Startupr has agreed with Loyal Bank to serve our clients for banking services.
Loyal Bank, established in 1997, is an international and internet – based private bank located in St. Vincent and the Grenadines. The bank is the largest and longest established international private bank in St. Vincent and the Grenadines, with customers in more than 120 countries around the world. The bank is managed on prudent and conservative lines and is audited by KPMG.
The bank offers Corporate and Private Bank Accounts with MasterCard Debit Cards or Cirrus/Maestro cards linked to USD and EUR currency accounts. The cards are PIN protected and can be used at all locations or ATMs where the MasterCard logo is displayed. Accounts are available in USD, GBP, EUR, CHF, JPY and CNY.
Clients of Loyal Bank can wire funds securely through the secure SWIFT Network to over 8,000 financial institutions worldwide and Loyal Bank accounts can only be access by PIN – protected secure on-line banking using the Digipass device. Via the Digipass, Loyal Bank customers can receive and initiate transfers, view account histories and single transactions as well as card transactions, on-line from anywhere in the world.
Based in Budapest, Hungary, the Loyal Bank Customer Service Team is multi-lingual and is available by email or telephone 24 hours a day including weekends. They can provide customer support in all major European, Latin American and Asian languages.
As well as Head Office in St. Vincent the bank also has a Representative Office in Budapest and customers or future customers are welcome to visit either location by appointment.
If you wish to open up a bank account wit Loyal Bank, please contact us: tomas[at]startupr.com.
Annual return – The first-time filing is called the Initial Return (B1). Following filings are called Annual Return (B1). Initial Return has to be filed within six months from the date of incorporation. It is recommended to order this service; we will insert your request to our intranet and will secure your obligation with local government. Government cost is $ US 30.
Annual General Meeting (AGM) must be kept within 18 months of incorporation and thereafter on an annual basis. Company secretary takes care of the whole process.
Accounts need to be submitted to Companies Registration Office (CRO) with the B1. The first set of accounts is due to be filed 18 months after the company is incorporated
Audit – If turnover is less than 350,000 EUR (approx. 525,000USD) in any fiscal year, no corporation tax is payable. If turnover exceeds 350,000 EUR (approx. 525,000USD) or taxable profit exceeds 40,000 EUR ( approx. 60,000USD) corporation tax is payable at 12,5%. These are very good rates. Good for start up business. There is no requirement to audit accounts, providing turnover does not exceed 7.5 million EUR (approx. 11,25 mil USD).
The major advantage of Ireland is the low corporation tax – 12,5% which attracts many e-commerce business. E-comm refers to the selling and buying of goods/products or services through e-platform/electornic systems such as Internet. This part might include even another part of the business such as – developing, selling, consulting and marketing. E-commerce has become past a few years one of the biggest growing business area. Ireland hosts e.g. Google – its quite obvious why they chose Ireland. Although the country is very successful in attracting entrepreneur from around the world, they have a hard time to encourage local small business. That’s why you will be more than welcome to launch yours business in here. For the EU operation Ireland has a lot of offers – Business Expansion Scheme (BES) and the Seed Capital Scheme (SCS). Irish Company Facts:
Irish company law is contained in the Companies Acts 1963 – 2009 Limits the number of its members to 50Prohibits any public subscription to shares or debentures Irish companies need at least one resident director A company must have an auditor, and accounts must be filed each year ( some companies might prepare abbreviated version of accounts) A company is formed by submitting its Memorandum and Articles of Association
The number of Small and Medium Enterprises (SMEs) is about 3,300,000 companies reporting by Mexican Statistic Department by the year 2010 and micro-companies form about 95% of the whole. Mexico has big potential in production of agriculture products with a solid support on the government level. One of the fastest developing country in Research and Development (R&D) between Spanish speaking countries due to this fact there is a chance to start enterprise with high-tech and use the NAFTA agreement with USA and Canada as an export countries. We can mention next growing industry as communication, transportation, energy and tourism.
Advantage:
A Company Registry provided by the government allows us to incorporate online
There is no requirement to pay up share capital
Territorial principle, taxes are only levied on profits arising in Mexico
North American Free Trade Agreement (NAFTA) between Canada, Mexico and USA
No exchange control except for very large mergers and acquisitions
Wholly Foreign Owned Enterprise – WFOE is the vehicle for foreign companies decided to take the business activities in China. Further, Limited Liability corporation with the ability to manage and control within the limitations of the laws of the China.
Different Type of businesses under WFOE
Manufacturing – this was the first government inintention to support foreigner companies come over to China and launch the business. Trading – as a second reason for foreign companies start in China (the easiest way to start trading company is in HK). Retail & Wholesale – this particular business model has become in favor a few years ago for companies realizing the purchasing power of Chinese customers. Consulting & Services – most common business type. Here we can include Law firms, Business consultants, Software developers, Product developers, Investment consulting, marketing and promotion consulting and many others services.
Advantage of WFOE
– you don’t need to involve Chinese partner
– you can invoice yours partner in RMB (this is one of the biggest reason for Consulting & Service firm incorporating in China)
– control of human resources
– you can structure and develop your company according to yours goal
Business license
Once you obtain the business license from the office of Industry and Commerce, you can start your business (you might get the temporary Business License which might speed up the launch before getting the permanent one). The business license is mostly given for 15 – 30 years depending on the type of business. For incorporation process visit this article.
Registered and Paid up Capital
There is a big burden in regards to registered and paid up capital, though. If you want to go smoothly there is recommended to put up 160,000 USD. This amount of paid up capital is more about to get approved from local government which might make you difficulties if you put the minimum registered capital.
The scope of registered capital is from 35,000 USD – 160,000 USD. It varies on the mature of your business you intent to do so. The lowest amount is for consulting firm where you don’t really need that much money to secure the run of business by registered/paid up capital. On the other hand, manufacturing needs more stability and to show up to government that you can withdraw a money once company needs. The paid up capital is mostly required to be paid up to 20% of the registered capital, the balance must be remitted within 2 years since the company has been founded.
Location
Location is very important. Before you start with incorporation there is quite interesting and important reminder as an investor, you must rent an office in advance – it’s quite wired however this is the regulation and you need to follow up! The another thing is that the office can’t be residential building and can’t be virtual address either! For that reason, make a sure that the owner is clear on this point and the local government office allows to register business in this office. Ask the owner of the to put into the contract the note claiming that it has been checked with local authority approving the vacancy.
Before you decide to incorporate a company make sure that you really understand to the Chinese environment and your consultant (company helping you to incorporate WFOE) or solicitor understands you. There is quite a lot of interpretation in regards to company formation, please, make sure that you and yours management are aware of every situation applying for your venture in China.
If you wish to open up a company in HK or in UK, it will take 24 hours however China is different jurisdiction carrying a lot of burdens (and much less costly) which need to be followed – the incorporation process might be found here.
Why to set up company in Hong Kong and use it as holding for Chinese company? Read more here.
Hello! If you have thought about to open up a company in UK and have been scared about the accounting. Don’t worry, Startupr can secure whole process of incorporation, post-incorporation as well as accounting!
We can divide whole process of company formation into 4 parts:
Incorporation (company formation)
– formation of the company
– address registration (Startupr’s)
Post-incorporation
– maintenance of statutory book
– filling of annual returns
– apostille
Accounting
– VAT Registration
– PAYE Registration
– EORI Registration (required for clients engaged in import and export of goods)
– Year end accounts and Corporation tax returns preparation
– Book keeping and VAT returns for businesses with up to £150,000 turnover
Additional services (e.g.)
– change of the company name
– Change of Company Name with update of original Mem & Arts
– Full review and update by adoption of new Mem & Arts
– Increase, Decrease, Sub-Division or Consolidation of Share Capital – One share class only
– Removal of a Director
– etc.
Please do not hesitate to contact us shouldyouhaveany queries.
The Business International Company in BVI is one of the most widely used entity for offshore operations. The company is set up as private company limited by shares. The International Business Company Act 1984 has been amended past a few years (1990, 2003, 2004 and 2007) which cause changes in the following rules once you decide to incorporate the IBC in BVI: – Only one director and one shareholder are required;
– Shareholders, directors and officers – no need to be resident in the BVI
– no minimum capital requirement
– no need for accounts
– AGM – Annual General Meeting doesn’t have to be kept in BVI
– no need for annual returns
– IBC can hold shares in other BVI company
– IBC is exempt from the taxes
– statutory incorporation fees are 350 USD for capita up to 50,000 USD and 1,100 thereafter.
Bank account in Dubai – United Arab Emirates (UAE)
Once you decide to open up an International Business Company in BVI, Starupr has come up with the solution to open up a bank account in Barclays in UAE. Thanks to our relationship with local managers our customers have a choice to structure the bank account opening and a company incorporation. Barclays it’s just one of yours option to do so. Barclays is a global banking and financial services provider with company headquartered in London. It has branches in over 50 countries across Europe, Africa, South and North America.
I was trying to reach one of the consultant of XoXo Big firm. My email was about the particular case in Singapore the request is not that important how the last answer (I couldn’t believe that!):
Hi Tomas
Thanks for your reply and for reaching out to us with your request. However, as you are presently not a XoXo client, we regret that we are unable to assist. I wish you all the best and a nice day ahead. Best regards
XoXo
We do really care about our customers and we are NOT presently regret that you contact us :-)! If you are not sure where to start your company, consider the following questions:
1) Where are you located (your company) now?
2) The company you intend to open up is it separate entity or it’s a branch?
3) Purpose of company?
4) Where the company is going to operate (the main source of income)?
5) Yours tax residency (for double tax agreement). e.g. Ff you are British and would you like to incorporate comp in HK – there is double tax agreement between governments.
Hi, our Singapore, Hong Kong and Los Angeles offices are working to launch an online bank account opening platform which is going to cut down all the ridiculous prices for all of our customers and customers of our competitors. There will be a few services which will help you to apply for a bank account than a small introduction of the bank products and first of all the registration online form! This should help you to save your time! We can see how many emails are necessary in order to open up bank account. Don’t worry we will try to work on it and bring you solution and make it smooth for all of us!
How is going to work?
Startupr has a partnership with a few banks which handl the account opening differently. Most of our clients don’t really know which kind of documents need to be applied and informations fill in. This platform is going to provide the exchange information tool which is going to fasten the whole process!
Starupr is happy to announce you that we have started a cooperation with CIM Bank based in Switzerland, with headquarters in Geneva. CIM Bank has a multilingual team, speaking more than 18 languages. Bank’s services include:
Account openings for onshore and offshore clients / companies
Possibility to open accounts online, via a webcam
Fast account opening (around 5-7 working days)
Minimum initial deposit CHF 5’000 or equivalent for physical persons, and CHF 20’000 for companies
Minimum required balance to be remained on the account at all times CHF 1’000
Credit cards and debit cards (including anonymous Travel Cash cards & Internet Cash cards)
White label with the Interactive Brokers platform & FXCM
In order to open a corporate account we will need the following documents by post:
· Certificate of Incorporation
· Certificate of Good Standing (If the company is older than 12 months)
· Memorandum & Articles of Association
· Nomination of Director
· Director’s passport
· Power of Attorney (from the director to the shareholder—applicable only if the director is not the same person as the shareholder)
· Share Certificate
· Share Nominee Agreement (if the shares are detained by someone other than the shareholder)
If you would like to open up a bank account with CIM Bank contact us: tomas[at]startupr.com
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