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- Cyprus – European Union (EU) member state, also one of the most popular tax haven jurisdictions –has done it wrong!
- They have made a very bad investment, by lending money to Greece. This is back when Greek economy was on a brink of bankruptcy, Cyprus made the risk and bought Greek government bonds.
Cyprus crisis seems to have brought some sort of a nightmare for all of those who placed their investments into banks right there. And as we know, many investors were those who thought to have invested in banking heaven…
When setting up your offshore vehicle, bank account in very desirable addition to it! We help our clients to open accounts in many jurisdictions. You can choose the same where you incorporate your company or any other jurisdiction to open the account. Little tip is to consider opening at least one account in the same jurisdiction, because a local bank account in the country of registration may improve the credibility and "visuals" of the offshore company.
Main thing is to remember that each account opening is subject to client status. When opening corporate bank account, banks require information from actual beneficial owner of the company, but if you wish someone else to manage your bank account you can appoint account signatory. Account signatory is an individual who has signatory rights in the bank account. Such rights are granted by a Company Mandate (a special resolution, signed by the company Director, resolving to open a bank account and to appoint particular individuals as account signatories). An account signatory may "sign" on the account - which means, he or she can execute transfers, sign cheques and otherwise dispose with the money on the account.
Some facts about no par value shares.
In general no par value shares are shares for which the articles of incorporation do not fix a par value.
If no par value shares are chosen, then clearly company capital is unknown. Those shares can be of any value! Only when these shares are issued to shareholder value has to be stated. This is beneficial, for investment vehicles especially, as it brings more flexibility and higher prices can be set at latter stage when offering shares to new investors or shareholders.
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