Corporate Services

Listed below are examples of some of the Corporate services that we provide. If you require a service that is not on this list kindly contact us.



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Companies Formation

Introduction

Group Chesterfield register and incorporate hundreds of international business entities every year in all offshore jurisdictions.  We also provide services such as opening and administration of bank accounts, mortgages, property transactions and nominee and registered agent services.

What is an offshore company?

When considering the formation of an offshore company there are many factors determining the most suitable company type and jurisdiction, outlined here is a basic summary of what an offshore company is to help you with this decision.

There is no precise legal definition, but an offshore company is, in reality, a company formed in a jurisdiction outside the home country of the owner. The term is generally taken to mean a company incorporated in a territory which may be beneficial for taxation and which could impose a zero or low rate of tax, or perhaps indeed exemption from tax.

Historically there may have been qualifying conditions attached to such favourable treatment, such as ownership by non-residents, but the international community is moving rapidly in the direction of the same tax treatment for all companies, by whomsoever they are owned.

Chesterfield have expertise in setting up companies and corporate structures specifically tailored to the needs of our clients.  We have a talented and experienced team of salespersons and administrators who are skilled in the formation and running of various types of companies including, but not confined to, Limited Companies, Limited Liability Companies, Limited Partnerships, Limited Liability Partenerships, Companies Limited by Guarantee and Hybrid Companies.

Tax Neutral, zero tax and low tax

Tax-exempt companies are a dying breed. Resulting from the move towards the same tax treatment for all, mentioned above, they are being replaced, in many jurisdictions, by zero tax companies. One of the perceived benefits of a zero tax regime is that it provides a tax neutral platform to conduct international business.

Some territories have both tax-exempt or low tax regimes and have also negotiated special tax treaties for the avoidance of double taxation by local companies trading with the treaty partner country. These countries typically impose tax at very low rates on companies qualifying for treaty benefits.

In some other countries only local source income is taxed. A company may accordingly be based in a country, but pay no tax there if its profits are generated from activities elsewhere.

Onshore companies

Almost all of the major trading nations, certainly most of the E.U. countries and the U.S.A. use tax incentives to try to attract foreign investment by offering special tax treatment for certain activities. Examples are holding companies, headquarter companies and treasury and finance operations.

A blend of onshore and offshore companies can often be used to collect income which qualifies for double tax treaty benefits and route it to a tax neutral country from which it can be re-invested.

Offshore company formation benefits

Offshore companies are used by both individuals and businesses, and some of their reasons for doing so are listed below.

  • Tax saving or deferral
  • Asset protection
  • Increased privacy
  • Risk management
  • A more favourable business climate
  • Less bureaucracy
  • Exchange convertibility
  • No restrictions on the remittance of profits and capital
  • Security of property rights
  • Political stability

Companies

Introduction to Company Administration

There are many types of companies available in many jurisdictions, each of these have specific legislation by which they must be managed.  Chesterfield has a diverse and experienced team of highly trained administrators who are skilled in this.  We are knowledgeable in all types of companies, including Limited Companies, Limited Liability Companies, Limited Partnerships, Limited Liability Partnerships, Companies Limited by Guarantee and Hybrid Companies, and have specialised knowledge of statutory and legal requirements.  We can also supply services such as opening and administration of bank accounts, opening and administration of investment accounts, arrangement of loans, mortgages and other financial facilities, arrangement of property transactions and administration thereafter including property management and rental services.  For information on any other administrative service you may require kindly contact us.

Company Officers

Normally officers are provided offshore who control and manage the offshore companies..  We have a talented administration team consisting of administrators, solicitors and accountants who fulfill these roles.  We are able to provide Directors, Corporate Directors, Company Secretaries, Corporate Secretaries, Shareholders, Members, Presidents, Treasurers, Declarers and more.

Registered Office

We are able to provide registered office and registered agent services in all popular jurisdictions.  We can take care of all of your local and international statutory filing in a timely and professional manner.

Accountancy Services

Chesterfield supply various accountancy services tailored to the needs of our clients and the regulatory requirements in the relevant jurisdiction.  Our accounting department can provide many industry specific services including dedicated bookkeeping, production of year end accounts, VAT registration and administration and tax registration and administration. 

Other Services

In addition to the normal services of general company administration, company officers, registered office, registered agent and accountancy services Chesterfield provides many dedicated auxilliary services required by clients for the effective management of their offshore company.  This includes general consultancy work, property management, trade related consulting, merger and acquisitions, financial market assessments and a catalogue of detailed and industry specific expert services as needed by our clients offshore companies.

Some of the principal purposes for which offshore companies are used are as follows:

  • International trading
  • Investment in property and land
  • Portfolio Investment
  • Supply of professional services and consultancy
  • Yacht, ship and aircraft ownership
  • Intellectual property, royalty and trademark operations

Trusts Formation

Formation of Trusts

When forming a trust it is relevant to understand the history so as to choose the correct jurisdiction and type of trust for your structure.

Trust History

The trust is a creation of the English common law. One of its earliest known uses was in medieval times when a knight departing for battle might leave his property with a trusted third party to be used for the benefit of the family he left behind. Its terms are generally set out in writing but it can be expressed verbally.

For a trust to exist there are three requirements, all of which must be satisfied:

  • There must be a Settlor, being a person wishing to confer a benefit on others, the exact nature of this benefit will be set out in the trust
  • There must be a Trustee and the assets, which will be used to provide the above benefit, must be transferred under the control of the trustee. Trust assets must be segregated from those of the trustee and cash, for example, will be deposited in an offshore banking account.
  • There must be beneficiaries. If more than one it must be possible to ascertain at any time who these persons may be and when they will receive their benefits

In more recent times countries with different legal systems have enacted legislation permitting the formation of trusts and there have been international conventions which provide for the recognition of trusts in countries where, otherwise, they do not exist. Most trusts are, however still found in countries, which derive their law from association with English law.

Although the original purpose of the formation of a trust may have been, generally speaking, estate planning, permitting assets to be held for the benefit of persons who were not themselves capable of managing assets and enabling a simple transfer to successors, trusts have in more recent times also become instruments of tax planning. The ability to separate the legal and beneficial interests in property and the rights to income from the rights to the capital has assisted in the growth of the entire financial planning industry.

There are a large selection of types of trusts to choose from including life interest, discretionary, accumulation and maintenance and so forth.  Often jurisdictions utilise different terminology to describe the types of trusts, as well as the components of the trust, which can be confusing.

There has been substantial development in trust design and many jurisdictions and expert trust providers have been very successful in the design of creative trust products specific to a trust jurisdictions invaluable in modern international structuring.

It is therefore an important aspect of trust formation to understand the purpose and design of the trust which the client wishes to establish and to choose a jurisdiction with appropriate trust rules to facilitate the establishment of the optimal trust for the client.

Trusts

Introduction to Trust Administration

There are many types of trusts available.  Among offshore centres discretionary trusts, accumulation and maintenance, life interest and purpose trusts are the norm although many types of other trust are also available.  Chesterfield has a diverse and experienced team of skilled administrators with extensive knowledge of each of these. 

Trust Officers and duties

We have the ability to run all types of trust and our trustee service is second to none.  Often a settlor will convey how he, or she, would like the administration of the trust to be run.  The format of a letter of wishes in this respect maybe of some significant importance.  A trustee's main duties consist of management and investment of the trust fund, accumulation and distribution of income and generally running the trust bearing in mind the interests of the trust beneficiaries. There is an obligation for the trustee to follow the requirements of the trust deed, use reasonable care and diligence when performing their duties as trustee (as if the trust was their own), invest funds in a prudent manner and avoid conflicts of interest with the trust beneficiaries.  In a discretionary trust however Trustees are not required to explain their decisions.  Often a trustee will hire a professional consultant to give expert advice in the management of certain aspects of the trust, examples of these include investment advisors, property agents and managers, legal advisors and tax advisors.  All of these assist in running the trust in the most proficient manner possible.

Accountancy Services

Trust accounting is a specialised field.  It is often a requirement of the trustees and their accountants to divide the trust fund between income and capital depending on the specifics contained within the trust deed.  Chesterfield supply various accountancy services tailored to the needs of our clients and regulatory requirements.  Our accounting department can provide many services including bookkeeping and production of year end accounts. 

Other Services

Chesterfield provides many dedicated auxilliary services required by clients for the effective management of their offshore trust.  This includes general consultancy work, property management, trade related consulting, merger and acquisitions, financial market assessments and a catalogue of detailed and industry specific expert services as needed by our clients offshore trusts.

Foundations Formation

Formation of Foundations

The Foundation is probably best viewed as the civil law alternative to the trust.  It is created by a founder who transfers assets to the Foundation Council, or Board, to be administered for the benefit of, and ultimately distributed to, the beneficiaries of the Foundation in accordance with the constitution. It can be used for the same purposes as a trust.

Once the Foundation is established it constitutes a separate legal estate from that of the Founder and its assets are protected from future claims against him. Whilst the assets are retained within the Foundation they can be protected also from claims, which may be made against the beneficiaries.

In some jurisdictions a Foundation may be required to register in the Public Registry, but in others often it is only required to register if it engages in commercial activities. Even without registration it acquires a separate legal identity and only the assets of the Foundation are available to meet its debts. Generally little information concerning a Foundation is publicly available and the constituent documents often may be drawn up so as to not publicly disclose the identity of the beneficiaries.

Advantages of Foundations  

Total exemption of taxes including income tax, wealth tax, real estate tax, inheritance tax, sales and transfer tax and others, in some jurisdictions.
There is no legal requirement to disclose the name of the real founder, beneficiary or protector.
There is no legal requirement of maximum authorized capital.
The payment of the foundation capital is not required for the incorporation of the foundation and there is no maximum time or deadline to make such contribution.
The founders, members of the foundation council, beneficiaries and protectors may be individuals or corporations of any nationality.
The members of the foundation council need not be founders.
The founders, the protectors and the members of the foundation council may be beneficiaries of the foundation.
There is no limitation on the maximum permitted number of founders, members of the foundation council, beneficiaries or protectors.
The founders and the members of the foundation council may hold their meetings in any country and may be represented by proxy.
The foundation charter can be signed by an attorney in fact or by a trustee without the need to disclose the name of the founder.

Foundations

Introduction to Foundation Administration

There are different types of foundations available.  Chesterfield has a diverse and experienced team of skilled administrators with extensive knowledge of each of these. 

Some Foundations act like a trust but operate like a company.  A Foundation council usually manages the assets of the Foundation and keeps the beneficiaries informed.  It can be a requirement for some members of the council to have restrictions such as required residency of the Foundation location.

It is often feasible to custom design a Foundation for a particular structure and a number of advancements in the design of Foundations have evolved over the years to make them a flexible component in a strcture provided the correct jurisdiction is chosen.

Foundation Officers

Chesterfield provides officers who control the majority of client foundations which we manage.  We have the ability to run all types of foundation and our foundation council service is second to none.

Accountancy Services

Chesterfield supply various accountancy services tailored to the needs of our clients and regulatory requirements.  Our accounting department can provide many services including bookkeeping and production of year end accounts as well as any tax returns which may be required. 

Other Services

We have good relationships with a number of banks worldwide and can set up various facilities, please see our banking page for more details.  We also have extensive property expertise which is detailed in our property pages.

Banking

Upon formation of a company or trust usually one of the first requirements is to establish a bank account.

Offshore Banking Background

Many traditional offshore banking centres have developed into highly reputable and regulated international banking centres with unrivaled technical expertise.  The level of regulation and investor protection is often equivalent or indeed greater than many onshore centres.

Most leading banking group have firmly established operations offshore providing services specifically geared towards the international and offshore community.  A host of reputable private banks, who boast a long history of providing attentive personal service, continue to operate in the offshore banking centres with discreet and often very complex banking products.

Establishment

Once the decision has been reached as to the most appropriate jurisdiction and banking group to use then there is usually a substantial amount of information required for bank application mangates and compliance.  It is not unusual for normal banking arrangements to take 1 to 2 weeks to become operational and complex arrangements a little longer.

Banking Administration

Offshore banking is now a modern business and technology such as e-banking has assisted in the speed and accuracy of services provided.

Many offshore banks provide:-

  • Online banking services
  • Cheque books
  • Term deposits
  • Letters of Credit
  • Investment Bonds
  • Portfolio management
  • International multi currency transfers
  • International mortgages
  • International multi currency loans
  • Credit and Debit cards
  • Factoring
  • Business Consultancy services
  • Trust accounts
  • Pension schemes

Chesterfield provide a vast array of banking and related services to its managed companies and trusts.