank’s website in order to provide an additional password during checkout.Comformo does not have any access to your 3D secure password and we will never contact our customers to ask for 3D password or any other card details. You must never disclose the password to anyone – this is how you guarantee your card is secure. If you cannot remember your 3D Secure password, please contact your bank.

Never. The only exception is if you utilize our Registered Agent Services or Annual Maintenance Fees. Note that we always notify you via email at least 30 days before we process any renewal payment which gives you plenty of time to cancel any recurring service.

Your order will be processed in the following steps: Step 1. If you have purchased Company Formation and/or a Bank Account please fill in and submit the relevant Application form, with personal documentation, by email to info@comformo.com or via the Online Application forum on the Comformo website. Once submitted, our Corporate Executives will review your Application and contact you within the next business day. Please take note that our business hours are from GMT +2 9:00 a.m. – GMT +2 19:00 p.m. Monday – Friday. Step 2. Once we receive your payment, Comformo will send you an email acknowledging the details of your order. Step 3. If your Application is incomplete or invalid, our Corporate Executives will advise you of the reasons and what is now required. Sometimes we need further information, which is needed to properly determine whether your application meets requirements of the legislation/bank. Once confirmed, you must print and sign the Application form and send it by post along with other required documentation. Step 4. Once your company is registered, originals of all corporate documentation will be sent to you as scanned copies by e-mail and then couriered by DHL or other shipping agency to your designated address.As soon as your bank account opening order is accepted and processed by the bank, you will receive your bank account details and contact details of your assigned bank official via e-mail. The password, user ID, digipass, credit/debit card and other devices will be forwarded to you by the bank direct or with assistance of Comformo.

Once you purchase your business documents, the documents will be sent to you via Email to the Email you have provided upon registration.If you didn’t receive the document you can always contact us and we will provide you with the document.



Any questions?

Our professional advisors are ready to assist you. We are here to support you in making the right decision and guide you through the company formation process. For more information call +44 203 290 0530