A foundation is a nonprofit organization which is managed by the council members for a specific purpose and/or for the benefit of its beneficiaries. They are hybrid in nature, containing features of the corporation (legal personality) and the trust (created for a purpose or benefit).

Unlike a company, foundations have no shareholders, though they may have a board, an assembly, and voting members. Unlike a Trust, a Foundation has a legal personality on its own.

A foundation may hold assets in its own name for the purposes set out in its constitutive documents, and its administration and operation are carried out by the Council Members in accordance with the Foundation statutes or articles of association rather than fiduciary principles.

The Seychelles Foundations Act expressly provides for the Founder to reserve certain functions and rights to himself or another person such as directing investments, appointment and removal of protectors, councillors or beneficiaries and more. As a separate legal entity, this would not expose the Foundation to a “sham” argument or debate over “certainty” as it may with similar reserved powers to the settlor of a trust.

A Seychelles Foundation must have a minimum of $1 initial assets. Assets may originate from any lawful source (from the Founder or any third party) and consist of present or future assets of any nature.

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The Bahamas is one of the industry veterans when it comes to offshore financial services. Since the 30s and 40s, the jurisdiction has been attracting foreign wealth due to its absence of taxation and its confidentiality policies. Although it lost popularity after its independence from Great Britain back in 1973, in favor of Cayman, BVI or Bermuda, it is still one of the go-to jurisdictions in terms of offshore corporate, trust and banking services.

Last December 2018, the Bahamas implemented several legislative changes to comply with requirements set by the EU and the OECD, by enacting the Removal of Preferential Exemptions Act; Commercial Entities (Substance Requirements) Act; the Register of Beneficial Ownership Act; and the Multinational Entities Financial Reporting Act

The Removal of Preferential Exemptions Act abolishes ring-fencing features provided by the International Business Companies Act; the Exempted Limited Partnership Act; the Investment Condominium Act, 2014; and the Executive Entities Act, 2011 - which provided companies incorporated by non-residents to enjoy certain exemptions if they were operated completely outside of the Bahamas.

Because the Bahamas doesn’t levy corporate taxes the main impact for IBCs or Limited Partnerships doing business outside of the Bahamas is that now they will be required to obtain a business license and pay a certain annual fee, as well as stamp duty on certain instruments. Limited duration companies under the International Business Act have been abolished.

Companies incorporated on or before December 31, 2018, are grandfathered for three years, until December 31, 2021.

Furthermore, international banking, insurance, and securities/capital markets sectors will be able to offer services to residents in the Bahamas and in local currency once certain regulatory approvals are in place. On the other hand, local commercial banks will be able to provide services to international clients.

Bahamian International Business Companies are commonly used as holding companies, to hold bank accounts, financial and commercial titles, international trading, own movable and immovable properties, asset protection and estate and inheritance security, among others.

Learn more about incorporating in the Bahamas:

• Bahamas IBC Legal & Tax Report

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Nevis foundations are formed under the Multiform Foundation Ordinance.

At the time of registering the Multiform foundation one can elect how the foundation shall be treated from a legal perspective - as a company, as an LLC, as a trust, or as an ordinary foundation. The status of the Foundation can be changed during its lifetime. Generally, most foundations are established as ordinary foundations.

Ordinary Foundations are orphan vehicles - a hybrid between a Trust and a Company.

Like a trust, an ordinary foundation is generally established to reflect the wishes of the Founder (like the Settlor of a Trust) via an endowment of assets, which are managed by the council or management board (like a Trustee of a Trust) for a specific purpose and/or for the benefit of its beneficiaries.

Like a company, a foundation is a legal entity with legal personality (as opposed to a Trust which is a deed and legal arrangement between the settlor and the trustee, but it is not a legal entity, and it does not have legal personality). Unlike a company, foundations have no shareholders or owners.

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Foundations are hybrid in nature, containing features of the corporation (legal personality) and the trust (created for a purpose or benefit). Unlike a company, foundations have no shareholders, though they have legal personality and have a board (council members). Unlike a Trust, a Foundation has a legal personality on its own.

A foundation may hold assets in its own name for the purposes set out in its constitutive documents, and its administration and operation are carried out by the Council Members in accordance with the Foundation charter or regulations of association rather than fiduciary principles.

To summarize, a private interest foundation is an orphan entity with the following characteristics

• No owners/shareholders
• It has legal personality
• It can be solely established to carry out a purpose and not for the benefit of persons.
• Provides for a perpetuity of purpose.

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Foundation companies are legal entities formed under the Foundation Companies Act, 2017, and may be incorporated with or without share capital.

Generally, foundation companies are formed without share capital and limited by guarantee (without issuing shares).

A limited by guarantee foundation company may have members (who agree to guarantee the debts of the company at the time of liquidation up to a certain amount, generally USD 1). However, there is no obligation to have members (if at least one supervisor is appointed). The members shall not have any rights to dividends or profits of the foundation but shall have a vote in the general meeting of the foundation. Details of the members, if any, are not shown in any public register.

The management of the Foundation rests in the board of directors, whose details are available in the public register upon payment of a fee ($60)

The management of the Foundation is supervised by the Board of Supervisors, who also have voting rights in the general meetings of the Foundation. The Foundation shall have at least one supervisor or one member. Details of the supervisors are not shown in the public register.

The Foundation Companies Act, 2017 of the Cayman Islands as well as provisions of the Companies Act of the Cayman Islands applicable to Foundation companies provide that a Foundation Company must be managed by a board of directors, who may be individuals or corporate bodies.

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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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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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The archipelago is made up of about forty islands, of which eleven are inhabited. The largest are Tortola, Virgin Gorda, Anegada and Jost Van Dyke. Its population is 27 800 inhabitants, living 23 000 on the island of Tortola, where it is located Road Town, the capital.

The executive power of the British Virgin Islands is shared between the monarch of the United Kingdom who is represented by a governor. This governor is appointed directly by the Queen on the advice of the British Government. Defense and foreign affairs are under the responsibility of the United Kingdom.

The BVI is one of the most prosperous economy among the Caribbean states, with one of the highest GDP per capita worldwide. Political stable, with modern infrastructures and a pro-business environment. Its main sectors are the offshore financial services and tourism. Due to its close relationship with the US Virgin Islands, the US Dollar is its official currency.

The British Virgin Islands is one of the world's largest offshore financial centres and a world's leading centre for company incorporation. The sector accounts on over half of the jurisdiction GDP and incorporation fees accounts for more than a half of Government revenue.

The other significant economic sector is tourism, which approximately contributes on nearly half of the national income and employs a great part of its population.

The islands are a popular destination for its numerous white sandy beaches, the Baths of the Virgin Gorda, scuba diving on coral reefs near Anegada, the well-known bars on the Jost Van Dyke, or chartered yachts for exploring the less accessible islands.

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Andorra is the sixth-smallest state in Europe, with an area of 468 square kilometres (181 sq mi) and a population of approximately 79,034. The Andorran people are a Romance ethnic group closely related to Catalans. Andorra is the world's 16th-smallest country by land and 11th-smallest by population. Its capital, Andorra la Vella, is the highest capital city in Europe, at an elevation of 1,023 metres (3,356 feet) above sea level. The official language is Catalan, but Spanish, Occitan, and French are also commonly spoken.

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A company may also be formed as a ZRT which is a private company limited by shares akin to AG in Germany and Switzerland, or a S.A. in France and Spain. The main difference between ZRT and such foreign structures is that shares of a ZRT may not be listed in a stock exchange.

The minimum statutory registered capital of a KFT is HUF 3,000,000 (around USD 10,000).

The minimum statutory registered capital of a ZRT is HUF 5,000,000 (around USD 17,000)

It's not necessary to pay up full the initial capital at the time of the registration. However, the share capital shall be paid over the course of the first year.

The company can be formed by one or more shareholders, who can be individuals or legal entities nationals and residents outside of Hungary, and one or more directors who shall be individuals (corporate directors are not allowed), from any nationality or residency.

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IBCs stand out for its fast registration process, confidentiality, flexible structure, and its low annual fees and reporting requirements.

IBCs can be incorporated by a sole shareholder, who can be either resident or non-resident, individual or corporation. One director is required, who can be either resident or non-resident, individual or corporation, and can be the same person as the shareholder.

Reporting requirements are non-existent. Annual return, financial statements, and tax return are not required to be filed.

IBCs are now subject to the local tax regime. However, Saint Lucia has also passed several amendments to its tax laws to switch to a territorial tax system. All companies, including IBCs, will be taxed at 30% corporate tax on income from Saint Lucia-source and will be exempted from taxation on income from foreign sources.

Foreign-source income is defined as follows:

• Profits derived from a permanent establishment outside of Saint Lucia
• Profits derived from immovable property situated outside of Saint Lucia
• Interest income not borne by a Saint Lucia permanent establishment or charged against property located in Saint Lucia
• Income derived from investment in securities issued by a person outside of Saint Lucia, e.g. mutual funds, stocks, bonds, etc.
• Management charges paid by a nonresident outside of Saint Lucia
• Royalty payments received from a foreign permanent establishment and paid to a resident permanent establishment.
• Any income deemed to be accrued from foreign sources due to a DTA.

Dividends and capital gains are also exempt from taxation in Saint Lucia.

IBCs conducting certain economic activities will have to meet certain substance requirements – including an adequate number of employees, adequate operating expenditure, adequate investment and capital commensurate according to the activity, as well as file annual tax returns, among others.

Due to its features, Saint Lucia’s IBCs are commonly used vehicles for a broad range of investment and business purposes, such as offshore investments, professional services, international trade, insurance and as a holding company.

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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

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Delaware stands out for its separate Court of Chancery, the oldest business court in the US, specialized corporate law cases. The Court of Chancery use judges instead of juries and are usually expertized in complex corporate law matters.

Delaware Court maintains the most advanced and up-to-date case law, that allows for predictability and therefore decreasing liability and litigation among Delaware companies.

These predictable laws allow corporations to make better assessments of the probable outcomes of litigation or the advisability of settling a case.

The legal and liability protection of established corporate laws in Delaware makes the jurisdiction one of the most reputable business-friendly states.

The State of Delaware has also an attractive tax regime. Delaware corporations doing business exclusively outside of the State are exempt from State tax. Furthermore, there is no inheritance tax on stock held by non-Delaware residents, no state sales tax on intangible personal property and share of stock owned by non-residents are not subject to Delaware taxes.

Companies incorporated in Delaware are confidential. Details of shareholders, directors, and officers are not disclosed in the company formation documents and are not available to the public.

Delaware corporations are flexible structures, the same person may be the sole shareholder, the director, and the officer.

In addition, it has one of the quickest company registration procedures and lowest costs of incorporations in all United States.

Delaware is an excellent jurisdiction for startups and companies seeking financing. Venture capitalists, angel investors, investments banks and other investors prefer Delaware corporations above all other states and corporate structures.

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Both structures are companies limited by shares - the main difference is that a BV is restricted to issue shares to the public, but can do so on a private basis e.g. private placement.

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The Cook Islands’ Limited Liability Companies Act was enacted in 2008 to enhance its offshore sector offer. Following the model adopted in several U.S. States, a Cook Islands LLC is a flexible entity that allows to form its structure according to its operating agreement, rather than dictated by rigid legal statutory mandates.

A Cook Islands LLC is a hybrid of both partnership and corporate structures, protecting LLC members from the debts incurred by the entity and separating the rights of its members and that of the LLC.

Besides the aforementioned structural flexibility, Cook Islands LLCs benefits from confidentiality, no reporting requirements, and tax-exemption.

The Cook Islands are an offshore financial destination distinguished for its asset protection laws, ensuring the assets of foreign Cook Island investors.

A creditor cannot issue a charging order or interfere with the operations of an LLC nor seize, liquidate or force the dissolution of the company, any member of a Cook Islands LLC with a charging order can still act and exercise their rights as a member and any order that is a result of judgment in another location outside of the Cook Islands will not be enforced or recognized in the courts of Cook Island.

A Cook Islands LLC used in conjunction with a Cook Islands International Trust, may be one of the best asset protection tools available worldwide.

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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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Seychelles banks use the International Bank Account Number (IBAN) account format. Accounts can be opened in USD, EUR, and GBP, and there is no need to visit Seychelles to open the account. Our banking connection in Seychelles also offers internet banking and a Visa Debit Card (USD) for account holders.

Both individuals and companies are welcomed to open accounts. There is no restriction on nationality/country of incorporation other than jurisdictions that face international sanctions. This means that Seychelles International Business Companies and other offshore companies incorporated in other jurisdictions are eligible.

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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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The UK Private limited company is a well-recognized and reputable business structure incorporated in one of the major international financial and trade centers worldwide with a long proven track record of fiscal and legislative stability.

Corporate taxes in the UK are considerably reasonable (19%) compared with other European jurisdictions.

UK Limited companies also benefit from an ideal environment and a mature finance market for entrepreneurs and startups to seek funding, attract investors, gain access to high-skilled employees and high-quality business services.

In addition, incorporating in the UK provides a broad range of payment processing services and access to merchant accounts.

Private companies limited by shares in the UK enjoy a fast and cost-effective registration procedure and simple ongoing compliance requirements.

UK Limited companies are excellent vehicles as holding companies, taking advantage of the over 100 tax treaties that the UK has concluded, tax-exemption on capital gains on the sale of shares that fulfills certain conditions, tax exemption on dividends received from both local and foreign sources and no withholding tax on dividends paid to non-residents.

All in all, UK private limited companies enjoy high reputation and are excellent vehicles to conduct international commercial activities, as a holding company, IP business, investment company, access to payment processing services and merchant accounts and for startups seeking financing.

Set up a UK LLP

Companies incorporated under the Limited Liability Partnership Act are hybrid entities that provide to its members the flexibility of a partnership arrangement and limit liability to the capital contributed by each member.

An LLP requires minimal corporate formation requirements and a fast registration procedure. There are no company structure requirements for the management of an LLP, nor are there provisions for company meetings, directors, secretary, or capital.

UK LLPs are fiscal transparent entities, all profit received by the LLP is considered to be transferred to its members and taxed at the personal level. Members pay personal income taxes on LLP profits proportionally to their share of participation in the LLP company, whether distributed or not.

This means that an LLP is not seen as a separate entity for taxation purposes, and therefore if its members are non-UK tax residents they will only be required to pay taxes in the UK on income sourced from the UK.

An LLP must be set up by a minimum of two members, and although they are tax neutral entities, there are certain compliance requirements, including submitting annually financial statements to the UK Companies House and Partnership Tax return to the HMRC (Her Majesty Revenue & Customs).

If the LLP accrues more than GBP 81,000 that is derived from local earnings, then it must register for the UK VAT.

All in all, a UK LLP is a flexible structure that benefits from being incorporated in a reputable jurisdiction and international financial and trade center, while being a potentially tax-free entity. UK LLPs are powerful vehicles commonly used to provide international professional services, conduct international trading, e-commerce, Amazon FBA and as a payment processing subsidiary.

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Switzerland is an international trade and finance center and one of the freest economies worldwide, with liberal market policies and a low tax regime along with a long tradition of political, economic and financial stability.

Due to its limited area, its lack of natural resources and relatively low population, its economic policy is oriented towards foreign free trade, with low import duties and just a few import quotas, most aimed at the agricultural sector. In addition to having access to a market of 500 million people due to its free trade agreement with the European Union, providing duty-free trade and free movement of capital and labor.

A tier-1 developed infrastructure, an efficient capital market and strong financial system, currency stability, a liberal labor market, an efficient and reliable regulatory environment, a high-skilled and highly productive workforce, have made Switzerland the chosen location for international large firms and SMEs to establish their headquarters in Europe.

Switzerland also has one of the lowest value-added tax rates (8%) and companies trading within the country can get corporate effective tax rates as low as 12.5%, in addition to its free zones and several tax incentives, grants and tax rebates at the canton and communal levels for companies engaging in new technologies, research and development and high-value manufacturing.

Switzerland is also one of the largest financial centers worldwide. Swiss banks offer top-notch corporate banking facilities and a broad range of banking services, investment funds, and insurance services, among others. The Swiss Franc is seen as a safe-haven against currency fluctuations and instability.

All in all, Switzerland is an excellent jurisdiction for global parent companies, IP holding, banking, international trading, and European headquarters.

Learn more about setting up a Swiss Company:

• Swiss GmbH Tax and Legal Report
• Swiss AG Tax and Legal Report

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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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