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What is the difference between AEoI proof offshore banking and Traditional banking?

Traditional offshore banking means that you were able to open a bank account outside of your country of residence and the bank in this country would preserve your privacy and provide total banking secrecy. However, this type of offshore banking belongs to the past and you cannot rely on bank secrecy alone any more. Now, if your bank is located in a country signatory of AEoI and at the same time you reside in another country signatory of AEoI, then the tax authorities of your country of residence will receive your bank account information from the country where you bank is located.

Non AEoI offshore banking means that your bank is in a country that has not signed AEoI, you reside in a country that is not a signatory of AEoI, you reside in a tax haven or you have a second citizenship in a tax haven.

Why don’t you name the banks and sometimes don’t even list the exact countries where you are offering introduction services?
There are two main reasons for that. First, many of the banks we are working with do not want their name to be disclosed or advertised. The second reason is that we are offering unique solutions on the market, almost no one else is providing such services, and we do not want that information to be splashed all over the Internet. This could result in increased pressure on these banks and countries from tax hungry nations. Such disclosure will neither benefit our clients nor us. However, as soon as you place your order and pay your invoice, all necessary information will be provided to you.
Am I required to personally visit the bank to open an account?

No, we can offer personal and offshore company bank accounts without personal visit in the USA (non signatory of AEoI), several European countries (signatories and non-signatories of AEoI), Caribbean countries (signatories of AEoI) and a South Asian country (not a signatory of AEoI).

If you are nevertheless willing to travel to open a bank account, you increase your options to open an account with a bank located in non-AEoI signatory countries. We can provide introductions to such banks too.

Do you offer personal offshore bank accounts?
Yes, we do. Please go to corresponding page Non AEoI Offshore Banking or Traditional Offshore Banking.
Why do you offer bank account introduction only for companies that you incorporate or were transferred to you?

There are many reasons, the two main ones being:

  • We are required by law to conduct due diligence on our clients;
  • Many of the banks with whom we are working will not accept our recommendation to open an account for a company that was not incorporated by us or which we are not the registered agent.
Do you guarantee that my personal or my company bank account will be open?

Each bank will make their own final decision to approve or reject applications to open a bank account; this may depend on your personal situation or your type of business. However, what we can guarantee that if your application is declined, you will have two options:

  • we return your money for bank account introduction; OR
  • we attempt to open a bank account for you in two additional banks with similar features, free of charge.
How long will it take to open an offshore bank account through your company?
Once you have provided all necessary documents to the bank, it usually takes 5-10 working days to have your account open.
What is AEoI and CRS?
AEoI stands for Automatic Exchange of Information and CRS for Common Reporting Standard. Both were initiated by OECD, you can find more information straight from the horse's mouth. You can find the list of countries that have committed here, and an article about CRS on on Wikipedia.
Can you provide examples about how AEoI will work?

Here are five different examples that should help you to understand how AEoI will work:

  1. A company is incorporated in Dominica, with a bank account in Cyprus and its beneficial owner is from the United Kingdom. Cyprus (where the bank account is located) and the United Kingdom (where the beneficial owner is residing) are both committed to AEoI. According to AEoI, Cyprus tax authorities, after collecting data from Cyprus banks, will automatically submit information about the beneficial owner’s account, including its balance, to the United Kingdom tax authorities.
  2. A company is incorporated in Dominica, with a bank account in Latvia and its beneficial owner is from Venezuela. Latvia is committed to AEoI, however Venezuela (where the beneficial owner resides) does not. In this case, there will be no exchange of information between Venezuela and Latvia.
  3. A company is incorporated in Dominica, its beneficial owner is from Bulgaria and the company has a bank account in the USA (or any other country non-signatory of AEoI). Bulgaria, as all other European Union countries, including the UK, has signed the AEoI agreement. However the US is not part of AEoI and will not be part of it in a foreseeable future. In this case, there is no tax information exchange between Bulgaria and USA.
  4. A company is incorporated in Dominica, opens a bank account in Belize or in Switzerland, and the beneficial owner is residing in Canada. Belize and Switzerland are signatory of AEoI, as well as Canada. In such case, Belize or Switzerland tax authorities will collect information supplied by Belizean or Swiss banks and provide it to Canadian tax authorities.
  5. A company is incorporated in Dominica, the beneficial owner is a British citizen residing in Panama or in Dominica, and the company has a bank account in Cyprus. Tax authorities in the United Kingdom will not be supplied any information because the beneficial owner resides outside of the United Kingdom (in our case in Panama or Dominica). Cyprus tax authorities may supply information to the tax authorities in Panama or Dominica, because Cyprus, Panama and Dominica are signatories of AEoI and, as a result, information about bank accounts will be exchanged, however (!) as neither Panama nor Dominica tax overseas income these exchanges cannot bear any consequences.
How to avoid AEoI in the medium and long term?

In the medium term, you may incorporate an offshore company or open a personal account in one of the countries that have not signed AEoI. We offer bank account opening services, without personal visit to the bank, in the US, European countries (non-signatory to AEoI) and in South Asia. If you are willing to travel, we can offer you more banking options in countries that have not signed AEoI.

In the long term, obtaining second citizenship, residing in a tax haven, or both can allow you to permanently avoid the consequences of AEoI.

How long will it take to form an offshore company through you?

The time frame for company formation depends on a few factors, the most important one being the way the jurisdictions carry out their modus operandi. See below the estimated time frame for the jurisdictions we offer - after we have received from you all the necessary paperwork and payment.

  • Belize: 3-5 working days
  • Dominica: 1-2 working days
  • Nevis: 3-5 working days
  • Panama: 5-7 working days
  • USVI: 5-7 working days
Why did you narrow down the jurisdictions where you offer incorporation?
We have chosen a few jurisdictions to offer our services after doing much research and have decided that these jurisdictions would be the most beneficial and cost effective for our clients. Our bank partners are comfortable with the above jurisdictions and, as an added benefit, none of these jurisdictions require to submit annual returns or reports and do not have information about beneficial owners listed in their registry.
Why is a USVI Exempted company more expensive than the other companies you offer?
The reason is that USVI government fees are much higher than in traditional offshore jurisdictions.
What is a nominee services?
A nominee is a person (our employee), which will be listed on your company’s documents as the director and/or shareholder as per your request when the nominee option is chosen. This person will not be the beneficial owner but instead will act only on your request and has no interest in your company.
What steps do I need to take to transfer my company to you or re-domicile it to Dominica?

Steps to be taken in order to transfer your company to us or to re-domicile your company to Dominica.

  1. Make sure that your company is in good standing.
  2. Please contact us: an agent will provide you with the requirements based on your current jurisdiction.
What form of payments do you accept?

We accept the below forms of payment:

  • Online via credit & debit cards and PayPal.
  • Wire transfer
  • Western Union
  • Money Gram
What is your refund policy?
Fees paid for incorporation services cannot be refunded once the incorporation process has started. In case of unsuccessful bank account introduction at the bank of your choice, we will attempt to open a bank account for you in two additional banks with similar features, free of charge.
What is your privacy and security policy?
As a licensed government agent we are bound by law to keep your information private and confidential, except when we are legally required to reveal this information. This website is secured by SSL, all your credit card transaction are also secured.
What are your due-diligence requirements?
We will conduct a search in a World Compliance Database. We will also need to receive a copy of your passport, and you will have to fill out a Beneficial Owner Declaration.
From which countries do you accept clients for citizenship by investment programs?
We accept clients from all over the world, except North Korea, once they have passed Governments of Dominica or St. Kitts & Nevis due diligence check.
From which countries do you accept clients for your company formation and banking introduction?
We accept clients from all over the world – they must pass our due diligence checks – with the exception of Cuba, Iran, Libya, Iraq, Lebanon, North Korea, Somalia, Syria, Yemen, Zimbabwe and USA.
Do you have any other restrictions concerning clients?
We will not accept politically exposed persons. All our clients have to pass our due diligence checks. If a client does not pass it, he will not be accepted.
The Common Reporting Standard is an information standard
for the Automatic Exchange of Information (AEoI) developed by OECD.

Jurisdictions Undertaking First Exchanges By 2017

Anguilla, Argentina, Barbados, Belgium, Bermuda, British Virgin Islands, Bulgaria, Cayman Islands, Colombia, Croatia, Curaçao, Cyprus, Czech Republic, Denmark, Estonia, Faroe Islands, Finland, France, Germany, Gibraltar, Greece, Greenland, Guernsey, Hungary, Iceland, India, Ireland, Isle of Man, Italy, Jersey, Korea, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Mexico, Montserrat, Netherlands, Niue, Norway, Poland, Portugal, Romania, San Marino, Seychelles, Slovak Republic, Slovenia, South Africa, Spain, Sweden, Trinidad and Tobago, Turks and Caicos Islands, United Kingdom

Jurisdictions Undertaking First Exchanges By 2018

Albania, Andorra, Antigua and Barbuda, Aruba, Australia, Austria, The Bahamas, Bahrain, Belize, Brazil, Brunei Darussalam, Canada, Chile, China, Cook Islands, Costa Rica, Dominica, Dominica Republic, Ghana, Grenada, Hong Kong (China), Indonesia, Israel, Jamaica, Japan, Kuwait, Lebanon, Marshall Islands, Macao (China), Malaysia, Mauritius, Monaco, Nauru, New Zealand, Panama, Qatar, Russia, Saint Kitts and Nevis, Samoa, Saint Lucia, Saint Vincent and the Grenadines, Saudi Arabia, Singapore, Sint Maarten, Switzerland, Turkey, United Arab Emirates, Uruguay, Vanuatu

This information about signatories for AEoI is current on 18th August, 2016