Using offshore company bank accounts, allow the corporate structure access to higher interest rates, with all the security and confidentiality tax havens can provide.
All major Banks have an offshore version, which have the same benefits as domestic accounts, but as the deposits are tax efficient, they can benefit the company structure in many ways, such as:
• Significant tax savings
• Access to a wider choice of savings and investments products
• Safety - protect your money against volatile economic and political environments
• Easier trading across international borders
• Tax-free interest on savings like employee pension schemes
• Access to finance for the UK investment through offshore vehicles
If your company is an offshore structure it is extremely wise to make your banking as tax efficient as possible.
Please contact Global Wealth Management for further information.
There are many reasons why a person may wish to incorporate an offshore company and place assets offshore and we should like to briefly explain the advantages and types of offshore activity being carried out offshore by many people from around the world.
Each offshore territory has its own characteristics and many so called offshore territories are in fact land locked e.g. Switzerland, Luxembourg, Andorra etc.
There are many offshore territories which are well regulated and politically stable and free from exchange control. These territories are attractive to people living in countries with political unrest, weak currencies and severe exchange control. These offshore jurisdictions provide a tool for people to plan their financial affairs to preserve wealth, pass their wealth on to their children, preserve privacy and reduce the risk of confiscation by the state or other activity.
The key features of being offshore are strict secrecy and privacy. Assets are also held through a vehicle in a territory where they are not subject to taxation in that jurisdiction.
This is available for Companies in order to protect themselves should an important member of staff (i.e. the Key Person) be either permanently incapacitated or die. The Company concerned must be able to show that it has an "insurable interest", this simply means that they would need to demonstrate to the Life Office concerned that the Company would suffer a financial loss due to the death or permanent incapacity of a key employee.
When considering who might be a key person within your organisation, it may be difficult to identify these particularly in smaller companies as everyone might be considered to be a key person. However, the starting point might be if you could demonstrate that the future profits would suffer as a result of this persons death or permanent incapacity.
Retirement benefits are becoming an increasing priority when recruiting new staff. As most expatriates and third country nationals are exempt from contributing to domestic schemes, they look to potential employers, and existing employers, to offer flexible schemes to replace, or compliment, existing and previous arrangements. An International Retirement Package must be portable, versatile and attractive to today's mobile work force. At Global Wealth Management, we have access to the very best providers of Corporate Benefits Schemes.
As an employer, your most valuable assets are normally your employee's. Protecting the health of your employee's is one of the easiest ways of maximizing business performance. Corporate Health Care Plans can be established to protect the employer, directors, managers, employees and their respective dependants, and be tailored to suit your specific needs.