Choosing Offshore Service Provider

It may be also useful to provide here some considerations on how to choose an international offshore incorporation service provider.

Offshore service providers differ by many criteria, but generally they all offer the same products. The product offered by an offshore service provider is the incorporation and registration of an offshore company or an offshore trust at a request of a client, who would be the “beneficial owner” of the offshore company.

The offshore corporate service provider is also supposed to take care of the administration tasks necessary to maintain the offshore company in good standing in the country of registration. This support usually includes the provision of the Registered Address and Registered Agent of the company, following up the annual renewal formalities of the company by acting as official intermediary between the Government and the owner of the offshore company, taking care of the mandatory annual filing and reporting requirements (if any), keeping and updating such books and records pertaining to the company as prescribed by the law. Similar services are provided to offshore trusts.

Optional services offered by offshore providers would enhance the confidentiality and functionality of the offshore company. Such services may include provision of individual and corporate directors, nominee shareholders, mail and fax forwarding, document custody and re-mailing, handling of telephone calls, bank account introductions.

In some offshore jurisdictions offshore corporate service providers also assist the client with the more complicated matters of licensing the company to carry out some of the specifically regulated activities in such spheres as offshore banking, offshore insurance, mutual funds, online gaming.

The offshore corporate service providers generally fall into two groups: the specialized providers and the universal providers. Some providers offer certain legal assistance or tax advice, although not many of them do that.

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