All you need to know about Setting a Limited Company

Limited liability companies are considered extremely popular business structures in most parts of the world. With a limited company formation, the company directors tend to enjoy LIMITED liability. At the same time, the financial aspects of the company don’t take a toll on the personal finances of the owner. Kindly note that such is not the case when it comes to those professionals who run a business as a sole trader.  If you are a shareholder for the limited company, you will not be held responsible for any kinds of debts that the business has succumbed to. However, you may be asked to become a guarantor for the commercial loans being taken in the name of the business.

Registering the Limited Company

Setting up a limited company is not a difficult process. However, you need to consider the rules and guidelines being formed by the regulatory body for registration of the limited company in your jurisdiction. It is the regulatory body that plays the integral role of maintaining the registry of the companies. Before starting the business as a limited company, it is necessary for the company to get registered with the Regulatory Body.

The same rule goes for offshore company formation too. The entire approach can well be much simpler than you have ever thought. Either you can handle it yourself or may hire services of a Regulatory Body agent to handle the proceedings. You can also look for a company formation agent to get the proceedings carried out online within a matter of a few hours. 

Opening an offshore bank account is equally crucial part of the process. However, there are numerous guidelines and regulations to follow while going through the offshore banking process for your limited company. However, as long you are complying with the jurisdiction and those that are regulating the overseas bank, there’s no need to worry about in regards to the legality aspects.  

Things Needed For Opening Offshore Company With Bank Account

There are lot of things that need to be considered before setting up a company offshore. Apart from selecting the right destination, there are many legal formalities required before opening an offshore company. These days, there are few trusted agencies that assist and help you opening an offshore company. They take of everything and make sure you do not face any trouble regarding your company. When you are planning to open an offshore company, a bank account in the same city is of absolute necessity and if you are planning to open an offshore company with bank account, there are few things that you would need. All banks do not require a physical interview and many provide the option of opening an account online as well depending on few factors. There are paperwork involved and these paperwork need to be absolutely okay for opening a bank account. If you are planning to open an online account, make sure the package you send to your bank, has the following documents:

* Letter mentioning the purpose: Draft a letter in favor of the bank manager telling the purpose of your company and of course the bank account. Also mention the approximate annual turnover and provide information of possible origin of the funds. Provide any other fund related information even if you bank does not ask for it to avoid troublesome scrutiny later.

* Proof of existence of your company:  Providing evidence of the legal existence of your company is important. Certificate of Incorporation or some other certificates which proves the legal existence of your company will be helpful. 

* Provide the company charter: Providing a copy of any form company’s charter is also important.

* Director’ mandate: Though some banks might provide a resolution that needs to be signed by the director, there are many that do not provide. In such cases, draft a resolution that has been signed by the company’s board of directors that authorities the bank to act as the company’s depository for funds. This also important to make the signing authority clear.

* Legal Capacity of the director: Make sure of providing a firm proof of the company’s directorship. Take to the bank or take help from agencies that provide assistance regarding these matters to know what exactly can be useful in this case and what all will be relevant.

* Shareholders: Mostly all banks require all information about the shareholders of the company. While some provide their own declaration that needs to be completed and signed by the signing authority of your company. 

* Identity Proof: Providing an identity proof of all the signing authorities is mandatory. That proof can be anything like your passport or driving license. Some may also ask for copy of identity proof of all the directors. 

* Bank Reference: This is not common though few banks might ask for reference letters from other banks for each signatory.
 

These are few of the things required for opening an offshore company with bank account. It is best to hire the services of companies that provide assistance regarding everything related to an offshore company.