From A to Z: Belize international business company (IBC)
This article will cast light upon Belize IBCs - which is the most prevalent type of offshore corporation and its key features that you should know.
The UK is a developed country and has the world’s seventh-largest economy by nominal GDP and eighth-largest economy by purchasing power parity. Moreover, London, its capital, is one of the biggest financial centers in the world.
The UK is not a tax haven or an offshore centre. In the UK, the tax enforcement legislation is sometimes more draconian than in many other developed countries. The government is very aware of tax avoidance and tax evasion methods. Despite that, and with careful planning, the use of a UK limited company can yield many tax advantages.
After the financial crisis in 2008, the legislation framework for the banking industry has been reformed to separate high-risk taking aspects from normal banking businesses. Two main regulatory bodies responsible for the stability of the financial system are Bank of England (central bank of the UK) and the Financial Conduct Authority.
As of June 2019, there are more than 80 licensed banks in the UK. The banking industry is excessively dominated by top 5 banking groups accounting for more than 85% of market share. Highly developed banking services provide ranges from traditional products i.e. multi-currency account, internet banking… to extremely complex financial products like a structured investment account, derivatives...
A UK company can practically open its bank account in any places in the world due to the excellent country’s profile.
|Country||Bank||Online Banking||Personal Visit||Credit Card||Debit Card||Intial Deposit|
|Belize||Caye International Bank Ltd.||USD 1,000|
|Heritage Bank||USD 3,000|
|British Virgin Island||First Caribbean International Bank||USD 25,000|
|Hong Kong||Bank of East Asia||Contact us for details|
|Fubon Bank||Contact us for details|
|Hang Seng Bank||HKD 10,000|
|OCBC Wing Hang||HKD 25,000|
|Standard Charter Bank||Contact us for details|
|Mauritius||ABC Banking Corporation||USD 5,000|
|Bank One Limited||USD 10,000|
|Mauritius Commercial Bank||USD 50,000|
|Investec Bank||USD 50,000|
|Puerto Rico||Euro Pacific Bank||USD 500|
|Singapore||Citi Bank||USD 300,000|
|OCBC Bank||USD 30,000|
|Switzerland||CIM Banque||USD 20,000|
|UAE||RAK Bank||USD 10,000|
General documents required for opening your UK company bank account are listed below for your review:
Please contact BBCIncorp to receive free consulting for your case.
Final Rules of BVI Economic Substance Released
For those who are BVI legal entities, it should be noted that amendments have been made on The Economic Substance (Companies and Limited Partnerships) Act, 2018 (ESA) which was enacted in the British Virgin Islands on 31 December 2018 and came into effect on 1 January 2019.