Offshore Service Providers

The basic function of offshore corporate service providers is to facilitate access to offshore insurance, banking, investment, trustee and company incorporation services. They therefore communicate directly with customers so that special financial and corporate services and facilities can be obtained offshore, as well as all necessary government authorities such as the Registry of Companies which is directly involved in incorporating offshore companies. In offshore company formation, the offshore corporate service provider is the intermediary between government authorities and the customer.

It is a general requirement that offshore corporate service providers are well equipped with both professional and technical resources that will enable them to provide offshore incorporation services professionally and quickly. Proper telecommunications systems are necessary so that customers can conveniently correspond with service providers and services are delivered professionally, especially in areas like offshore banking, insurance, securities investing and trusteeship. Given the nature of offshore business, customers need a simple, affordable, quick and reliable means by which they can communicate with offshore corporate service providers when necessary.

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Offshore corporate service providers are required to be licensed and appointed by the necessary authority of the jurisdiction in which they operate. There are specific requirements and standards by which offshore corporate service providers are required to operate by when providing services. Some of these requirements include certain due diligence measures that must be conducted when dealing with customers, legal procedures that must be adhered to for the preparation of documents and informing customers about the documents that should be submitted in order to order any type of offshore service, such as proof of identity and address. Every year, offshore corporate service providers pay annual license fees to the government and also remind customers of their duty to avoid missing out on payments as required so as not to pay late fees and to ensure the continued use of their offshore services.

The support services provided by of offshore corporate service providers are key to offshore company formation and other offshore services available. In addition to being the registered agents, offshore corporation service providers offer registered office services which all required for all offshore companies regardless of jurisdiction. In some jurisdictions resident secretaries are needed by all offshore companies especially if offshore companies are registered and incorporated in the same way as ordinary, domestic companies. Resident secretaries can be considered a substitute to the agent and office and are required to perform specific duties in accordance with local laws and regulations for resident secretaries in relation to offshore companies.

Offshore corporate service providers receive electronic mail and courier on behalf of offshore companies if these facilities are provided to offshore companies, as well as the service of process, which is one of the main roles of the offshore corporate service provider that is engaged in company formation. Offshore corporate service providers often offer mail forwarding facilities to their customers so that they can remain in touch and request new services or advice in certain matters.

Some of these matters for which offshore corporate service providers can be contacted may involve offshore accounts, trading updates, insurance policies, trustee services, company management, secretarial services, mergers and consolidations with other offshore companies if allowed legally by the jurisdiction, continuation into or out of the jurisdiction if wishing to no longer operate as an offshore company of a particular jurisdiction, tax information, estate planning, wealth management and asset protection. All of these services are available to offshore customers depending on the services provided by one or more service providers. An offshore corporate service provider may also provide advice regarding the different types of techniques that can be used to create a robust mechanism for asset protection and estate planning, as can be achieved with the use of an offshore company and foundation.

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