Running a Safe Custody Business Offshore

A great business opportunity in the present is to provide offshore safe services. Why? It’s because the world has changed. The days of North Americans and Europeans who traveled often before heading home to retire are fading away. The number of hardworking people who have saved up for retirement is opting to retire in a different location from their country of origin. The move of retirees and expatriate businesspeople from place to place offshore poses the issue in deciding what they should do with their “things.” If an ex-pat businessperson is offered a two-year transfer of Belize City, where he has a residence in Belize City, and moves to Rio de Janeiro where he will live in an apartment and will require a storage space to store his possessions until closing or renting out his home. Couples who live abroad frequently will face the same issue of safeguarding their belongings away from their home.

In the present, this situation is becoming more and more common. A safe place to store documents, artwork jewelry, furniture is an absolute necessity for people working and living internationally. This is an excellent chance for an offshore company. There are many offshore jurisdictions that have licenses issued by the government for this type of business. The typical customers need to be citizens of the country. However, it is not necessary since permanent residents don’t go anywhere and do not require the services.

A person or a company is able to obtain a permit, create the business, construct and manage a secure facility as well as a charge for the privilege of providing secure storage for any kind of value regardless of whether the client is traveling or simply needs their valuables stored in an area that is secure while being in an off-shore area of jurisdiction.

Why is one Jurisdiction better than another?

When setting up an offshore company, the business owner will be seeking the possibility of making an income. So, they would like to know that there is a sufficient amount of non-residents in the country who are able and will benefit from the service. The ease of doing business is usually a draw for people who want to work overseas. Therefore, the ease of setting requirements and documents is a reason to pick one place over the other.

Cost is an issue, but the price of starting an offshore company such as this usually runs approximately $27,000, including all fees for application and license in the initial year. It is not uncommon to find many differences in costs from one country to the other. The ongoing costs of operating such as license renewals are approximately $12,500 per year, which includes renewal of licenses and other fees.

The primary reason that people and businesses open bank accounts, establish foundations, businesses, and even live in overseas jurisdictions, is the fact that some of these places offer tax benefits. Therefore, the decision to choose a location to conduct business offshore could be related to tax benefits and business opportunities. A lot of offshore jurisdictions have laws that allow for the establishment of foundations and international corporations that ensure personal and asset privacy is protected. The ability to integrate these advantages with business opportunities is usually a major element in selecting an offshore location for a secure custody business.

The stability of the political system as well as respect for the law and economic stability are crucial factors in selecting an offshore location for a safe custody company. While the political turmoil in the country could encourage customers to utilize safe custody, these same elements could cause them to decide to sell everything they own and quit the country. A stable, stable nation that has a stable economy and the law and order will draw people from abroad to reside in the country and bring their possessions. However, even in one of the safest areas individuals will usually keep important documents, jewelry, and other valuables in the safest of places. A wealthy, wealthy ex-pat group drawn by the conditions in an open, democratic country is more likely to expand businesses in safe custody than reduce it.

Who Can Set Up a Safe Custody Business?

Anyone, whether a person or a corporation could set up an offshore safe-keeping company. The business or individual should have know-how or experience in running a business. The directors in your company, or newly hired directors and officers typically fulfill this need. However, there could be circumstances that prohibit individuals from being a director, shareholder, or officer of a business offering safe custody services, it is typically feasible in several countries to create nominees for public-registered positions in the company, or in the event that the firm is owned by another company. These issues need to be discussed with experienced counsel in the initial stages of planning any business of this kind.

Running an Offshore Safe Custody Business

A business that is offshore and has a physical presence in the jurisdiction where it is located typically hires local employees for the majority of its activities. There may, in fact, be an obligation to employ local workers for a specific percentage of employees. Since many offshore countries have lower costs of operating and a lower pay scale than the home country, this can generally be a benefit and not an issue. But there are skills that are difficult to locate in the offshore area and that can easily be outsourced. Consulting with an experienced lawyer at the start will assist those who are the owners who are operating the offshore safety custody firm making the best decisions and make the right connections in finding the right business software as well as website development and maintenance that are designed to draw attention and clients to the company, as well as professional legal advice required.

As in every successful company, planning and foresight ease the path to an efficient (and effective in time) successful business. Selecting a knowledgeable advisor right from the start is the most important thing you do. The next step is thinking about what the company will accomplish, how it will be able to find clients, exactly what services it can provide, and how it’ll function every day. Once this is established, the next step is to consider possible places to establish the company’s future can be in order. If the business or individual is licensed in the right place, has competent counsel, and a well-crafted business plan, the rest of the time is just doing business and depositing the earnings in an offshore banking institution.

A bank and offshore formations specialist who works for a variety of companies on offshore structures, the establishment of foundations, companies banks, financial institutions, and foundations in various jurisdictions, as well as the offering government-issued financial licenses.

Employed by User Bancorp Ltd, which offers corporate and private accounts merchant account, offshore businesses like Belize IBC’s (International Business Company), Panama corporations and foundations, wire transfer service managed funds/forex, credit-debit, and pre-paid card issuing.

We also offer co-ownership as well as shares in various investment programs, including real estate investments in profitable jurisdictions such as Panama, Belize, and Spain.

The Certificate of Deposit/Term deposit accounts is available at up to 9 % p.a.