In addition, Singapore is one of the most reputed international financial centers whose banks consistently onboard companies incorporated in tax-neutral jurisdictions.

However, banks will want to see a solid and legit business backing the company. Offshore companies will need to provide enough supporting business documentation such as business plans, invoices, contracts, letters of intent, etc. to satisfy the bank's compliance requirements.

Singapore banks are ideal for businesses that require strong transactional banking and cash management services. Companies banking in Singapore have access to some of the quickest and most affordable money transfer services.

Import/Export companies will have access to top trade finance services such as Letter of Credit and Bank guarantees.

Singaporean banks are considerably risk-averse and are not open for companies engaging in high-risk business activities.

For Singaporean e-commerce businesses, a broad range of merchant accounts and credit card processing aggregators are available.

An oasis of financial stability together with the most technologically advanced private banking facilities, excellent customer service and a capital gains tax-free environment makes Singapore the top Asia-Pacific destination for international wealth management services.

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There are no exchange controls and accounts are available in multiple currencies. In addition to a large variety of investment and insurance products.

Hong Kong banks are ideal for both individuals and businesses that require strong cash management services in various currencies and that have strong investment needs.

Hong Kong is also the gateway to one of the largest and fastest-growing markets worldwide, China. Hong Kong banks offer RMB accounts and payment cards.

Import/Export companies will have access to top trade finance services such as Letter of Credit and Bank guarantees.

Hong Kong online businesses with HK bank accounts also have access to a broad range of merchant accounts and credit card processing aggregators.

Hong Kong banks are also available for companies incorporated in tax-neutral jurisdictions. However, banks will want to see a solid business background, and a relatively low-risk commercial activity to onboard an offshore company.

Offshore companies will need to provide enough supporting business documentation such as business plans, invoices, contracts, letters of intent, etc. to satisfy the bank’s compliance requirements.

All in all, Hong Kong is a perfect banking location for local and international businesses, companies doing business in China and individuals looking for strong wealth management and investment services.

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Our banking connection offers a broad range of currencies, internet and mobile banking, trade finance, credit notes, among others. There are no minimum initial deposit or ongoing balance requirements.

Lithuania is part of the Single Euro Payments Area and provides International Bank Account Numbers (IBAN), meaning that businesses and individuals banking in Lithuania may enjoy low fees on transactions within the European Union.

All in all, Lithuania is an ideal option for foreign-owned EU and other onshore companies that wish to access EU banking services and do business within the EU.

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Like all other dependencies, it is not part of the United Kingdom, neither the European Union nor the European Economic Area. Although it does belong to the customs union of the European Union, thus benefiting from the free movement of industrial and agricultural goods.
As a member of the Common Travel Area, the free movement of citizens of the European Economic Area is also permitted.

The island is 572 sq. km. in extent and low elevation above sea level, with 621 meters of maximum altitude on Snaefell mountain. Around the main island, there are a few small islands such as Calf of Man, St Patrick and St Michael.

The Isle of Man has about 80,000 inhabitants, of whom 26,000 reside in the island's capital, Douglas.

The English language is spoken by almost the entire population of the island and is also the official language. Manx Gaelic is the historical language and was traditionally spoken, but today there are few who speak fluently or in a daily basis.

The Isle of Man Pound is the official currency, which is not an independent monetary unit, but is a special pound sterling (GBP) issued for the island.
The Isle of Man has a completely independent government, parliament elected by universal suffrage (Tynwald) and judicial system. The executive power of the island is in charge of the General Minister and his or her Council of Ministers. The General Minister is nominated by Tynwald after each general election.

Financial services are the main economic sector. Banking, insurance, financial and offshore business services alone constitute more than a third of the island's GDP. Recently, it has been opened an office of the International Stock Exchange to boost the financial industry of the island.

Manufacturing, tourism and more recently gambling are other key sectors of its economy. Agriculture and fisheries, traditionally the major sectors, are currently relatively small in the Manx economy.

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Since 2012, we have been helping entrepreneurs and investors structure their life, business and personal finances internationally. Leverage our experience with a 60-min initial consulting session with one of our Senior Consultants who can help you with:

• Personal and Corporate Tax Residency
• Personal Residency and Citizenship
• Business and Wealth Structuring
• Asset Protection Planning
• Offshore Investments
• International Banking
• Estate & Succession Planning

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Since 2012, we have been helping entrepreneurs and investors structure their life, business and personal finances internationally. Leverage our experience with a 60-min initial consulting session with one of our Senior Consultants who can help you with:

• Personal and Corporate Tax Residency
• Personal Residency and Citizenship
• Business and Wealth Structuring
• Asset Protection Planning
• Offshore Investments
• International Banking
• Estate & Succession Planning

The post Internationalization Consulting Session appeared first on Flag Theory.

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Schedule an in-depth 60-minute consulting session with one of our Senior Consultants to go over your goals, explore Residency/Citizenship options and opportunities, and get the most up to date information that may affect your current goals. After placing the order, our customer support team will contact you to schedule an e-meeting with one of our Senior Consultants.

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Our banking connection offers a broad range of currencies, internet and mobile banking, trade finance, credit notes, among others. There are no minimum initial deposit or ongoing balance requirements.

Lithuania is part of the Single Euro Payments Area and provides International Bank Account Numbers (IBAN), meaning that businesses and individuals banking in Lithuania may enjoy low fees on transactions within the European Union.

All in all, Lithuania is an ideal option for foreign-owned EU and other onshore companies that wish to access EU banking services and do business within the EU.

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Corporate and personal accounts are available, including banking services such as debit and credit cards, a broad range of currencies available, online and mobile banking, trade finance, credit notes, among others.

Cyprus is part of the Single Euro Payments Area and provides International Bank Account Numbers (IBAN), meaning that businesses and individuals banking in Cyprus may enjoy low transaction fees on transactions within the European Union.

In Cyprus there are no withholding taxes on interests paid to non-residents and there are no minimum account deposits.

All in all, Cyprus is an ideal option for EU and offshore companies that wish to access EU banking services and do business within the EU. For wealth management structures, Cyprus banks are also familiar with foundations and trusts incorporated in offshore jurisdictions.

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At Flag Theory, we work with two banks that consistently onboard foreign-owned LLCs and Corporations, as well as non-resident individuals. The accounts come with typical transactional banking facilities such as debit and credit cards, online and mobile banking, among others. The minimum deposit and ongoing balance requirements are some of the lowest within the US. Interest-bearing and money-market accounts are also available. All in all, US banking is an ideal option for foreign entrepreneurs and investors that operate with US companies and non-US individuals that wish to do transact and save in USD.

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Building on its strong track record of openness, stability and agility, Luxembourg is also becoming a key location for e-commerce, e-payment institutions and FinTechs directly linked to financial services. The open and constructive dialogue between the relevant players (public, private and supervisory) ensures that Luxembourg continues to be an attractive and secure place to do business.

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As a country that is highly dependent on foreign investment for the sustenance of its economy, it has developed an offshore banking sector that caters to a range of international individuals and companies.

Vanuatu has been an offshore financial center for more than 40 years. The sector contributes almost one-tenth of GDP. With well-developed banking and financial infrastructure, international financial institutions, professional lawyers, accountants and financial advisors, including multinational firms.

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There are no exchange controls and accounts are available in multiple currencies. In addition to a large variety of investment and insurance products.

Hong Kong banks are ideal for both individuals and businesses that require strong cash management services in various currencies and that have strong investment needs.

Hong Kong is also the gateway to one of the largest and fastest-growing markets worldwide, China. Hong Kong banks offer RMB accounts and payment cards.

Import/Export companies will have access to top trade finance services such as Letter of Credit and Bank guarantees.

Hong Kong online businesses with HK bank accounts also have access to a broad range of merchant accounts and credit card processing aggregators.

Hong Kong banks are also available for companies incorporated in tax-neutral jurisdictions. However, banks will want to see a solid business background, and a relatively low-risk commercial activity to onboard an offshore company.

Offshore companies will need to provide enough supporting business documentation such as business plans, invoices, contracts, letters of intent, etc. to satisfy the bank’s compliance requirements.

All in all, Hong Kong is a perfect banking location for local and international businesses, companies doing business in China and individuals looking for strong wealth management and investment services.

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In addition, Singapore is one of the most reputed international financial centers whose banks consistently onboard companies incorporated in tax-neutral jurisdictions.

However, banks will want to see a solid and legit business backing the company. Offshore companies will need to provide enough supporting business documentation such as business plans, invoices, contracts, letters of intent, etc. to satisfy the bank's compliance requirements.

Singapore banks are ideal for businesses that require strong transactional banking and cash management services. Companies banking in Singapore have access to some of the quickest and most affordable money transfer services.

Import/Export companies will have access to top trade finance services such as Letter of Credit and Bank guarantees.

Singaporean banks are considerably risk-averse and are not open for companies engaging in high-risk business activities.

For Singaporean e-commerce businesses, a broad range of merchant accounts and credit card processing aggregators are available.

An oasis of financial stability together with the most technologically advanced private banking facilities, excellent customer service and a capital gains tax-free environment makes Singapore the top Asia-Pacific destination for international wealth management services.

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Mauritius' banking sector is made up of sophisticated financial institutions that offer global banking services to a broad range of corporates and individuals. In addition to traditional banking facilities in a number of foreign currencies, they also offer card-based payment services, such as credit and debit cards, internet banking, and trade financing facilities. Furthermore, Mauritius is part of the IBAN numbering system, which may be convenient for individuals and companies transacting with European Banks.

Banks in Mauritius also offer institutional banking and wealth management services such as fund administration, custodial services, trusteeship, structured lending, international portfolio management, investment banking, private client activities, treasury, and specialized finance.

Mauritius corporate accounts are available for Mauritius Global Business License companies (GBL), as well as nonresident companies, including entities incorporated in offshore jurisdictions. Mauritius banks also understand wealth and succession planning structures and are used to work with structures using Trusts and Foundations.

Account opening procedures for corporate accounts are some of the most straightforward worldwide, and the turnaround time is pretty quick compared to other international financial centers.

For nonresident individuals, Mauritius also offers international banking facilities, from transactional banking and foreign currency exchange to brokerage accounts and wealth management services.

All in all, Mauritius is an attractive location for offshore companies to open bank accounts, especially if they are doing business in Asia, Europe, and Africa, as well as for nonresident individuals looking for a safe banking location with sophisticated wealth management services.

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The Bahamas is one of the biggest financial centers of the Caribbean, with financial services producing some 15 percent of GDP and being the second-largest industry after tourism. The country’s legislation and regulatory structure, comparatively highly-skilled workforce, and its stable government have attracted the some of the most prestigious financial institutions from around the globe.

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Barbados has been a popular jurisdiction for incorporating international businesses – especially for Canadians who enjoyed certain benefits under DTAs. However, the jurisdiction has also gone through several legislative amendments to avoid being classified as having a ‘harmful preferential tax regime’ by the OECD / EU.

Under these amendments, the International Business Companies (IBC) Act has been abolished, and the Societies with Restricted Liabilities Act has removed preferences to International Societies with Restricted Liability (ISRL).

IBCs and ISRLs licensed after October 17, 2017, have been converted to regular Barbados companies and societies, and are subject to local corporate taxation. Those incorporated and licensed before October 17, 2017, will be grandfathered until June 30, 2021 – at that point, they will need to be converted to regular Barbados companies.

Note that Barbados companies earning 100% of their income in foreign currency would be able to apply for a Foreign Currency Permit under the Foreign Currency Permits Act, 2018, to avoid capital controls under the Exchange Controls Act.

The Income Tax Act has been also amended. Since January 1, 2019, all Barbados entities, except those that are grandfathered are taxed on a sliding scale from 5.50% (for taxable income below BBD 1 million) to 1% (for taxable income over BBD 30 million). Previously, IBCs and ISRLs were subject to tax on a sliding scale between 2.5% and 0.25% and local companies were subject to tax at a 25% rate.

Barbados Companies are powerful tools for international trading and commerce, manufacturing operations and holding company for investments in foreign subsidiaries.

Learn more about incorporating in Barbados:

• Barbados Company Tax & Legal Report

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Puerto Rico’s unique status as a US territory is why many banks are moving to the island - Puerto Rico is growing at 24 banks a year. This is a staggering number and Act 273 licenses might surpass Cayman Islands in 2 or 3 years.

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Corporate and personal wealth management accounts are available, including banking services such as call deposits, term-deposits, discretionary portfolio management services, and brokerage accounts, among others. Traditional cash management and transactional banking services are also available.

Both Gibraltar and foreign companies, including companies incorporated in offshore jurisdictions, are eligible to open an account. Our banking connection understands family wealth structures well - the bank welcomes foundations and trust structures, and their underlying companies.

Investment funds may also be interested in their services. The bank provides brokerage and custodian services to regulated investment managers and professional investors.

All in all, Gibraltar is an ideal private banking option for companies that are looking at making the most of their reserves, as well as family wealth structures, fund managers, professional investors, and high-net-worth individuals.

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Saint Lucia has become in recent years a popular offshore financial services center due to its pro-business legal framework. Saint Lucia's international financial services sector, with first and foremost banking and finance have experienced rapid growth over the last years. In addition, St. Lucia’s financial system has never been blacklisted and has escaped international scrutiny and foreign governmental pressure to disclose details of its offshore financial operations.

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Since 2012, we have been helping entrepreneurs and investors structure their life, business and personal finances internationally. Leverage our experience with a 60-min initial consulting session with one of our Senior Consultants who can help you with:

• Personal and Corporate Tax Residency
• Personal Residency and Citizenship
• Business and Wealth Structuring
• Asset Protection Planning
• Offshore Investments
• International Banking
• Estate & Succession Planning

The post Internationalization Consulting Session appeared first on Flag Theory.