Let’s face facts, the future of offshores currently doesn’t look as promising as it used to before. In 2024, a hybrid approach is increasingly preferred allowing you to enjoy the best of both offshore and onshore universes.
The need to be strategic arises from deoffshorization’s profound impact on finance: reputable banks are increasingly hesitant to deal with offshore entities. Consequently, your choice is between entrusting funds to a questionable bank or implementing a strategic approach. It goes without saying that we advocate the latter for our clients.
Seeking to optimize your business by incorporating in an offshore jurisdiction and securing a corporate account with a reputable European bank? The bank will mandate evidence of your company’s substantial connection to its registration country, which is a challenging requirement. Even after account opening, complications may emerge like transaction blocks, additional documentation demands, or significantly slower transfer speeds. This is likely to cause dissatisfaction among your business partners, undermining all the business efforts taken.
However, there is a more efficient way to structure your business. A company in Belize with a branch in Serbia and a Serbian corporate account might be your option. While this approach may incur slightly higher costs compared to the direct route, the investment pays off. You’ll benefit from a dependable business framework that operates seamlessly, with no need to justify your operations whatsoever.
Why prefer Belize?
A trustworthy tax-free haven, Belize is an attractive choice for business. Contrary to the belief that offshore business is on the decline, we assert with certainty that this is not the case. While the era of aggressive tax optimization and illicit fund transfers is gone, Belize’s offshore entities are still valuable tools for legitimate business operations, and overlooking this chance would be unreasonable, to say the least.
Adhering to all existing laws and steering clear of questionable practices, an offshore business in Belize offers a variety of compelling benefits to its owners:
- Tax Exemption: Provided all income-generating activities occur outside Belize, you’ll enjoy complete tax exemption.
- Minimum Compliance: There’s no obligation to file reports, tax returns, or conduct general meetings unless desired.
- Limited Liability: Members benefit from limited liability protection.
- Flexible Structure: The company’s organizational framework can be tailored to various preferences.
- Full Foreign Ownership: There are no restrictions on foreign ownership; it can be 100%.
- No Capital Minimums: You’re not bound by any minimum authorized capital requirements.
- TIN-Free: Obtaining a Tax Identification Number is not necessary.
- No Economic Substance Proof: Offshore companies in Belize are exempt from proving economic substance, which comes with significant savings in time, money, and effort.
- Robust Asset Protection: Assets are reliably shielded as foreign court rulings are not recognized in Belize, deterring most creditors from initiating proceedings.
- Guaranteed Confidentiality: Beneficiary personal details remain private, with the offshore company charter being the sole document mandatorily filed with the Registry.
- Re-domiciliation Rights: The re-domiciliation process for LLCs is fully sanctioned, allowing free movement of your company to or from Belize.
LLC vs IBC: what will work better for Belize?
Choosing between an LLC or IBC depends heavily on your specific circumstances and business objectives. While Belize LLCs offer numerous benefits, they may not suit every situation, hence a consultation with an Serbia Wealth expert is advisable for uncertainties. Generally, however, an LLC is favored. It capitalizes on the perks of conducting offshore business in Belize and is broadly applicable, albeit with minor caveats.
Incorporating a Belize LLC for efficient banking
Incorporating an Offshore LLC in Belize is the initial move in a strategy designed to secure an account with a reputable bank for your offshore company, even though they typically shy away from offshore clients. If you wish, it is possible to complete the incorporation procedure online, without it being necessary for you to visit Belize for this purpose.
Prospective clients often inquire about the duration of this process. While it varies with each individual case and may occasionally require extra details, the average completion time for all procedures is approximately 5 to 7 days.
Serbian branch for your Belize business
Progressing to the next phase, we now have a fully operational Belizean company ready for business. Yet, a bank account with a trustworthy financial institution is still a must. Trying to set up a corporate account for your Belize entity on the spot carries a high risk of rejection. Hence, it is a much better strategy to establish a Serbian branch linked to the account.
This game plan is recommended because it offers a swift, straightforward, and low-risk route to achieving your banking objectives. Assuming all documentation is correct, it is possible to register a branch in Serbia within days, and you are likely to be successful with it. The location of your parent company is not important here.
Upon acquiring the documents for the Serbian branch, we will request a corporate account from the bank. This step is virtually risk-free, as local banks are typically eager to accommodate domestic entities.
For clients questioning the legality, rest assured, this strategy is entirely lawful. At Serbia Wealth, we strictly adhere to legitimate practices, staying away from any form of creative legal maneuvering.
The sole potential downside is the marginally increased cost of operations. Yet, this is the trade-off for a hassle-free experience. Ultimately, the decision of whether this investment is worthwhile rests with you. Consider business as a journey that can traverse either smooth or rugged terrain. In this case, we suggest the route that promises a smoother ride.
All preparations complete, the only thing left for you to do is establish a business account in Serbia. The principal benefit of a Serbian bank account is that it gives you unrestricted access to premier global banks and financial assets. Serbia’s financial services match the reliability and quality of esteemed Swiss or Luxembourg banks, yet come with lower fees.
Understandably it is never easy to secure a corporate bank account with a distinguished institution. To make success a reality, follow Serbia Wealth expert recommendations to a tee. Should you have any questions or doubts, always contact us to resolve them together! Wishing you the very best in all your business endeavors!
