Incorporation and best banking for 4 companies right now which offshore jurisdiction.

[tokendevice]

Since our last email, there have been a lot of commotion regarding Swiss (and potential for other country's) banks (specifically UBS) giving up information to the US tax authorities. As such, I would like your opinion on this situation and more specifically, what can I do to set up my bank accounts in a way that will be least likely to ever be notified to the US. Most of my bank accounts would be for non-US based companies, so I am hoping that they should not be a concern (but let me know if there is risk as well for these non-US based companies bank accounts). Additionally, I would like offshore bank accounts set up for my wife and I (where my companies can send the salary earned from these companies to); so completely personal bank accounts, not corporate ones. What I want to know then is what is the best idea for not only the corporate bank accounts for all the different companies as per attached organization chart, but also for my personal bank accounts? I am fine to have these accounts anywhere in the world, spread throughout different countries for the various different accounts, etc. I just want the best setup, with the most reasonable initial and ongoing costs, possible. Can you please advise me on this?


One possible method is to have the bank accounts set up in my wife's name only (my wife, although also having US citizenship, is Russian and therefore has a Russian passport that she can use for setting up bank accounts). However, I need to know how having the bank in only my wife's name will limit my ability to use the bank accounts, debit/credit cards, etc. myself (as I am the person actually doing the banking activities, not my wife). Can you let me know all your thoughts and ideas regarding this?


Secondly, please see attached for the full organization structure I would like to put in place. It is not just one company as I had requested earlier, but several, so I would like to receive your suggestion on where and how best to set up this organization structure, taking in consideration the types of activities I plan on pursuing in each of the various companies.


Here are my overall thoughts (which may or may not be the best idea) regarding the various companies to be set up; so please let me know your suggestions on the best way of setting up this organization.

• 1. There is the overall parent holding company (Coronet Estates Limited); which probably would be best incorporated in an offshore location with no taxes and would be where the other subsidiaries would funnel profits/dividends to.
  
• 2. Next are the 3 major subsidiaries of Forestry, Property and Other. I currently only need CE Forestry Holdings and CE Property Holdings set up. CE Other Holdings will be set up in the future, once we are ready to proceed with Tyva Meats (most likely some time next year).
  
• 3. For CE Property Holdings, I think the best incorporation is in Cyprus Onshore, as then profits/dividends can be transferred from the individual European based resorts without the need of paying withholding tax.
  
• 4. For CE Forestry Holdings and CE Other Holdings, I am thinking that Offshore would be preferred, as the sales will be from worldwide and not specific to a location (as is the case with the European resorts) and therefore it seems that a zero corporate tax offshore incorporation would make the best sense (But again, please let me know your thoughts?).
  
• 5. Finally is the major subsidiaries' subsidiaries (primarily for Italian properties now). These incorporations will need to be in the country where the property is located. For Italy, since we plan to have quite a few, I would like to have a holding company in Italy as well. I do not know if you have any ability or contacts for Italy incorporations; but if you do, please let me know. Otherwise, I will do that myself.
  

In summary, I would like to have the best location for incorporation and best banking for 4 companies right now

 

[JohnLocke]

My suggestion would be like the following:


Your Parent Holding company should be located in the Seychelles and have a bank account there, this gives a high grade of security and privacy, also this will be the root company, means it need to be kept protected.


The second Holding Company, should be a regular trading company registered in Cyprus as IBC (International Business Company) and be owned by the Seychelles Holding company of course, this we will register with full nominee services.


The 3rd Holding, should be incorporate in Cyprus as financial Holding Company and for nonprofit activities, this will exempt the company from any tax and also let it be a duly incorporated European company, this is a benefit towards business partners, banks etc. Also this company will be formed with full nominee services and owned by the Parent company.


The 4th Holding, I would also advice you to have incorporated in Cyprus, since it will be the owner of the other European companies, which are also trading companies, it might look better towards business partners, customers and banks that the owner of the trading companies are located in Europe. This holding company will be registered as financial Holding Company, which only activity is to hold the shares of the trading companies. Again, here we will have full nominee services.


We will open bank accounts for all 4 companies, for the parent company in the Seychelles and for the others in Cyprus.


Through the nominee shareholders and directors, your companies will be fully protected in regards to assets and equity further, you will have a high grade of privacy.


We will assure that all corporate docs are certified, notarized and with apostille, also we will prepare all legal documents for you in order to have the entire company structure to full film your requirements.


Let me know if above sounds suitable for you.

 

[tokendevice]

Thank you very much for your quick reply


However, I do have a question. I was wondering why you are suggesting a different type of incorporation for 2nd Holdings than for 3rd Holdings and why do you feel Cyprus is the better location for incorporation than other locations (especially for the offshore IBC)?

 

[JohnLocke]

Also there are tax benefits doing so then the more different offshore jurisdiction the more difficult it would be for anyone to find the beneficial owner.

 

[tokendevice]

How can I get in contact with you other than here on the forum?

 

[JohnLocke]

You can always contact us here Select a department - Offshore Company Formation - we usually respond within 48 hours.

 

[tokendevice]

Thank you very much will get in touch now.