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What Is the Procedure to Set up an Offshore Trust Company for US Citizens?

Are you a US national intending to incorporate an offshore trust?

If yes, then you are at the right spot!

Investing in the offshore industry today has become one of the most beneficial and intelligent moves that most business investors deal with.

Be it a small nation like the Marshall Islands or a larger one like China, every country has understood the benefits of welcoming and implementing offshore in its arena.

Now, the question is where to invest in opening an offshore trust company?

This guide will help you to identify locations where you can proceed ahead and open a trust company.

Offshore Trust Company

An offshore trust is a trust arrangement that is made and holds assets in a jurisdiction outside the United States. It is extraordinary compared to other known offshore asset protection planning tools and is widely opted in tax-haven countries.

Generally, an offshore trust is a "self-settled trust" where the trust-maker and the beneficiary are the equivalents.

The trust-maker delegates a trustee who is either an individual citizen of a foreign nation or a trust company with no US office or alliance.

Where to Start an Offshore Trust Company?

As stated above, today, numerous nations have adopted offshoring, and thus, it is beneficial for business investors to set up an offshore trust unit.

However, here’s a list of the popular offshore jurisdictions that you can have a look at and proceed towards the incorporation of the offshore trust unit.

It is advised to proceed ahead under the guidance of an expert who can help you clear the legal formalities that you need to proceed at the initial stage.

How to Start an Offshore Trust Company?

To incorporate an offshore trust company, one has to undergo the following steps:

1.Select an Offshore Location

In the first move, you have to choose an offshore business location that suits your business model. Make sure to proceed ahead under the guidance of business experts.

2.Decide the Trust Structure

Once decided, make sure to get knowledge about the legal laws and regulations of the selected jurisdiction.

Simultaneously, decide the structure of the trust unit that you will be incorporating.

If you would prefer not to depend entirely on your trust to secure your assets, you can utilize several unique structures to put somebody (frequently yourself) between the trust and your assets.

3.Be Ready with the Company Papers

Make sure to be ready with the company documents sent to the governing authorities of the selected offshore jurisdiction for verification. This might include:

  • The duly filled business application form
  • Identity and address proof of the business investors
  • Memorandum and articles of association
  • Business blueprint

4.Open the Offshore Bank Accounts Unit

After getting the approvals, proceed with the offshore bank account opening process.  Here’s a guide on Offshore banking, a new step to financial security, that will help you understand the core details of opting for one.

5.Manage the Assets and Wealth

Once you are done with the offshore banking process, you can manage the relevant business assets and finance.

Trust isn't an investment. It is an approach to hold and ensure your assets.

If you are worried that the trustee won't adequately deal with the assets you have put in your trust, you can control the investment intensity of your trustee.

Offshore trusts offer a complete cluster of asset insurance features that go a long way past what US trusts can give. Trust enactments in specific jurisdictions make settlor-friendly environments.

We at Business Setup Worldwide can guide you through all this.

If you might want our expert counsel on how an offshore trust can fit into your holistic offshore plan, you might wish for professional assistance in choosing a jurisdiction and trust company that best suits your necessities. Don't hesitate to contact us, we would be happy to help.