Solutions

It’s a stressful experience when a bank closes your business account, when authorities start an investigation to understand money flows and the organization of your international business entity or when your company formation agent can’t work for you anymore.

Based on each challenge we can provide you with a solution. The first step is to get in touch with us to explain your situation. Use the contact form below to request a call back. Once we understand your specific challenges, we can provide you with a tailor made solution. Since you already had a bad experience we will work as efficient as possible. This often means that we can even offer our services with a payment afterwards, once all is operational again.

Bank challenge: In an effort to protect the financial system, international and cross border Know Your Client (KYC) and Anti-Money Laundering (AML) rules force banks to periodically monitor the status of the bank accounts they have under management.

If you haven’t paid your yearly fees, and your (offshore) bank forgot to remind you that they needed an update of your company documents, challenges can commence when the bank is in trouble and even get placed under resolution by a central bank.

Unfortunately we’ve seen situations like these during recent years for a number of times. Banks were closed, central banks took over management and the customers with an offshore company and a bank account at these banks did not qualify for recovery via the domestic depositors protection scheme, insurance funds or even during the regular liquidation. A banking challenge you should avoid.

Tax challenge: Beneficial owners of offshore companies can experience extensive challenges when their local tax authorities start an investigation into their business activities and money streams. When the beneficial owner of the company has not paid the yearly fees to keep the company in good standing, he has a serious legal problem; the offshore company does not serve as an intelligent instrument to avoid taxation anymore but is considered as being part of a tax evasion scheme.

Denis Healey said a long time ago, ‘The difference between tax avoidance and tax evasion is the thickness of a prison wall’.

The above quote should say enough. If you’re late with your fees or want to reactivate your offshore company, you better do it as early as possible. Sometimes the process to reactivate your company takes long. Therefore it is recommended to take action now. Contact us for assistance.

Company challenge: Agents and corporate service providers who assist in offshore company formations sometimes stop their activities. Unfortunately some of these intermediaries completely disappear. That’s a company challenge for the beneficial owner. A challenge you must solve as quickly as possible.

Closing down a company can result in a tax claim in the country of residence from the beneficial owner. Therefore all formalities must be followed. Don’t think too light about this, a mistake can have extreme legal consequences.

Do you need a new agent because you want to continue your offshore activities? Or do you need to change agents? Contact us and let us know how we can help. Please understand that the offshore financial industry has strict rules. We are no magicians, although we work hard to help you stay on the safe side. During a free personal consult we discuss your exact needs and find out what solution is most beneficial for you.