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Monthly Archives: May 2013

When a company makes profits, the most important thing to do next is to keep these profits secure. Especially for offshore companies like British Virgin Islands (BVI) incorporations, the security of assets and wealth needs to be assuring and tight. In the BVI area or territory, banking and bank accounts have a very prominent characteristic of security and most notably, that of privacy.

Secure and safe banking in the BVI will require extensive and detailed information about the business of the BVI incorporation from the owners and controllers of the bank account. Banking in the BVI is easier in the sense that owners need not personally make a physical trip to the banks. However, owners do need to know their clientele very well and follows the laws of banking regulations.

To set up bank accounts in the BVI, the identities of beneficial owners and controllers of the BVI incorporation will need to be verified. This is done through the turning in of copies of passports and a second mode of identification. A banker’s or a professional reference is also required, along with a description of the business details and a cashflow forecast or management report. Overall, important elements of the process of setting up a bank account in the BVI include the identities of owners and controllers, information about the company’s business and the BVI incorporation’s method of operation.

Banking in the BVI entails a high level of secrecy. Although a lot of information has to be exchanged with the banks in order to ensure that the incorporation’s wealth is secure, this information is still protected by the law within the BVI. If such information is disclosed, BVI incorporation owners can be rest assured that there will be severe consequences for the disclosure. Any sort of foreign access (no matter governmental or any other party) to such information is prohibited. Hence, BVI incorporations can be confident that their banking information would remain secure and access to such will be highly restricted. Any access to banking information of information about the BVI incorporation will have to be supported and granted permission by court order.

Owners of BVI incorporations can also choose other methods of securing their wealth and their company profits. They can choose to bank with their preferred banks overseas, or banks that they are familiar with and used to. However, it will pose a disadvantage to them such that they will not be able to reap from the BVI territory’s tax circumstances and benefits. Also, the banking process will be subjected to more scrutiny and will not enjoy as much privacy and secrecy.

One may also choose to put their wealth overseas in other major financial centres such as the UK, Switzerland, Luxembourg, Austria, Cayman Islands, Isle of Man and the Channel Islands. If owners of BVI incorporations choose to do as such, the BVI has many banking branches that are affiliated to such financial centres and can be of great help and convenience to the company.

The BVI also offers many other international banking means and services. Among these, the BVI has many commercial banking options and branches that make banking very dynamic for BVI incorporation owners. Such commercial banks include the First Caribbean International Bank, FirstBank BVI and VP Bank (BVI).

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The business world is all about exceeding expectations and constantly improving as a company or even as an individual. Practicality is very often the key for advancement and success. What your business need to do is to gain its clients’ trust. To boost your business’s development, you need to make use of all the available schemes. Small and medium enterprises (SMEs) can get maximum benefits when they apply for the innovation and capability voucher (ICV). The ICV is known to assist SMEs in four areas of upgrading, namely, innovation, productivity, human resources and financial management. The ICV provides guidance such as assessment of new technology, training courses customised to the technology needs of the company or carry out market research on a new products. To find out more about ICV, visit SPRING official website.

Success or failure in goal accomplishment is determined by progress rate. The rate of progress differs among companies. We are never sure whether a business may advance or slip back. In terms of backwardness, we talk about inefficient implementation of goals. Hence, it is important for a business to embrace different levels with short and long term goals for improvement.

With the ICV, SMEs can obtain SGD $5,000 to enhance their capabilities. An SME is allowed to apply for two vouchers per area for supported services at service providers participating in the ICV scheme. For SMEs which wish to further upgrade their capabilities in any of the areas, they may choose other assistance programmes.

The ICV possess the capability to increase businesses’ productivity. Google search productivity, you will find out that it is is calculated by dividing average output per period by the total costs incurred or resources through that extent of time. A critical determinant of cost efficiency, it enhances SMEs’ overall performance. The ICV is basically, to put it blantly, government money for you to take advantage of.

Singapore is a country that is in its developing-developed stage. This means that a nation doesn’t stop developing. A developed country has growth, expansion, progress and improvement in economic aspect and even social aspect. The economic aspect concerns income per capita, the employment structure and employment opportunities for Singaporean workers. This consecutively brings physical comfort and happpiness for the nation’s people. With a high standard of living and good quality of life. This successively brings a high degree of satisfaction with prevailing living conditions.

With productivity, economic growth is assured. With the accumulation of material wealth, the avenue for other development goals can be provided.

By boosting productivity, not only does it brings improvement to SMEs but rather, the country as a whole. Developed countries tend to have high employment opportunities which creates the need to increase production to meet rising demands.

According to The Straits Times, The government is investing $2.5 billion over the next few years to build up an extensive continuing education and training system, including two national training centres in Paya Lebar and Jurong East. In addition, SGD $600 million has been bounded by the government out of a $2 billion National Productivity Fund to support firms’ efforts to boost productivity.

Singapore, one of the pioneer group of newly industralising economies, or NIEs to put it shortly, has enjoyed good growth and is still growing. Classification  corresponding to levels of development changes through time. As a nation advances, its decrepit label is tossed off and it becomes classified according to its economic achievement.

The ICV possess the skill and faculty to help SMEs improve and flourish. Failure is not an option, so use it to help you find solutions and answers.

Singapore is ace when it comes to business friendly countries. According to Santa Ana Charles Hart City Council Ward 3 website, business friendly refers to low taxes, low fees, few and fair regulations, educational and training opportunities and a safe working environment for the business and its customers. Now that we know that Singapore is ranked first, this all means that business opportunities in Singapore are extremely high. Reason being, just by the fact that Singapore has managed to stay at the top for seven consecutive years. Many people are still admiring the country’s efficiency.

The ranking was determined by exploring the eleven areas of business regulation. This involved- just to name a few- the ease of starting a business, getting construction permits, electricity and credit, paying taxes, enforcing contracts, getting support from the government and employing workers.

When it concerns business opportunities in Singapore, there are a few things to take note if you want the recipe to success and to blow away the competition. First up, it is important for a business to have a friendly and efficient way to dealing with contacts. By the time you exceed all expectations and achieve  exponential success, your company will get the competitive advantage and be the best in the business.

The Business Times has stated that while it would be tough for Singapore to make convincing advancement, the country has the opportunity to seek for improvement in the area of property registration.

Singapore, among other countries- 23 economies in East Asia and the Pacific to be exact- have made their administrative background more business friendly since 2005. Additional countries include San Antonio and other Texas sites. There are even several countries sending up their representatives to Singapore to learn its business system.

To cater to the high demand of business opportunities in Singapore, the country made sure that there are plenty of business hotels for clients. There are over 50 hotels ranging from Swissotel Merchant Court, The Ritz-Carlton Millenia, Pan Pacific Orchard Hotel to Amara Sanctuary Resort Sentosa. These are mainly four/five stars hotels located at the central business and shopping district and the airport.

In terms of ease of doing business and trading across borders, Singapore is also ranked first. The country’s export goods include machinery and equipment, pharmaceutical and refined petroleum products. Some of the most common import goods is comprised of mineral fuels, chemicals, foodstuffs and consumer goods. The country still stands among the top three when it comes to dealing with construction permits, protecting investors and resolving insolvency.

Numerous sites have reported that Singapore’s economy has been ranked as the most open in the world, the least corrupt, most pro-business, with low tax rates (14.2% of GDP) and one of the highest per-capita gross domestic products in the world. These reports include the World Economic Forum and the Transparency International 2012.

In addition, the country has several international trade agreements with other countries. As you’re reading this, you might recall the Agreement between New Zealand and Singapore on a Closer Economic Partnership (ANZSCEP) and the Agreement between Japan and the Republic of Singapore for a New-Age Economic Partnership (JSEPA). Both agreements concluded on 2000 and 2001 respectively.

To conclude, we can all agree that while the costs of living in Singapore is high, the economic viability of country has established it as an attractive business location. Because of the huge number of business opportunities in Singapore, the little red dot has proven it as an accomplished and diversified country.

In the globalised economic arena today, there is quite a big number of tax havens that are situated all around the globe. Such examples include the British Virgin Islands, Hong Kong, Singapore, and Panama. So how does one pick out the best tax haven there is and reap an optimum benefit? Here are some features of what good tax havens are, and how different characteristics across the different areas can be suited to your individual needs.

Obviously, the best tax havens for individuals will feature the best no-tax policy for international incorporations. For most or all of these tax havens, international incorporations need not pay for local taxes on the profits earned internationally in these territories. Different territories will offer different tax-free policies for international businesses. For one, the tax havens in the Caribbean will have no tax on capital gains, estate, gifts and inheritance and there is no withholding tax. Meanwhile, there are other good tax havens may also exercise a minimal or very low tax regime, with a low rate of maybe 10% on annual profits. One such example will be the tax haven Cyprus.

What is common across all good tax havens is that international companies will still have to be yearly license fees to the government of that territory. However, the rates of these license fees may vary. Some areas may proportionate the fee to the size of one’s authorized shareholding of the company, and others may fix the fee at a fixed rate.

Best tax havens will definitely also feature a significantly high level of privacy for the company’s business processes. Yearly tax reports needn’t be submitted for the best tax havens, and information of the company need not be publicly recorded. Best tax havens will provide incredibly substantial efforts to protect the privacy of offshore companies. The best areas will include in the legislative jurisdiction regulatory rules and laws that will protect the company’s privacy from being threatened through improper and unauthorized disclosure by any sort of third party.

The best tax havens will also feature good international or offshore banking services. These areas will provide tax-free banking. That is, companies do not have to pay taxes on their interests. Also, good international banking in the best tax havens will feature banking characteristics and services that will provide high levels of secrecy pertaining to banking information.

Most importantly, best tax havens will have a government that will cooperate with authorities to ensure that the economic environment of the area is still stable. Best tax havens will have legislation that keep the territories free from any potentially induced criminal acts that may result from tax-free environments.

The best tax havens will suit individual needs the most. One can find out which tax havens are best for them by comparing tax havens across various characteristics. Such features will include the extent of service that is offered by the tax haven, the ability and availability of complex transactions, KYC complexity, ease of communication and of course, costs. In choosing and determining the best tax haven for an individual, one would have to question how these features are ranked according to importance and needs.

If you’re familiar with the business news in Singapore, it probably doesn’t come off a surprise to realise that our country is a leading provider when it comes to tax haven for incorporation. The little red dot is is the fourth-largest fund management centre in the world. This also means that the country’s system is efficient. An offshore jurisdiction, Singapore is wildly considered as one of the busiest ports in the world. Other countries include Maldives, Dominica, Nevis, Anguilla, the BVI, Barbados, Panama, Cyprus, Seychelles, Hong Kong and the Cayman Islands.

When it comes to the best tax haven for incorporation, the island to the south of the Malay Peninsula is very often the top choice for wealthy entrepreneurs. The main reason for this outcome? Singapore possess a sturdy and constant government. With asset protection and growth on investments, the country has a total tax rate of 25.4%, including a 7.4% profit tax, 14.9% labor tax and 3.1% in other taxes. A limit of 5 tax payments, Singapore’s strong banking system makes it easier for businesses to file taxes. More importantly, Singapore has tax treaties with countries such as China, France, Switzerland, Australia, Sweden and New Zealand among others. Additionally, the simple online payment systems also makes it less daunting.

On a slight different note, Hong Kong has a total tax rate of 24.1%, including a 18.7% profit tax, 5.3% labor tax and 0.1% in other taxes. Hong Kong, situated in Southern China at the mouth of the Pearl River has a limit of 3 tax payments, is considered one of the most developed capitalist countries of the world. According to Index of Economic Freedom, an annual index and ranking to measure the degree of economic freedom in the world’s nations, Hong Kong ranks in the first place. As of 2013, the country has a high score of 89.3. Currently in second and third place belongs to Singapore and Australia with a score of 88.0 and 82.6 respectively. Some of Hong Kong’s main export partners include mainland China and the United States of America. With low taxes available, without a doubt, the country has attracted many entrepreneurs from all over the globe.

Qatar, the richest country in the Muslim world, has a total tax rate of 11.3%, though, this is limited to a 11.3% labor tax. Qatar, one of the oil-rich states, has no need to demand tax from her citizens. Other nations include Bahrain, Brunei, Kuwait, Oman, Saudi Arabia and the United Arab Emirates.

As previously mentioned above, the Cayman Islands has one of the best tax haven incorporation. Along with the Bahamas and Bermuda, these three are unrestrainedly considered ‘paradise islands’. With no direct taxation, the Cayman Islands is the world’s fifth largest financial offshore centre. The Cayman Island respects the privacy of its offshore business companies, and it is famously known that the island adheres to strict laws towards the privacy of its offshore clients.

Likewise, the Bahamas will most definitely bring in positive results of growing capital. A tax free environment, asset protection is a surety. Even today, the Bahamas is the ideal choice among investors from developed countries around the globe.

There are many factors to consider when it comes to tax haven for incorporation. While Singapore may not stand at the top spot right now, it is tipped that the country would overtake Switzerland to become the largest global offshore wealth center in terms of assets by 2020.

A corporate tax haven is a territory that provides favorable tax circumstances and a liberal tax environment for corporations to set up their businesses. More often than not, corporate tax havens are offshore territories. Such include the British Virgin Islands, Singapore, Hong Kong and the Bahamas.

In corporate havens, tax regimes are designed to attract corporations to the territory to set up businesses within the territory and most corporate tax havens provide a zero-taxation regime that is available for international businesses, known as International Business Companies (IBCs) that set up their businesses in the territory from other parts of the world. For companies that derive profits and incomes from outside of the territory need not carry any taxation burdens on their incomes and profits at all. Most corporate havens will impose a zero-taxation scheme, while some others will impose a very minimum tax rate that amounts only about 1 and 2.5% on the corporations’ annual earnings. Such territories are known as low-tax territories or jurisdictions. One example of such a low tax jurisdiction is Barbados.

Corporate tax havens do not only protect corporations from taxation. They also protect the privacy of the corporations as well. In most of the corporate tax havens, it is lawful that the corporations’ financial records and statements will not and need not be exposed to government authorities or publicly filed. As such, the corporations will retain and maintain financial privacy for their companies set up in corporate tax havens. Even though some low-tax jurisdictions require some registered filing of annual returns and accounting records, many international companies are still able to take advantage of corporate tax havens in such that these territories do not have any treaties signed with government authorities, including the home government of the international corporation. As such, corporations have the advantage of not disclosing financial progress and statements to the government authorities of their home countries, which may very well impose a tax on their profits and incomes if such financial information were otherwise disclosed.

On top of all that were mentioned, corporate tax havens often offer offshore banking and allow corporations to set up international bank accounts. The privacy of corporations are also taken care of with the respect of banking as well, as various laws are in place in corporate tax havens to ensure that banks keep information about bank account holders private. As such, corporations still enjoy banking secrecy with their banking processes and need not worry about any disclosure of their bank accounts or banking information.

Overall, corporate tax havens protect companies from improper disclosure of information and threat to company privacies and maintain such characteristics in the name of the law within the jurisdiction. Corporations that set up businesses and companies in corporate tax havens almost certainly enjoy strong asset protection and confidentiality and privacy protection in such territories, which therefore allow international corporations in such territories to be able to thrive and grow without worry or unnecessary burdens.

An international business company in the British Virgin Islands (BVI) is one of the most viable choices and decisions that a businessperson with the conviction to succeed can make.

One of the greatest burdens of any international company is the worry of financial liabilities, especially in the form of taxation, compensation and interest payments. In the case of international companies in the BVI, one does not need to worry much about such liabilities. Hence, choosing a BVI international business company is definitely an easy move to make.

A BVI international business company does not need to suffer and tolerate heavy tax burdens such as the BVI income tax, or interest payments. Any payment that will be made basically consists of land-ownership transactions, as even royalty fees and taxes on individuals do not need to be considered into the company’s costs.

Besides the exemption from tax payments, a BVI international business company also has a flexible management structure unlike a regular international company. The company would only need in its management board an owner, director and shareholder, and the same individual can concurrently hold the position of both the director and the shareholder.

With high flexibility, another astounding feature of a BVI international business company that sets it apart is its characteristic of high confidentiality as part of the BVI International Business Companies Ordinance in 1984. For one, there is a very minimum amount of public filing that is required. Confidentiality of the management board to amazingly high since it is not a necessity to disclose the details of owners, directors and shareholders.

On top of that, there is no requirement that makes it necessary to disclose operational objectives of the company. Hence, the company enjoys great privacy in its operations as well. Also, the company does not need to publicly file or disclose financial statements and accounts such as annual returns, or any sort of financial record.

With these benefits, it is no wonder or mystery that the BVI international company is a very popular choice for many people with various business interests. In the meantime, these companies cope with their popularity well and the successes of BVI international companies do not impede their proficiency and devotion to confidentiality and flexibility. These characteristics of the BVI incorporation remain as distinguishing and beneficial traits of the companies in the BVI.

Also, it is a plus that the registration for a BVI incorporation is a relatively easy process compared to the usual registration of other international business companies. The registration for the BVI incorporation takes a very short time to complete, and can be even done in one day’s time through a registered agent. The naming of a BVI incorporation or international company is also very convenient, as the name of the corporation can actually be reserved for up to 90 days and can be subject to change.

With the many benefits that one can reap from a BVI incorporation, one can be extremely confident to achieve optimum levels of profit and success in one’s business endeavors. The BVI incorporation reduces the fuss of registration and business making, and thus makes the functioning of the company easier and more accessible. Thus, it is no wonder that the BVI incorporation is a universally preferred choice and definitely the right choice for a businessperson to make towards fulfilling his business goals.