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2022-06-30 |
【4 mins Read】OneStart Weekly - Challenges: Set up Offshore Company

Challenges ahead – Set Up Offshore Company

At OneStart Business Centre, we promise to offer you the most help you can get when incorporating your offshore company remotely. However, you must be wondering why – Why can’t I do this by myself? Of course, you can my deary, but there might be some possible challenges you might face ahead. Here’s some possible scenarios, and how finding reliable experienced agents to help you can avoid those annoying problems.

The very first challenge you will bump into is the differences in requirements of registration. If you recall, not every country that we introduced in the previous few blogs follow the English Common Law. This means that the regulations and procedures related to company formation and incorporation will be different. May not be necessarily big differences, but the standard requirement for information to-be-included in the forms might vary. Simply take China as an example, the bank credit certificates of the shareholders will be required, and proper translation into Chinese is needed for all the documents. There will then be possible translational errors or a miss in document preparations. We know it can be dreadful when waiting for the Registrar’s replies. Is the delay because of a problem with my documents? Or have I missed something? Is there a problem with my background search by the Registrar? Why I haven’t got any news from them? However, when you let professionals to help you with the registration process, OneStart Business Centre can help to prepare all the necessary documents, without you worry. All those questions will disappear, because we have your worries attended. So why get yourself into the big mess troubles, when you can sit back and take a sip of your Espresso.

The second possible problem you will possibly get into is the complexity of registration process. You will have to reach out to the local government and find all the necessary forms to fill, when at the same time, searching for a lawyer at the destination to help you with some legal documentations. Apart from the piles of forms you need to prepare, for some destinations, incorporation of offshore company requires a local address and a local company secretary. If you can consider to incorporate in a foreign destination that you have not set your foot on, how would you know which law firm to put your trust in, or how to secure an address for your offshore company? But with the help of agencies, company formation overseas is easier for you. All those lineages would be sought and built by the agency – a local Hong Kong agency that you have put your trust in. If anything goes wrong, you can still be able to report to the local authorities, and get help you need within the border. Therefore, OneStart Business Centre suggests our readers to find agencies that have years of experience in offshore company formation. In this case, they would have a long-trusted lineages built with the overseas agencies. Before reaching out, be sure to check if they are a licensed company formation service provider like OneStart Business Centre. You can always go to the Hong Kong Registrar to search for the validity of related licenses.

 

The third challenge is the fluctuating fees. As you know, hiring foreign lawyers or accountants for dealing with your offshore companies’ affairs might come with a fluctuating price. They might charge your not under standard rates, but depending on the rates or how they are feeling. At OneStart Business Centre, we have professional accountants and teams of company secretaries to help our clients with all sorts of requests. In some instances, if not required by the foreign authorities, you can find Hong Kong service agencies to help you tackle the corporate reporting. In this way, service charges are clearly listed on OneStart Business Centre’s website, and you would be able to plan your capital beforehand, without suffering from the tidal-like changing fees.

You can always choose to incorporate your offshore company by yourself. All you will need is more careful research into the requirements, and always check the licenses and reputation of the foreign service providers, including the lawyer. This is for your own safety, as any company owners not fully abiding by the foreign institutions, are subjected to sentence or fining. Therefore, this is also why, almost in all the guidance posted by the foreign Registrar, they urge applicants to find licensed agents for help. Here, in OneStart Business Centre, we will thrive to help you perfect your registration.

Are you ready for taking the next step in your business planning? Interested in OneStart Business Centre’s Company Formation and Accounting Services? Phone in to our hotline 3575 6888 or WhatsApp our helpful consultants!