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CHAPTER 4 OFFSHORE FINANCIAL CENTRE (MBM1195A) (INTRODUCTION (LOCATION…

- - - - It provide all of the advantage of and established offshore jurisdiction
      - Principal language use in business and government is in English
      - The entities available offered include NZ financial service company, NZ Forex trust and NZ limited partership
      - It not looked upon as being traditional offshore financial centre
      - Not a major tax heaven
    - - Under a British Crown dependencies
      - It is self-governing in matters of domestic policy
      - Its own legislative assembly
      - A strong banking a fund management and high concentration of professional advisers
      - Low tax but high reputation
    - - :star: Allowing investors to maximize the international tax benefits from home country
      - :star:More than 80,000 international companies were registered and hold licences to 40 of the largest banks in the world
      - 1) choose the bank
      - 2) create an offshore corporation,LLC
      - 3) open offshore account
      - 4) move money into the account
      - 5) invest the money
      - 6) spend the money
    - - :no_entry: Political Stable
      - :no_entry: Professional multilingual staff
      - :no_entry: Top ranking banking institutions
      - 2) It is market leader in undertaking for collective Investment in Transferable Securities (UCITS)
      - 1) It is located between Germany, France and Belgium
      - 3) Reasons :
    - - :no_entry: Bahamas is a one of top ten OFCs in the world
      - :no_entry: Bahamas provide an example of a non - OECD country
      - :no_entry: Bahamas used to be the leading force in the in the offshore financial world
    - - Documents required to open an offshore bank account include:
        :check: Application form completed and signed.
        :check: Verification of a permanent address for each signatory, director, or shareholder.
        :check: A certified copy of the Certificate of Incorporation.
        :check: A certified copy of the Memorandum and Articles of Association.
        :check: A bank reference for all signatories, directors or shareholders.
        :check: Proof of identification (a certified copy of passport for each signatory, director or shareholder).
        :check: A board resolution which appoints the authorized signatories.
        :check: Detailed business description and a cash-flow forecast
    - - HONG KONG :pencil2:
        
        incorporation in Hong Kong company is simple and quick
        
        no minimum requirement for share capital
        
        tax system is simple and straight forward
        
        low cost incorporation and maintenance
        
        English-speaking labour pools
    - - *BERMUDA :pencil2:
        
        market leader for captive insurance
        
        strong presence in offshore fund and aircraft registration
        
        highly profitability
        
        expected become more lucrative in next few year
        
        largest bank is Bank of Bermuda ( HSBC )
        
        specializes insupplying financial services to nonresident companies and individuals in exchange for low taxes, stability and secrecy
    - - :star:Deposit protection
        
        Switzerland offers deposit protection to offshore clients for amount up to CHF 100,000 (EUR 81,000).
        
        one of the few places that offer deposit protection for non resident individuals while most countries apply such protection only for local citizens
      - :star: Swiss banks are managing 30% of all cross-border assets of private person on our planet
      - :star: European capital for offshore banking &
        around one-third of global private wealth is based in the country
      - :star: Rich people bring their money to Switzerland because of political & economical stability, multi-currencies accounts, efficient legal system and also bank secrecy.
      - :star: Tax system in Switzerland is different for every canton, so it is possible to register a company at the canton which offers the lowest taxation
    - - :<3: offers a number of incentives to offshore investors, including an open economy, favorable tax laws and a modern banking system
      - :<3: economy of Mauritius has enjoyed one of the most stable,open and financially sound economies in the sub-Sahara region of Africa
      - :<3:strong economic ties with its African neighbours, the European countries, India and with China
      - :<3: Used for both inward and outward investment platform for developing and developed countries
      - :<3: Located between Asia and Africa, Mauritius has evolved into an "international financial centre of excellence and repute"
      - :<3: Mauritius has a favourable network of investment promotion and protection agreements (IPPA's) and double taxation agreements, a focus on quality, a flexible yet rigorous regulatory framework, a conducive business-friendly environment, and world class institutional support
      - :<3: listed on the OECD list of locations
      - :<3: Has effective commercial and legal infrastructure
    - - :star:It also allows to enjoy overlapping business hours with major Asia-Pacific financial centres
      - :pen:Hong Kong
      - :star:Hub for hedge funds
      - :star: It also attract many MNCs to do business in their country because of their reputation for law & order, cleanliness & efficiency
      - :star:Considered as a centre for wealth management.
    - - General requirements for Opening Offshore Bank Account and for Offshore Bank Account Security
        • Notarized passport.
        • Recent utility bill.
        • Recent personal bank reference.
        Panama Offshore Bank Account Security
        • are cash-rich without the frequent failures of the American and European banks.
        • have strict secrecy laws that are enforced by Panama’s government.
        •. are protected by Panama’s judicial system from predatory attacks from outside the country.
      - • Fast opening offshore bank account
        • Opening bank account without having to visit the bank
        • Opening Panama bank account for free to our clients with local income
        • Offshore Bank issued Anonymous Panama Debit Cards and Anonymous Panama Credit Cards
        • Online banking service to monitor panama bank accounts and to send international transfers
        • Opening bank accounts in US dollars or in Euros
        • Minimum initial deposit of only $2000 US
        • For opening a Panama Offshore bank account, they offer service in English, Spanish, Russian, Chinese, Greek and Portuguese