Offshore Glossary

Annual Fees - Annual fees

are fixed annual fees of offshore companies. Generally the offshore company registration fees and the government agent in the jurisdiction of registration. In these unpaid fees a company may be penalized or deleted from the Register.

Apostille - Verification of documents for recognition in another country than they have been issued

special form of verification of the document (eg a proxy), issued in conformity with the standards of the Hague Convention of 1961. Thus, certified documents are recognized by all signatories to the Hague Convention without further verification. Thus, certified documents are required in particular in setting up bank accounts.

Beneficial Owner - The actual owner, the owner

entity receiving benefits, such as. beneficial owner of offshore companies.

Certificate of Incorporation - Certificate of incorporation

is a document that is in the common law counterpart, an extract from the Commercial Register. The document shows the establishment of the company.

Company: - The Company

legal person founded and owned by other natural or legal persons. The company is the subject of business activity and the ability to conduct commercial activities. The company bears responsibility separate from the responsibilities of their owners. It is also among corporations.

Double Taxation Agreement - a double zdanennia

This is an agreement between the 2 countries to avoid double zdanania. This could happen in the case where a resident of one country's income from other countries. The agreement determines how taxing such income. If some items are taxed in both countries, the agreement specifies the exemption in charge of one of them, or the tax paid in one country counted as a tax paid in another country. For example, in Cyprus IBC company is set up mainly for the benefit of these contracts.

Incorporated (INC) - The joint stock company in the U.S.

joint stock company established in one of the United States. Liability company may set up at least 1 person who is appointed to all the functions required by law.

International Business Company (IBC) - International trading company

companies routinely operate their businesses outside the jurisdiction of its formation. Companies may have general meetings anywhere in the world and have bank accounts in any country. IBC is exempt from all kinds of taxes in the jurisdictions established. As a rule, these companies tend low rating because of the lack of details on the register requirement of shareholders and company directors.

Jurisdiction - jurisdiction: - jurisdiction

is a territory or country in which the company is based. Each jurisdiction has its own legislation concerning the establishment of companies and other activities.

Limited Liability Company (LLC) - a limited company in the U.S.

LLC company is a grouping of 1 or more persons are liable for závezky companies only up share capital. LLC is for tax purposes considered to be Tax-through entities, namely the company itself does not normally pay income tax, taxation takes place at the level of shareholders.

Memorandum and Articles of Association - Company formation deed

instrument establishing a company in the Anglo-Saxon legal system. The belated defines the basic rights and obligations of individual shareholders, directors and other officials of the company. Legally, this is a substitute for the social contract and articles of association in continental law.

Nominal (Nominee) Director - Director of charge

Formal

appointed director, while the actual management of the company being the owner or agent.

Nominal (Nominee) Shareholder (Member) - nominee shareholder

shareholder who holds formal action. In any case, transferring those shares to the actual owner or owner's instructions to anyone else.

Nominees: - assigned to the shareholders, directors, managers, ...

Common name for the responsible director, shareholder and other responsible officials in charge of (Secretary, Treasurer, ...)

Offshore - Offshore companies

Are foreign companies located in countries that are considered tax havens. The offshore company taxation is usually in the form of the flat fee of several hundred Euros. In most of these destinations it is not necessary to draw up a tax return and audited income.

onshore - onshore companies

onshore companies are foreign companies located in the extreme classical tax system. The concept is well established as an onshore opozitum of offshore, which means the company from tax havens.

Power of Attorney - Power of Attorney

Power of Attorney is a document certifying the assignment of one person to exercise the rights of another person. Usually used in full power for use Nominee Director when the Director appointed to instruct another person acting for the company.

Ready Made Shelf Company = - pre-registered company

we founded the company in selected countries because of their continued fast sales. Companies had never engaged in any activity they are no claims and have paid up. When purchasing a ready made company can start within a few hours

Registered Office: - registered office of the company

It's officially registered place of a society where all mail sent to the authorities. It can be anywhere in the jurisdiction of establishment and delivery address must be functional. Zpravidla this office provides registration agent.

Share Certificate - Participation certificate

document certifying possession of shares in the case of a limited company, this document is akcivým certificate.