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Frequently asked Questions

Frequently Asked Questions | Aidelco

Frequently asked questions

Frequently Asked Question

Other Q&A

What is Notarisation and Apostille?

Notarisation simply means that a public notary checks and certifies all the documents issued and confirms their authenticity..............................................................................................................................................................................................................................................................................................................................................................   The Apostille treaty is an International treaty drafted by the Hague Conference on International Private Law of 1961, whereby it specifies the modalities through which a document issued in one of the signatory countries can be certified for legal purposes in all the other signatory states. ..........................................................................................................................................................................................Such a certification is called an Apostille (French: certification). It is an international certification comparable to a notarisation in domestic law, and normally supplements a local notarisation of the document. Signatories to this treaty are currently 77 countries, plus all the States of the European Union. Apostille Audio Description play button    

What does ‘’creation of company seal’’ mean?

A company seal is more or less along the design lines of your logo and is a stamp or seal bearing the company’s name and address for stamping documents, contracts etc. In some countries, like Cyprus, this is a necessary requirement. If you opt for a seal, we will design it according to the logo you have selected and send you a rubber stamp version of it.
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What is a Nominee Shareholder?

A Nominee shareholder is utilised to shield the real beneficial owner of the company of being publicly associated with the ownership of the company. Nominee Just as with the Nominee Director’s service, a Nominees Agreement is concluded and signed between the Nominee and the client. The agreement is also a mandate that stipulates a framework as to how the nominee will conduct the running of the company with prior approval from the beneficial owner (client).Again, Nominee shareholders are also usually lawyers and have been vetted by us beforehand and have been selected with integrity and confidentiality in mind. Audio Descriptionplay button

What is a Nominee Director?

A Nominee Directors’ service is utilised to ensure the highest degree of privacy and confidentiality. This is because only the Directors’ names will appear in the Company Register, corporate documents, business contracts and not your own ..........................................................................................................................................................................................Upon the appointment of a nominee director, a nominee services mandate or agreement will be signed between the client and the Nominee. These mandates ensure a framework whereby the Nominees can only act, sign documents and issue invoices upon the client’s request and always prior to his approval. Professional nominee directors provided by Aidelco have been vetted by us beforehand. They are usually lawyers bound by client/solicitor disclosure statutes and work with the highest level of integrity, ethics and professionalism. Audio Descriptionplay button

Can a Shareholder and Director be one and the same person?

Yes, in most jurisdictions it is not only allowed, but also common practice..............................................................................................................................................................................................   Audio Descriptionplay button

Is there a difference between a Shareholder and a Director?

Drectors and shareholdersYes there is. A Shareholder is the owner and physical holder of a share certificate/s. A company can be owned by one or more shareholders.   The Director is the person appointed by the shareholder (if it’s a different person) to handle the management of the company. A Director can also sign contracts, company and account incorporation forms, invoices, financial statements etc. Audio Descriptionplay button

Q&A about Banking

What is a Travel Cash Card, what is the advantage in having one, and can Aidelco help in obtaining one?

Swiss Card   The travel cash card is issued by Swiss banks only. The advantage is that withdrawals and purchases can be done anonymously without a trace as it works very similar and has the attributes of a ‘’bearer cheque’’. An offshore company account can also be issued a travel cash card, and yes, we can assist in this aspect..........................................................................................................................................................................................................   Audio Descriptionplay button

How can the funds from my offshore account be used?

As with any other bank account, funds from your offshore company bank account is accessible through credit and debit cards, internet banking and cash withdrawals/deposits. Audio Descriptionplay button

What fees apply to the bank account?

This depends greatly on the bank. On average however, the fee for a dormant account would be around 200 EUR. Audio Descriptionplay button

Is it possible to have a bank account in several currencies?

multiple currency   Depending on the bank, this is usually possible. In some cases, the bank may insist you open an account in the official currency where your account is situated as a primary account, and then multiple accounts as sub-accounts in other currencies can be added. Audio Descriptionplay button

Is it possible to open a personal account and a company account?

Yes, of course. We can take care of both. Note that the personal account should be a ‘’non-resident’’ account.

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Which banks does Aidelco work with?

Bank account opening by correspondence For legal and ethical reasons, we do not disclose here, which banking institutions we work with. Rest assured however, we work with the finest world class banking establishments that are highly graded. Institutions that are able to provide all the facilities such as internet banking, anonymous credit, LC’s, Debit cards etc). Audio Descriptionplay button

In which countries are bank accounts available for remote opening?

Country of ResidenceWe can open accounts in Switzerland, Seychelles, Cyprus, Panama, Belize, BVI, UK and Hong Kong. Note that if a nominee director or shareholder is appointed where allowed, obviously there is no question about the possibility. Audio Descriptionplay button

By incorporating an offshore company, will a bank account also be opened automatically?

opening a bank accountNo. You will have to specify that you need an account in the forms we’ll be sending you. We shall then, in close consultation with you, choose the bank which is the most suitable. The bank will then, at its discretion, decide if the account can be opened, depending on how content they feel with the nature and the information provided by you. In +90% of the cases, opening a bank account is possible. Audio Descriptionplay button

Do I need to personally visit the bank to open my bank account?

Generally not. Apart from very few exceptions, the procedure can be done remotely and by post, much in the same way an offshore incorporation can be accomplished. If requested, it is also possible to arrange a meeting with the bank manager. Audio Descriptionplay button

Do I need to physically visit the jurisdiction to open my bank account?

Sofia_CBDGenerally not. In most cases we can do it with a POA and depending on where you live, the Apostille process. The same general rule also applies to company incorporation.   Audio Descriptionplay button

Q&A about Companies

What is a Nominee Shareholder?

A Nominee shareholder is utilised to shield the real beneficial owner of the company of being publicly associated with the ownership of the company. Nominee Just as with the Nominee Director’s service, a Nominees Agreement is concluded and signed between the Nominee and the client. The agreement is also a mandate that stipulates a framework as to how the nominee will conduct the running of the company with prior approval from the beneficial owner (client).Again, Nominee shareholders are also usually lawyers and have been vetted by us beforehand and have been selected with integrity and confidentiality in mind. Audio Descriptionplay button

Why is Bulgaria listed in your list of potential jurisdictions?

Lowest tax rate in Europe Although Bulgaria (an EU member state) cannot be classified as your mainstream offshore location, it does however boast the following advantages:  
  • The lowest flat tax rate in Europe and one of the lowest in the World for companies and physical persons alike (10%).
  • One of the lowest Tax on Dividends in the EU (5%).
  • One of the lowest company establishment cost in Europe (Share capital requirement is just 1 EUR).
  • The lowest operating cost in the EU.
  • ‘’Non-residents’’ are only taxed on their locally sourced income.
  • Bulgaria has not adopted the EURO and there are no plans to do so. Its local currency, the Bulgarian Leva (BGN) is pegged against the EURO. Therefore, there is little possibility of devaluation.
  • Ease of doing business,your company can be opened in a matter of days.
  • By opening a company in Bulgaria, you can also benefit from their EU investor citizenship program.
Bulgaria In conclusion to the above, Bulgaria offers a great environment with which be part of your offshore or nearshoring system.   For our BG report, click here! For a contact form click here! If you are enquiring about the EU citizenship program, please use the same form and tick the ‘’EU Citizenship attainability evaluation’’ in the services section. Audio Descriptionplay button

What is a Tax sandwich and an agency company?

In Tax circles, this is a common practice using a simple setup whereby an onshore company acts as a mandated nominee for an offshore company. This practice is often seen as necessary to avoid issues often seen when offshore companies trade internationally by offering an onshore image to an offshore company..................................................................................................................................................................................................................................................................................................................................................................... The onshore company is formed to operate as a nominee for the offshore company in effect acting as an agent for the offshore company. Both companies then sign an agency agreement where the exact terms are stipulated................................................................................................................................................................................................................................................................................................................................................................. All business is then conducted by the onshore, but on the offshore’s behalf. Clients and customers enter into a contract with the onshore company................................................................................................................................................................................................................................................................................................................................................................. Onshore company then invoices the clients and are then paid by the clients in the on-shore’s bank account. Most of the income is then remitted to the offshore according to the terms and conditions of the agreement. It must be noted that usually, the income of the company cannot be derived from within the country of on-shore incorporation (i.e. clients have to be from abroad)................................................................................................................................................................................................................................................................................................................................................................... In other words, onshore company cannot trade with local businesses within the country of incorporation. If it does, then they will be subject to corporate taxation within the jurisdiction. Sandwich   General rule  
  • Onshore may not trade with companies within it’s jurisdiction.
  • An agreement (or contract) has to be drafted and a proper commercial fee has to be stipulated.
  • The beneficial owner (ie Shareholder) should not be a citizen in the jurisdiction subject to taxation therin.
  • The relationship between Onshore and Offshore should be clearly and undoubtedly commercial.

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How do I have to pay my Company Incorporation, Renewal and Admin fees?

BitcoinWe accept several forms of payment, PayPal and Bitcoin included and we’re always in the process of expanding our representative network throughout the world. So payment at the premises closest to you may also be a possibility. Audio Descriptionplay button

When do I have to pay my Company renewal and admin fees?

In the case where you choose to settle these accounts annually, we will notify you to settle your account two months prior to the anniversary of your company (not the calendar year).

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Can a Shareholder and Director be one and the same person?

Yes, in most jurisdictions it is not only allowed, but also common practice..............................................................................................................................................................................................   Audio Descriptionplay button

Is there a difference between a Shareholder and a Director?

Drectors and shareholdersYes there is. A Shareholder is the owner and physical holder of a share certificate/s. A company can be owned by one or more shareholders.   The Director is the person appointed by the shareholder (if it’s a different person) to handle the management of the company. A Director can also sign contracts, company and account incorporation forms, invoices, financial statements etc. Audio Descriptionplay button

Is it possible to choose the name of the company?

Company nameOf course and in fact, we even recommend you do so. On the application form, you are requested to state two names of preference. We will then check at the Registrar where you prefer the incorporation, whether the name is available. If not, we will then proceed with giving you suggestions on alternative names, matching your preference as closely as possible.  
  For shelf companies, you cannot choose the name of the company but you can change the name at a later stage. If you’re interested in a shelf company, please click here! Audio Descriptionplay button

What is a shelf company and do you offer this facility?

shelf companyA shelf company is a corporate entity that has already been incorporated but without notable assets and liabilities. These companies have been incorporated by the provider and held until a purchaser can be found, at which point the ownership of the company is transferred and trading can commence.   The advantage of shelf companies is the fact that incorporation procedures are bypassed. The disadvantage is their higher price. Usually, the older the company, the higher the purchase price.   Shelf companies are sometimes used by companies wanting to participate in tenders, where the terms of entry stipulate the company applying be of certain age.
  Yes, we do have shelf companies available for purchase in:  
  • Delaware
  • Hong Kong
  • Seychelles
  • Cyprus
  • BVI
  • Bulgaria
  For enquiries related to shelf companies, please click here! Audio Descriptionplay button

How long does it take for me to receive my incorporation documents?

Generally speaking, every jurisdiction has their own incorporation timeframes. You can get a general idea from our documentsjurisdiction comparison table. After the incorporation, documents will generally take anywhere between three to seven days. Audio Descriptionplay button

Do I need to physically visit the jurisdiction to open my bank account?

Sofia_CBDGenerally not. In most cases we can do it with a POA and depending on where you live, the Apostille process. The same general rule also applies to company incorporation.   Audio Descriptionplay button

Does my Company have to provide accounts to tax authorities?

tax declarationMost of the times not and this is the chief purpose of an Offshore Company. However, countries that usually impose (usually low) Corporate Income taxes in their jurisdictions, such as Hong Kong, Cyprus, Bulgaria, Gibraltar and the UK will request financial statements to verify your tax declarations.   Note that whatever the tax regulation in the country of incorporation, you should still seek tax counsel in your country of residence to assess issues such as double taxation treaties and the extent of your tax obligation, if any. Audio Descriptionplay button

Which jurisdiction should I choose for my company?

hand with globe This will depend on the reason/s you wish to incorporate an offshore company (Ie Tax Planning, IBC, Custody of assets etc), the type of business you conduct and your domicile.   Apart from the above factor which has to be taken into account, one has to additionally consider:  
  1. Reliable means of communication;
  2. Political and economic stability;
  3. Reputation;
  4. Sophistication of corporate laws.
  Most of the jurisdictions we work with have been selected with the above taken into consideration but the selection ultimately is left to you. Our consultants can better help you understand the offered jurisdictions and can assist you in choosing the most suitable jurisdiction according to your circumstances. ................................................................................................................................................................................   Consult our offshore Company jurisdiction table for more information. Audio Descriptionplay button

Why should I use Aidelco to establish my offshore company?

      5Star_Png_PixlR Why work with us_Jpeg
  1. Our 5 star service is based on our commitment to prestige and virtue, refined over the years with a network of offshore service providers that are unrivaled in the business.
  2. At Aidelco, we believe that an offshore company is of little value without a Bank account. We therefore, operate at arms-length with banking institutions to achieve this goal and the best thing is, in most jurisdictions, we can do it by correspondence.
  3. Our team is consisted of accountants, forensics accountants, auditors, lawyers and offshore experts that have the expertise to custom-design and integrate your offshore onto your existing company and/or financial situation.
  4. Aidelco provides your own dedicated account manager year round within the pricing structure we will quote you (no unexpected or hidden hourly costs).
  5. We operate a system of double checks and standards. We also apply these practices to aspects of secrecy related to nominee shareholders, nominee directors and so forth.
  6. Where appropriate, Aidelco has appointed representative agents that will be versed in your legislation and language. We are continuously expanding our network.
  7. Our commitment to our clients ensure that our team delivers solutions to you, which are both efficient and most cost effective.
  8. We conduct ourselves in a fair civil, clean, balanced and legal manner.
Read our About Us section Audio Descriptionplay button

Who uses offshore companies?

secretary   Business Professionals: By establishing an offshore company, you create the facility whereby you can start a business activity or a set of activities without having to deal with setting up a complicated structure as you would find in most on shore locations (company registration, VAT numbers, BOD, General assembly’s etc). An offshore company will provide you a quick and stable structure with which you can conduct your business in safety......................................................................................................................................................................................................    
  Account Manager   Internet Commerce (e-Commerce): Business people not using the traditional brick and mortar stores, selling their wares or services over the Internet, can use offshore companies to maintain their domain names and administer their sites. You may prefer to incorporate your office in an offshore jurisdiction to take advantage of all the benefits offered by these jurisdictions, which may also have banking dimensions of interest to your business. .......................................................................................................................................................................................
    Our clientsConsultants: Especially for Consultants and advisors offering their services internationally, they can conduct their business through an offshore established in a stable jurisdiction........................................................................................................................................................
    Country of Residence   International Business: International companies are usually defined as businesses that conduct all commercial transactions across borders. It refers to all those business activities which involve transaction and payments of goods, services and resources between two or more nations. Offshore companies in most circumstances can handle purchase and sale operations. Aidelco can also arrange VAT numbers in Cyprus, the UK and Bulgaria if needed. .................................................................................................................................................................................
      IPHolding of Intellectual property rights: Any form of intellectual property rights such as patents or trademarks or any other ownership of ideas may be registered under an offshore company. This company may also sell or purchase intellectual rights and may also grant rights to third parties against payments. .........................................................................................................................................................................................  
  immovable propertyThe custody of movable and immovable property: Where intellectual property is regarded as an intangible asset, tangible assets, or movable and immovable property, such as yachts and aircrafts, and real estate can be held by offshore companies. Apart from confidentiality which an offshore provides, there are other types of benefits such as exemptions from certain taxes (i.e. inheritance taxes and divorce proceeds). Note that some countries do not allow transfer of movable and immovable assets to offshore companies and a tax expert in the country of residence and/or where the assets are situated should be consulted before proceeding.
  InheritanceFor inheritance purposes: Offshore firms that are not dormant and stay afloat (provided that all costs associated with the running thereof are settled in full) can, in some countries be used for the custody of inheritance.
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What is an offshore company?

Seychelles2   Offshore or non-resident companies as they are sometimes referred to are companies that conduct minimal or zero volume of business within their jurisdiction of incorporation.     Moreover, offshore companies usually have three attributes:
  1. Firstly, they have to be incorporated as an entity within the jurisdiction of incorporation.
  2. Secondly, the person/s or entity have to be domiciled outside of the jurisdiction of incorporation.
  3. Finally, the company has to transact exclusively outside of the jurisdiction of incorporation.
  However, most people associate the term 'offshore company' as a means of increasing tax efficiency and as an effective tool for tax planning. Company with a bank account Audio Descriptionplay button

Q&A about our other Services

What does ‘’creation of company logo’’ mean?

Company logo is another segment of visual identity and is used in letterheads, business cards, stamps etc. Upon selection thereof, we will design and suggest multiple logos for you to choose from. Logo Design   Audio Descriptionplay button

What does ‘’creation of visual identity’’ mean?

Visual identity is the creation of an onshore image for your offshore company to the benefit of your relation with your clients. Aidelco employs full time graphic design artists and web-designers to make this possible.   Your Company’s visual identity may include:  
  • Business cards
  • Letterheads
  • Logos in several formats
  • Web-site design, creation and administration if required
  • E-Shop design, creation and administration if required
  Especially in this global electronically connected world, it is essential to have a web page. Aidelco will create your company web-site for you.   If you are interested in any of the above services, please choose your jurisdiction, click on the quotation at the bottom and be sure to tick ‘’Company visual identity’’ or ‘’ Corporate website’’ in the ‘’about this quotation’’ section. Audio Descriptionplay button

What is a Nominee Shareholder?

A Nominee shareholder is utilised to shield the real beneficial owner of the company of being publicly associated with the ownership of the company. Nominee Just as with the Nominee Director’s service, a Nominees Agreement is concluded and signed between the Nominee and the client. The agreement is also a mandate that stipulates a framework as to how the nominee will conduct the running of the company with prior approval from the beneficial owner (client).Again, Nominee shareholders are also usually lawyers and have been vetted by us beforehand and have been selected with integrity and confidentiality in mind. Audio Descriptionplay button

What is a Nominee Director?

A Nominee Directors’ service is utilised to ensure the highest degree of privacy and confidentiality. This is because only the Directors’ names will appear in the Company Register, corporate documents, business contracts and not your own ..........................................................................................................................................................................................Upon the appointment of a nominee director, a nominee services mandate or agreement will be signed between the client and the Nominee. These mandates ensure a framework whereby the Nominees can only act, sign documents and issue invoices upon the client’s request and always prior to his approval. Professional nominee directors provided by Aidelco have been vetted by us beforehand. They are usually lawyers bound by client/solicitor disclosure statutes and work with the highest level of integrity, ethics and professionalism. Audio Descriptionplay button

Why is Bulgaria listed in your list of potential jurisdictions?

Lowest tax rate in Europe Although Bulgaria (an EU member state) cannot be classified as your mainstream offshore location, it does however boast the following advantages:  
  • The lowest flat tax rate in Europe and one of the lowest in the World for companies and physical persons alike (10%).
  • One of the lowest Tax on Dividends in the EU (5%).
  • One of the lowest company establishment cost in Europe (Share capital requirement is just 1 EUR).
  • The lowest operating cost in the EU.
  • ‘’Non-residents’’ are only taxed on their locally sourced income.
  • Bulgaria has not adopted the EURO and there are no plans to do so. Its local currency, the Bulgarian Leva (BGN) is pegged against the EURO. Therefore, there is little possibility of devaluation.
  • Ease of doing business,your company can be opened in a matter of days.
  • By opening a company in Bulgaria, you can also benefit from their EU investor citizenship program.
Bulgaria In conclusion to the above, Bulgaria offers a great environment with which be part of your offshore or nearshoring system.   For our BG report, click here! For a contact form click here! If you are enquiring about the EU citizenship program, please use the same form and tick the ‘’EU Citizenship attainability evaluation’’ in the services section. Audio Descriptionplay button