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Banking Accounts for Offshore Companies

August 7, 2014July 24, 2014adminLeave a comment

Are you able to have a bank account for an offshore company? The simple answer is yes. First Anguilla Trust will help you set one up so that you can keep track of your finances and be more confident in your company’s spending. However for those who are not familiar with the process, here are some handy things to keep in mind as you go through the process.

You do have the ability to go through this process yourself, but if you have someone create the account for you then there are many advantages. One of which is that you do not have to worry about the paperwork, and the right bank can also be chosen for you and your company. Ask to see if there is a debit or credit card needed for the account and what other special circumstances may apply to you.

Here is a list of documents required to open up a corporate offshore account:

A notarized copy of your passport
Notarized copy of utility bill
A Bank Reference: This is generally a letter from your bank with an official letterhead stating that you have been with the bank for a number of years and have been an upstanding customer.
A Professional Reference: there are some banks that require these, although they are more rare.
Full Set of Notarized Company Documents: This includes memorandum, articles of association, certificate of good standing, and a company structure diagram.
Detailed Business Plan

Going through a third party can help in the assembly of these documents. First Anguilla Trust has many great tools to help you through this process.

10 Reasons to Set Up A Trust

August 4, 2014July 24, 2014adminLeave a comment

Many wonder why they should bother having a trust. The truth is there are many reasons why you should set up a trust, but we have outlined the top ten for you:

Avoid Probates. Avoiding probates can save you a lot of time, effort, money, and paperwork. Probates are when the judge has to determine the validity of the will and how everything was to be distributed. Setting up a trust would bypass this process and allow your family to access the assets quicker.
Better Protection Against Contesting. A trust would make it harder for someone to contest an inheritance that they were not happy with.
Distribution is Flexible. While the person creating the trust would generally outline how the funds would be distributed, there are some exceptions. If the grantor of the trust has the option to disburse in smaller amounts, if the beneficiary does not do well with larger sums.
Paying for Higher Education. One of the many reasons that parents set up trusts is to help pay for their children’s education. It can be specified that the funds are to go toward education and once that is paid for, the extra money can be split up evenly.
Charitable Trust. This is a popular way for people to donate to charity in a way that it can be done on a regular basis. Or they can use these to offer their land or other assets to a charity once they pass away or are no longer using it.
Reducing Estate Taxes. Trusts can help you to reduce the taxes on your estate, which typically happens once a person has passed away and the property is being transferred.
Dividing Assets and Property. Living trusts can help you to decide how you are going to split up property and other tricky assets. Living trusts can help to spell out who inherits property.
Eliminate (or reduce) Family Feuds. Trusts are customizable, allowing the grantors to tailor the trust to their needs, or anyone else’s.
Helping to Manage Affairs. Some people set up trusts so that affairs can still run smoothly even if they become disabled or have other complications due to old age.
Privacy. There aren’t public record of trusts and do not have to go through probate, so they offer a lot more privacy than wills do.

Using Offshore Companies for Trusts

July 24, 2014July 25, 2014adminLeave a comment

There are many reasons why people would consider using an offshore company for trusts. Two of the biggest advantages are reduced tax and increased confidentiality. Offshore companies in general are flexible, so they can be integrated into many different business arrangements.

There could be some taxes of course, but many find that they get a sizable tax break on their trusts when they take advantage of offshore jurisdictions. You will always want to make sure that you’re well educated of the process and decisions, particularly when it involves another country that you may or may not know all the laws of.

When it comes to having a trust, you want to ensure that no matter what it is you are protecting (valuables, assets, shares of a company), you are leaving it with someone you trust, and who knows the business well. The advantages of someone having property or shares of a company outside of their own county are simple: there would be many legal fees and publicity that would be avoided.

If you have property overseas, there are many difficulties and expenses that can be avoided if you were to use an offshore company to hold the title. Not to mention, if the property were to be sold in the future engaging in a company like First Anguilla Trust would make it much easier.

Working with First Anguilla Trust would ensure that you will be able to keep personal property with us, but that you can leave your business assets to us as well.