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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

Application

An application for an offshore license for trust services will require the following:

• Full nameoffice or address of applicant in Belize and Telefax
• E-mail
• Principal business address, if different from above
• Address of applicant’s head office
• If applicant is a company must state and attach a copy of the certificate of incorporation together with corporate documents, and must produce evidence of place of incorporation and registered office and address of the principal office plus Names of directors, shareholders, officers of applicant company (See affidavits listed below).
• Authorized Share capital
• Paid up capital
• If applicant is a partnership firm must state and produce evidence of where established and address of principal office as well as names and addresses and nationalities of general partners
• If applicant is an individual must state and produce evidence of nationality, date of birth, place of birth and address.
• Relevant qualifications, experience, etc. for provision of the service for which the license is being applied to include all those pertinent to running the business
• Statement if have ever been convicted in Belize or elsewhere of any of the following offences: namely, theft, embezzlement, larceny, dishonesty, false pretences, mail fraud, or of any offence against any corporate security statutes, insurance laws, offshore banking laws or international financial services laws; or have been the subject of any disciplinary proceedings by any governmental or state regulatory agency or any professional body?
• Statement if any company been so charged allegedly as a result of any action or conduct on the applicant’s part?
• Statement if during the last ten years, have ever been refused a professional, occupational, or vocational licence by any public or governmental licensing agency or regulatory authority, or have any such license held by applicant ever been suspended or revoked?
• Statement if have ever been adjudged a bankrupt, or have any bankruptcy proceedings or any regulatory action ever been taken against applicant either in Belize or elsewhere.
• Trading name or names which the applicant proposes to use in connection with service/s to be offered
• Activity or activities which the applicant proposes to carry on within or from within Belize for which license is required – namely trust formation and management of offshore trusts and provision of trustee services

Affidavits

Each director, shareholder, and officer of the proposed company must fill out an affidavit containing the following information:

• Applicant’s name as well as name and address of company
• Statement as to whether have ever changed name or used other names
• Social security/passport/national ID number
• Place and date of birth
• Business address and phone number
• List of residences for the last ten years
• Complete record of education to list schools, dates, degrees
• Membership in societies
• Complete employment record
• Statement if ever held a position requiring a fidelity bond and if the bond was ever revoked
• List of vocational and professional licenses and any disciplinary action
• Statement if ever refused a license in the last ten years
• List of companies controlled directly or indirectly or companies in which hold ten percent or more of voting stock.
• Statement if shares of stock are pledged or mortgaged
• Statement if ever adjudged bankrupt
• Criminal record if any including proceeding against companies for which the person has worked
• Statement if license of any business for which worked was ever suspended or revoked.

Fees incl. government fees

Application $27,000
Annual License Fee $12,500


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. Could be offered for around 12,000 USD annually.
• 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.