With the growth of the offshore industry, new streams of investment have equally diversified in possible means. This diversification of investment routes has made it feasible for business investors to diversify their investments.
One such move is to proceed ahead with the incorporation of an offshore trust company. This guide will highlight the steps that need to be followed while proceeding with the incorporation of an offshore trust company.
Steps to be Taken While Setting Up An Offshore Trust Company
Some of the core steps that need to be implemented for the incorporation of an offshore trust company involves:
1. Select a Certified Business Consultant
The first task at hand is to select a certified business consultant who can assist you in the complete setup and legal process. Proceeding with expert advice is a smart move, and experts like Business Setup Worldwide can do the same for you by understanding your business needs.
2. Submit the Essential Documents
Documentation is an important part when it comes to the incorporation of a business entity. While proceeding with the incorporation of an offshore trust, one should present the following documents:
- Client Assessment Data Form
- Affidavit of Solvency
- The Trust Information Document
- Money Laundering Control Act (Initial)
- Deed of Indemnity
- Identity proof of the beneficiaries
- Address proof of the beneficiaries
3. Completion of the Documents Verification
Once you have submitted the relevant documents to the business advisor, it will be forwarded to the appropriate government authority for inspection regarding the authenticity of the same.
4. Open an Offshore Bank Account
After the complete verification of the process, the final step is to proceed with the opening of an offshore bank account to carry out the relevant transactions for the trust. Here’s a guide on the advantages of opening an offshore bank account, which will help you to understand the benefits that you can derive.
Benefits of Starting an Offshore Trust Company
Few advantages of establishing an offshore trust company in any of the popular offshore jurisdictions include the following:
- Trust companies are the best asset protection structures
- The trust owners experience high-end privacy and confidentiality
- Complete exemption from different types of taxes like estate tax or gift tax
- Complete exemption of probate
So far, you have got an idea regarding the establishment of an offshore trust company. Now, it is to be understood that the incorporation proceedings also deal with the involvement of legal proceedings that need to be cleared in an error-free way.
Proceeding ahead with the guidance of business experts turns out to be a smart move as one can deal with the legal proceedings at ease. Here’s a guide on the Core Reasons to Hire an Offshore Business Consultant that will help you to understand the benefits at ease.
