Frequently asked questions


What kind of information can be found on your website?

www.bbp-net.com is a service created to ensure the convenience of customers and the simplicity of placing an order. Here you can:

  • obtain ample information required in order to incorporate a company

  • find our recommendations

  • ask any question that might interest you by e-mail and get a prompt response within a day

  • see the list of ready-made companies

  • order company incorporation online or acquire a ready-made company

  • read the news pertaining to the taxation systems, legislation and financial institutions of different countries

  • obtain information on the annual company support

  • obtain information on any other adittional services for companies, including accounting services

  • get to know our special offers

How can I open a bank account for my company?

The best and the simplest option is to open a bank account for your non-resident company in a bank that already knows your business and yourself as a customer.

It is critical that you ask the bank whether there are any restrictions pertaining to the choice of jurisdiction in the location where you intend to open your account.

Depending on the business operated by your company, BBP may suggest the best bank for you to cooperate with or provide assistance in opening an account for your company in a bank operating in the respective country, e.g. in Latvia, Estonia, Denmark, Austria, Liechtenstein, Switzerland, Cyprus and Hong Kong.

What is an offshore /an offshore jurisdiction?

Offshore jurisdictions are small countries and administrative territories with taxes greatly reduced or revoked altogether for the purpose of attracting capital.
Offshore (offshore company) – a company registered in an offshore jurisdiction.

Principal advantages of offshore jurisdictions:

  1. Tax exemption. Such exemption shall apply provided that the company does not operate within the territory of the country of registration. An annual fee of USD 150 – 1000, depending on the jurisdiction, is payable instead of the profit tax regardless of the amount of income.
  2. Exemption from financial reportingNo need to prepare and submit annual financial reports, with the exception of Gibraltar and Hong Kong.
  3. No currency control.
  4. Confidentiality. Registers are not publicly accessible, which ensures a high level of confidentiality for company owners. Personal information about the owners of offshore companies are not disclosed.
  5. Facilitated procedure of incorporating an offshore company.
  6. Companies in offshore jurisdictions are much cheaper to maintain than those registered in moderate taxation zones and the largest industrial countries.

Can I own a company registered in an offshore jurisdiction?

Yes, a person of any nationality may incorporate a company in an offshore jurisdiction.

Which jurisdictions require companies to draw up and submit annual reports?

The following jurisdictions require preparation of the annual financial reports:

Offshore jurisdictions:

  • Hong Kong
  • Gibraltar

Jurisdictions with a preferential taxation:

  • Latvia, LTD
  • Cyprus
  • United Kingdom
  • Switzerland
  • Netherlands, BV
  • Singapore
  • New Zealand
  • USA

How do I select the jurisdiction of the incorporation of my company?

First, you have to decide where do you want your company to be incorporated – in an offshore jurisdiction or in a preferential taxation jurisdiction.
The choice of jurisdiction depends on your business and on the purpose of the new non-resident company.

Factors to be considered when choosing the jurisdiction:

  1. Commercial purposes

Apart from the consideration of tax minimization, one must also consider the actual commercial purposes of creating an offshore structure.

If your commercial purposes are compatible with registering a non-resident company in an offshore jurisdiction, then, considering the key advantages of offshore countries, it I better to register a company in an offshore jurisdiction.

2. Black lists

The presence or absence of a specific state in the black lists of the countries where the company is going to carry out its trade and investment operations and the influence of this circumstance on the business of this company.
Black lists – the lists of countries subject to certain restrictions on business operations therewith. Almost all conventional offshore jurisdictions are on black lists. Yet, there are exceptions: for instance, Panama is not on the black list of Ukraine, and there is no Seychelles on the black list of Russia.

This factor is extremely important if you intend your non-resident company to cooperate with your resident company. Make sure you consult a duly qualified accounting expert in the realm of taxes in your country of residence to get a clear idea of the restrictions you will encounter when working with jurisdictions from the black list.

3. The necessity of using the company within your territory of residence.

Accreditation of a foreign representative office, real property registration.

Make sure you consult a duly qualified expert in your country of residence to get a clear idea of the requirements towards the registration of a representative office.

4. Applicability of double taxation treaties.
It is uncommon for conventional offshore countries to participate in any double taxation avoidance treaties or conventions that may be used for optimizing the payment of income of non-resident structures. In order to benefit from double taxation treaties, the most suitable choice will be a preferential taxation jurisdiction, for example, Cyprus.

Make sure you consult a duly qualified accounting expert in the realm of taxes in your country of residence.

5. Prestige of the jurisdiction in your country of operation.
It is a commonly held percept that the prestigious offshore jurisdictions are Hong Kong, Gibraltar, the Turks and Caicos Islands.
Almost all jurisdictions with preferential taxation, except for the USA, are deemed prestigious.

6. Confidentiality, availability of information.
All the Registers in offshore jurisdictions, with the exception of Hong Kong, are confidential, i.e. the information is not available in the public domain.
All the Registers in preferential taxation jurisdictions are public, i.e. the information about the shareholders and directors of the company may be obtained free of charge or for a fee.

Which bank should I choose in case I need an investment account?

Your company may open an unlimited number of accounts in any bank of the world.

Investment accounts are used to store assets and obtain additional income through various programs offered by the bank.
The banks with greater orientation towards the service of investment accounts (private banking) impose restrictions on the number of transactions and usually also provide for a precautionary account balance.

Jurisdiction Type of accountNotes
Latviasettlement
investment
individual approach to the customer
Russian and English-speaking personnel
high quality of banking services, Internet bank
Estoniasettlementindividual approach to the customer
Russian and English-speaking personnel
high quality of banking services, Internet bank
Denmarksettlementfor companies operating an international business
high quality of banking services, Internet bank
customers may work with a Russian and English-speaking bank manager
Cyprussettlementcustomers may work with a Russian and English-speaking bank manager
Austriasettlement
investment
individual approach to the customer
Russian and English-speaking bank manager
Liechtensteinsettlementindividual approach to the customer
Russian and English-speaking bank manager
Switzerlandinvestmentindividual approach to the customer
Russian and English-speaking bank manager
Hong Kongsettlementhigh quality of banking services, Internet bank
problems in communication with the bank

What are the expenses incidental to the incorporation and annual support of the company?

For information on incorporation costs, please see the Company incorporation costs section.

In case you intend to use the acquired company for more than a year, you will have to pay the annual company support fee starting from the second year.
For information on annual support costs, please see the Annual support costs section

In case you do not wish to extend the period of the company operations, you must dissolve the company, else the government authorities may fine you the failure to comply with this requirement.

How can I pay the services provided by you?

You may pay the services provided by the BBP company by transfer to the company’s bank account as specified in the invoice or pay online with your credit card (this service is not yet available by now. Please excuse the inconvenience).

You will have your payment of the invoice confirmed as soon as we can see the respective transfer. ATTENTION. Please make sure you specify the number of the invoice in the payment order.