Frequently Asked Questions

Offshore Company

Offshore Company Definitions

An offshore company is a corporate structure that’s incorporated in a country that you are not resident in. Offshore companies often come with additional benefits including simple incorporation processes, efficient costs, tax optimization opportunities and some level of privacy. An offshore company is a great choice for businesses and individuals that want to avail themselves of corporate benefits and don’t want to be limited to their jurisdiction of nationality or residence.

An international business company or IBC is a corporate structure that’s incorporated in a jurisdiction. Otherwise known as a tax neutral company, an IBC sometimes has limitations on the activities it can perform and where it can perform them. For example, it’s often the case they cannot conduct business in the jurisdiction itself, but rather from it.

A shelf company can also be referred to an aged corporation. It is a company or corporate structure that has previously been incorporated but has no activity. They are often created by corporate service providers and put “on the shelf” for when a client needs a quick set up. Once ownership has been transferred to the new owner, they can change the name, shareholders, directors, and purpose of the company to suit their needs. This is a good option for those who have a time limit and need to be active as soon as possible.

Bearer shares or bearer instruments are documents that give the individual that is physically in possessions of them, all rights of ownership or title. No record is kept of who owns them, who has owned them, or who will own them. This way, they are completely anonymous and there is no way to know who owns the company or structure in question. Once the bearer shares are handed to another person, they become the property of that person until they are handed over again.

While bearer shares are great for those who want privacy, issues arise in terms of loss or theft. Bearer shares are not legal everywhere and some jurisdictions have taken steps to ban them or phase them out.

The articles of incorporation are a set of documents that are filed to the authorities in a particular jurisdiction, regarding the incorporation of a company or legal entity. They are drawn up by a professional with experience in that sector and jurisdiction and typically contain the company name, registered address, stock type and amount, directors and ultimate beneficial owners (sometimes) and in some cases, the purpose of the company. These documents can also be referred to as a corporate charter, articles of association, or certificate of incorporation.  

A certificate of registration generally refers to a document that allows the jurisdiction to identify and recognise the company as a legal entity. It is issued following the successful filing of all documents required during the incorporation process. It provides evidence that the company is incorporated in a certain jurisdiction. Typically, the document includes a registration number, the company name, and the date of registration.

The memorandum and articles of association is a legal document that provides information and rules on the way a company is managed. It will usually include the number of shares, initial shareholders, and details on the way a company will be run. Other bits of information that will be included usually consist of the date of incorporation, act it was incorporated under, voting rights, general meetings, directors powers, and distribution of shares and dividends.

A certificate of good standing is a document that can be issued for a company, entity, and in some cases, an individual, depending on the jurisdiction. This document will state that the object has met all of its legal obligations, has not broken the law, is not bankrupt and does not owe money to the state.

An apostille is a stamp that is used to authenticate the seals and signatures on public documents such as birth certificates, criminal record checks, court orders, or any other document that’s issued by a public institution. This is usually required when submitting a state-issued document from one country, to an authority in a second country. It demonstrates that the document is official and legitimate. 

An Ultimate Beneficial Owner (UBO) is the entity or person who is the ultimate beneficiary of the assets, funds, or activities of a corporate entity. An object can be classified as a UBO if they hold more than 25% of the capital or 25% voting rights. They are usually not formally named as the owner but they will be the one that benefits most from any positive activity that the entity undertakes.

Upon incorporation, companies are split into shares. These shares are equivalent to a piece of the company and can be bought, sold, or given to other individuals. Owning shares means you own a part of the company relative to the number of shares that you own, out of the total.

A director is someone that is elected or chosen to manage the business of a company. Every registered company should have at least one director. Information relating to the directors is recorded in the company register and other documentation relating to the company.

A registered share is one that is issued in the name of a shareholder. This shareholder has its address and other information recorded in the company’s shareholder register. In the case where the share is sold, the new owner must include their information in the register as it is required to be re-registered in the name of the new owner.

A registered agent is an individual or entity that is authorized to collect, file, process, and receive official documents on your behalf. They are also allowed to apply for various licenses and incorporate companies and other legal structures upon your instruction. They are approved to work within specific jurisdictions and to carry out certain tasks.

For example, Fast Offshore is a registered agent that can carry out incorporation, offshore gambling license applications, financial license applications, bank account opening etc in a range of jurisdictions on your behalf.

A registered shareholder is someone that holds shares in a company and has their name and address in the share register. This individual can sell or pass on the shares but the new owner must be re-registered in the same manner.

Under some jurisdictions’ corporate laws, it is required to keep a register of directors of a company. These directors are usually elected by the shareholders and the register forms a part of the company’s book of minutes. It’s required to keep this list up to date and in some jurisdictions, to notify the authorities of changes to directors.

A certificate of incumbency is issued by the company and includes all the details of current directors and officers. Sometimes it will include the details of shareholders as well.

A nominee shareholder is an individual who has been officially appointed to hold shares on behalf of another individual, typically the beneficial owner. A nominee director is someone that isn’t linked to the company but that is nominated to take on the role by the shareholders. Nominees are used to increasing privacy and also to fulfil requirements in cases where it’s required a director or shareholder be locally present. These individuals are usually paid to undertake this responsibility.

Power of attorney is a legal document and instruction whereby a third party is given the power to act on behalf of another person or company. It is often used so that the third party can carry out tasks and official business in the absence of their other individual or company.

An account signatory is an individual who has been empowered to sign off on documents on behalf of the company.

General Questions

It is not illegal to move your assets offshore. As a private individual, you are entitled to keep your assets, funds, and business wherever you like, as long as you comply with the laws of that jurisdiction. What is illegal is hiding your assets offshore.

In some countries, you are required to declare your assets to your home country or country of residence. Failure to do this when required is illegal and can be considered evasion. You should always discuss your reporting requirements with your corporate service provider when setting up offshore structures.

There are many reasons why someone may want to incorporate an offshore company. These include business purposes such as business, ecommerce, cross-border expansions, consultancy and similar. They can also be used for establishing new businesses in a variety of sectors that may benefit from conditions in offshore jurisdictions as opposed to onshore. 

The cost of incorporating an offshore company depends on where you will incorporate it and what kind of structure you choose. Some jurisdictions are lower cost than others but the cost really shouldn’t be the deciding feature of which location you pick. The total cost of setting up an offshore company includes paid-up capital, gathering and certifying documents, professional service fees, application fees, and various other costs. To find out more about how much it costs to go offshore, contact us here.

How long your offshore company takes to incorporate depends on the location that you have chosen. It’s advisable to visit our offshore company page which contains information on time frames for the leading offshore jurisdictions that Fast Offshore works in. For any other questions, you can contact us directly for location-specific information.

This depends on many different factors, which include the purpose and nature of your business, what benefits you are looking for, how long you have to dedicate to set up time, and reporting obligations. You may also want to consider compliance, ease of opening a bank account, and whether you need licensing to conduct your business within that country. Consulting with Fast Offshore can help you weigh up your options and make the right decision.

Yes, but these vary from country to country and also depend on the purpose and activities of your offshore company. As a general rule, an offshore company cannot act as a bank, trust, financial institution, insurance provider, or brokerage. It cannot act as any kind of business that requires licensing, without acquiring that particular license as necessary. There are also sometimes restrictions on where business activity can take place or where customers of the business can be based.

Each jurisdiction has different requirements in terms of how many directors, shareholders, officers, UBOs etc there should be. This needs to be ascertained on a case by case basis so it’s best to contact us to find out more.

Generally speaking, no. When incorporating an offshore company you can usually assign the ability to incorporate the company to your corporate service provider. They can undertake all tasks relating to the incorporation process on your behalf.

Yes, you can. In many jurisdictions, you can purchase something called a shelf company. These companies are already incorporated but have no activity. They sit “on the shelf” waiting to be used. If you opt for a shelf company you can change the name and the purpose and use it as required.

In some cases, it’s possible to transfer an existing company to another jurisdiction. Known as redomiciling, this is not available in every country. You need to be aware of whether the country the company is currently in, allows companies to redomicile and that the country you want to move it, allows companies to be redomiciled.

You must also be prepared to meet new requirements and obligations. The price of redomiciling a company can often be the same or even higher than incorporating a new company. Often, it is preferable to open a new company in the new offshore jurisdiction but there are some cases where this is not the ideal solution. Before making any decisions, it’s best to seek expert advice from Fast Offshore.

In most cases, this is possible and sometimes even beneficial, especially if you’re not happy with the service you’re getting. Contact us for more details.

Once you have incorporated a company, you can change the name at a later date. However, keep in mind that the process may be lengthy and have a high cost, depending on the jurisdiction.

Yes, you can change the director of your company. In each jurisdiction, there are different procedures that you will need to follow but don’t worry, Fast Offshore can take care of it for you.

Shareholders can only be changed if they transfer via gift or sale, their shares in the company. It’s not possible to delete shares or remove shareholders. All information relating to the transfer must be recorded in the company’s share registry. Contact Fast Offshore for detailed information on your specific case.

Yes! Contact Fast Offshore today, we can provide offshore serviced office services for you in a several jurisdictions.

Fast Offshore works in many industries and have done so for over 22 years. Most of our clients are simply looking for offshore incorporation or want to set up businesses in iGaming, Forex brokerages, cryptocurrency and blockchaininvestment funds, fintech, payments, ecommerce, and financial services.

Fast Offshore accepts bank wire transfers and cryptocurrency payments.

We don’t offer refunds. 

This depends on many factors including the workload of the authorities, their processes, holidays, non-business days, and shipping times. Each jurisdiction is different and therefore has different waiting times for company documents. To review the regular time frames to open an offshore company, visit our offshore company page and select the jurisdiction you are interested in to get an idea.

If you do not pay your offshore company renewal fees you risk your company being struck off the company registry and losing its status of good standing. You remain liable for unpaid fees plus late penalties and possible legal repercussions.

The company is then no longer allowed to legally trade, conduct business transactions, or engage in any business with the assets of the company. The two options at this stage are to take steps to legally restore the good standing, or to dissolve the company.

If you want to close your offshore company, you must be sure that it’s in good standing and up to date with all reporting, fees, taxes and obligations. Once this is the case, you can pay to dissolve it.

Requirements

When you make a copy of a document it must be certified by a professional like a lawyer, notary, or accountant. This individual certifies that they have seen the original document and that the copy you are presenting is accurate.

Certifications are subject to different requirements and the authorities may reject them if they are not met. This may lead to delays during the process. Be sure to check with Fast Offshore, how your document should be certified before you proceed. These are typical requirements relating to certification:

  • Certifications must be dated and may not be older than 90 days.
  • The certification must be present in every document. If a document has multiple pages you can certify each page or certify the first page and write down the number of pages. The documents cannot be certified as a whole.
  • The document must be in English, otherwise, it will require a certified true copy of the original document plus a certified translation of this document. 

In order to properly certify a document, your certifier needs to sign the document in original, not by electronic signature. Next, the certification must include contact details in the following order: full name, full physical address, email, profession (notary, accountant, lawyer) and date.

All documentation is processed in English and therefore must be translated. A copy of the document needs to be certified by a lawyer or notary, then translated by a certified (where applicable) or approved translator and finally, it needs to get certified again by a lawyer or notary. 

It is a global standard that any documents provided as proof of income, residence, address, conduct, standing etc should be no older than three months. This is done to lessen the risk of them being out of date.

No, a current international passport is required as a form of identification. ID cards, birth certificates, driving licenses, and residence cards are not accepted as a valid ID.

As a standard part of due diligence and know your customer processes, it’s necessary to provide proof of address. This should be water, electricity, landline telephone bill (mobile bills are not acceptable), or TV cable bills, a bank statement or official governments correspondence. The proof of address that is provided must include the full name of the individual including the full residential address. It must not be older than 3 months.

A bank reference is an official document issued by a bank that an individual has been a customer of for at least two years. The document includes an assessment of their standing as a customer and their character in terms of the business relationship that has been established. It must have been issued within the last 3 months of the date it’s submitted.

A professional reference is a document that is issued by an accountant or lawyer that the individual has had a professional relationship for at least 2 years. It details their character and good standing as well as professional experience in some cases.

This is a document where the individual is required to declare where their wealth originated from. Bank statements, slips and supportive documents can be requested. This is required to be sure that money has not come from illicit sources and to satisfy anti-money laundering and counter-terrorist financing legislation.

Everyone involved in any kind of corporate activity needs to be identified and provide the information that is required. While there are some cases where they do not need to be identified to the authorities, Fast Offshore requires that it conducts KYC and due diligence on all customers.

Yes. In order or incorporate a company, open a bank account, or engage with third-party payment providers, it’s required to state the purpose and activities of a business.

Yes and no. As a client of Fast Offshore, you are required to divulge your name and other information to us. By law, we must ascertain your identity, location, and source of funds. There are jurisdictions where once this has been established, you can remain private when you incorporate your company via different mechanisms. This depends on the jurisdiction that you wish to operate in.

When offering services and products to international clients you need to be aware of where they are located. Depending on the nature of your business, there may be restrictions on where you can provide your services. Additionally, it needs to be clear that you are not dealing with people from a location or jurisdiction that is prohibited or on the OECD, FATCA, or OFAC blacklist. This information also helps to determine the level of risk involved in serving those clients.

Shareholders, Directors, UBO and Officers

Each authorized person, director, officer, shareholder, beneficial owner, and the ultimate beneficial owner must comply with all required documentation and obligations from the jurisdiction they want to operate in.

In several jurisdictions, you can be both a shareholder and a director of a company. This will depend on where you are located and should be determined on a case by case basis. Contact Fast Offshore to learn about your specific case.

Some jurisdictions require that a director of the company must be resident in the country it’s incorporated in. Others do not have any limitations on the residence or nationality of directors. Contact us, we can explain in detail the obligations that different countries have and in cases where you need a resident director, this can be provided for you as a part of our services.

Yes, it’s possible to represent a shareholder or director by proxy. This is what is referred to as a “nominee”.

You might think that it’s a risk to appoint someone as a nominee director of your company, but if you choose the right person, there is no risk. Be sure that you are working with reputable professionals and appointing a nominee director will be no issue at all.

You might be concerned that the ownership of your company is at risk by signing it over to a nominee director or shareholder. Firstly, if you are working with professionals like Fast Offshore, this would not be an issue. But for extra peace of mind, you can accomplish surety through a management agreement or a declaration of trust.

Fast Offshore provides nominee directors to clients who’ve incorporated in a range of jurisdictions. We only engage with individuals we know and trust.

Those who can sign on behalf of your company include directors and anyone else that has been appointed to do so. This could be through a power of attorney or an authorized signatory that has been appointed by the director.

Offshore Company Finances

In financial planning, asset protection is a combination of strategies that are used to guard an individual’s wealth. It protects assets such as money, property, and even corporate structures from creditors claims. Both individuals and businesses use the concept of asset protection to prevent creditors or individuals during processes such as divorce or civil claims, from gaining access to the asset. Asset protection when done properly following correct and relevant processes is not illegal.

Some countries require that citizens, wherever they are based or have incorporated a company, declare their profits. Others do not. It can also depend on where you are a tax resident. To make sure you’re on the right side of the law, you should check with a local licensed advisor, attorney, or accountant to make sure you’re compliant.

Each offshore jurisdiction has its own requirements in terms of record keeping. Some require that books and financial records are kept, some require that these are submitted and audited, others do not require any of the above. It’s best to check directly with us to see what requirements and obligations your offshore jurisdiction has.

When you incorporate a company, sometimes you are required to deposit a specified amount of paid-up capital. This should be paid-up before the business becomes operational. But this is not a requirement in all jurisdictions. Some have it specified whereas others do not require any amount. To understand what the minimum/maximum amount of capital is in a particular jurisdiction, visit our offshore company section.

Authorized capital is the maximum value of shares that a company is allowed to issue in that jurisdiction. Paid-up capital refers to the amount that is paid to the company at the time of incorporation. A company cannot issue shares beyond the capital that has been authorized.

Annual renewal fees are fees that are set by the authorities in the jurisdiction you’re incorporated in. They are payable after a year has elapsed since the date of incorporation. There is no such thing as a standard fee and they vary depending on which jurisdiction you choose. To get an idea of what the fees are for each jurisdiction, we invite you to see Fast Offshore’s offshore company section to pick the jurisdictions that interest you and download the price sheet.

iGaming

General Online Gaming Questions

In short yes. iGaming has always been a profitable business: overheads are low and revenues are high, but in the last year its popularity has increased exponentially. More and more first-time players have joined the market, particularly via mobile.

Areas of particular growth include eSports betting, fantasy sports, slots, and table games. It’s also worth considering the growing cryptocurrency gambling sector that has seen an influx of crypto fans wanting to gamble using their preferred virtual currencies.

Industry analysts believe that the online gambling sector could grow to be worth over $160 billion by 2026. Now is the right time to start an online gambling company, before the market gets too saturated. If you have a dream, a vision, or an idea, contact Fast Offshore to make it a reality.

Which documents you need to apply for an online gambling license, incorporate a company and open bank accounts etc will depend on the jurisdiction you’ve picked. As a standard, you will be required to provide proof of identity, proof of address, source of funds, an outline of your business, fill out applications, and a document to demonstrate your good standing. To see the exact requirements for the jurisdictions we work in, you can visit our online gambling section and pick the jurisdiction of your choice.

Some gaming jurisdictions have zero taxation on revenue generated outside of the country, others charge different amounts. It depends on which jurisdiction you are located in. We recommend you visit our offshore gambling license section and browse the different jurisdictions and the differing taxation rates that apply. Remember, when it comes to taxation, it’s always wise to engage a professional to make sure your corporate structure is efficiently tax-optimized and that you’re adhering to all the rules.

Crypto gambling is where an online gambling platform accepts deposits and makes payments in cryptocurrencies such as bitcoin, ether, litecoin etc. Learn more about crypto gambling.

Online Gambling Licenses

To operate a legal online gambling site, you will require an online gaming license. This is acquired following the successful completion of an application process which involves submitting KYC documents, an application form, details about the business, and then paying a fee. Once this has been approved, you are free to operate online gambling activities from that jurisdiction.

Owning gaming licences is also necessary for opening an account, entering payment processing and merchant agreements, collaborating with affiliates and advertisers and even negotiating software deals. Another important thing to consider about gaming licences is that without one, you are at risk of being shut down, fined, arrested, and your reputation is left in tatters. 

Throughout the jurisdictions we work in, the following types of gambling games can be licensed:

  • Online casino license
  • Sports betting license
  • Offshore lottery license
  • eSports betting license
  • Online poker license
  • Online bingo license
  • Live Betting license
  • Live Dealer license
  • Fantasy Sports license
  • Most type of games of chance

To find out if the games you want to offer are covered by the license, contact Fast Offshore with your enquiry.

The online gambling license cost will depend on the jurisdiction you incorporate in. Each jurisdiction has a different price for obtaining the online gambling license. It can vary from rather affordable to quite expensive. You also have to factor in documents, certifications, couriers, professional service fees, and other costs that can crop up along the way. The total cost can also change depending on the service provider you use. With Fast Offshore, you can select our turnkey packages or request a tailored made quote for your business.

There is no one-size-fits-all answer to this question. Which jurisdiction is best for gambling licenses will depend entirely on the individual, the games they want to offer, their timescale, budget, vision, target markets location, and ideas for the future. There are so many different variables which means that for one company one jurisdiction may be a preferable choice, but for another, it is not.

Fast Offshore helps clients with establishing online gambling companies in Curacao, Kahnawake, Malta and Isle of Man. Each of these has different price points and timescales as well as pros and cons. Before making any decisions it’s wise to consult with us so you can figure out which is most suitable for your business.

Fast Offshore does not assist operators who want to offer their products to the USA market. The USA system of licensing for online gambling is managed on a state level and is complex


Curacao Gaming License

The Curacao gaming license is popular one of the first licenses available for online operators, it provides a cost-efficient, quick, and bureaucracy-light option for startups and entrepreneurs. In addition to those benefits, operators with a Curacao license can enjoy a range of fiscal benefits and a simple application process. For more information on the Curacao gaming license, visit our Curacao license page.

The cost of acquiring a Curacao gaming license varies on your specific situation and requirements. It is one of the most cost-efficient offshore licenses with an affordable price point. Fast Offshore offers both a turn-key package and a tailor-made solution for clients. This means the Curacao gaming license cost is accessible and adaptable depending on the specific needs of the operator. To find the best option for you,contact us today for a quote.

The Curacao license is a popular choice because the process is cost-efficient, straightforward, and quick. For startups and smaller entrepreneurs, this is great as it makes less of a dent in the budget, leaving more money for investment in the product. It also means that going live takes less time meaning profits can be generated sooner.

Kahnawakee Gaming License

The Kahnawake gaming license is a popular choice for startups with a bit more budget and capital behind them. The Kahnawake regulators enjoy a high level of prestige that results in customer loyalty and acceptance, as well as making it easier to forge relationships with third parties. There are also great fiscal benefits depending on your circumstances. To find out more, visit our Kahnawake gaming license page.

The cost of acquiring a Kahnawake gambling license is higher than Curacao but still less than Malta or the Isle of Man. This makes it a good option for those with a bigger budget or who can afford to invest a bit more in reputation. Fast Offshore provides both turn-key and custom made solutions for Kahnawake. Tell us what you need and we are happy to provide you with a quote.

The Kahnawake Gaming Commission oversees all licenses and license holders. It is responsible for processing applications, approving licenses and conducting ongoing monitoring. It also creates and enforces all online gambling legislation in the territory. We can help you apply for the license you need from the Kahnawake Gaming Commission.

Malta Gaming License

The Malta online gaming license is widely considered as the gold standard in the iGaming industry. A fully-fledged EU member state, Malta offers a license that opens many doors to operators. It is however expensive and the application process is stringent. Fast Offshore offers a full package as well as a tailor-made solution that will take you from start to finish. To find out more about pricing, contact us.

The Malta gaming license cost is high, but not out of reach. With the price comes high levels of player trust as well as ease of doing business in the EU and other jurisdictions. For companies that pride themselves on reputation and are ready to invest in the gold standard of licensing, Malta is a great option. Fast Offshore offers both a turn-key and custom made package depending on your needs. Drop us a line and find out more about pricing.

Fast Offshore has worked with startups who have acquired the Malta gaming licence, but usually, it is more established or bigger companies that opt for it. Often, we will assist them in acquiring a license such as one from Kahnawake or Curacao, and then after the business is profitable, they will transition to Malta. We also help those who are already in possession of a license from elsewhere, to transition their business to a Malta gaming license.

Isle of Man Gaming License

The Isle of Man gambling license has many benefits for operators who acquire it. These include the sterling reputation that the licensing authority has and high levels of tax efficiency. The Isle also enjoys a solid infrastructure and a relatively simple set up process.

The benefits of the Isle of Man gambling license come at quite a price. The Isle of Man gambling license cost is one of the highest around and can vary depending on your specific circumstances.

For established businesses looking to list on the UK stock market or who need a UK-connected business, it is a viable option. It is not so suited for small businesses, startups, or entrepreneurs. We advise it only in circumstances where the above links are required, and not as a standard. To find out more about the Isle of Man gambling license, visit our dedicated page.

Costa Rica Gaming License

The reality is that Costa Rica doesn’t have a gambling license, there is no iGaming regulatory framework and no authority that issues licenses. Instead, some operators incorporate an online gambling company and then operate without a license. Since there’s no license available, it will be extremely difficult for operators to open a bank account and find payment providers, hence, these businesses usually opt for offering crypto payments only.
We have assisted clients with setting up in Costa Rica, but we suggest looking at alternatives such as Curacao, Kahnawake, Malta or the Isle of Man instead.

You can incorporate a Costa Rica online gaming company to offer your services within the law. The costs are usually lower than $5,000 and the entire process takes from 2 to 3 weeks. However, the Costa Rican government does not issue a license, which is a key requirement to open an account with any reputable and legal payment processor.
It is recommended that you open a Costa Rica online gaming company only if you want to test your concept and have a ‘trial run’ before starting the licensing process elsewhere, or if you work exclusively with cryptocurrency payments.


Gambling Services

Fast Offshore has worked in online gambling since the industry’s inception. For 22 years, we have assisted countless clients in setting up online gambling platforms and sites. This means that we have solid, demonstrable experience in company incorporation, corporate structuring, license application, tax optimization, ongoing company maintenance, business support, payment provider negotiations, account opening, auditing, compliance and more.

Fast Offshore offers company and licensing maintenance, assistance with compliance and audition, general business support, and the preparation of filing, statements, and reports.

Once you’ve been set up, you need to stay on track with annual costs. These can include, inter alia, annual license fees, annual compliance and due diligence fees, company renewal fees, government fees and more. There are also additional services you could have opted for such as having a registered agent, registered office, secretary, local director, administration fees, accounting fees, and financial audits. To find out which fees apply to your business, contact us today or schedule a complimentary 30-minute call.


Banking

General Offshore Banking Questions

An offshore bank account is an account opened in the name of an individual or company and is located in a jurisdiction where the individual or owner is not resident.

No, offshore banking is not illegal. As long as you establish your offshore bank account in line with all applicable laws and regulations and do not use it for tax evasion. Tax evasion is different from tax optimization which is where corporate structures and offshore entities are used to facilitate the lowering of tax liabilities.

Having an offshore bank account provides a series of benefits such as asset protection for the owner of the account and assets from creditors and those filing lawsuits. It can also be used for tax optimization, it’s secure, offers a higher level of privacy, and can increase investment opportunities. To learn more about the benefits of offshore bank accounts, visit our offshore banking page.

Offshore bank accounts are legal and safe. They provide enhanced security to the individual or company in terms of the assets that are held in it. Offshore banks are regulated by laws and legislation meaning funds are protected and secure.

This is possible in some cases. It typically depends on the bank, where it’s located and what kind of account you are opening. Contact Fast Offshore for specific information.

There are cases where holders of offshore bank accounts are required to declare the offshore account to the authorities in their native country. It’s best to check with a lawyer, tax, or accounting professional to ensure whether this applies to you. Fast Offshore can also guide in these cases and can refer you to such individuals.

This depends on your country. Some countries have agreements in place for tracking the offshore banking activities of their citizens, others do not. Either way, the purpose of your offshore account is not to avoid paying tax and to keep things secret, it is to optimize taxation structures and lower the rate of tax you pay.

Opening an Offshore Bank Account

Typically, it takes between two and four weeks to open an offshore bank account, but several factors can impact this. Things that can delay or extend the process include additional requests for documents, postage or courier delays, delays due to having to appear in person, not meeting requirements, or having issues with documents. It also depends somewhat on the country, the bank, and activity of the business you are opening. Contact Fast Offshore for detailed information on your particular case.

Yes, it’s possible to open both a personal and a business offshore bank account. Fast Offshore can assist you with this task and guide you through.

The requirements will vary between jurisdictions and banks. It can also depend on the nationality of the person opening the account. As a standard, you will need to prove your identity and address and justify where the money is coming from. For more details on the requirements to open an offshore personal account, visit our offshore banking page.

The requirements for opening an offshore bank account for corporate use vary depending on the bank, on where the account will be located, and the activity of the business. To get a better understanding of what is required, you can visit our offshore banking page. Typically, you will need to prove your identity, place of residence, and the source of the funds you wish to deposit. You will also have to provide information about the business activities you are conducting as well as any applicable licenses.

Fast Offshore has long-established business relationships with numerous financial institutions and is able to open an account in many offshore jurisdictions. The bank and location we’ll apply for really depends on what your business needs are, the nature of your business, where you are from, where is your target audience located, and various other factors. Fast Offshore will look at your specific situation and suggest several options that we believe are suited to you.

Some countries may require that you’re present when the offshore bank account is opened, others do not have this requirement. When you discuss your options with Fast Offshore, we will be sure to advise you whether your jurisdiction of preference has this requirement or not.

When it comes to offshore banking, banks usually prefer to have customers referred to them by someone they have an existing and trusted professional relationship with. This is typically an approved agent or intermediary such as Fast Offshore who has worked with them previously. The banks know that we have done our due diligence on the potential account holder and they are reassured that they’re not wasting their time. Of course, you can try to approach an offshore bank yourself but the chances are slim.

Fast Offshore works with a range of leading, respectable, and well-known banks in the top offshore jurisdictions. We cannot provide detailed information on who they are until you become a client. We take privacy very seriously and as a part of this, we have decided not to make public our list of banking partners.

As long as you comply with all the requirements set forth by the bank, it’s very likely that your account will be opened. The decision, however, is ultimately up to the banking institution and as such, we are unable to guarantee 100% that the account will be opened. Fast Offshore does have very high success rates with opening offshore banks, especially for businesses that are considered “high risk” such as ecommerce, brokerages, and iGaming.


Merchant Accounts

General Merchant Account Questions

A merchant account is an account which facilitates the acceptance of electronic payment such as credit and debit cards. It is an intermediary between the client and their card issuing entity, and you as a merchant offering a service. The customer makes the payment with their card and the money is deposited into your merchant account.

A merchant account processor authorizes electronic payments and facilitates the transfer of funds from the electronic payment method/customer account, into the merchant account.

No, you cannot. To accept payments via electronic fiat payment methods, you need to integrate a merchant payment processor and have a merchant account for the payments to be deposited into. Contact Fast Offshore to get assistance to apply to get your merchant account.

This depends on the business and is often determined on a case-by-case basis. If you have a previous transaction history, it should be submitted as a part of your application. This could be good or bad, depending on the specific case. If you have a bad transaction history or have been terminated elsewhere, your account request is likely to be declined.

Yes, you can. Contact Fast Offshore if you have questions on your specific case.

Fast Offshore does not charge a fee to assist in applying for a merchant account. However, in most cases, there is a cost for setting up and activating the account. All fees will be presented to you for approval before the contract being signed.

Each high-risk merchant account is subject to various transaction fees. These are determined by the number of transactions, the average size of transactions, where customers are located, chargeback rate, processing history (if any), and more. Each account is different and how fees are calculated will change on a case-by-case basis. Fast Offshore will assist you during the negotiation when you onboard with your merchant account provider.

The acceptable threshold for chargebacks is 1% of the total transaction volume. For example, if you process 1,000 transactions a month, a maximum of 10 of these can be charged back before it becomes an issue.

Yes. If you don’t pay fees, comply with any requests for Know Your Customer (KYC) or Due Diligence (DD), or your chargeback ratio gets high, you risk having your account suspended or closed.

You can avoid getting your account closed by paying all your bills on time, keeping your customers happy, reducing chargebacks, and sticking to the terms and conditions you agreed to when you signed up with the account provider.

Yes, it’s always a good idea to have additional merchant accounts in place. This comes in handy for many reasons such as the other merchant experiencing technical issues or going offline, changes in policies, issues with chargeback ratios, or other citations. Having a backup is always a wise decision.

High-Risk Merchant Accounts

A high-risk business merchant account is an account that is tailored to the needs of a high-risk business. It is also more welcoming to these businesses and offers leeway in terms of chargebacks, revenue, and volume of transaction. Find out more about what a high-risk business merchant accounts or get in touch with us.

Some industries are considered high-risk whereas others are considered low-risk when it comes to merchant accounts. Some merchant account providers are hesitant to offer accounts to businesses they categorise as high risk, due to the fact they usually have a higher turnover, more transactions, and can be prone to more chargebacks. Typically, high-risk businesses include ecommerce, subscriptions, iGaming, Forex, brokerages, etc. Low-risk businesses tend to have fewer transactions, lower transaction values, and a lower rate of chargebacks.

Yes, but it’s possible. As long as all requirements including due diligence and know your customer processes are completed satisfactorily, and all document are filed correctly, chances are high that you will be approved. There are, of course, no guarantees and Fast Offshore cannot promise that you will be able to open an offshore high-risk merchant account where you choose, or on the first try. The final decision on all accounts rest with the risk department at the acquirer, but we can help you make sure your application is sound.

The requirements for the successful opening of a high-risk merchant account tipically include information relating to the business, owners, and estimations of transaction numbers and values. You will also have to provide information on any licenses you hold if you operate in a regulated industry. But the requirements do differ depending on the jurisdiction and type of business, so feel free to clarify with Fast Offshore if you are unsure.

As long as you can meet all the requirements, a high-risk merchant account can be opened in between 1 to 2 weeks, depending on the jurisdiction. On occasion, you may need to submit extra documents which can increase the time frame. It also depends on the jurisdiction you have chosen for your account.

The most common industries that are designated as “high-risk” include online gambling, ecommerce, travel agencies, subscription services, online dating websites, Forex trading, pharmaceutical, adult entertainment, timeshares and many more.

Fast Offshore can assist in helping you apply for high-risk merchant accounts. We have a particularly high success rate in assisting with online gambling operators and ecommerce sites, foreign exchange trading, cryptocurrency and blockchain. While we cannot guarantee success, we can increase the chances of you being approved. Visit our high-risk merchant account page to find out more.

Typically, to open a high-risk merchant account via Fast Offshore, you will need a minimum volume of EUR 100,000.

iGaming Merchant Account

Yes, we can! We have worked in online gambling for over 22 years and have assisted countless online operators in acquiring online gambling merchant accounts. We work in several leading offshore jurisdictions and have strong and established relationships with leading offshore merchant account providers. Of course, we cannot guarantee that you will be given an account but if you follow our guidance, the chances are high.

Online gambling is considered high-risk because of the transactions are processed remotely (card is not present at the time of purchase) with a high volume turnover. Another issue is that customers will sometimes ask for chargebacks. The rate of chargebacks is high in online gambling and this leads processors and account providers to consider it high-risk. Lastly, online gambling is susceptible to money laundering and fraud, therefore extra precautions need to be taken.

There is no definitive list of requirements to open a gambling merchant account as it will depend on the jurisdiction, account provider, and the company that is applying. Typically, you will need to fill out an application form, provide a copy of your gaming license, as well as company documents, KYC on those involved in the company, and information relating to the number and value of transactions. To find more information on requirements, you can visit the gambling merchant account page.

There are some things you can do to keep your gambling merchant account in good shape. These include creating a clear descriptor so your clients recognise it when they see it on their statements, keeping an accurate record of transactions, sending receipts automatically, and providing good customer service.

Ecommerce Merchant Account

Ecommerce is considered a high-risk industry because the number of chargebacks tends to be high. The more chargebacks you receive, the higher-risk the business is perceived to be. Other factors include the fact sales are done remotely, there is a high volume of sales, and transactions can take place in different currencies.

The requirements for opening an ecommerce merchant account are dependant on the company, jurisdiction, and provider. There is no setlist of documents that applies to all providers, but generally, you will be required to demonstrate the company is in good standing, submit company-related documents, provide KYC documents of the owners and shareholders as well as provide information on what you are selling, to who, where, and how much you intend to sell. To get a detailed list of the general requirements for opening an ecommerce account, you can visit the ecommerce merchant account page.

Fast Offshore doesn’t charge for applying for a merchant account on your behalf, but there are costs associated with getting the documents you need and submitting them. This can include apostille stamps, certifications, couriers etc. You may also incur costs when you set up the account following approval and then when you go “live” but this varies on a case-by-case basis.

Once your ecommerce merchant account is open you can keep it in good shape by ensuring good customer service to clients. Make sure you resolve disputes quickly, offer refunds only where necessary, keep channels of communication open, and make sure your descriptor is clear.


Blockchain

General Blockchain Questions

Blockchain is a system where transactions, data, and actions can be recorded in a completely immutable manner. The system is unique as it’s completely decentralized and is not controlled or supervised by any one entity. Instead, it is spread across an unlimited number of nodes (computers and devices) and each time a new event occurs on the blockchain, every node of the network updates automatically. Once a transaction has been logged on the blockchain, it cannot be edited or removed. Each action or ‘block’ is stored in a chain, in order of when they were actioned, hence the name blockchain.

This technology was originally what underpinned the cryptocurrency Bitcoin, but now blockchains are being used in a variety of industries including finance, business, logistics and even healthcare.

Yes, Blockchain is significantly more secure than standard electronic payments. Not only are they immutable, but they are secured with cryptography. Each transaction made on the blockchain is secured with a private key and can then be verified using a public key. You cannot hack or tamper with blockchain transactions.

Blockchain as a concept is not regulated. It is decentralized and not in the control or under the supervision of any one entity or individual. Private blockchains, however, can be permissioned, authorized and regulated. If you are operating a blockchain-based business in certain jurisdictions, you need to ensure you are abiding by the rules of that particular country. Some jurisdictions have regulated blockchain and cryptocurrency activity, others have not.

Each ‘block’ contains information such as transaction value, date, time, where it came from, and where it is going. When the action is executed, the block that represents it is linked chronologically with the block that was executed beforehand. This creates an immutable, chronological, chain of data and information that cannot be tampered with in any way. If for example, you are making a payment to an eCommerce site via a Blockchain payment system, the payment you make including the value, date, time, and identifier (known as a hash) will be registered on the Blockchain. It will remain there as definitive proof that the payment was made.

Once a block has been created and added to the blockchain, it is distributed automatically and instantly across every node in the network. This means that it is impossible to edit or remove them as it’s not possible to make those changes across every single node. Therefore, each block including transaction details, values, and other information that is then authorised with cryptography, is immutable.

As blockchain is a distributed ledger, it can be used to prevent fraudulent activity. It increases the transparency of transactions and due to its immutability, transactions cannot be faked, changed, or deleted. It’s also possible to see the history of all transactions in chronological order, making fraudulent activity easier to pinpoint.

Blockchain has been around for over a decade so already, it is more than just a trend. Its use cases are continuing to expand and it is being adopted by governments, institutions, multinational companies, financial giants, and small businesses alike. So far, around 40 million people use blockchain daily but this number is growing. It’s estimated that the industry will be worth $ 39.7 billion by 2025 with a compound annual growth rate of 67.3%.

When we answer this question, it’s important to distinguish between Blockchain and cryptocurrencies. While some jurisdictions have a rather unfavourable approach to cryptocurrency, blockchain itself is not banned in any jurisdiction. In its form as a decentralized distributed ledger, it is perfectly legal, but you must consider whether what you will use it for is legal in a particular jurisdiction. 

Bitcoin is a virtual currency that runs on the blockchain. Bitcoin transactions cannot be executed without a blockchain underpinning the system. Blockchain is the network or system on which Bitcoin transactions take place. 

Bitcoin cannot exist without blockchain, but blockchain can exist without Bitcoin. Blockchains can be used for a variety of different currencies as well as for non-monetary purposes.

A public Blockchain is one where anyone can join it, use it, and execute transactions on it. It is decentralized in nature and is not controlled by any single, one entity. Examples of a public blockchain include those that power Bitcoin and Ether. 

A private Blockchain is one that is organized and controlled by one, or more entities. It has permissions and different users are granted different permissions to use and access the network. Information on a private blockchain is only accessible to those who have permission to do so.

A smart contract is a bit of code that functions like a self-executing contract, via the blockchain. The terms of the contract are written into the code itself, so when a specific term has been met, the next stage of the contract can occur. Upon each ‘task’ being completed, the smart contract will indicate what needs to occur next. Each step of the contract takes place on the blockchain and therefore is immutable as it’s distributed among all the nodes of the network. The benefits of smart contracts are that they are secure, safe, and private, and can simplify several complex processes.

Blockchain for Business

What started as the network powering Bitcoin, has now gone on to be used by countless other systems throughout almost every industry. The fact that blockchain is secure, immutable, private, and adaptable means it has been adopted far and wide. With possibilities transcending just facilitating transactions, blockchain is finding a place in industries from healthcare to international logistics and beyond.

There are a growing number of businesses getting involved with blockchain technology. Currently, Fast Offshore works with several businesses in cryptocurrency gambling using blockchain technology, crypto exchanges and brokers that run on a blockchain, and other startups including apps, financial services, logistics and ecommerce. Overall, the blockchain industry is particularly lucrative in the fields of logistics, healthcare, education, personal and business finance, identity management and payments.

Fast Offshore works in several cryptocurrency and blockchain-friendly jurisdictions. These include Curacao, BVI, Costa Rica, Seychelles, and the Cayman Islands. There are also opportunities in Malta if you are looking for an EU-based business. But each jurisdiction has different requirements and benefits. Visit our Blockchain company services page to get more information on each of these jurisdictions.

What the requirements for opening your Blockchain business are will depend on where you will be located and what kind of business you will run. Some different requirements and obligations need to be met when opening a blockchain app when compared with a crypto casino. Contact Fast Offshore with your specific case and we’ll gladly assist you.

The cost of opening a blockchain business depends on a variety of factors. This includes the nature of the business and services you want to offer, and where you want to locate it. To find out more about fees and other costs, contact us for further information.

Starting a Blockchain business is much like starting any other business- it requires careful thought and planning every step of the way. You should engage a professional partner to assist you through this process and to make sure you make the right decisions. Once you’ve teamed up with Fast Offshore, you need to start creating formal business plans, financial forecasts, analysing competition, creating a concept, and marketing. There are also plenty of behind-the-scenes considerations that require your attention. To get a better overview of the process, refer to our How to Start a Blockchain Business article.

Fast Offshore offers a range of services for clients looking to get their blockchain start-up off the ground. These include regulatory advice and guidance, company incorporation, strategy advice, AML and compliance, license applications, and general business advice. To find out more, you can visit our Blockchain company services page.


Crypto

Crypto General Questions

Cryptocurrency is a form of virtual currency that can be used to pay for goods or services and can be bought, sold, and traded for other cryptocurrencies or fiat currency. Otherwise known as a digital asset, each unit of cryptocurrency has a value that can fluctuate much like a fiat currency. Cryptocurrencies are not centralised or controlled by a central bank, and act independently of any government-controlled unit of currency. Cryptocurrency transactions occur on the blockchain and are immutable. Popular examples of cryptocurrency include Bitcoin, Ether, Litecoin, Ripple, Bitcoin Cash, etc.

Generally, yes. There are however some countries and jurisdictions that have prohibited cryptocurrency. Some have forbidden buying, selling, or trading, others possession but this is limited to just a few cases. On the whole, cryptocurrency is legal in a growing number of jurisdictions and many are recognising its potential and legislating in favour of it. Be sure to chat with us at Fast Offshore if you are thinking of opening a cryptocurrency business. We can provide you with up to date information on legislation, regulation, and laws that may impact where you want to operate from.

Yes and no. Every cryptocurrency transaction made on a public Blockchain is public, traceable, and permanently stored there. The bit that remains private is the identity of the person making the transactions. Each transaction that is carried out is done so via a cryptocurrency address, It’s possible to see all the transactions that a particular address has carried out, but not who the address belongs to.

In terms of technology, cryptocurrency and Blockchain are incredibly stable. But in terms of value and volatility, they can vary drastically. Different currencies have different levels of stability in terms of value. Stablecoins are often pegged to the value of a fiat currency or are underpinned by a reserve asset. This means they are generally more stable than other kinds of cryptocurrencies.

You can do many things with cryptocurrency. You can buy, sell, and trade-in it. You can mine it, get paid in it, or do your food shopping with it. You can withdraw it from an ATM (in some places), buy a house with it, gamble online with it, or accept it as a payment method in your business. You can even pay Fast Offshore with it! Cryptocurrency is fast heading for widespread adoption, therefore the number of things you can do with it will continue to increase.

Cryptocurrency works by allowing payments to be made securely over a distributed ledger called a Blockchain. The Blockchain keeps a record of all transactions made in that particular cryptocurrency and once a transaction has been made, it cannot be reversed or edited. Typically, someone who holds cryptocurrency will do so in a digital wallet. Crypto coins can be divided into fractions or used whole, depending on their value and the value of the transaction.

You can use cryptocurrency anywhere that accepts it. This includes online shopping and entertainment platforms,brick-and-mortar stores and institutions, online gambling sites, airlines, restaurants and much, much more.

There are some very friendly cryptocurrency jurisdictions where crypto is welcomed and encouraged. These include Malta, Curacao, Costa Rica, Seychelles, BVI, Cayman Islands and Gibraltar. To learn which of these jurisdictions will be the best fit for your business, contact Fast Offshore.

Which cryptocurrencies are the most popular can be determined by looking at which are the most important in terms of value, stability, adoption, uses, and potential.

Bitcoin is the world’s number one cryptocurrency, mainly because it was the first. Ether which runs on the Ethereum Blockchain is second in terms of adoption and its use by developers and software producers. Ripple is another leading cryptocurrency and it’s used by banks and financial institutions for cross-border, real-time payments. It doesn’t require mining and it isn’t very volatile. Other important cryptocurrencies that offer less volatility are referred to as stablecoins.

Bitcoin was the original cryptocurrency and all others that came after are referred to as altcoins.

Generally yes, it depends. When making fiat payments, you may have to wait minutes, hours, or even days for payments to clear. This is especially the case with international or cross border payments or bank transfers. With cryptocurrency, transactions can be conducted quickly and with lower fees than with fiat currency.

That depends entirely on what your business is! It may be as simple as offering cryptocurrency payments on your website, or you may need a license. The best thing to do is to contact Fast Offshore and talk through your idea. We will be able to advise you the best and most cost-effective way to integrate cryptocurrency into your business.

A cryptocurrency exchange is where users can buy cryptocurrency with fiat currency, exchange a cryptocurrency for another cryptocurrency, or change cryptocurrency back into fiat. The exchange will execute the command at a particular exchange rate and can charge a fee for each transaction. 

Cryptocurrency gambling is where a player makes deposits and/or withdrawals on a gambling site in cryptocurrency. They can also place bets in cryptocurrency while playing their game of choice.

A growing number of ecommerce sites are incorporating cryptocurrency payments into their portals. The most common way of doing this is through a cryptocurrency payment processor. At the time of the sale, the cryptocurrency value is ‘locked in’ and the transaction is carried out. The customer then receives the goods as they would if they were purchasing with fiat currency.


Forex Broker License

Forex Broker License General Questions

Getting a Forex broker license isn’t easy and requires collating documents, submitting paperwork, and passing through several stages of vetting before a decision is announced. Exactly what’s required and the process is determined on a case-by-case basis depending on the jurisdiction. For information on how to get a Forex broker license, head over to our Forex page for more jurisdiction-specific information.

Forex broker requirements vary between jurisdictions and the type of Forex business you wish to open. As a standard, you’ll need a clear criminal record, be of good standing, pay a fee, and submit several documents. To find out more about different jurisdictions and what their applicable requirements are, navigate to the jurisdictions pages.
Forex License Seychelles
Forex License Vanuatu
Forex License Belize

You might be wondering why you should go offshore when applying for a Forex license. The answer is simple- there are a great number of benefits to it. These include simplified procedures, lower costs, privacy, flexibility, and tax optimization opportunities. To find out which jurisdictions have which benefits, visit our Forex page for more detailed and comprehensive information.

Seychelles is a popular offshore location for Forex brokers and there are some benefits for those that opt to operate there. In terms of Seychelles forex broker requirements, you need to incorporate a local company, have $50,000 paid-up share capital, a physical office in the country, and various compliance individuals. You also need to consider auditing requirements, financial statements and professional indemnity cover. To understand more about what is required, visit the Seychelles Forex broker page.

When it comes to how much does a Seychelles Forex license cost, this depends on the option you choose. Fast Offshore offers a package which includes everything you need to go live. But we also offer a tailor-made solution to suit your individual circumstances. To understand the associated costs for both options, you can contact us directly to get a quote. We pride ourselves on pricing transparency and being more competitive than our competitors.

Vanuatu is another popular location for those establishing Forex-related businesses. The Vanuatu Forex broker requirements again depend on the individual circumstances and type of business. As a standard, it’s required that the applicant is of good standing, doesn’t have a criminal record, and can satisfy due diligence requirements. To find out more about the process and requirements, visit the Vanuatu Forex broker license page.

The Vanuatu Forex license is priced competitively but exactly what it will cost applicants depends on a range of factors. Fast Offshore offers both a Vanuatu Forex license package and a tailor-made option for customers. To get an exact quote or to discuss your options in more detail, contact Fast Offshore today!

Second Passport

Second Passport General Questions

Yes, there are. Many countries allow citizenship to be granted as a result of marriage, long-term residence, or naturalisation for other reasons. Fast Offshore only works with citizenship by investment.

A second passport can give more freedom, especially to those residing in countries with political uncertainty and unrest, economic downfall and insecurity. Typically, second passports offer more flexible travel without the need for a visa, or with simplified procedures in many countries. It also allows people to live in other countries withmore ease. Lastly, there are opportunities such as educational, healthcare, tax efficiency, and business opportunities that can be provided with a second, or even third passport. A second passport is not only an investment but it is an insurance policy for the future of you and your family.

Citizenship by investment is the process of acquiring an additional passport through an official process where the applicant satisfies several requirements and criteria. These include making investments in property, stocks and bonds, or a combination of both. Often it’s required to pay fees, make donations to government funds, and various other things which are decided depending on the jurisdiction where the application is made. Following the satisfaction of criteria, the applicant receives a passport, becomes a citizen, and assumes the rights of native citizens of that country.

Fast Offshore assists with applying for a second passport in Malta, Cyprus, Grenada, Antigua and Barbuda, St Kitts and Nevis, Vanuatu, Panama, St Lucia and Dominica.

The process of applying and being approved for a second passport depends entirely on which country you are making the application in. Each government has different timescales and these depend on your timely submission of the correct documents. To find out more about how long the process takes, visit our second passport page, pick the country you are interested in from the list and check out the timeframes. 

Some countries do not allow dual nationality or require that you relinquish your first citizenship to obtain a second. You need to check that both your country of origin and the country of application provide for second passports, or be prepared to lose one of them.

This depends on your country of citizenship.

The validity of a passport depends on the jurisdiction which is issuing it. Some have longer validity timeframes than others, but once you are a citizen, there is no reason why there should be an issue in renewing it as long as everything is in order.

This depends on which country you are applying in as each one has different rules. If you find yourself in this situation, contact Fast Offshore and we can take a look at your situation. 

Applying for a Second Passport

Each jurisdiction has different processes for applying for a second passport. Generally, you will be required to submit information on your identity, source of funds, a clean criminal record, and an application form. You will also have to make and provide evidence of the required financial obligations. To find out more, go to the second passport page and select the location you are interested in to find out more.

Requirements will vary from country to country. Visit the second passport page and find out about the requirements for each jurisdiction.

Most countries that offer citizenship by investment require an investment in real estate, business, or employment in that country. They may also require investments in government stocks or bonds or a donation to a government fund. You can find out more about the financial contributions for different jurisdictions on the second passport page.

This depends on where you are applying. Most countries allow applications from spouses and dependents in addition to the main application and for a fee. To find out more, visit the second passport page and check each of the jurisdictions listed.

In some cases, you are required to visit the country you are applying for a second passport from. This could be just one visit, or you may be required to spend a little longer there beforehand. Some countries, such as Malta require that you have a residence in the country, before receiving your passport. It’s best to check each jurisdiction’s requirements on the second passport page.

Generally no. Usually, the countries that Fast Offshore works with all have English as an official language or are where it’s widely spoken. Some may require a level of proficiency of the local language or English but this depends on the jurisdiction you are interested in.

The granting of citizenship remains at the discretion of the authorities of that particular country. Applications can be declined for security reasons, for someone having a criminal record, failing to meet financial obligations, not satisfying requirements, or even due to having a bad reputation. Fast Offshore will assist you in the application process to make sure you have completed everything and to advise you if it is unlikely you will receive a positive decision such as in the cases of criminal matters.


Compliance

Compliance Terminology

The General Data Protection Regulation (GDPR) is an EU law that focuses on digital privacy and consumer protection in the digital sphere. It addresses a number of matters including the transfer, storage, and use of personal data within and outside the EU and EEA. It is complex and far-reaching and applies not just to businesses in the EU and EEA, but to companies that process data of those citizens and residents. Failure to comply with its provisions can result in significant fines and other penalties.

Know Your Customer or KYC is a process where a company is required to ascertain the identity of customers and clients. This includes the evaluation of information relating to their identity, place of residence, and even the source of funds. KYC is carried out at the beginning of a business relationship and also periodically throughout the ongoing relationship. To learn more about the necessary information for the industry your company is engaged in, contact Fast Offshore.

The Foreign Account Tax Compliance Act (FATCA) is a USA law that requires non-US financial institutions to report on the identities and assets of US citizens to the US Department of Treasury. It also requires that American citizens report any non-US financial assets to the tax authorities. The law applies to USA residents, USA citizens, and green card holders residing in other countries.

Anti Money-Laundering (AML) and Counter Financing of Terrorism (CFT) refer to policies and regulations in place to stop both of the aforementioned crimes. Both money laundering and terrorist financing are considered financial crimes and as such, carry significant penalties. Companies must ensure that their customers are not engaged in such activities and are not using their services as a vehicle for either offence. Companies are required to have in place protocols and processes to monitor, identify and report any suspicious activity that could indicate illegal activity of this type.

Compliance Services

In the context of business and regulatory matters, compliance is a goal that businesses and organisations aim for to achieve synchronicity with laws, regulations, best practices, and policies. These measures are determined by governments and national authorities as well as on occasion, international bodies. They are enforced through laws and regulations and issues of non-compliance can result in financial or penal consequences.

Compliance obligations will vary depending on your business, location, and industry. To learn the regulatory and compliance requirements that apply to your business, contact Fast Offshore.

Procedures relating to regulatory services include the creation of terms and conditions, processes, protocols and other procedures relating to compliance. We look at your company, your industry, your location, and the nature of your services and ensure that you are in full compliance with the applicable regulations.

Fast Offshore looks into your company, industry, location, nature of your service to ensure you are fully compliant with the applicable regulations. We can also help with drafting AML and KYC policies that you use during the onboarding process and for the monitoring of ongoing client relationships. 

Yes. Your company is required to comply with data protection laws in the country it’s located, where it operates, and even where customers come from. This can be rather complex and it’s best to engage the services of a professional such as Fast Offshore to find out exactly what obligations you have.

All personal data is covered by data-protection laws and must be protected. This includes anything that can be used to identify the individual such as name, date of birth, passport number, copies of identity documents, social security numbers, account numbers, credit card numbers and similar. If you have any questions, contact Fast Offshore.

A compliance audit is an audit that is carried out independently to make sure that a company or organisation is adhering to the relevant compliance laws and rules. These audits are often required periodically when a company holds certain licenses for activities like online gambling, brokerage, or other regulated activities.

A compliance officer is a competent individual whose role it is to ensure a company functions in a legal, ethical, and compliant manner. They are responsible for doing this in conjunction with the company meeting its business goals, developing compliance programmes, reviewing policies and processes, and liaising with authorities. They also serve as a contact point for senior management and other employees within the organisation, for the matter of compliance.

Yes, in most cases we can. In the majority of jurisdictions, we can connect you with suitable individuals to fill the role of compliance officer. 


Feel free to contact Fast Offshore by visiting our Contact Us section, fill out the form and we’ll get in touch with you in 2 business days or less.