AIIMCO, was established in 1993 and has grown to be a leader in the Caribbean in the provision of offshore corporate and managing services. We have an established clientele that comprises professional individuals who have, over the years, accumulated wealth offshore and are not burdened by harsh tax structures of their domicile.
We are a firm of the highest integrity known of our speed of response and personal service. Let us now educate you on how our system works.
1) WHAT IS OFFSHORE?
Off shore refers to a group of countries and jurisdiction throughout the world, which offers sound legislation to create good efficiency. These countries are also known as “Tax Havens”.
WHAT TO LOOK FOR IN A TAX HAVEN:
A conscientious person would look for the following:
(a) Tax efficiency
(b) Sound Legislation – laws should be updated regularly
(c) Good Communications
(d) No Tax Treaties with other countries
(e) Confidentiality – guarantee by laws of the tax haven country
(f) A Good Banking System – All banks and trust companies within the tax haven jurisdictions must be regulated and reputed.
(g) Political Stability
(h) Swift Incorporations
INCORPORATION – HOW?
Incorporation is done by registered agents, usually an attorney who will request three (3) names from the beneficial owner. Once one of the names are reserved he would prepare the Memorandum of Association and Articles of Association. These will be submitted to the registrar or companies who would issue a Certificate of Incorporation with the name and number of company. The Nominee Shareholders will call a first meeting and directors will be appointed along with any resolution that is necessary at this particular time. After the seal is ordered the client could elect to leave the shareholders unissued or issued to bearer. Once incorporation is complete the company is ready to commence business.
OPENING OF BANK ACCOUNTS
In jurisdictions where banks are regulated the banks have their own policy to affect their due diligence and they usually require information on beneficial owner. This information is kept strictly in the bank. It is against the law in certain tax haven jurisdiction for banks to release information on beneficial owners. In this jurisdiction it would be safe for beneficial owners to sign on the bank accounts themselves if they so desire, or they can appoint a nominee.
The Bank would require the following information:
Two (2) banking references
Copy of Passport
Copy of Driver’s license
Source of funds letter
Completed Mandate form
Deposit for bank account- this amount varies depending on the banks. Some banks would start an account at ($1,000.00) whilst others will only start an account if beneficial owners deposit ($25,000.00) Twenty five Thousand Dollars and some banks only accept amount in excess of ($250,000) Two Hundred and Fifty Thousand Dollars
Some banks also offer coded access if the beneficial owner so denies. If the beneficial owns bank account (AIIMCO) will sign as nominee directors. Once this step is completed the owners of the company can invest his monies in the following areas.
3) SELECTING YOUR VEHICLES
This can be accomplished by the following:
Company incorporations of an Offshore International Business Company (I.B.C.)
Establishing an Offshore Trust
Opening of bank accounts in the name of offshore I.B.C.
Establishing debit card facilities
HOW DOES IT WORK?
A company is at law with another person; it has distinct legal personality, its shareholder appoints the directors, and the director controls the day to day operations of the company.
Many jurisdictions allow for bearer shares and Nominee Directors, who act as agents for beneficial owners of I.B.C. therefore no one will know the beneficial owner of the company and the owner of the company will strictly and legally be protected.
The Nominee Shareholder can execute declaration of trusts in favor of beneficial owners. These documents are not registered. In selecting a tax haven jurisdiction one must ensure that the laws of that jurisdiction gives the beneficial owner of the I.B.C. complete protection and confidentiality.
It is our recommendation that one should always do their business or incorporate through an attorney, in that whatever is done is protected by law and have additional attorney client privilege.
DEMONSTRATION – BROKERAGE ACCOUNTS
One company is setup and AIIMCO is appointed nominee directors. They can request brokerage forms from e.g. Charles Schwab or Paine Webber. They will execute the forms under the company name. (Remember always that the company will be a foreign national). Therefore, the W-8 form necessary will disclose that the company is foreign and therefore not subject to capital gains taxes.
Once the company’s account has been setup monies can be transferred into Company’s account at the brokerage house. At this stage, Atlantic International can place trades on the beneficial owner’s instructions, or if the beneficial owner prefers to execute their own trades the AIIMCO can give them a power of attorney over the I.B.C. account, therefore giving complete control to beneficial owners.
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