Account signatory services refer to third-party professional who are given the authority to sign binding agreements on behalf of an IBC. These types of services are for individuals who are seeking a fail-proof asset protection scheme. By nominating a third-party signatory and remaining absent from the company register as a member, shareholder or beneficiary, you remain at 'arms length' from your offshore company or other offshore tax savings vehicle.
Many people, however, are reluctant to allow a third-party signatories the authority over their accounts, in fear that they will take advantage of their position in any number of ways, such as abscond with ones assets, blackmail or threaten to reveal sensitive information to tax authorities are some that are most commonly held.
Under Panama's business confidentiality laws this type of abuse is a serious offense and is punishable by jail sentences, which itself provides a significant deterrent. Additionally, law firms are regulated and lawyers are required to hold a license, and the risk of losing one's license, livelihood and face jail time is a powerful deterrent.
For a company to qualify as a signatory as an officer or any other position, it is necessary for them to be substantially involved in the business of the company and its operations so that there is total familiarity with the business and its sources of income.
Also, it is important that one is familiar with the 'know your customer' rules that apply when opening a bank account in a privacy-oriented jurisdiction, as these rules are applied even more rigorously for signatory services entities.
Account Signatory Services provide:
Please see International Fiduciary Structure for further information on how we recommend setting up the ultimate 'bullet-proof' fully-managed foundation and company structures.
At Offshore Protection law firm, Account Signatory Service is one of our core competencies as is corporate law and administration, which includes the detailed work of executing transactions. Offshore Protection also provides this service for considerably less than what other law firms charge. Our price for this service is only a base annual fee of US$1,000 plus a 0.75% tariff charged once on funds paid into the structure(s) being managed.
We undertake to have your transactions completed just as expediently as if you had transacted them directly with the bank. Online access is granted to any accounts being managed so that you can monitor the status of incoming or outgoing transactions at any time.
As many law firms have a myriad range of client needs to manage and services to provide and see transaction-oriented management services as being a time consuming process, we at Offshore Protection deal exclusively with offshore-related services and thus can expedited services at an unbeatable rate.
To set up a non-controlled foreign company with Professional Management, including account signatory services click the link below.
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*Note for U.S. citizens: US citizens are limited in their tax reduction possibilities due to FATCA and CFC laws. Opening an offshore company can increase privacy and asset protection, but you can not eliminate your taxes without giving up your citizenship. If you are a US citizen you are obligated to pay taxes on all worldwide income. Read more here about FATCA and CFC laws.
Disclaimer: Offshore Protection strives to keep information on this website updated, however, laws and circumstances are subject to change. All information on this website is for reference purposes only and does not constitute legal or tax advice. Contact Offshore Protection for specific advice regarding your situation.
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