IBC FAQ - 3 of 5

How Does A Death Affect My IBC?

In order to keep from having any disruption of the management of the company when a key person dies, you need to have a successor named in advance. A good lawyer will prepare a minute to be adopted at a meeting that appoints a particular person to succeed the named individual in the event of their death. By having this advance minute established, the control passes immediately to the successor, in the unfortunate event of the death of a Director or Shareholder. We can provide a reference to a Canadian estate planning lawyer that is experienced with both the offshore complexity, as well as the domestic considerations, to work on your behalf.

Is It Legal To Own An IBC, Bank Accounts, & Investments?

Absolutely. Because Canada encourages International trade and investment, there are few restrictions on residents doing business or having bank accounts in other countries. Offshore investment vehicles are used every day by sophisticated and knowledgeable high net-worth individuals and corporations all over the world. Revenue Canada wants you to report your world-wide income, and any interest you have in an offshore entity. We have provided a Reporting Requirements report on this web site for your reference and encourage you to print it and read it carefully. We can also refer experienced Canadian legal counsel to guide you through common concerns, and comment, or provide clients with a written opinion on our legal structures.

What Position Should I Hold?

If you want to be the President or Owner, you should also accept the tax responsibilities that go along with control. Most owners prefer to appoint a Nominee Director to sign documents, although it may cost you five-hundred dollars each year. It is common for the Canadian to hold a contract position with the IBC, allowing repatriated income to be declared, net of expenses, and taxes paid. The IBC may grant the Canadian a banking power-of-attorney to sign on and conduct transactions as the company agent. Clients of Can-Offshore may request our seven-page Contractor agreement template for personalization and use, returned by e-mail as a Word document attachment, and a standard banking Power-of-Attorney forms.

Can The IBC Open A Bank Account In Its Name?

Yes, however opening a corporate bank account can be very time-consuming and frustrating the first time you attempt to do-it-yourself. Some countries expect you to personally travel and visit their branch. Others require every page to be notarized and demand extensive references and proof of ID.

Can-Offshore Services  can introduce and open a private numbered corporate bank account, in a good country with a trustworthy bank. Costs begin at $350 for this service with our standard Internet access Caribbean bank. When a shelf company is ordered, we can assign an account number within 24-hours of payment.

An opening deposit of $1000 is the minimum requirement. Access is by the banks secure web site 24 hours a day, 7 days a week, providing instant viewing of the daily account balances and transaction records. Funds can flow by wire transfers, bank drafts, a company check-book, or a debit/credit card used for purchases or cash advances at ATM machines World-wide.

Can I Open Secured Credit or Debit Card In the IBC Name?

Yes, we will introduce and facilitate the origination of a Credit Card. The market for Offshore card products has become very competitive, so we are constantly reviewing the options and offers of different providers.

Our current favourite is a VISA Anonymous debit card  from a bank in Europe. It offers: 

• No transaction cost for purchases
• All funds on account are available
• Purchases made with a PIN # do not require a signature
• Low cost ATM world-wide, USD2.50 + 2%
• Online secure account access 24/7
• Subject to change

For maximum privacy, the numbered card does not show either the IBC or the personal names. Companies can have one card for each employee, each in individual, segregated accounts to gives access to foreign income.

Can An IBC Buy Shares Or Mutual Funds In the IBC's Name?

Yes, we can introduce trustworthy, advanced on-line brokerage services that the IBC can transact and monitor from a home computer. Alternatively using a full service foreign broker.

Day-traders can add significant security and profit to their program by using a foreign entity properly. Contact us to discuss different needs and opportunities.

 

Follow the link below to the next part of the IBC FAQ 4 for the continuation....