THE ONLY LOW TAX OFFSHORE JURISDICTION
IN SOUTH AMERICA
COMPANY FORMATION (SAFI – SA)
SOCIEDAD ANONIMA FINANCIERA DE INVERSIONES
Since SAFI’s will be eliminated in 2007 (and existing ones will have to transform themselves to SA’s by 2010), we recommend SA’s instead of SAFI’s.
They have the same use as SAFI’s (and in fact, for many years, most clients have required SA’s instead) because they can act BOTH onshore and offshore, and still, the taxes are the same (a SA used for offshore activity may even have less taxes... it has a set flat tax, the ICOSA, of USD 350 per year, and pays no tax on capital etc which a SAFI may have).
INCORPORATION AND SERVICES FEES
Establishment Fee – Euros 3,950.00
Special draft of Corporate Articles to adapt to your specific business activity – Euros 325.00
Issuance of Bearer Shares – Euros 450.00 (optional)
Provision of a Company Secretary – recommended – Euros 450.00/annual
Provision of Registered offices with mail re-forwarding services – Euros 1,250.00/annual
Set up fee – Euros 50.00
Provision to cover mail re-forwarding services – Euros 200.00
Annual basic tax USD 350 1st year – Euros 300.00
Annual maintenance and administration fees – Euros 2,625.00/annual (*)
Translation of documents into English language (or any other) including Consulate certification of translations – Euros 790.00
Provision of a Corporate Bank Account – Euros 870.00 (optional)
2nd set of certified documents for bank account opening purposes – Euros 425.00
Accountancy and bookkeeping services, as required on the end of each fiscal year – Euros 2,240.00/annual
Hand Plier Company Seal – Euros 75.00
DHL delivery of documents – Euros 70.00
(*) 1st year fees will be payable together with incorporation fees.
First year – Fees are considered from the date of formation until the 31st December same year
2nd and subsequent years – All annual fees marked above as “/Annual” become due from the 1st January each ear, and are payable until the 31st January
TRANSLATION OF DOCUMENTS
Translation of documents into the English language – not included; should you be interested in this service, please check pour fees below.
ADDITIONAL COST FOR A SHELF COMPANY
An additional cost to the charges above will be considered, of Euros 1,950.00, to cover all changes and registrations (Company’s name not included)
The Annual Fees are concerned with the following services:
Annual Statutory Fee, which includes:
- Local incorporation agent – our solicitor we use to provide us all services relating company matters (registered agent facilities);
- Filing statutory returns with official departments, required, to be the company active and alive;
- Liaison with the registered office and the registered agent in the jurisdiction of incorporation, attending to the payment of the Annual Government License Fees and other government fees;
Annual Compliance Fee, which includes:
- Attending to routine compliance matters (inclusive of periodic file reviews), reviewing official correspondence received and other routine matters incidental to good corporate governance;
- Processing and Return Filing with Internal revenue, Registrar of Companies, and other official departments
NOMINEE SERVICES – OPTIONAL
Nominee Services are recommended to those people who wish and require 100% privacy, confidentiality and anonymity as to his relationship with the company. In such case, your name will not appear on the Registrar of Companies, but the nominees' names. You can however manage the company through a P.O.A. which can be issued as per your own verbiage or ours. This is the recommended situation for your specific case.
Provision of Nominee Shareholders – Euros 750.00/annual
Provision of a Nominee Board of Directors – Euros 1,250.00/annual
Provision of Company Secretary – Euros 450.00/annual
Certified and Apostilled Power of Attorney - Euros 750.00
Remark: In case you will contract our Nominee Services, a Power of Attorney (certified and apostilled) will be provided in the name of the person who will be in charge for the sole Management of the company, i.e., Beneficial Owner, together with following documents:
- Nominee Services Agreements
- Director's Declaration of Trust
- Director's Resignation Letters signed and undated
- Power of Attorney
FULL SERVICED VIRTUAL OFFICES
Full serviced Virtual Office in Montevideo - Uruguay – a service provided for those who incorporate offshore but simultaneously wish to offer the company a high degree of credibility internationally, and grant that all mail, phone calls and faxes addressed to your company by any entity, client, provider, … will be always received by you. In your specific case, this Virtual Office is highly recommended:
Telephone line in Montevideo – Euros 750.00/annual
Set up fee – Euros 50.00
Provision to cover message delivery services – Euros 200.00
Fax line in Montevideo – Euros 750.00/annual
Set up fee – Euros 50.00
Provision to cover fax re-forwarding services – Euros 200.00
WORLDWIDE CORPORATE BANK ACCOUNTS
International Recommended banks:
ABN AMRO, Hong Kong
Alliance Leicester Commercial Bank, UK
Anglo Irish Bank, Vienna, Austria
AP Anlage & Privatbank AG, Switzerland (Group Parex Bank)
Atlantic International Bank, Belize
Bank of Bermuda Ltd (owned by HSBC), Bermuda
Barclays Bank, Isle of Man and Gibraltar
Credit Suisse, Zurich, Switzerland
FBME Bank Ltd, Cyprus
First Caribbean International Bank, in Turks & Caicos
Lloyds TSB Bank, Isle of Man and Jersey
Loyal Bank, St Vincent & The Grenadines
National Bank of New Zealand, Auckland
NBC Nuevo Banco Comercial, Uruguay, Montevideo
Parex Bank, Latvia
Provident Bank, Belize
Rietumu Bank, Latvia
Standard Bank, Isle of Man, Jersey and Mauritius
If either of these banks or jurisdictions to set up your corporate bank account suits you, we shall be very pleased to assist you.
Our Services before you deal directly with the bank by yourself:
Independent advice to help you to choose the right bank
Support regarding due diligence requirements
Assistance with filling in the required forms
Provision of properly legalized corporate documentation where applicable
Recommending you to the bank based on your individual profile and due diligence documentation
Representing you before the bank in the course of account opening
(a) If extra legalization and/or corporate documents are required by the bank, additional fees apply;
(b) Bank own account opening fees and costs (if any) will be charged from the first deposit to your account;
(c) Bank fees and costs are not included into our bank introduction fees.
(d) Any of the banks above always have their final word, after due diligence processed, by accepting you or not as their customers, depending on their on evaluation; however, you are always free to open your company’s bank account by yourself, with some other bank of your selection.
(1) The above description is not an offer or soliciting to provide financial services of any kind inclusive but not limited to buying any security or investment product or receiving an investment advice from us. Bank fees and account opening terms inclusive due diligence requirements are subject to change from time to time without notice;
(2) After the account has been opened you deal directly with the bank by yourself, entirely at your own risk and at your sole discretion; we may not be responsible for any changes in the legal or financial status, requirements, fees and commissions of the aforesaid Banks.
The By-Laws, publications and certificate of incorporation
The Shares Certificates
The Board Meetings Minutes Book
The Shareholder Meetings Minutes Book
The Daily book (for accounting entries)
The Inventory book (for accounting entries regarding the company's capital)
Corporate Offshore Bank Account
All documents will be provided certified and, if required, apostilled, as per Hague Convention, for international recognition of the statutory documents.
CERTIFIED TRANSLATIONS OF STATUTORY DOCUMENTS
a) A Notary Testimony of the translations of all original documents is made. The cost is Euros 75.00 per document. Usually, the client needs the By-Laws, Certificate of Incorporation and First Minutes. Thus, three documents – Euros 225.00
b) Translations are then stamped by the Supreme Court of Uruguay (which certifies the Notary's signature). Cost is Euros 50.00 per document. Total Euros 150.00
c) The Foreign Office of Uruguay legalizes the documents. Cost is Euros 30.00 per document. Total Euros 90.00
d) The documents are finally legalized in the Consulate of the country of destination. Cost is Euros 75.00 per document. Total Euros 225.00
e) Our fee for having this process done is Euros 100.00
DELIVERY OF DOCUMENTS
We can either dispatch the documents to you by DHL or any other express courier at your option.
TIME TO INCORPORATE A SAFI - SA
A new incorporated company will take approximately 45/60 days; Apostil on documents – usually from 4 to 5 working days; Delivery of documents to you – 2 days. In case you will Order a SAFI Corporation or SA Company from our Shelf List, delivery will be within one week time plus DHL mail. While we shall process all required changes (if requested), you can already start operating.
HOW TO START INCORPORATION PROCESS
As to start the incorporation process, we only need an email from you, with your order, confirming the required optional services, if any. A Proforma invoice will then be delivered to you with our banking coordinates so that you may settle payment by swift wire bank transfer.
DOCUMENTS AND INFORMATION REQUIRED
1 - In case you do not contract our Nominee Services, we need you to provide us the names of the persons who will be appointed by you as shareholder and Director for the company. We shall need scanned copy of passports and Utility Bill as proof of address.
2 - In case you will contract our Nominee Services, it will be required the same documents but just of your person, as the Beneficial Owner of the company, as its attorney, to enable us to issue the Power of Attorney in your behalf.
3 - Also 3 – 4 alternative names will be required to enable us to make the name search and approval for the company.
TIME REQUIRED GETTING YOUR COMPANY’S NAME APPROVED
Same day or next day latest
TIME TO INCORPORATE A SAFI/SA IN URUGUAY
A new incorporated company will take approximately 45/60 days; Time to Notarise and Apostil all documents, approximately 4/5 days; Delivery by DHL 2 days.
Hope all above information meets your requirements and needs.
In case you may have any further matter or question to clarify, please don’t hesitate to contact us, before taking your decision.
OFFSHORE INCORPORATION SERVICES
COMPANY FORMATION & MANAGEMENT SERVICES
TAX PLANNING AND ASSET PROTECTION SOLUTIONS
INTERNATIONAL BUSINESS COMPANIES
PRIVATE LIMITED COMPANIES
LIMITED LIABILITY COMPANIES
LIMITED LIABILITY PARTNERSHIPS
PRIVATE & FAMILY FOUNDATIONS
PANAMANIAN LICENSED FINANCIAL CORPORATIONS
NEW ZEALAND OFFSHORE FINANCIAL INSTITUTIONS
SECURE & CONFIDENTIAL NOMINEE STRUCTURES
INCORPORATION IN EUROPE AND
MAJOR INTERNATIONAL OFFSHORE CENTRES
WORLDWIDE FULL SERVICED VIRTUAL OFFICES