Government Issued Financial Licenses – Trust Services

There are a number of jurisdictions and a number of possibilities for setting up financial institutions offshore. There is more to doing business offshore than just finding a place to put your money. One possibility is offering trust services.
By: Geir Holstad
 
May 11, 2010 - PRLog -- Government Issued Financial Licenses – Trust Services

There are a number of jurisdictions and a number of possibilities for setting up financial institutions offshore. There is more to doing business offshore than just finding a place to put your money. One possibility is offering trust services.

Doing business offshore commonly involves finding the means to move money efficiently in and out of a tax advantaged jurisdiction. It involves doing business and banking in jurisdictions where discretion is the rule instead of the exception. Doing business offshore typically involves a combination of an offshore foundation, corporation, and banking. In this day and age many individuals and corporations are looking for offshore financial services, including offshore trusts. This fact makes the provision of offshore trust services a promising source of income.

To offer trust services you will need to formulate a business plan, choose a jurisdiction, and obtain licensing. Doing so with the advice and assistance of competent counsel is the most reliable way to proceed. A typical minimum setup cost will run around $27,000. A brief overview of the process is listed below.

Trust Formation and Management of Offshore Trusts and Provision of Trustee Services License

There are a number of jurisdictions for setting up an international financial entity and obtaining a government issued license. Working with someone knowledgeable in the field will no only help you choose the right jurisdiction but also which licenses to obtain. Working with an expert will help you set up your international business in a cost efficient manner.

Requirements for Government Issued Financial Licenses for Trust Services

Applying for a license for providing offshore trust services requires that you provide pertinent information regarding yourself and all directors, shareholders, and officers. You will need to provide names, addresses, and how much capital is going into the business.

As with most such applications the government in the jurisdiction involved may wish to know if you have been involved in bankruptcy proceedings or been the subject of any civil or criminal matters pertaining to the running of a business.

To the extent that you or your partners in setting up such a business wish a degree of privacy it is possible at times to use qualified nominee services. This is something that competent counsel can advise you on and set up if you desire.

Fees

Typical application including fees to the government in question will run around $27,000 for the application and $12,500 for the yearly license renewal including government renewal fees. The application fee is not returned in the event of your not obtaining a license but the annual fee is only imposed if the license is approved.

Make Your Trust Services Operation More Cost Effective - Out Sourcing

In setting up and running an offshore financial entity you can take advantage of those with expertise by outsourcing a large part of the operation. The following is a list of services that can be easily outsourced to get an operation up and running.

• Management services
• Qualified nominee services. Certain of the above mentioned licenses would require qualified directors or staff. A competent company can assist in providing such services in the event you would not qualify for the application. Annual cost for such provision would be around $13,000.
• Initiation of the application process
• Development and maintenance of web pages with sophisticated functions and design
• Provision of necessary banking or financial software within the different areas you would apply for.
• Competent structuring or your financial entity allowing low or no taxation using offshore structures and outsourcing facilities.

Always consult with competent counsel when setting up an offshore financial entity such as one offering trust services.

# # #

http://userbancorp.com

An offshore formations and banking specialist offering offshore structures, formation of companies, foundations, banks and financial institutions, incl government issued financial licenses.

Mail: geir.holstad@userbancorp.com
End
User Bancorp Ltd PRs
Trending News
Most Viewed
Top Daily News



Like PRLog?
9K2K1K
Click to Share