How to set up an offshore company in 10 minutes

Last week the massive “Offshore Leaks” investigation by the International Consortium of Investigative Journalists reported the uncovering of the beneficial owners of thousands of offshore companies.

Among the owners of offshore shell companies disclosed so far are several senior politicians and their close families in various countries.

Just how difficult and costly is it to set up an offshore company?

‘We especially recommend the Seychelles’

With an internet connection, a credit card, and as little as 690 euros, it can take under 10 minutes to set up a shell company.  Let’s take a quick tour of two online providers of offshore services, randomly selected out of the hundreds of companies selling secrecy.

Our first stop is at the website, owned by a law firm called Coldwell, based in London. The homepage already makes clear what they are offering:

“Benefit from going offshore. Privacy, limited liability, asset protection, tax exemption”.

And in highlighted text:  “We especially recommend the Seychelles“.

What comes next is a simple series of steps, similar to buying a plane ticket online.

€690 – the cost of the basic services needed to incorporate a company in the Seychelles, including a certificate of incorporation, minutes of board meetings, the resolution to rent an office, and a register of directors.

€390 – the extra fee for a “Privacy Protection Shield”, which in practice means a nominee service through a law firm.

€390 – the cost of opening a bank account for an offshore company.

€49 - just to make things look respectable, a small fee to get a logo, rubber stamp, seal and name plate.

€2000 – the total fee, together with a couple of other recommended items (apostille, virtual offices, etc).

All I would have had to do to become the proud owner of an offshore company was to complete the last step and provide my personal and credit card details.

And what kind of business can the owners of shell companies get into?

The company has a series of useful “operational case studies” to help us explore our alternatives. This one involves a hypothetical businessman named Mr Dokic who sets up a company in Cyprus, in order to import goods from Taiwan into the EU and “mitigate his tax exposure on his profits”. In the meantime the enterprising Mr Khan uses a British Virgin Islands company to pay no capital gains tax when cashing in on a property investment in London.

When will governments take action?

Despite promises by international organizations and G20 governments to crack down on tax havens following the financial crisis which started in 2008, the services described in this blogpost are perfectly legal under the laws of the jurisdictions offering them. And thanks to the large number of companies offering company incorporation services online, it is now easier than ever to take advantage of these laws.

Although shell company providers may be ticking all the necessary boxes in order to be compliant with anti-money laundering legislation, it is hard to see how they – or any offshore regulatory authority – could in practice distinguish between “tax mitigation” activities and clients who are taking advantage of anonymous ownership to engage in corrupt or criminal activities.

This is why a group of civil society organizations gathered under the Financial Task Force are calling for the beneficial ownership of companies in every jurisdiction to be readily available on public record, and for financial institutions to be required to identify the ultimate beneficial owners of any company seeking to open an account.

In the medium term, I am optimistic that with growing pressure from citizens and the media, change will come and offshore activities will be properly regulated. Many things which were once legal are today unthinkable. Maybe future generations will look back at the early 21st century and wonder how it was ever possible to set up an offshore company that easily.

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Max Heywood

About Max Heywood

Max Heywood is Programme Coordinator in the Americas Department of Transparency International.

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29 Responses to How to set up an offshore company in 10 minutes

  1. Rachel Davies
    Rachel 9 April 2013 at 12:06 pm #

    I agree that future generations will probably wonder how we allowed this situation to continue for so long – why do we make it so easy for people to hide dirty money? Hopefully the G8 leaders will commit to changing this in June.

  2. Delia Ferreira 9 April 2013 at 6:55 pm #

    Excellent post, Max! I will circulate it.

  3. Gene Hoffman 10 April 2013 at 12:19 am #

    Coldwell is no law firm. The address goes to a mail drop, somewhere in London.

  4. Gene Hoffman 10 April 2013 at 12:21 am #

    There are reasons to go offshore. For instance if you live the US, we have a huge issue with frivolous lawsuits. In fact, 90% of the worlds lawsuits are filed in the US, so the easiest way to protect assets is to remove them from the jurisdiction that you reside in. There is no tax savings to going offshore. This is purely from an asset protection stance.

  5. Javier 10 April 2013 at 4:52 am #

    So if the Coldwell guys are in London, isn t the real problem the London financial center instead of the island of Seychelles? G20 countries serve as marketing locations of bearer share companies from Marshall Islands and Liberia, bearer warrant LLCs from England. The blacklisting of other independent countries is just the G20 financial centers weeding their competition.

  6. 13 April 2013 at 4:38 pm #

    Pretty! This was an extremely wonderful post. Many thanks for
    supplying these details.

  7. Max Heywood
    Max Heywood 15 April 2013 at 8:18 pm #

    Update from France: 13 minutes to set up a numbered account in Liechtenstein to avoid inheritance tax.

    Agree with commenter above, European financial centres are complicit in providing anonymous structures.

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  10. 8 July 2013 at 11:03 am #

    Seychelles is nowadays truly one of the best jurisdictions for affordable and safe offshore company formations. Unlike Cyprus and the other jurisdictions, Seychelles is not dependant on the big players.

  11. k 11 July 2013 at 10:08 am #

    Good day, you can open a company and the company to make a loan if you need to write what dakumenty sign for a loan company and what time thanks CREDIT

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  13. Maximus 11 September 2013 at 3:17 pm #


    Thanks for the valuable post.

    It’s true that it’s going very bad for US citizens to go offshore..
    I’m EU citizen and as consultant I did setup an offshore company a year ago and I’m happy with it. As for the fees stated above, it’s a bit high, here is who I can recommend to setup an offshore company, I’ve been using them as well as 2 of my friends and super service:

    The fees are quite good, the consultation is free. What we have found most valuable is that they were able to get a pre-aproval from the bank before the procedure. Hope this helps some people out there ;-)


  14. E4G-400 23 September 2013 at 11:02 pm #

    Generally I don’t learn article on blogs, however I would like to say that this write-up very forced me to try and do so! Your writing style has been surprised me. Thank you, quite nice article.

  15. Offshore Company Setup 25 September 2013 at 12:17 pm #

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  16. setup offshore company 27 September 2013 at 11:38 am #

    Setting up an offshore business include no specific process but an internet connection, a credit card, and as little as 690 euros, it can take under 10 minutes to set up a shell company. The above blog gives you the wholesome idea about setting up the business in about 10 minutes which is quite impressive.
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  22. parveen kumar 6 April 2014 at 8:21 am #

    sir I want to open corporate company in seychelles i am an indian how can i open it what is the expenses and i want to open bank account also

  23. parveen kumar 6 April 2014 at 8:25 am #

    what document do you required to open company and bank account

  24. parveen kumar 6 April 2014 at 8:26 am #

    can i open it or not


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