Offshore company formation specialist aims to offer a one-stop shop to intermediaries with international clients in the UK and Europe.
Offshore Incorporations Limited (OIL), one of Asia’s largest corporate services specialist, is aiming to secure a significant share of the UK and European market for company formations with the recent opening of a new office in Mayfair, London.
Users of offshore structures will now have easy access to fifteen separate jurisdictions, including well know locations such as Anguilla, Bahamas, British Virgin Islands, Cayman Islands, Delaware, Hong Kong, Mauritius, Samoa, Seychelles and Singapore, all from one central location.
The services will be aimed at accountancy practices, the legal profession, private banks, trust companies and family offices. According to Tim Edwards, business development director of OIL in London, it is hoped the service will also appeal to new entrants in the wealth management market such as auction houses who are increasingly attempting to cater for the broader needs of high net worth clients.
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After sales support will be a high priority and includes detailed guidance on the company set up process, how long the incorporation could be expected to take and the existence of any bureaucratic idiosyncrasies . Aspects of the establishment process often overlooked when a shelf company is purchased, says OIL.
The service will also offer day to day support such as document filing, supplying a company stamp, which is very important in areas such as the Middle East, or the provision of Certificates of Incumbency or Good Standing, which are often required to smooth the passage of lending or credit applications and annual auditing.
The approach fits in with OIL's view that affluent Asian individuals and Asian based companies increasingly require international structures to facilitate strong and consistent capital flows from Asia to Europe. As a result, it sees the Asian sector as offering considerable requirement for these services.
“Our Far Eastern experience tells us that many of our business partners are likely to appreciate support in the detailed aspects of day to day administration, where the true value of long term experience really can make a difference. Such support might be at a relatively obvious level such as advising on administrative and compliance protocols, but equally it is often the softer aspects which can only really be appreciated and understood from direct personal experience. This might come down to something as apparently simplistic as personal contacts and knowing how to work with local advisors to ensure documentation is prepared and filed in the appropriate manner to ensure the smooth running of a structure,” explains Edwards, who explains that one of the most obviously differentiating factors between jurisdictions is price.
"It can cost as little as $550 to establish a vehicle in the Seychelles, whilst at the other end of the spectrum, a Bermuda company costs from $15,500. With such a large variation in the fees associated with offshore structures, clients will want to know why they might be asked to invest more in one jurisdiction as opposed to another," he says.
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