AmPlus Business Services Limited

 

 

Hong Kong Company Formation

Offshore Bank Account Opening 

HK Harbour

Restrictions on Offshore Company

 

Prohibition from local business

Offshore companies are usually prohibited from conducting business in their jurisdiction of incorporation.

 

Strict Due diligence 

Due diligence in reputable offshore centres tends to be more strict than most onshore areas. For example, to open a bank account in the name of an offshore company, to comply with relevant anti-money laundering regulations, the bank will normally require documents verifying the identity of the signers on the account to be notarised and may require one or more professional reference letters from an attorney, accountant and/or banker.

 

Anti-tax avoidance legislation 

Certain countries have "anti-tax haven" legislation which makes it difficult to conduct business in those countries using an offshore company. 

 

Additional cost on deceased's estate

Where a shareholder of an offshore company dies, it is usually necessary to have the will admitted to probate in the offshore jurisdiction as well, which can add to cost, delay and inconvenience in administering the deceased's estate.

 

 

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