Question 1

Only the rich or multinational company need to register an offshore company

Accepted Answer

No, most of the offshore company formation is for business or international trading purpose. As the fee is not high, hence is suitable for small and medium enterprise to set up.

Question 2

Do you need to travel to incorporate your offshore company?

Accepted Answer

In many jurisdictions, you can complete incorporation through an agent without travelling. If you later apply for a bank account in Hong Kong or Singapore, you may need to travel, depending on the bank’s requirements.

Question 3

Is offshore company required to submit annual audit report?

Accepted Answer

No, as offshore company is tax free, hence it does not need to submit annual audit report to the government, only pay the annual government fee and the related fee to the government and the agent.

Question 4

Is it illegal to own or set up an offshore company?

Accepted Answer

No. An offshore company is legal when you use it for legitimate business purposes. It becomes a problem only if someone misuses it for illegal activity, such as money laundering.

Question 5

Do you need more than one offshore company for your international transactions?

Accepted Answer

Not always. You can usually work with one offshore company if it fits your business model. We will review your needs and recommend a structure that suits your transactions and helps reduce business risk.

Question 6

After the offshore company is formed, the client has to find his own bank? I can to open the bank account anywhere?"

Accepted Answer

If the client has his own preferential bank and has good connection with his existing bank, we can assist in preparing the related documents; however, if the client does not have, we have work with banks closely to open bank account for client, mostly in Hong Kong and Singapore, as they are financial hub and without foreign currency exchange control, easier for international business.

Question 7

Can you help you access bank options beyond Hong Kong and Singapore?

Accepted Answer

Yes. We also work with selected offshore banks in other jurisdictions. The right option depends on your profile and the bank’s requirements.

Question 8

Bank account is guaranteed after the offshore company is formed?

Accepted Answer

It would be the international trend for hard to open bank account as the banks are having strict control of opening bank account to eliminate money laundering. Hence, the documents of the client are not well prepared, most of time will be rejected.

Question 9

What happens if you incorporate first but still need help opening the bank account?

Accepted Answer

We usually start with a simple background review to check whether you meet the bank’s requirements. After incorporation, we will guide you on the process and documents needed to improve your chances of approval. You still need to incorporate the company first before the bank can assess the account application.

Frequently Asked Questions