Your Own Offshore Account
You’ve probably seen some sort of mob movie or seen on the news where a criminal has stored money in an offshore account. You may even associate an offshore account as being something that only the rich own because they are trying to evade taxes or they just want to show off how fancy their life is by bragging about their Swiss bank account. Whatever the reason for offshore bank accounts, they are not always for criminal activity. In fact, fewer individuals use them for criminal purposes and more use them as a way to save money.
By having an offshore account, an individual usually pretends that that money does not exist. It is not in a domestic bank account, so they don’t really have to think about it until tax time rolls around. They don’t think about it until tax time because taxes do have to be paid on that money. Thinking that just a couple of thousand dollars isn’t going to gain attention from the government is naive thinking, because that is definitely enough money to warrant an investigation into possible tax evasion. Tax evasion is what we tend to hear about in the news next to drug dealers using offshore bank accounts.
Not just for criminals
So as you can see, an offshore bank account is not just for criminals. We only hear about criminals using these accounts because the news networks aren’t going to do a story on someone who has opened one of those accounts for honest reasons. You don’t have to be afraid that you’re going to be investigated for opening an account. These accounts are private. The only way that your account will be revealed is if you do use it to evade taxes. Otherwise your account will be left alone and no one has to know that you have one. You can keep it a secret if you wish because no one really needs to know your financial business if you don’t want them to.
Western companies use offshore accounts
There are some companies within Western countries that have found that having money in an offshore account proves beneficial to them. That means that not all of their money is in one place, but not in so many places that they cant keep track of it. Some of these countries that these companies have accounts in are tax havens, which benefits both individuals and companies because they are sending their money to these tax havens. However, despite the tax advantages, it is still required by countries such as the United States that taxes are paid on the money. Still, there may be a bit of a tax benefit regardless of the fact taxes have to be paid on the money. The interest gained can be greater as well, which benefits both companies and individuals. That explains why companies choose to go with offshore bank accounts. That also keeps the account secret and out of the way of anyone within a company who would try to steal from them. In other words, a company investing its money in an offshore bank account is a company that will have a cushion to fall back on in case something happens to their domestic accounts.
Benefits
So now you see the benefits of having your own offshore bank account. Companies do it, tons of individuals do it, and, yes, the criminals do it. But remember that not everyone is a criminal and criminals only make up a very small percentage of those who open offshore bank accounts. Think of having an offshore account as a really great way for you to save for your future.
Financial services company offering offshore investing, mutual funds, and Qrops.
Article Source: articlestreet
Company Formation Services Warning – When Going Offshore Could Cost You Money
Offshore companies have some substantial benefits associated with them. Some companies are able to erase their entire tax bill; others have survived potentially business-ending occurrences because of their investment diversity and the remoteness of assets from the legal system in their own country.
However, there are positive and negative aspects to consider with every business decision – going offshore is no exception. We look at the expert advice of company formation services and business consultancy managers on going offshore, with a complete appraisal of the potential pitfalls.
The first thing your offshore investment business consultant will look at is whether your particular company type and cash flow patterns will be eligible for the full range of offshore benefits.
For example, if you currently reside in the UK, and have a certain portion of control of the company from your position in the UK, tax authorities may consider that your offshore investment business is simply an overseas arm of a UK company, and tax you accordingly. Corporations tax on worldwide profits would be levied, wiping out most of your potential benefits.
Even for companies that are not considered tax-resident in their owner’s home countries, if there is an office in that country which derives a portion of its profits from the overseas operation, it is possible that UK tax will have to be paid on the entire amount of profits. There are some exceptions, where the UK has negotiated taxation treaties with other countries, and your investment management services will have the entire details of these.
A worst-case scenario for those thinking of offshore bank account opening and company incorporation is that you are liable for taxation on profits derived by an overseas company you transfer capital to … even if you never see those profits yourself. Your tax liability would eventually be increased, rather than decreased. This is why professional advice is absolutely essential.
Even if your particular type of company is suitable for offshore incorporation, there are several business issues that company formation services will need to ensure won’t impact on your day-to-day running for you.
In many jurisdictions, offshore investment businesses are prohibited from (or penalized for) conducting business or retaining employees from this jurisdiction. Some jurisdictions require a license to carry out certain types of trade, and due diligence on bank account opening tends to be stricter.
If your business requires loans for start-up, equipment, or to cover business expenses in the future, certain types of companies will be recommended over others by your investment management services. The privacy that offshore company formation affords you can also make it difficult for potential lenders to determine your net worth, and they may refuse loans on this basis.
Since the seizing of assets will be legally much more difficult in the case of offshore companies, even secured loan applications may be consistently rejected.
Many of these drawbacks are easily avoided by seeking expert advice before incorporation – go for a full service business consultancy management firm, rather than cheaper, quicker options to avoid wasting money, rather than saving it.
Zetland Fiduciary Group provides the offshore investor with investment management,corporate advisory services and Financial consultancy in Hong Kong.
Article Source: articlestreet
What are the Benefits of Offshore Investing
The most important advantage in offshore investing is that you can make a lot of money without paying almost any taxes.If the investor lives in a place where he pays taxes like most countries then he will only pay taxes on his dividend or interest made.
Offshore funds have a clear advantage over their high tax counterparts even if income potentials were similar. They mainly offer financial services in general but concentrate particularly on offshore investment. It is very well known that funds offer the investor an affordable and easy method to access a wide variety of professionally managed investments.
All these different kind of offshore funds and their onshore competitors carry several benefits.Not only the fact that the offshore funds have tax benefits but that they are scructured in the same way as their onshore competitors.They also clearly state that they are registered offshore.
A wide variety of offshore investment are out there such as income, bond, capital, money, property, equity and rising market funds.All these different funds have a lot of benefits such as affordability, tax benefits, diversification, regulation, variety and professional management.
Most of these offshore funds carry a wide variety of comomodities in their portfolio.Investors who are into currency trading will definately like offshore investment funds.When investing in offshore funds you will have the possibilty to spread your investment in such a way that you reduce your risk and and create the potential of making higher profits.When you are not an active trader the offshore investment funds offer managed and pooled accounts to invest in.
Keeping your assets offshore or offshore investing is not necessary if you are an expatriate, but it is considered to be the most tax efficient way of managing your money. Hence if you are interested in offshore investments, these funds are available on the internet. Hedge funds can be considered in case tax is not the deciding factor in using offshore funds or an offshore trust.
Expatriate insurance and offshore funds are based on the same priciple,they are both professionaly managed and keep well diversified portfolios.
To be considered as an offshore fund the first thing that is needed is being incorporated in an offshore country and only except investors which do not live in that particular country.Most of these funds pay almost no taxes in there country of incorporation but they can receive dividends or interest on funds which are invested in their jurisdiction..
Since there is an increase in the purchasing power through pooling money with other investors through an investment fund, the investor has potential exposure to a far broader portfolio of investments than would otherwise be affordable with his level of investment commitment.
Mark Plummer is a UK based independent Offshore Investment advisor.Has been involved in the financial services and financial planning business since leaving full time education. If you wish to invest offshore then you should visit this Investment fund
Article Source: articlestreet
Entry Level Oil Drilling and Offshore Jobs Training Programs
Having no experience in the Oil drilling industry is not necessarily an obstacle to getting work in an entry-level capacity. It is perfectly possible to get hired on an offshore rig without having worked on one before (most of us were in that boat at one time). There are actually many entry level offshore jobs available. It all depends on what you want to do, and having the the correct contacts to get your resume in front of. The range of entry level employment opportunities on offshore oil rigs include: Floormen or Roughnecks and Roustabouts, Crane Operators, Cleaners/Painters, Storekeepers, Rig Mechanic, Rig Electricians, Rig Welders, Rig Medics, Cooks and Assistant Cooks.
However, most people looking to get into the industry are looking to get hired on as a Roustabout or Roughneck, otherwise known as Floormen. While it is perfectly possible to get hired with no training or experience whatsoever, your odds of getting a Floorman job are going to increase greatly if you have even a modicum of industry training. Fortunately, there are several programs available to help those without any experience gain a solid understanding of the fundamentals of the job. Without a doubt, this can greatly assist getting hired; placement rates of these 1 to 8 week programs are about 97%. Following are a few of the better programs.
Maritime Drilling Schools – Maritime Drilling Schools has a world-wide reputation in putting out graduates from their 3 week Floorman course that can start work as a Roughneck in an Offshore or Onshore environment. Training consists of drilling programs, hands-on rig training, and industry safety programs. Life skills and job readiness will also be included during the program. The Certificates issued upon graduation, required in Canada, will enable you to start work anywhere in the world, right away. They also offer advanced training that will enable you to move up to Assistant Driller and Driller.
Enform – Enform is another renowned Petroleum Industry training company. They have been in business for 50 years, and work closely with the Petroleum Industry, and assist their graduates in finding jobs. Their 1 week Floorhand \ Roughneck training program is designed to prepare individuals with little-to-no experience to work safely on an oil or gas well drilling rig. The student will gain a foundation of knowledge and skills through classroom lectures, skills training and drilling rig practice sessions, and will be prepared on completion to become an effective member of a drilling crew.
PetroSkills – PetroSkills is geared more for the Engineering side of things, and is the considered the industry standard for technical training in the Petroleum Industry. It is the product of a consortium between the world’s largest oil companies, and serves the industry by training a wide range of technicians and engineers in the latest oil field and offshore technology.
Getting a foot in the door of the Offshore Oil industry by taking a few basic courses to learn the fundamentals is an investment that will pay off immediately in the form of higher wages as well as a greatly increased understanding of occupational safety. You’ll hit the job running, and your team mates will quickly see and appreciate that you will know what you are doing, and won’t be a risk to yourself or others. Once you have those fundamental skills, save time on the job hunt by taking advantage of the industry insider contacts provided by the better guides that are available for the Offshore Oil industry.
Julian Gaston is a Freelance Writer, Webmaster, and Adventurer. For more information on the exciting world of Offshore Jobs, and how to break into the field, be sure and visit OffshoreJobsReview.
Article Source: articlestreet
Offshore Company Formation in Hong Kong
An offshore company, otherwise known as non-resident company, is simply a company that does not carry out its business operations in its own country but in another country. Offshore company formation is considered a legal way to safeguard business assets. Since in most cases, offshore jurisdictions have corporate as well as banking secrecy laws, this allows companies to keep details regarding important clients, shareholders, and directors, confidential.
An offshore company also offers unlimited flow of capital as well as transfer of assets. Additionally, offshore company formation also provides such benefits as tax benefits, security, effective wealth management, personal security, enhanced profit, and tremendous savings via reduction of expenses in connection with payroll and travel expenses. In short, offshore company formation is a great way to conduct international businesses.
Offshore companies are of different types including Limited Liability Company, Limited Guarantee Company, Protected Shell Companies, International Business Company, Companies Issuing Shares, Trusts, and Partnerships. All of these are just few among the many of the different types of companies that can be set up abroad. However, the laws and regulations that govern these companies vary from country to country.
It would be even better if an offshore company is set up in jurisdictions such as Hong Kong and Singapore. Hong Kong is one of the most leading business, financial, and trading centers in the world. Regarded as the gateway to China, Hong Kong is a special administrative region of the country.
Due to its strategic location, world-class harbor, and factors such as sophisticated infrastructure, low tax rate, and attractive governmental policies, Hong Kong has now become a center for international trade. In deed, Hong Kong is regarded as an excellent jurisdiction for conducting onshore and offshore businesses. Al though Hong Kong is not considered a tax haven, it possesses a favorable tax regime, which in turn is effectively structured and managed.
According to a survey conducted by the World Bank, Hong Kong is the fourth easiest places to conduct businesses in the world. Likewise, as per the United Nations Conference on Trade and Development (UNCTAD,) Hong Kong is credited to be the second largest recipient of foreign direct investment in Asia.
In addition, setting up of a company in Hong Kong ensures safety, since it does not exchange any kind of information in relation to customer banking to other members of the Organization for Economic Cooperation and Development (OECD.) Hence, it is obvious that formation of offshore companies in Hong Kong would be effective as well as profitable.
Company formation renders a number of benefits. One of the key benefits is that it provides you access to well-structured as well as reputable trading jurisdiction. Another great benefit is that it is considered a legitimate means of housing exempted tax revenues sourced outside the destination. Above all, procedures in connection with the incorporation of a company are quite simple as well as liberal.
In practice, Hong Kong does not have any offshore legislation. In other words, all of the companies are set up under the same legislation, no matter they perform their businesses locally or offshore. One of the features that make companies akin to offshore businesses is the tax free status of such business set ups. For instance, if a company does not conduct any businesses in the place and as a result do not acquire any profit, then it is not taxable in the jurisdiction.
An offshore company can be incorporated via two prominent ways, and they are either by registering as a new brand company or according to the laws and regulations of the Companies’ Ordinance. Both the methods have their own advantages.
A myriad of business consultancy firms are now in the scenario to provide superb services in connection with the incorporation of a company. In most cases, they offer personal service and professional advice to their clients, and undertake a continuum of activities in order to ensure successful Hong Kong company formation. Many of them even render services of expert lawyers, accountants and company administrators, in order to help in effectively carrying out the procedures in connection with the incorporation of offshore company.
The Zetland Financial Group provides the offshore investor with fiduciary Services, investment management and corporate advisory services, offering personal service and professional advice with total confidentiality.
Article Source: articlestreet
What Makes a Good Institution for Offshore Bank Account Opening?
Offshore banking has been through some huge changes in perception over the past few decades. It has gone from a practice that was unheard of outside of spy movies and considered nothing more than a money-laundering technique, to proper understanding of offshore banking’s benefits by the general public, to the recent debacle over sharing of information with the US by Swiss banks.
However, legitimate companies continue to recognize it as a way to maintain privacy and preserve profits. We look at the recommendations of business consultancy managers on bank choices for corporate offshore banking, as well as some broad jurisdiction advice.
For legitimate companies looking to bank offshore, the most important factors in bank choice will be stability, range of services, accessibility, customer care, privacy and fee structure.
Foremost among these, though, is the stability of the jurisdiction you will be opening a bank account in. The financial crisis has taught us nothing if not that banks, once considered infallible business bastions, can also have feet of clay. However, the pitfalls of individual banks can be avoided by ensuring that you choose a jurisdiction with good regulation of financial institution solvency.
Business consultancy managers can advise on the best one for your situation, but in many cases, it is the well-established and well-known centers that offer the best choice. Look for banks with more than one branch, and possibly in more than one country. Ask the sales representative, or do your own research, on how long they have been in business.
Where do they sit on the size continuum for their jurisdiction? And what size and reputation is their network of correspondents like? European centers, such as Switzerland, Luxembourg, Liechtenstein and Austria usually offer the most stable corporate offshore banking options.
However, one drawback to large banks is that as they become more automated, to preserve efficiency and their own profits, customer care sometimes suffers. While this may not matter to your choice of local bank, the tighter restrictions and greater volume of red tape for offshore bank account opening and operation can mean that customer care is the critical factor in your banking experience.
In this area, it is possible to find excellent service options outside of the large centers, with up and coming companies or jurisdictions that are looking to impress, and not too large to care about individual customers. You will also want a bank where most staff speak your language fluently. Banks in Belize, Singapore, Hong Kong and some European jurisdictions usually have sound English skills, owing to colonization in the past. They also usually have Western expectations of customer care in mind.
Privacy is often one of the main reasons that business consultancy managers advise clients to move their banking operations offshore. Look for a bank that has a published or written privacy policy with regard to client information, and where the client account managers are not shy to explain the institutions’ policy with regard to secrecy and confidentiality of banking information.
Zetland Fiduciary Group provides the offshore investor with investment management,corporate advisory services and Financial consultancy in Hong Kong.
Article Source: articlestreet
Guide To Pros And Cons Of Offshore Call Centers
Off shore call centers provide business owners with the ability to outsource important business tasks. We have heard a lot of hype stating that most Australian companies rather go offline than staying local by employing the services of an offshore call center. This might be true for larger corporations but it also poses many risks of which the biggest would be customer dissatisfaction. Business owners are well advised to weigh the pros and cons of going offshore when considering call center management solutions. We have looked at the pros and cons of offshore call centers and came up with a list of pointers to consider before you make your decision.
Pros:
- There is no doubt that offshore call centers offer very high competitive rates. This starts with the fact that overseas wages (India mainly since most offshore call centers are based in India) and the cost of living is a lot less than in Australia. Were Indian workers might have a sufficient lifestyle with some $5/hour, Australians would never be able to do the same.
- Another bonus is the fact that India has some of the highest trained IT professionals in the world. If your outsourcing requires an IT help desk, then going offshore might be beneficial to your business after all. Obviously costs would have to be compared against each other as well as usability.
Cons:
- The fact remains that staying local will provide a better service. Having the ability to drop into your local call center will provide many business owners with peace of mind. Not only does this help them to get to know key staff but it also helps the staff itself being able to get an insiders view (by means of direct conversations) about the business in question.
- State regulations are sometimes very strict. With the increased security of no call lists, call center operators have to abide by the official rules. No call lists offer private individuals to be blocked from telemarketing calls with certain restrictions.
- A great pro of going local is the quality standard control. It’s not that India doesn’t provide some form of standards whilst dealing with clients, but often our own standards seem somewhat higher than theirs. This is especially important since customer service is directly related to a high standard. If there is a lack of control and quality, chances are that customers will run.
- With increased security issues we are dealing with an ever evolving level of awareness by consumers. People are getting smarter all the time when giving out private information and by going local your clients are assured top quality privacy protection.
- Last but not least there is a huge language barrier between offshore call center staff and local staff. Customers are increasingly becoming frustrated by straining to understand an overseas call center operator. Often their knowledge of the English language is next to none but the problem starts with the way it is being phrased. Many Australians prefer to hear a familiar accent when marketed to. It provides them with a sense of familiarity and security and they are more receptive to offers.
In the end, whether you are choosing to go offshore or not depends on two things mainly. First, if your budget is more suited to an offshore call center, then you have no other options. But if you rather place client service before everything else, you might be better suited to go local.
QuoteConnect.com.au is the first online marketplace for business to business services. Submit your request online and receive Free Price Quotes from Companies in Australia
Article Source: articlestreet