The basic fundamentals involved in the establishment of new businesses, are basically the same internationally-with minor procedural differences and cost requirements. If you have read my book Recession-Proof Billionaire (RPB), you are aware that corporate entities are considered to be 'legal persons' in all capitalist nations around the world. You will also be aware that these structures are your secret key to anonymity and asset protection. Readers of RPB will also know that it is possible to control great wealth without the need for a social security number based on this principle of these structures as legal persons. Here we will cover the universal fundamentals for starting a business around the world.
An International Business Company (IBC) can be created by following 5 basic steps:
1. Register the articles of incorporation for your entity with the designated agency. The articles of incorporation is a the founding legal document that breathes life into the entity. This document reveals details about your business, and its structure. The fees and forms associated with this process differ in each jurisdiction. You will need to do some due diligence on the particular offshore (foreign) location that you seek to incorporate in, for specific registration details. Commonly used jurisdictions for establishing offshore companies are: Isle of Man, Panama, Belize, Hong Kong, Singapore, Jersey, Barbados, Gibraltar, Cyprus, and the Cayman Islands. If you want to know more about the procedures for keeping these entities private just read Recession-Proof Billionaire© for the protocols of privacy.
2. Register with the taxation agency. After registration is complete, it is a requirement that new companies complete the registration for income taxation, with the appropriate agency assigned the task of collecting and assessing taxes (usually a Department of Taxation or Department of Revenue). The registration for taxation is typically free of charge. While it is rare, some jurisdictions have a nominal processing fee for registration with the tax agency. The income tax is only imposed on profit made within the country, and does not apply to profits made abroad-which is good since all business will be done abroad.
3. Meet any municipal or state/provincial licensing or registration requirements. Depending on company structure and business type, there may be additional registration requirements and licensing needed, in the local and State or province of the jurisdiction, in which you are incorporating. You will have to contact the provincial/state or municipal government, to determine the registration requirements and the licensing needed, to fulfill the legal requirements for your particular business.
4. Register your company as a foreign entity in the nation in which you will be actually conducting business. Once the offshore incorporation is complete, it is necessary to register your business in the nation that it will operate in. This filing is commonly referred to as a 'foreign entity' registration, and is done by submitting the specified form and fee related to the foreign entity registration, to the appropriate agency. In the U. S., for instance, the secretary of state, in most states, processes the registration of new entities.
5. Maintain your company's status in the jurisdiction, in which you have incorporated. If there are any specified annual registration or licensing requirements to meet in the offshore jurisdiction, make sure they are met. Your company is solely under the legal jurisdiction of the country of incorporation and must maintain a 'good standing' in that jurisdiction to lawfully operate abroad.
In a nutshell, that is how you establish a Multinational Corporation-also called International Business Corporation. There are slight procedural differences and costs fluctuations from jurisdiction to jurisdiction, but the fundamentals outlined here are consistent worldwide.
If you would like advanced information on how to take these structures and use them as a virtual smokescreen or vanishing closet, then you will really want to read the book Recession-Proof Billionaire. For less than the cost of a night out at the movies, you can tap into some of the most closely guarded secrets of international banking and empire creation known to man. Visit http://www.ThanxaBillion.org for more business articles and real time world business and market news.
A philanthropist and entrepreneur, Dr. R. A. Benson has written over one-hundred published articles on topics ranging from international business and law, to real estate and science. Dr. Benson has also lectured across the country on these topics. He currently resides in Chicago.