Tips on Selecting the Right Offshore Service Company

An offshore service company specializes in establishing, administering, and managing offshore company formation, private foundations, international business, funds and private foundations, offshore trusts for wealth protection, tax optimization, foreign market entry and more.   Hiring a reputable offshore service company will make it easier for you to set up an offshore company, bank account, or trust, and manage these in a more convenient and hassle-free way. Here are tips on selecting the right offshore service company:

•    Verify that it is regulated and licensed – Pick an offshore service company that is licensed and regulated by the Financial Services Authority. Find out where the company is based and make sure that it is in good standing in that country.

•    Make sure it has knowledgeable and qualified professionals – Trustees must be recognized and Licensed International Trust Services Providers who are regulated by the Seychelles Financial Services Authority. Ensure that they are qualified and existing members of STEP (Society of Trust and Estate Practitioners).

•    Look up feedback about the company – This is a good way to verify what other clients would have to say about its service. When you read feedback from other clients, look out for any complaints and other red flags that may indicate poor service. Keep in mind that you want to choose an offshore service company that is trustworthy and reliable.

•    Choose a company that is trusted by hundreds of intermediaries and private clients around the world - Reputable service providers have many different international clients from over 80 countries. This allows them to be more flexible in understanding and determining the different needs of each client, so that they can tailor their services for every individual or business.

•    Explore the services – Reputable offshore service companies offer cost-effective and efficient services and compliant solutions for global corporations, private wealth, global investors, and entrepreneurs worldwide. They should be able to provide consultation, guidance, and reliable advice. Likewise, a company must be able to assist you throughout the application process and on an ongoing basis as needs change which is where many of the assembly line corporate services firms fall short.

How to Open Offshore Company Formation in Seychelles

Seychelles is one of the countries where you can set up an offshore company such as an IBC. A Seychelles IBC is the most versatile and popular kind of offshore corporation designed to for use as an international company. If you are thinking of opening an offshore company formation in that jurisdiction, these tips and guidelines should help you get started:

•    Find a reputable offshore company registration and formation services provider – Make sure that it is based, licensed, and regulated in Seychelles, so you can be confident that you are working with professionals who have your best interests in mind. Be sure to look up the service provider's reputation and selection of services, such as guidance and consultation, company incorporation, domiciliary services, management services and drafting of documents for company formation.

•    Consult with the offshore company formation service provider – The knowledge and guidance of consultants will be valuable when learning the relevant regulatory requirements and company laws in Seychelles. Reputable companies will assign a professional advisor to determine your unique requirements and objectives so they can help the client achieve the best solution.

•    Prepare the necessary documents – Once you have decided what company to set up in Seychelles, you will need to submit due diligence documents and thereafter work with the service provider to prepare the following documents: (1) memorandum of association, (2) resolution appointing the directors, (3) articles of association, (4) share register, (5) first resolutions of the directors, (6) register of directors, (7) power of attorney and the (8) declaration of trust. Share certificates are usually optional.

•    Procedure for a setting up an offshore company in Seychelles – the documents to provide to the registrar for an IBC include the  memorandum of association and articles of association if you are setting up a Seychelles IBC. If you are forming a Seychelles CSL or PCC, you need to complete appropriate application forms to be submitted to the Seychelles Financial Services Authority and provide documents like the articles of association, memorandum of association, notice of the place of registered office, and particulars of directors and secretary.