PAK Blog Service

Common Questions (Important)

noreply@blogger.com (Si Consultant and Help Online) — Sun, 07 Mar 2010 09:06:46 PST

FAQ for Students

Visa Questions ¨C Visa documents, Visa fee, Visa application forms, Visa success ratios, Tips, Reasons of Refusals, Appeal procedure

Admissions & applications ¨C Course choice, selecting a University, Application procedure, Documents for admission, Application fee, Sessions, Time factor

Money Matters ¨C Fee, Payment modes, Refunds, Living Costs, Salaries for students, Scholarships

SI CONSULTANT& You ¨ Processing fee, How to submit application, Where to submit, our terms & conditions, our introduction & status

Commonly asked Questions

Visa Questions ¨C Visa documents, Visa fee, Visa application forms, Visa success ratios, Tips, Reasons of Refusals, Appeal procedure

Q: What documents are generally required for visa?

A: Docs. Required are your academic documents, experience letters if any, sponsor bank statement, sponsor business documents, visa fee in form of Draft, photos, completely filled in visa application form & affidavit on stamp paper from student.

Q: Is bank statement is compulsory & if there are any alternatives?

A: UK ¨C You need your own bank account in your name opened for 28 days or more. Funds should be 1 year fee + 1 year living cost (for London it is 7000 GBP & for outside London it is 5400 GBP).

Loan Letter is alternative

Australia ¨C Bank statement of last 6 months of you, your parents, spouse, and sibling is allowed. It should remain with min. balance required for continue last 6 months.

Alternative is Bank Loan Letter.

Funding required is Full Course Fee + Full course living cost at A$ 12000 per year + Travel cost A$ 2000

NB: Please add 4200 A$ per year for spouse even if he/she is not traveling to Australia.

Q: Can I show property documents, land, savings, prize bonds?

A: Yes, you can show all of these documents but in addition to bank statement only. Copies of land registries in Urdu & lengthy land revenue documents are not needed.

Q: Can I have two sponsors?

A: Yes you can.

Q: Can I withdraw money from my bank after getting bank statement for visa purpose?

A: Its desirable that you should not with draw any amount until you will hear about your visa approval / denial

Q: My bank do not have computer, so can I provide handwritten statement?

A: Generally, visa officers are not happy to see handwritten statements. If it is not possible at all to get computerized statement, try getting typed statement.

Q: What are the MAIN factors on which visa officer judge an application?

A: Visa officer generally judge each visa application on following criteria,

Student Age ¨C Should be ideally between 18-25 years

Education history ¨C Should have continue educational history without gaps & have good grades throughout academic career

College & Course selected abroad ¨C Should be relative to previous studies. For example, if you have BCS & are going to MSC Computing, you have good chances. Your institution should be accredited & having good reputation. Generally, Govt. owned institutions have good scope than private.

Your sponsor relation with you, his / her occupation & bank statement with his / her supporting documents. For UK, your own bank account with required funds.
Quality of visa file, Visa application form filled in, information you have about your selected College abroad, its location, course start / end date, mode of assessment etc. You must show that you have searched other institutions also before selecting the desired University.

Q: Can I ask my elder brother / friend / father to fill in my application form?

A: Generally you should fill in your form in your OWN HANDWRITING OR you may copy the form & ask your elder relative to help you fill in. Visa officer some times ask you that you have filled in form yourself or not? Or they can refuse visa if signature at the end of form are not similar to signatures on your passport

Q: How much duration visa will be issued to me & can I travel to Pakistan during holidays?

A: For UK ¨C Visa will be issued for the duration of course plus 4 months

For Australia ¨C For full course duration

It is multiple visa & you can travel to Pakistan whenever you like

Q: Can I transfer to other country after arriving in UK / Ireland / Singapore / Switzerland?

A: Yes you can, but its advisable to spend at least 1 academic year & complete your course before transferring to other country. You have to TAKE VISA for that country & have to fulfill all student visa requirements for that country including Sponsor, Bank letter etc)

Q: My visa was refused for UK / Ireland, can I reapply & what are chances now?

A: YES. You can reapply whenever you like. You must provide us refusal letter so that we can see on what grounds you can reapply. For Ireland ¨C If you are refused, its better to do appeal. Our appeal person will help you filing it & its FREE. Please contact our nearest office or send email at shakeelpk2002pk@yahoo.com

UK ¨C You may reapply with stronger documents & addressing the reasons of refusal. For example if your visa was refused stating that your English is poor, you must supply IELTS / TOEFL score in your second attempt.

Q: Do IELTS / TOEFL compulsory for Visa?

A: UK- No. it¡¯s not compulsory although chances of success will greatly enhanced if you have IELTS / TOEFL valid score.

Australia ¨C IELTS is mandatory. Minimum band 5.0 is required

Q: What if I do not have sponsor & can not arrange bank statement?

A:UK ¨C Your own bank account is required

Australia ¨C Your parents, brothers, sister, spouse can sponsor you with 6 months bank statement.

Q: What is visa processing time?

A: For UK ¨C Its 3-4 weeks

AUSTRALIA - Its 3-4 months

Q: I was refused some years back & now I am looking to reapply. Can I make a new passport or apply on same passport?

A: You may apply on new valid passport.

Q: I have issued visa but I cannot go now. Can I extend my visa for further one month?

A: No ¨C Visa once issued CAN NOT be extended & if you will not travel in visa time period, you have to reapply & have to go through all visa procedure again

UK ¨C Visa is usually issued for 1-3 years & you can travel at any time

Ireland ¨C Visa is issued only for 3 months & you have to travel before start of course with 3 months

AUSTRALIA ¨C Visa is issued for complete course duration.

Q: I want to contact visa section, how can I?

A:UK ¨C British High Commission, Ramna 5, Diplomatic Enclave, Islamabad.

www.britainonline.org.pk

Email Visa Section British High Commission Islamabad: visqry.islamabad@fco.gov.uk

Tel: 051-2822131-5 ( All sections )

FAX: 051 2824728 or 2279355

Australia ¨C Visit www.immi.gov.au

Admissions & applications

Course choice, selecting a University, Application procedure, Documents for admission, Application fee, Sessions, Time factor

Q: What course should I select?

A: You must select a relative course for your future studies or course of your choice. For example if you have done BSC Computing from Pakistan, a Masters degree program in Computing will be excellent choice. Following are some popular choices of Pakistani students

Pakistani FA/ICOM/FSC - ¡ú BBA ; BSC Computing; B-Engineering ; Diploma in Hotel Management ; Foundation Program; Diploma in Computing; ACCA / CAT

Pakistani BCOM / ICOM / - ¡ú BBA with exemptions ; MBA; PGD in Business; Hotel Management; ACCA; Foundation Year

Pakistani 4 years BSC Computing - ¡ú MSC Computing; MSc Engineering; Pre Masters Program; MBA

Pakistani BA 2 years- - ¡ú Hotel Management, BBA, ACCA, Foundation Year

Pakistani BE 4 years - ¡ú Masters in Engineering; MBA; Pre Masters Program

Pakistani Medical Degree MBBS- ¡ú Post Graduate MSC program in Health related sciences; Pre Masters program

ACCA / CAT - ¡ú BBA; ACCA; Diploma in Accountancy; BA Finance; Foundation Year

Q: What major factors I should consider to select a University abroad?

A: You MUST consider the following factors

Your selected program availability in selected University - Please browse University web site & contact there International office or concerned department to verify that course of your choice is open. DO NOT forget to see through curriculum details of your selected program at University web site / brochure

University Fee & living costs in that city :

Kindly ask International office to give you EXACT details of International Students. Kindly ask for every detail like Tuition fee, books, Library fee, Lab fee, Exam fee, Health insurance,

Accreditation / Recognition of University in Pakistan & in abroad

Facilities at University ¨C Classrooms, Labs, Research opportunities, Housing facilities, general reputation of University

Location of University ¨C in big city or in small town

Q: What documents are usually required for admission in overseas Universities?

A: Most of the Universities requires following documents from International Students for admissions, scholarship applications & enrolments

Fully completed application form. Do not leave any area blank. The sections which are not applied on you, mark them X

Copies of all academic documents, experience certificates, co curricular activities, character certificates, degrees / mark sheets etc

2 Recommendation Letters from the teachers commenting on your academic suitability, performance in there class, English level proficiency

Student Essay / Statement of purpose written by applicant himself on 1 page outlining his / her past academic history, future plans & giving reasons why you chose the course you are applying.

Proof of English Language proficiency. Following proofs are usually accepted,

IELTS ( 5.5 for UG ; 6.0+ for PG courses)

TOEFL ( 220+ CBT )

WELT ( Warwick University English Test )

British A levels with good English grades

A letter from the institution last attended commenting on your reading, writing & hearing English level

British Council, American Center or NUML English course certificate

Important Information for study abroad

noreply@blogger.com (Si Consultant and Help Online) — Tue, 02 Mar 2010 01:44:18 PST

Finding a Quality Program

What resources are available to help you find a study abroad program?

What issues should you consider when looking for a program?

Where can you find information on the strengths and weaknesses of programs in your host country?

How can your U.S. home campus study abroad office help you?

Selecting the Right Program for You

What are your personal goals for wanting to study abroad?

How many other students participate in the program each semester/year?

Will you be studying at a U.S. university, a local university, or neither?

What study abroad program group size and class size would be ideal for you?

Do you prefer to be in a class with local students, other U.S. students, or an international group of students?

Does the program emphasize "total immersion" in the language and culture, or are you placed solely with other students from the U.S.?

Do you prefer to receive all of your instruction in the local language, in English or a combination?

Is the program you have chosen affordable?

Can your program administrator put you in contact with any past program participants so you can ask them questions about their personal experiences abroad?

Who Runs Your Program?

What are the main differences among the five general types of program sponsors?

Can you identify which one of the five general types of program sponsors your program has and why you prefer that type of program?

What kind of relationship does your home college/university have with the study abroad program you have chosen?

How long has the program been in existence (a new program doesn't necessarily mean a bad program)?

What is the program's current financial situation?

Financing Study Abroad

Have you spoken with an advisor in your school's Financial Aid department?

Do you know what your financial aid package does and does not cover in terms of study abroad expenses?

Before taking out a loan, have you looked at all other options (scholarships, grants, jobs, etc.) first?

For which scholarships, fellowships and grants are you eligible?

How does the cost of living abroad compare to the cost of living at home in the United States?

Have you started budgeting your income and/or saving money to provide for the program costs and cost of living abroad?

What categories do you need to create in your budget book/ledger (rent, food, clothes, entertainment expenditures, etc.)?

Do you try to give all your purchases a "work value" in order to see the time it will take you at work to earn the money to buy them?

Are there any other ways to cut back on expenses (i.e. coupons, not eating out, etc.)?

Can you think of any odd jobs that you might be able to do in your neighborhood in order to earn extra money (i.e. washing cars, babysitting, walking dogs, etc.)?

Have you taken care of all your financial aid and scholarship forms so that you continue to have financial support at your U.S. home campus when you return?

Application Process

Does your personal statement/essay sound like a "written handshake” and make a good first impression?

What are some of your best qualities and talents you can emphasize in your personal statement/essay?

Have you made sure to include in your personal statement/essay why you want to study abroad?

If your GPA isn't the greatest, can you explain why, or include other activities you've been involved in instead?

Have you written, re-written and asked someone to look over your personal statement for you (especially if you have to write it in the local language)?

How many letters of recommendation do you need, and have you given your contacts plenty of time to write their letters of recommendation?

Did you get a good night sleep, dress professionally and read about your host country’s current events before your interview?

Were you polite and well-mannered when answering all your interview questions thoroughly and specifically?

Pre-Departure Planning

Where do you get a visa if needed and a passport?

What other documents are required by your host country, in order to be issued a visa (a bank statement, letter of invitation, police record, proof of insurance, etc)?

What should you do if you lose your passport or visa while abroad?

Have you inquired about getting an International Student Identification card (ISIC card)?

What do you have to do to vote in U.S. elections (primary, run-off, special and general) while you are abroad?

Have you set up power of attorney to make decisions on your behalf back home if you are unable to?

How Foreign Laws Apply to You

Do you know how the legal system works in your host country and in the countries to which you will be traveling ("innocent until proven guilty" or "guilty until proven innocent")?

What kinds of laws do students from the United States break in your host country and other countries (perhaps, unknowingly)?

What are your program's specific set of rules to be followed, in addition to any local/national laws?

Is consumption of alcohol legal in your host country and in the countries you will visit? If so, what is the legal age for alcohol consumption?

What are the penalties for drug use in your host country and in the countries you will visit?

How do locals and local laws deal with harassment and sexual assault (a cultural norm, supportive of victims, blame victims, prosecute, etc.)?

What kinds of legal assistance can the local U.S. Embassy or Consulate provide you?

Planning Communication While Abroad

What is the telephone and fax numbers (regular business hours and emergency after hours) for your program's administration office both in the United States and in your host country?

Do you know the address of your program office in the United States and the address of your place of residence while abroad?

Have you given out all of your contact information (e-mail, phone and fax numbers) to your emergency contacts in the United States and in your host country, as well as to family and friends?

Have you kept a record of everyone to whom you have given out your address, and asked them to alert you before they send you anything in the mail?

Will you need a cellular phone while in your host country?

If you plan to bring your PDA, will it work abroad?

Where can you get the best deal on calling cards, in the United States or abroad?

Does the mail service in your host country tend to run faster or slower than U.S. mail (i.e. how long will it take a standard letter to get to the United States)?

Can you register for next semester's courses from your host country, or can you have an advisor register for you?

Housing

What are the pros and cons of living in a home-stay, residence hall/dorm or apartment environment while abroad?

After making a list of pros and cons, which type of housing suits your needs best and why?

Will you be living in a co-ed dorm or apartment while abroad, and does your program permit co-ed living?

What can you do to help yourself prepare for the Rules, Privacy, Sharing, Telephone, Meals, Language and Social Network aspects of the type of housing you have chosen?

Can you change your place of residence abroad if things don't work out?

Packing

Have you researched the weather conditions over various seasons in the region of your host country where you will be?

Did you remember to pack all important travel documents in your carry-on, not your checked bags?

Have you considered which, and made a list of, items not to take because you can buy them when you get there?

Have you packed as lightly as possible, remembering to roll instead of fold your clothes?

Did you make an itemized list of everything you packed in your suitcases in case they are lost or stolen and you need to make an insurance claim?

Do you know how much luggage your airline allows you to check and to take on board your flight?

What are you planning to ship, and is it cheaper to pay for excess airline baggage rather than ship?

If you have decided to ship some items, who have you contacted in your host country to insure pick-up and/or payment for these items upon arrival?

Expectations

What is the general quality of facilities like hospitals, restaurants, public transportation, payphones, etc. abroad?

What modern conveniences does your host country offer (i.e. internet connection, supermarket chains, name brand stores, microwaves, cell phone service, air conditioned classrooms, etc.)?

What kind of restroom facilities and toilets are standard abroad?

How will you have to adapt your routine and schedule to life abroad?

Medical Care and Insurance

Does the program you are considering include insurance as part of its program fee? If so, what kind of insurance does it provide you?

Are sports accidents covered?

What does the plan consider to be "high risk activities"?

Is dental and/or optical care included?

Are pre-existing conditions excluded or covered?

Are sexually transmitted diseases (including AIDS) covered?

Is emergency evacuation for medical and psychological problems covered?

Should you consider purchasing your own insurance? If you do, will you not have to pay for the "package deal" insurance provided by the program?

What are the insurance policy's start and end dates? How long after the program ends are you covered?

What are the financial limits of coverage?

Does your insurance policy provider have a 24-hour assistance phone number/hotline?

Will you have to pay for medical care as you receive it, and then be reimbursed by your insurance company?

If your illness requires long-term care, for how long will you be covered?

In case of death, will the insurance company pay for repatriation - the return of your body to the United States?

If you have to return to the United States because of evacuation or medical emergency, will you be refunded for the program fee?

Basic Health and Safety

Who among the program staff should be informed of your travel plans, or who can serve as an emergency contact for your family back home?

Who are your emergency contacts in the United States? Do they have copies of your important documents? Can they make decisions on your behalf if you are unable to do so yourself (do they have power of attorney)?

What health recommendations has the Center for Disease Control and Prevention (CDC) recently made for your host country and the countries to which you will be traveling?

Do you have any dietary restrictions? If so, do they pose a problem while abroad?

How much walking will you be doing in your host country? How can you prepare yourself for higher levels of physical activity?

What should you carry in a first aid kit?

What are the general sanitary conditions in your host country? What kinds of precautions are necessary when drinking water or eating local food?

Are there any specific immunizations you must get before entering your host country and the countries to which you will travel?

If you have any pre-existing health conditions, or you need to carry special medications abroad, what should you do before you go abroad?

With whom can you leave copies of your important health-related documents?

Will your prescription drug(s) be legal and/or available abroad?

What is the generic name, and translated name (if necessary) for your medication?

Does the staff speak English, the local language, and other indigenous languages fluently to communicate the nature of any medical conditions? (Remember, many indigenous groups abroad might not speak the major language of your host country or English.)

Can your program provide for any special needs you may have (wheelchair ramps, un-timed tests, etc.)?

Do you have access to adequate medical facilities?

What is the cost of typical medical services?

What specific travel advisories has the U.S. Department of State recently issued for your host country and the other countries to which you will be traveling?

What types of crimes are common in the area/city where you will be studying and living?

What activities increase the risk of accidents and injury abroad?

How extensive, safe, and reliable is the public transportation system in your host country and the others countries to which you will be traveling?

Risk Factors and Strategies to Reduce Risk

Do your emergency contacts know how to reach you at all times?

Do your contacts have photocopies of your plane tickets, passport, visa, etc?

Why might there potentially be a need to evacuate in your particular area (fire, natural disaster, bomb threat, etc.)?

What types of notification systems are used in the event of an emergency (alarms, flashing warning lights, curfews, lockdowns, etc.)?

Does your residence, university, etc. provide more than one escape route/exit out of buildings?

What common tricks or tactics do criminals use in the regions in which you will be traveling?

Are there high rates of sexual assaults in the areas you will frequent?

Is it safe to exercise or do outdoor activities on the streets (jogging along roads, running at night, etc.)?

Is local transportation (metro, buses, taxi cabs, etc.) safe to use?

Are roads in generally good condition, or are there common road-related problems (overturned buses, potholes, collapsed bridges, etc.)?

Special Issues

How can you prepare yourself to deal with any prejudice you may face?

Does it matter that your cultural background, race, religion, skin color, disability, sex, or sexual orientation, etc. may place you in the minority or the majority in countries to which you will be traveling?

Crisis Management

What is your program's Emergency Action Plan (EAP) and what is your personal EAP?

Is your EAP up-to-date, and do all of your U.S. and abroad emergency contacts have a copy of your EAP?

Can you identify what causes you the most stress about your plans to study abroad and why?

What steps can you take to reduce your stress/concerns about study abroad?

What are the three main phases of crisis, and what physical and emotional symptoms may result from each phase?

What are some emotions you may experience during a crisis?

What are some of the active steps you can take to make yourself feel calmer and safer in a crisis?

Adjustments and Culture Shock

What are some of the common emotional side effects of culture shock?

How can you avoid feeling frustrated, depressed or discouraged?

Can you identify any possible cultural differences--between home and your host country —that cause you anxiety?

What are some things you can do to combat stress?

What are Rhinesmith's 10 phases of cultural adjustment? (http://studentsabroad.com/cultureshock.html)

Have you experienced any of Rhinesmith's 10 phases, if so, how did you deal with your feelings?

How is culture shock like a roller coaster ride?

Do all students experience culture shock the same way, at the same time?

Why is it harmful to “fear” a country’s culture?

What is the name of your program’s student counselor (in case you need to talk with someone about your problems)?

Why might you also experience reverse culture shock upon arrival back home?

Airport Safety, Duties and Customs

Do you have all of your identification and travel documents in an accessible, yet secure, location?

What steps can you take to maximize your safety while at airports?

Did you pack your bags yourself?

Could anyone have tampered with, or put anything into your luggage before you checked your bags?

Did you accept anything from anyone before boarding your flight?

When should you fill out a duties and customs declaration form?

Were you honest in declaring everything you are bringing into or out of the United States?

How much have you spent on items you are bringing back into the U.S.?

Will you have to declare items at border control or customs that exceed a certain value?

Were you careful to avoid carrying any item that be considered illegal in the United States or abroad, or may cause you to be suspected of smuggling?

For your return trip, have you kept all documentation provided to you by your airline, and all countries to which you traveled (entry/exit verifications, etc…)?

Does your airline have any new regulations about what items can be packed in carry-on luggage, and how many carry-on items you may have?

Have you given yourself enough time to get to, and check-in, at the airport or at border checkpoints (pending any new airport/border safety regulations)?

Reverse Culture Shock

How is reverse culture shock like a roller coaster ride?

What are some of the common emotional side effects of reverse culture shock?

Do all students experience reverse culture shock the same way, at the same time?

Have you experienced any of Rhinesmith's 10 phases abroad? If so, how did you deal with your feelings? Are you experiencing similar phases now that you are back home?

How can you avoid feeling frustrated, depressed or discouraged upon return home from your host country?

How has home changed since you’ve been away?

Are you more critical or more accepting of home, and why?

What are some things you can do to combat stress at home?

Making the Study Abroad Experience Count at Home

Would you like to return abroad, and what is the best way for you to be able to return?

What do you want to do abroad - study, research, work, volunteer, intern, travel?

Who do you have to contact to begin the process of going abroad again?

If you are considering graduate school, does your home institution offer opportunities to do this abroad?

What careers are you considering that might be related to your study abroad experience?

Does your university's career center offer any special services for students considering employment abroad?

What accomplishments from your time abroad should you, or can you, include in your resume?

When coming home, is there anything you don't need anymore that you may be able to donate?

Visa Questions

noreply@blogger.com (Si Consultant and Help Online) — Tue, 02 Mar 2010 01:25:10 PST

Why you choose the specified University?

Which Universities did you apply to (both admits and rejects)?

Where did you Intermediate from? (For student intending to study Under Graduate level)

Where did you Undergraduates from? (For student intending to study Post Graduate level)

Who is sponsoring/financing you?

What does your parents do?

What is your family's annual income?

How many brothers and sisters do you have?

Do you have any relatives in .... (country you want to go)?

Why don't you do this course in your country?

What will you do after completing your study?

Why Study in .... (country you want to go)?

Did you got Scholarships?

Have you got any Loans?

What is your Intermediate GPA/Percentage? (For student intending to study Under Graduate level)

What is your Undergraduate GPA/Percentage? (For student intending to study Post Graduate level)

If Parents retired? How will they pay?

Tell about your university.

Where is your university located?

What is the nearest airport?

Mention some professor names.

Tell me how can you prove that you are coming back?

Where did your brother/parents completed their studies?

Why are you leaving your current job? (For job holders)

Have you ever been to .... (country you want to go) ?

What will you do after coming back to Home?

You have so...brothers and sisters so your parents saving is for all how will they finance..?

Where do your parents live [If they live in .... (country you want to go)]?

Do you know anyone [in .... (country you want to go)] in your University?

Do you know anyone in .... (country you want to go)?

What will you do if your Visa is rejected?

Will you come back to home during summers?

What do you think, Why University is giving Scholarship to you?

If you scored less marks in past exams, you may be asked for the reason, why its less?

These are the most possible questions asked for every visa candidate during a visa interview. But, these are the most general questions only, therefore you might not be asked any of these question. But get prepared for the questions mentioned below

Interview Tips

noreply@blogger.com (Si Consultant and Help Online) — Tue, 02 Mar 2010 01:21:05 PST

Getting In...

The consular's objective is to decide whether or not to make you a visa offer by evaluating your educational background, your strengths, as well as your level of motivation, attitude, confidence and personality. In other words, to find out if you're the right person for the visa, what is your potential for the visa and whether or not you will fit into their environment.

As a student, your objective is to satisfy the consular's objective, as well as learn those things you need to know about the country, university and the course so that you can give an intelligent answers during interview.

Interview Tips

Learn about the country, university and course in depth.

Prepare answers to broad questions about yourself.

Write an essay (statement of purpose) and review it.

Practice an interview with a friends or relatives.

Know the exact place and time of the interview.

Arrive before the scheduled time of your interview.

Be well groomed. Dress appropriately. Do not chew gum or smoke.

Be confident. Be smiling.

The interview should be a two-way conversation. If you don't understand anything ask questions from the interviewers, don't hesitate.

To know the process of obtaining student visa for particular nation, please follow the links at the navigation on the left.

Documentation

noreply@blogger.com (Si Consultant and Help Online) — Tue, 02 Mar 2010 01:17:29 PST

Completed Visa Application Form of respective country where student intent to study.

Passport valid to travel abroad and with a validity date at least six months beyond the applicant's intended period of stay in that country.

Colored Photographs, showing a full face, without head covering with any cap, hat or sun glass against a light background. Power glasses are accepted.

Letter of Acceptance or Enrollment Letter issued by the respective university or college.

Original TOEFL, IELTS, SAT, GRE or GMAT score sheets (As applicable).

Students going to the respective countries to earn a Bachelor's degree or Master's degree should bring their most recent mark sheets or graduation certificates.

Students going the foreign country to earn a Ph.D. degree should bring their original undergraduate degree and post graduate degree mark sheets/Transcripts.

Spouses and minor children accompanying the student to the foreign country for their study should bring marriage certificates, wedding photos, and birth certificates with them to the interview, to prove the relationship between themselves and the principal applicant.

Demand drafts for the applicable fees, financial documents (Bank Transaction and Certificates), Property Valuation and Chartered Accountants Certificates as evidence to show availability of enough fund to support the education.

No Objection Letters to study abroad issued by the government of your own country.

Character Certificates, Police Reports as evidence to show that you are not engaged in any criminal activities.

Recommendation Letters from professor who have taught you.

Accommodation Letter as evidence of accommodation.

Evidence of confirmed flights to and from that country where you intend to study.

To know the the documents required by the embassy of particular country, please follow the links at the navigation on the left.

Visa Introduction

noreply@blogger.com (Si Consultant and Help Online) — Tue, 02 Mar 2010 01:15:54 PST

What Is Visa?

Visa is a permission granted by any country to enter that country. For securing the Visa of any country, you have to apply to the consulate office of that country in your own country. Visa granted by a foreign country may be of various types, with different conditions attached to each of them. A Transit Visa allows you to stay in that country just for a day or two, while a Tourist Visa may allow you to stay for periods up to several months. For a Business Visa, the periodicity of the Visa depends on your need to stay in that country. A student Visa is granted to students and is valid generally for the period of study ( including grace period) and permission of work outside university is not allowed. Almost all these Visas will stipulate that you cannot take up a job in that country during the period of your stay.

Requirements for Student Visa

Applicants must have successfully completed a course of study normally required for enrollment, should be sufficiently proficient in English to pursue the intended course of study, should have been accepted for a full course of study by an approved educational institution, and be able to prove that sufficient funds are or will be available to defray all living and school expenses during the entire period of anticipated study in that country. They should also be able to establish to the satisfaction of the consular officer that they have binding ties to a residence in their country which they have no intention of abandoning and that they will return to their home country when they have completed their studies.

Panama Company and Foundation

noreply@blogger.com (Si Consultant and Help Online) — Sat, 24 Oct 2009 03:23:45 PDT

The Republic of Panama is an independent, sovereign state situated in Central America between Colombia and Costa Rica, bordering both the Caribbean Sea and the North Pacific Ocean.
Panama was formerly a province of Columbia and was ceded from Colombia in 1903 with the support of the United States of America. Panama thereafter signed a Treaty with the USA that granted the USA rights to build a canal, rights in perpetuity over land on both sides of the canal and a broad right of intervention in Panamanian affairs.
The internationally renowned Panama Canal was constructed between 1904 and 1914. Full control of the canal and the area supporting the canal was transferred to Panama on 31 December 1999.
Panama is a civil law jurisdiction which is based on the Spanish Civil Code, although its company law has been taken from the corporation law of Delaware in the USA.
Panamanian business types take the form of the Corporation limited by shares, (Sociedad Anonima), Foreign Corporation, general, civil and limited partnership, Trusts and the Foundation, an autonomous legal entity with no members or shareholders formed for the protection of assets.
The Panamanian offshore jurisdiction has become increasingly popular because of the privacy offered by the Panama Foundation which is not permitted to involvement in any business trade activity; this is similar to the Liechtenstein Foundation.
The Panamanian Foundation is suited to the holding of assets such as shares and property. Asset protection legislation is a strong which has made Panama foundation the asset protection vehicle of choice.
Business Inc or the Registro Publico Panama Foundation can provide further information on private foundations.
Advantages of the Panamanian Offshore Company Formation
Company Formation expertise ExcellentCharges ExcellentSecrecy ExcellentBanking services GoodLegal system ExcellentPolitical stability GoodPrestige Excellent
There are more than 120,000 registered companies in Panama and a considerable proportion of these are engaged in trading or related offshore operations in banking or shipping. The appeal of the jurisdiction to foreign investors is multifaceted; the absence of exchange controls, there is complete freedom to transfer funds with no currency restrictions.
There is low inflation and Income tax is levied only on income derived from business carried on within the country. There are no taxes on capital, stocks, bonds and other investments held by corporations.
Panama is an ideal location to base e-commerce services for retail or wholesale distribution of material or non-material goods. There is a well established banking centre and Panama has the world’s largest shipping registry. A trading Free Zone in the city of Colon at the Atlantic entrance of the canal provides operations trading in the Zone with special tax concessions and exemption from import and export taxes.
Confidentiality is guaranteed for Corporations, Trusts and Panama Foundations which are exempted from disclosing details of beneficial ownership and the names of beneficiaries. Limited Partnerships do however need to disclose the names of their members. Incorporation can be completed within a day.
There are good transport links by air and sea.
Offshore Company Formation Formalities
In comparison to other jurisdictions there are no restrictions on offshore entities carrying on business activities in Panama, except banks with International or Representation Licenses. The concept of ‘offshore’ is not recognized as such because all registered businesses are taxed only on income derived from domestic trading. Offshore entities therefore elect to register as Foreign Corporations or Corporations limited by shares, the latter is the usual choice for an offshore operation.
Panamanian Corporations are incorporated under the Corporation Statute, 32 of the 1927 Commercial Code.
There are no minimum capital requirements but the standard authorized share capital is usually US$ 10,000;
All Panamanian companies must appoint a registered agent, but do not require a local registered office. This function may be carried out by a local attorney or a firm of attorneys;
Both registered and bearer shares can be issued but no-par-value and bearer shares must be fully paid when issued. The registered agent must keep the bearer shares certificate in safe custody and must notify the Registrar that the shares have been issued;
There must be at least three Directors but they need not be nationals or residents of Panama. Corporations and national persons can act as Directors;
There is no legal minimum number of shareholders or nationality requirements;
Every corporation must have a share register and minute book. These may be kept anywhere;
Names and addresses of Directors must be on record at the Public Registry. Shareholder details are not kept on public record;
There is no requirement to hold Directors and Shareholders’ meetings and if held can take place anywhere in the world;
The positions of President, Corporate Secretary and Treasurer can be held by one person;
The most common endings for a company name include S.A, Corp., incorporated, Inc;
No accounts or annual summaries have to be filed with the Government, with the exception of the annual franchise tax filed by the registered agent.
Trusts
Panamanian Trusts (Fideicomiso) must be evidenced in writing the Settlor and Trustees Beneficiaries need not be Panamanian nationals or resident in Panama. However, a Panamanian lawyer must act as an agent for the Trust. There are no registration requirements or minimum capital requirements, or fees, and Trust documents can be in English or Spanish. Trusts are not protected by specific provisions against foreign inheritance laws, judgments or creditors. This protection is afforded to the Panama Foundation. Tax is levied directly on the Trust and not on the Trustee.
Taxation
In Panama there is no distinction between foreign and Panamanian employees; individuals pay income tax on Panama source income only. Employers also pay social security contributions.
There are annual taxes on the value of real estate, capital gains tax on profits from the sale of real estate, and a transfer tax arising on sale and Stamp Duty levied on Instruments.
Income tax is payable on the income of a Panama or foreign corporation or other entity derived from business carried on within Panama only at a rate of 30% rising to 42%. A corporation carrying on business both inside and outside Panama will pay tax on the proportion of its income that arises within the country. Domestic companies carrying on business in Panama (not Free Zone companies or offshore companies) are also required to pay an annual Commercial License Tax of 1% of the net worth of the business
Dividends are not treated to income and are subject to 10% withholding tax. Capital gains are counted as income after deduction of allowances.
Foundations
Foundations do not have beneficial owner but beneficiaries instead. Control of the foundation is determined by a legally executed Private Protectorate Agreement. The beneficiary is determined through a private letter of wishes and is known only to the controlling party and their bankers. Thus Panamanian foundation offers an unsurpassed level of privacy and flexibility.
Banking
Panama has an established banking sector with a significant number of international Banks. All Banks must be issued with a license of which there three types: a General License permitting trading both in and outside Panama, that can be issued to Panamanian or foreign banks; International (Restricted) licenses that permit offshore banking to be conducted from an office in Panama; Representation licenses issued to foreign banks and permit a local office but no local trading. Only banks with General Licenses will have any tax liability, in respect of Panamanian income.
Confidentiality is guaranteed with disclosure of investors and beneficial ownership only in cases of established criminal wrongdoing.
Employment Law
The rights of the employee and employer are enshrined in the Labor Code of 1971. Under the terms of the Code any relationship in which one party is subordinated to the other will fall within the terms of the Code, whether or not it is described as a contract of employment.
A contract is enforceable even if it is not evidenced in writing but an employer can only terminate employment during the first two years thereafter the employee is protected by the Code which defines ‘just causes’ for the termination of employment. In the event of an unlawful dismissal the employee is entitled to compensation. Unions are permitted but only a small percentage of the employed population is unionized.
There are minimum wage levels which vary according to the seniority of the employee. There are 11 public holidays per year, and the statutory paid vacation is 30 days.
The employment market is tightly regulated and maximum percentages for the employment of foreigners in a business are set according to the sector.
Geography, People and Culture
Panama is approximately 78,200 sq. km. (30,193 sq. mi.) and mountainous in its terrain. There are two seasons: the dry season lasts from January to mid-April and the rainy season from mid-April to December. Rainfall is heavier on the Caribbean side of the highlands. Temperatures are typically hot in the lowlands (between 21°C and 32°C/70°F and 90°F) and cool in the mountains (between 10 and 18°C/50 and 64°F). These vary little throughout the year.
The culture, customs, and language of Panama are predominantly Caribbean Spanish. The majority of the 3.1 million population is ethnically mestizo (mixed Amerindian and white) 70%, (West Indian) 14%, white 10%, Amerindian 6%. The dominant religion is Roman Catholicism. Spanish is the official and dominant language; English is a common second language spoken by the West Indians and by many business people and professionals. More than half the population lives in the capital Panama City; the other principle cities are Colon and David.
The most sought after attraction in Panama is the canal which stretches 80km (50mi) from Panama City on the Pacific coast to Colon on the Atlantic side and provides passage for nearly 14,000 ocean-going vessels per year.
Immigration and Residency
Foreigners entering the country are classified as Tourists, Temporary Visitors, Special Temporary Visitors, Tourist-Pensioners, Immigrants and Investors. UK, German and Swiss and many other nationalities need only a passport to enter Panama, while citizens from Australia, Japan, New Zealand, USA and Venezuela require a tourist visa or tourist card.
Short-stay visas are issued freely; the Tourist-Pensioner visa is given to those who can demonstrate a monthly income of not less than $750 from interest on time-deposits in a Panamanian bank; the Investor’s visa is for those who invest their own capital into local business activity. Immigrant visas cover long-stay working residents.
Legal and Political system
Panama is a constitutional democracy with three branches of government: Executive and Legislative branches elected by direct vote for five year terms, and an independently appointed judiciary. The Executive branch includes a President and two Vice Presidents. The Legislative branch consists of a 72-member unicameral Legislative Assembly. The Judicial branch is organized under a nine-member Supreme Court and includes all tribunals and municipal courts. An autonomous Electoral Tribunal supervises voter registration, the election process, and the activities of political parties. All citizens over the age of 18 are required to vote.
There two main political parties; the Arnulfista Party (PA) which in coalition with smaller parties from 1999 held a slim majority in the Legislative Assembly and the Democratic Revolutionary Party (PRD). Following national elections in May 2004 the PRD won the presidency and a legislative majority in the Assembly and took power on 1 September 2004.
Economy
The official currency is the Balboa, (PAB) which is at par with the United States dollar and is freely convertible. The US Dollar is also legal tender, and because there is no Panamanian paper currency it circulates freely.
The major industries are Banking, construction, petroleum refining, brewing, and cement and other construction materials, sugar milling, shipping and agriculture. The services sector accounts for 75% of GDP. Services include operating the Panama Canal, banking, the Colon Free Zone, insurance, container ports, flagship registry, and tourism.
Table of Statutes
Cabinet Decree 238 of 1970 (Banking Law)Cabinet Decree 413 of 1970 (Investment Incentives)Capital Laundering Law No. 41 of 2000Decree-Law No 5 of 1997 (Corporations)Decree-Law No 9 of 1998 (Banking Superintendence)Financial Intelligence Unit Decree No. 136 of 2000Fiscal CodeLaw No 32 of 1927 (Corporations)Law No 18 of 1948 (Colon Free Zone)Law No 24 of 1966 (Partnerships)Law No 3 of 1986 (Foreign Investment)Law No 25 of 1992 (Export Processing)Law No 28 of 1995 (Investment Incentives)Law No 28 of 1996 (Export Processing)Measures for the Prevention of the Crime of Capital Laundering, Law No. 42 of 2000Panama Private Foundation Law 1995Resolution 065 of 2003 (On-Line Gambling)Trust Law No 1 of 1984

Gibralter Offshor company Information

noreply@blogger.com (Si Consultant and Help Online) — Sat, 24 Oct 2009 03:21:06 PDT

Gibraltar is located at the entrance of the Mediterranean. It is connected to the Spanish mainland by a sandy isthmus, and by ferry to Morocco. The subject of repeated conquest and sieges, Gibraltar has been a British Territory since 1704. It was ceded under the Treaty of Utrecht. Since 1973 it is part of the European Union under the British accession.
The legal system is based on English common law with comparable business formation types, the private company limited by shares, private company limited by guarantee, general and limited partnerships, sole proprietor, Foundations and Trusts and there are offshore entities: the Exempt Company, the Qualifying Company and the Gibraltar1992 Holding Company.
Advantages of the Gibraltar Offshore Business Formation
Business Formation expertise ExcellentCharges ExcellentSecrecy SatisfactoryBanking services GoodLegal system ExcellentPolitical stability SatisfactoryPrestige Satisfactory
Gibraltar is an attractive offshore location for investment fund management, trust management, shipping, and investment holding companies because of its established cost and tax-effective base. There are no income or capital gains taxes and no exchange controls. Branches of foreign companies in Gibraltar can apply for special exempt tax status. A company can be incorporated within five days.
Offshore Formation Formalities
Offshore formations can take several types. Exempt Private Companies, which can be resident or non-resident in Gibraltar and are used for the avoidance of tax. The only liability is a yearly registration fee. Branches of Foreign incorporated companies which are created to allow dividend payments to be deferred from one EU member state to another without any withholding taxes. Qualifying Companies pay income tax on profits at a rate from 0%-35%. Non Resident Companies that are liable for tax in income arising or receive through local agents and Trusts.
The Exempt Company is the most popular offshore vehicle in Gibraltar and is generally used for holding bank accounts and investments (since capital and interest earned is tax-free); yacht/ship and property ownership; the management of ships and cargo; for operating businesses; invoicing so that payments received in Gibraltar are tax-free; re-invoicing so that tax liabilities in other jurisdictions are minimized and for the holding of family assets using trust structures.
To qualify for tax exempt status the company must adhere to certain stipulations:
At all times the paid-up share capital must not be less than £100 or the foreign currency equivalent
Gibraltarians or resident of Gibraltar are prohibited from any beneficial interest in the shares of the Exempt Company except as a shareholder in a public company which is registered in a country other than Gibraltar
If the company is incorporated in Gibraltar, it must keep its register of shares within Gibraltar and have a provision in its Memorandum and Articles of Association to the effect that its register will not be kept elsewhere. If the company is incorporated outside Gibraltar, it must keep a true copy of its register of members within Gibraltar
The company must not, without the approval of the Financial and Development Secretary, carry on any trade or business in Gibraltar or with Gibraltarians or residents of Gibraltar except where these are other exempt companies. An exempt company may, however, manage and control its business from Gibraltar and have an office and staff locally.
Its auditors must be approved by the Government of Gibraltar, who must confirm annually that the company is not in breach of the provisions of the Companies (Taxation and Concessions) Ordinance.
The legal requirements are as follows:
All Gibraltar companies require a local registered office for the service of process but there is no specific requirement for the appointment of a registered agent
Both registered and bearer shares can be issued. There must be at least one director. A director can either be a real person or a corporate entity. Details are on public record. Nominee directors can be supplied internally or externally
There are no nationality or residence requirements
There must be at least one shareholder. A shareholder can be a corporate entity and there are no nationality or residence requirements
There is a disclosure requirement for Exempt companies of the name and address of the beneficial owner but all such information is protected by a legal guarantee of confidentiality
The name of the required company should be checked with the Registrar and the ending will be either Limited or Public Limited Company
No accounts or annual returns to be filed with the Government in the case of Exempt companies.
Trusts
Trust management, particularly for wealthy UK individuals, has been a traditional business for Gibraltar. Gibraltar has a well-developed legal and financial infrastructure for trust management. With a large established base of trusts, and a growing reliance on corporate work, the volume of trust litigation is becoming significant. Trust income is exempt from tax. Under the Income Tax Interest, income received from a Gibraltar bank is normally exempt from taxation
Trustees are required to be licensed by the Financial Services Commission.
Taxation
Gibraltar is one of the cheapest European offshore jurisdictions and one of the first of the British dependent territories to develop tax-exempt corporate forms for offshore business. It has quite high internal income taxes, but offers low-tax regimes to both companies.
Exempt Companies are exempted from all taxes; Qualifying Companies are liable for tax on worldwide income at rates between 2% and 35% and 1992 Holding Companies subject to 35% tax on profits but the liability to withholding taxes on distributed dividends is limited to no more than 1 %.
Banking
The banking sector is well established in Gibraltar in both the offshore and local market with assets in the vicinity of G£6.5 billion. The advantages of offshore banking in Gibraltar include its attractive tax status, the lack of exchange controls, excellent communications, stable government, and EU membership. Much of the banking activity in Gibraltar is directed to asset management for high-net-worth individuals, not least because Gibraltar has tried hard to attract such people with special tax regimes.
Employment law
Gibraltar’s employment legislation largely mirrors that of the UK. There is legislation which permits statutory determination of wage levels in the event of an impasse between management and workers. The statutory minimum of holidays is 15 days rising to 20 days after 3 years, in addition to public holidays. There are also Industrial Tribunals to deal with cases of unfair dismissals
Businesses in Gibraltar are required to register their and their employees’ details with the Employment and Training Board – details of the business within 3 months of commencement, and details of employees within 14 days of engagement. Job vacancies must also be notified to the Board, since it administers the work permit system. This is no mere bureaucratic form-filling exercise: the Board’s stamped and signed Notice of Terms of Engagement is needed for an employee to obtain a Registration Card from the Immigration Department, or a Social Insurance Card from the Department of Labor and Social Security. An employer pays G£26 per employee per annum to the Board’s Employers’ Insolvency Fund, which compensates the employees of insolvent enterprises for unpaid wages, etc.
Social security contributions are compulsory for employed persons, but voluntary for the self-employed. There is a normal range of benefits, but access to them is tied to contribution record in many cases. Insurance contributions are payable at a standard flat rate for each week of employment. The standard rate is £42.69, of which £18.87 is paid by the insured person and £23.82 is paid by the employer.
As Gibraltar is part of the EU, EU nationals have the right of free movement of labor and should have no difficulty in obtaining a resident’s card.
Geography, People, and Culture
The population estimated at July 2004 was 27,833. The climate is Mediterranean with mild winters and warm summers. The terrain narrow coastal lowland borders the Rock of Gibraltar. The ethnic groups are Spanish, Italian, English, Maltese, and Portuguese. English is the official language, but more commonly spoken is what sounds to an outsider like perfect Andalucía Spanish. It is in fact llanito, an Andalucía dialect with borrowed words that reflect its diverse origins.
Immigration and Residency
Nationals of EU member states have the right to enter, live and work in Gibraltar. Initially a six-month visa is given, and then a 5 year, renewable residence permit provided that they have found suitable employment or have started a business. Work permits cannot be denied to EU citizens.
Other nationals have to apply for residency under the Immigration Control Ordinance and permission is issued by the Governor. Government guidelines indicate that an applicant for residency must be ready and able to purchase a property of sufficient size to accommodate his dependents, must be in good health, and must have adequate financial resources. The Government looks more favorably on those applicants who purchase luxury property in Gibraltar.
If Non-Gibraltarians need work permits, they are issued under the Control of Employment Ordinance. A work permit cannot be refused to an EU national.
Legal and Political System
Queen Elizabeth II is the Head of State and is represented in Gibraltar by the Governor and Commander-in-Chief Sir Francis Richards (since 27 May 2003).
Following elections, the leader of the majority party or the leader of the majority coalition is usually appointed chief minister for a four year term by the Governor.
A Council of Ministers is appointed from among the 15 elected members of the House of Assembly by the governor in consultation with the chief minister. The last held elections were on 27 November 2004. The current ruling party is the Gibraltar Social Democrats which received 58% of the vote. The opposition party is Gibraltar Socialist Labor Party.
Economy
The currency is the Gibraltar pound which is at par with the British pound. Gibraltar benefits from an extensive shipping trade, offshore banking, and its position as an international conference centre. The financial sector, tourism (almost 5 million visitors in 1998), shipping services fees, and duties on consumer goods also generate revenue. The financial sector, the shipping sector, and tourism each contribute 25%-30% of GDP. Telecommunications accounts for another 10%. In recent years, Gibraltar has seen major structural change from a public to a private sector economy, but changes in government spending still have a major impact on the level of employment.
Legislation relating to offshore and non-resident business
If you require more information on any particular statute please contact us.
Banking (Accounts Directive) Regulations 1997Banking (Auditors and Information) Ordinance 1997Banking Ordinance 1992Bankruptcy OrdinanceCompanies Ordinance as amendedCompanies (Taxation and Concessions) OrdinanceDeposit Guarantee Scheme Ordinance 1997Development Aid OrdinanceEstate Duties OrdinanceFinancial Institutions (Prudential Supervision) Ordinance 1997Financial Services (Accounting and Financial) RegulationsFinancial Services (Collective Investment Schemes) Regulations 1991Financial Services (Conduct of Business) Regulations 1991Financial Services Ordinance 1998Immigration Control OrdinanceIncome Tax Ordinance 1984 as amendedIncome Tax (Allowances, Deductions and Exemptions) Rules 1992Income Tax (Qualifying Companies) Rules 1992Insurance Companies Ordinance 1987Limited Partnership Ordinance as amendedPartnership Act 1890 (UK)Perpetuities and Accumulations Ordinance 1986Private Foundation Ordinance 1999Qualifying (High Net-Worth Individuals) Rules 1992The Registered Trust Ordinance 1999Trust Recognition Ordinance
EU Directives having direct effect in Gibraltar
Directive 78/660/EEC (The Fourth Directive) as amendedDirective 83/349/EEC (The Seventh Directive) as amendedDirective 83/350/EEC (sharing of confidential banking information)Second Banking Co-ordination Directive 89/646/EC (passporting)

Cyprus Offshore company Information

noreply@blogger.com (Si Consultant and Help Online) — Sat, 24 Oct 2009 03:20:11 PDT

Cyprus is the third largest Island in the Mediterranean Sea and lies south of Turkey. Cyprus gained its independence from the United Kingdom and established a constitutional republic in 1960. Shortly after the founding of the republic, fundamental differences arose between the indigenous Greek and Turkish communities regarding the implementation and interpretation of the constitution. Hostilities between the two communities in 1974 divided the island into two de facto autonomous areas, a Greek Cypriot area controlled by the internationally recognized Cypriot Government and a Turkish-Cypriot area, separated by a UN buffer zone.
Cypriot Company law is based on that of the United Kingdom with similar company types, i.e. the private company limited by shares, exempt private company, public company limited by shares, company limited by guarantee, branch of overseas company, general partnership, limited partnership, sole proprietor and Trusts.
Advantages of the Cyprus Offshore Company Formation
Company Formation expertise GoodCharges GoodSecrecy GoodBanking services ExcellentLegal system GoodPolitical stability GoodPrestige Good
There are more than 55,000 offshore enterprises registered in Cyprus and many international investors choose Cyprus as the location of choice for financial holding and investment companies because of the jurisdiction’s attractive combination of tax treaties and tax regime. Corporate taxation is levied at 10% on business turnover for both resident companies and offshore entities making Cyprus the lowest rate in the European Union, after Ireland (12.5%), with the exception of the Isle of Man, which has just announced a nil rate.
Cyprus has over 30 double taxation treaties with many advantageous provisions. Among emerging markets there are also very advantageous tax treaties with China, India, South Africa and a number of Middle Eastern countries
The jurisdiction has an excellent business infrastructure with sound telecommunications; this coupled with the widespread use of the English language and a legal system largely based on English law makes the island a very convenient and effective business base. The company registration procedures are efficient and should take no more than 2-3 weeks.
There is a thriving to e-commerce service sector for the provision of retail or wholesale distribution of material or non-material goods: There are a number of local banks, but many international banks have formed Offshore Banking Units on the island and provide services to foreign or offshore companies.
Offshore Company Formation Formalities
Under Cypriot law IBC’s are generally offshore limited liability companies, although they can take the other forms such as general or limited partnerships, International Banking Units or Shipping Companies.
Companies incorporated under the Companies Law Cap 113 whom have sought permission from the Central Bank of Cyprus by lodging a bank reference included on the Central Bank of Cyprus’s list of qualifying banks with a copy of the owner’s passport, will acquire IBC status provided that they adhere to the following restrictions:
The company is entirely foreign owned
There are no trading activities in Cyprus with Cypriot residents or businesses other than in relation to the maintenance of premises, banking or professional services
There is no business in banking, insurance or the provision of financial services unless special permission is granted
Local payments must be recorded and reported
The formalities for the creation of the offshore limited liability company are minimal
The share capital must be expressed in Cyprus pounds the usual authorized share capital is CYP 5,000. The Central Bank recommends a minimum authorized share capital of CYP 10,000
The minimum number of shareholders and Directors are one
A registered office and agent must be maintained in Cyprus
Registered shares of par value, redeemable shares and shares with no voting rights can be issued
Secrecy may be achieved by using nominee shareholders. However disclosure of beneficial ownership is mandatory to the Central Bank but the disclosure by the Bank of this information to any third party is strictly protected by statute
There is no provision under the law for migration or re-domiciliation;Audited annual accounts must be filed with the Central Bank of Cyprus annually in Greek within 42 days from the date of its Annual General Meeting.
However, there are some activities which are allowed within Cyprus but they must be compatible with the exercise of management and control, with the permission of the Central Bank of Cyprus, for example repackaging for re-export within a tariff classification; sales activities, provided these do not result in sales in Cyprus or to Cypriot companies; and storage, repair or maintenance of goods to be used or sold outside Cyprus
Trusts
There are three types of Cypriot Trusts. Local Trusts where the settler and beneficiaries are normally residents of Cyprus, and the trust and its property are subject to exchange controls. Offshore Trusts are the same as Local Trusts except that their beneficiaries must be non-resident and all the trust’s activities must be outside Cyprus.
The International Trust is a vehicle commonly used by foreign settlers because of the tax and legal advantages. The income and assets of the Trust are exempt from local taxes and Trust instruments only subject to stamp duty. Moreover secrecy is protected by law, and foreign judgments cannot be enforced against Trust assets. To secure the benefit of such a Trust the settler and the beneficiaries must be nonresident, but one of the Trustees must be a Cypriot. There are no registration requirements and the trust period may be up to 100 years, this can be longer for charitable trusts.Taxation
Cyprus levies taxes on Income, capital gains, and property. Employees and self employed residents contribute to a mandatory earnings related social security scheme. The main tax for companies is corporate tax on income. Prior to 2003 all offshore companies and branches of foreign companies with management and control in Cyprus were at taxed 4.25% on business profits. However, a new corporation tax regime based on residence was introduced with effect from 1st January 2003 to apply universally to all companies incorporated or registered under Cyprus law and any foreign company carrying on business or with an office in Cyprus. There is now a uniform 10 % corporate tax that is levied on worldwide income on all resident companies. Offshore companies incorporated before 2002 are allowed to opt to continue the 4.5% ‘offshore’ taxation until 2006.
Profits from activities of a permanent establishment situated outside Cyprus are completely exempt. This exemption will not apply to a Cyprus company if: its foreign permanent establishment directly or indirectly engages in more than fifty per cent of its activities in producing investment income; and the foreign tax burden is substantially lower than that in Cyprus.
Dividends, royalties from assets abroad will be exempted from withholding tax; profits from buying and selling shares are also exempt. Estate duty is not charged on inheritance of shares in offshore companies, and the sale of or transfer of their assets (other than Cyprus real estate) is exempt from capital gains and other taxes.
Cyprus has the highest number of double tax treaties compared to other jurisdictions and most have the effect of reducing the applicability of withholding taxes on dividends and royalties.
Offshore companies can also purchase many items for their own needs exempt from duty charges.
Banking
Non-Cypriot banks are restricted to banking operations with non-residents in foreign currencies, and with Cyprus-registered non-resident companies and their expatriate staff. Such International Banking Units take the form of branches or subsidiaries of foreign banks or representative offices.
All Offshore entities must disclose details of beneficial ownership to the Central Bank of Cyprus on formation, but the bank is bound by statute from nondisclosure to third parties.
Employment Law
There is minimal employment law and much pay bargaining is carried out directly between employers and employees. Bargaining between trade unions and employers’ organizations and the Government takes part in tri-partite resolution of disputes.
Work permits are normally issued to foreigners only when no suitably qualified local staff are available. For workers outside the EU it is notoriously difficult to obtain a five-year work permit in Cyprus. However, EU nationals and those employed in certain sectors (such as workers in offshore companies, journalists, and accountants in large firms, business people who invest more than £100, 000 and lecturers/teachers) are able to obtain five year permits with relative ease.
Geography, People & Culture
Cyprus is approximately 9,251 sq. km. (3,572 sq. mi.); the terrain is mountainous to the south and the north and the climate Mediterranean with hot, dry summers and cool, wet winters. The capital is Nicosia with other principal cities being Limassol, Larnaca, Famagusta, Paphos, Kyrenia, and Morphou. The population was recorded in July 2004 at 775,927 with the ethnic breakdown comprised of Greek (77%) Turkish (18%) Armenian and others (4%).
Greek and Turkish Cypriots share many customs but maintain distinct identities based on religion, language, and close ties with their respective “motherlands.” Greek is predominantly spoken in the south, Turkish in the north. English is widely used. Cyprus has a well-developed system of primary and secondary education. The majority of Cypriots earn their higher education at Greek, Turkish, British, and other European or American universities. Both the Turkish and Greek communities have developed private colleges and state-supported universities.
Immigration and Residency
A visa is not required for most members of the EU, the Council of Europe, the USA and the Commonwealth, to enter Cyprus. If a visa is required it is easily purchased on arrival at the airport or port
Residence Employment permits and other work permits are issued to foreigners only if there is no other suitably qualified local staff available. Non-EU foreigners, whether or not resident, require permits to acquire real estate in Cyprus, which should normally be for temporary or permanent residence.
Foreigners in Cyprus must either have a five-year work permit or have worked on the island for five years or have a combination of worked time and work permit totaling a minimum of five years before their spouses can join them.
For tax purposes, residence is defined as presence in the country for more than six months of a year.
Legal and Political System
The 1960 Cypriot Constitution provided for a presidential system of government with independent executive, legislative, and judicial branches, as well as a complex system of checks and balances, including a weighted power-sharing ratio designed to protect the interests of the Turkish Cypriots.
However, following the hostilities in 1974 between the Greek and Turkish communities, Cyprus has been divided de facto into the government-controlled two-thirds of the island and the Turkish Cypriot one-third. The Government of the Republic of Cyprus has continued as the internationally recognized authority; in practice, its authority extends only to the government-controlled areas. The Turkish Cypriots established their own institutions with an elected president and a prime minister responsible to the National Assembly exercising joint executive powers. In 1983, the Turkish Cypriots declared an independent Turkish Republic of Northern Cyprus (”TRNC”). Only Turkey recognizes the “TRNC”.
The executive arm of the Government is vested in the Council of Ministers to which the President, who is elected to a five year term, makes the appointments; the Legislative arm is vested in the unicameral House of Representatives and members are elected to a five year term. The electoral system is based on proportional representation with right wing, centralist and Socialist parties. The legal system is based on English common law with a Supreme Court and six District Courts.
The political parties for the Greek Cypriot Community- are Democratic Rally (right); Democratic Party (center-right); AKEL (communist); KISOS (socialist); United Democrats (center-left)
Turkish Cypriot Community political parties are –National Unity (right); Democratic party (center-right); Republican Turkish (left); Communal Liberation (center-left); National Revival (center-right); Patriotic Unity Movement (left); National Justice Party (ultra-nationalist).
Economy
The currency is the Cyprus Pound, divided into 100 cents. The currency is managed by the Central Bank using the Exchange Control Law Cap 199; the Bank targets stability against the Euro, but its plan to join the euro zone in the next few years will be hindered if public expenditure continues to run out of control.
The Greek Cypriot economy is prosperous but highly susceptible to external shocks. Erratic growth rates over the past decade reflect the economy’s vulnerability to swings in tourist arrivals, caused by political instability in the region and fluctuations in economic conditions in Western Europe. Economic policy is focused on meeting the criteria for admission to the EU.
The Turkish Cypriot economy has roughly one-third of the per capita GDP of the south. Because it is recognized only by Turkey, it has had much difficulty arranging foreign financing and investment. It remains heavily dependent on agriculture and government service, which together employ about half of the work force. To compensate for the economy’s weakness, Turkey provides grants and loans to support economic development. Ankara provided $200 million in 2002 and pledged $450 million for the 2003-05 periods. Future events throughout the island will be highly influenced by the outcome of negotiations on the UN-sponsored agreement to unite the Greek and Turkish areas.
Legislation affecting offshore and nonresident business
If you require more information on any particular statute
Banking Business (Temporary Restrictions) Law of 1939 (banking licenses)Banking Law 1997 (secrecy, confidentiality, offshore banking)Capital Gains Tax (Amendment) Law No. N119(I) of 2002Central Bank of Cyprus Law 37 of 1975 (secrecy)Companies Law Chapter 113 (types of company)Companies (Amendment) Law of 2000 (Law 2(I)/2000)Companies (Amendment) (No. 3) Law of 2000 (151(I)/2000)Companies (Amendment) Law of 2001, Law 76(I) of 2001Customs and Excise Duties Law 34 of 1975Cyprus Trustee Law Chapter 193Exchange Control Law Chapter 199Income Tax (Amendment) Law 15 of 1977 (set up offshore regime)Income Tax Law No. 118(I) of 2002Insurance Companies Laws 1984-1990 (deals with captives)Insurance Regulation 1995 (deals with captives)International Collective Investment Schemes Law No. 47 (1)/99International Trusts Law 69(I) of 1992Liberalization of Investment Laws 1997Merchant Shipping (Registration of Ships, Sales and Mortgages) Law 45 of 1963Merchant Shipping (Fees and Taxing Provisions) Law 38(I) of 1992Partnership and Business Names Law Chapter 116Prevention and Suppression of Money Laundering Law 1996

Dubai Tourist Visa Provider

noreply@blogger.com (Si Consultant and Help Online) — Sat, 24 Oct 2009 03:18:29 PDT

Dubai Tourist Visa
Visa Application Type
Tourist Visa Fee
Tourist Visa Fee
Tourist Visa Fee

1-14 days stay
15-30 days stay
60 days stay
Visa Fee Per Person
AED 630 (USD 175)
AED 1,064 (USD 295)
AED 2,468 (USD 690)
Processing Time
1-3 Business Days*
1-3 Business Days*
1-3 Business Days*
Terms & Conditions1- A clear color scanned passport and passport size photo is required to apply a visa.2- Full Payment is required to apply the visas.3- There visa fees is non-refundable whether the visa is approved or rejected by Dubai immigration department4- For Some nationalities such as Morocco, Algeria, Iraq etc Dubai Immigration department requires a refundable security deposit of AED 2000 + AED 150 service fee from which AED 2000 will be refunded 15 days after the applicant exits Dubai or UAE.5- The visa issues in 1 to 3 days time excluding public holidays on normal circumstances we are not responsible for any delays caused by third parties such as Dubai Immigration department sections e.g. committee, visa, security etc, Dubai Commercial Bank, Technical issues with Dubai Immigration online portal ednrd.ae and missing supporting documents from applicants.6- Visa Approval is at sole discretion of the Immigration Officials and not Gulf Sun Tours. We cannot guarantee that all applications will be approved. Once your Visa Application is submitted to Immigration Department, you will be provided with a proof of rejection for your records and customer reference.7- Once applicant’s Visa is approved, we will be sending you a copy via e-mail, you need to print the visa copy and upon arrival at the airport you may proceed to the passport control section, it’s an e-visa you don’t need any other documents.8- Visa holders can arrive at any UAE airports, we require exit stamp copy or if anyone changes his visa status to employment we need the new employment visa copy in UAE of visa holders when they exit UAE and will be required.9- In case of visa holder overstaying or attempting any illegal activities in UAE Company is responsible for the fines occurred and will pay it. Overstaying fine is AED 8500 under the recent update in the entry permit rules and regulations dated August 200810- This Entry Permit has an electronic bar code which will be used by Dubai Immigration upon your arrival, you should make sure that this document is with you together with your passport copy, we advise you to additionally carry with you some other form of identification so as in the unlikely event that you misplace your passport copy whilst in Dubai you retain some sort of documentation.11- Please note that in the event that you are not able to provide the following information your visa will not be processed without the security deposit being paid upfrontA. Inward & Outward Copies of Airline TicketsB. Copy of Hotel Reservation or Letter of accommodation
VERIFICATION OF AUTHENTICITYVisa status and authenticity can be checked by calling Dubai Immigration Customer service number +97143139999 or by taking the visa copy to Dubai Airport Terminal 1 immigration department.

LIVE & WORK IN EUROPE – VIA YOUR OWN COMPANY

noreply@blogger.com (Si Consultant and Help Online) — Sat, 24 Oct 2009 03:17:37 PDT

ACCESS THE SCHENGEN ZONE – LIVE & WORK IN EUROPE – VIA YOUR OWN COMPANY
A fast efficient method for obtaining residency in your worldwide location of choice, become your own CEO own you own Company and relocate. We specialize in studying each client on their unique situation – citizenship, income, family status, secrecy, privacy etc., and propose a solution that is 100% legitimate. This process is very fast and efficient. If all the required information is in place, you can be on your way in as little time as 6 week.
Terms & Conditions
Agency
We accept orders and instructions subject to our terms and conditions and only on the basis that those instructing us do so as principals and are liable directly to us for payment of our account.
Overseas Work
If you instruct us in relation to work we may, as your agent, directly or through an intermediary request another contractor to carry out some or all of this work for you. In such circumstances we have no control over the activities of those providing the service to you (”Third Party Contractors”). We take all reasonable care to choose Third Party Contractors with good reputations and in instructing them on your behalf. We accept no responsibility however for the services Third Party Contractors provide neither to you nor for any errors or omissions in their work product. If a mistake is made by Third Party Contractors that causes you loss, we will, on being properly secured by you as to costs, co-operate with you in bringing proceedings against the contractor concerned. Acting as agent we shall pay the charges of Third Party Contractors on your behalf and recharge them to you with our own agency fees.
Adequacy of Instructions
We provide services only on the basis that those instructing us give us all proper, necessary and timely instructions, authority and information (including the execution of all documents required) to enable us to undertake lawfully and effectively the business instructed, and indemnify us accordingly. We are not liable for any errors or omissions in the information provided to us or for the consequences of such errors and omissions. Failure to provide adequate instructions or contactable telephone numbers will delay the processing of an order. We are not liable for such failure by customers and will not be liable for cost or loss incurred whether direct or consequential.
Confidentiality
It is our policy to observe confidentiality with regard to the identity and affairs of our customers to the extent permitted by law, but, in common with other service providers, we may be required exceptionally to disclose information to governmental and other public authorities.
Not Legal Advice
We endeavour to provide true and correct information on all its services, it is not providing legal or accountancy advice. Information contained in this site is for guidance purposes only. Before proceeding it may be advisable that independent advice is sought from appropriately qualified persons familiar with each individual’s personal circumstances. Further, at no time may we be held liable for advice provided by any and or all its partners.
Right to Refuse
We specifically reserve the right to refuse any and/or all its services to any client without giving any reason or explanation.
Payment
The charges for our services shall be as specified to you. Payment is usually taken at the time of purchase. Invoiced accounts are due for payment fourteen days from the date of the invoice. We reserve the right to charge for costs and expenses incurred in recovering late payments and overdue amounts.
Performance of contract
In event of the performance of any obligation accepted by the company being prevented, delayed or in any way interfered with by either
a) An act of god, outbreak of war, either general or local riot or other civil commotion, strike, lockout, act or decree of any government or any other act, matter or thing beyond our reasonable control.b) Non-delivery or non-performance by the company’s suppliers or damage, loss or destruction of the whole or part of the goods or work, the company may at its option suspend performance or cancel its obligation under the contract without liability for any damage or consequential loss resulting there from such suspension or cancellation being without prejudice to the company’s right to recover all sums owing to it in respect of consignments delivered, or collected and costs incurred to date.c) By any cause beyond the company’s control.
Liability
Except in respect of claims for death or personal injury resulting from negligence or as otherwise prohibited by law, we have no liability for loss or damage (direct, indirect or consequential) arising out of any single claim, event, or series of related claims or events (including claims based on negligence).
These terms of business are not exhaustive and there are other terms and/or conditions which relate to other services. Please read them. By purchasing a service you are also acknowledging the other General Terms of Trade as well as any which may be specific to that product or service. By accepting these terms you affirm that you have read and agreed to others posted on the legal section of our website.
Right to Amend Terms & Conditions
We expressly reserve the right to modify these terms and conditions at any time by making such modifications on this page of the website to take into account changing circumstances. If services are ordered in the future, the Instructing/Paying Party is advised to revisit the Terms & Conditions pages of the website to familiarize themselves with any amendments that may have been made.

Dubai Offshor companies

noreply@blogger.com (Si Consultant and Help Online) — Fri, 23 Oct 2009 03:58:27 PDT

DUBAI OFFSHORE COMPANIES (RAK) OFFICIAL APPOINTED AGENTS

We specialize in studying each client on their unique situation – citizenship, income, family status, secrecy, privacy etc., and propose a solution that is 100% legitimate. This process is very fast and efficient. If all the required information is in place, you can be on your way to freedom from taxes in as little time as 1 week.

Ras Al Khaimah

Ras Al Khaimah ranks among the smaller emirates of the UAE federation but it has always had an important position: in the past it was a centre of traditional shipbuilding and maritime commerce, more recently as a centre of quarrying, manufacturing and tourism. Since 2003, the government of the emirate has been pursuing the policy of diversification of the economy, industrialization and promotion of tourism, investment into education and public health and by investment into public utilities.

With a renewed drive for development over the past few years, Ras Al Khaimah has been pursuing the goal of becoming a serious investment destination. In a few years the emirate could become one of the top tourist draws in the Gulf thanks to its varied landscape which includes both the coast and the sand dune areas and the mountainous regions with pleasant wadis in the Hajar Mountains.

Government and Politics

Ras Al Khaimah joined the UAE federation in 1972 as the last of the seven emirates. The ruler of the emirate, Sheikh Saqr bin Mohammed Al Qasimi, has been in power since 1948. Since 2002, most of the day-to-day political and economic operations are carried out by the crown prince and deputy ruler, Sheikh Saud bins Saqr Al Qasimi.

Local government departments in Ras Al Khaimah include:

Emiri Court
Law Court
Land Department
Municipality Department
Public Works and Services Department
Economic Department
General Accounts Department
Ras Al Khaimah Oil and Gas Commission
Ports and Customs Department
Civil Aviation Department
Information and Tourism Department
Ras Al Khaimah Broadcasting Corporation
Antiques and Museums Department

Economy

Ras Al Khaimah´s economy is not based on oil as it has only small oil reserves. Its gas reserves are more important but revenues from gas are also of a lesser importance than in other emirates and the emirate has had to look beyond its borders to fulfil its demand for gas. As the emirate will never be a major oil producer, RAK has instead had to concentrate on developing its industrial sector.

The Emirate is rich with raw materials such as limestone, clay, quartz and other minerals. Ras Al Khaimah is unique in the Gulf region as it has a high concentration of leading industrial units which process these natural resources and manufacture various types of cement, clinker, ceramics and other building materials. It opened the UAE’s first cement company in the early 1970s and is now the UAE’s largest producer of cement. RAK also boasts the largest rock quarry in the Gulf region.

In the 1980s, the emirate formed RAK Ceramics, which has become the world’s largest ceramics producer, and Julphar, the Gulf region’s first pharmaceuticals company. As the first pharmaceutical and medical supplies manufacturer in the Gulf region, Gulf Pharmaceuticals (also known as Julphar) has developed into a global brand and now sells its products, which meet the rigorous US Food and Drug Administration and European Commission guidelines, to almost 50 countries.

Since the 1980, other advanced manufacturing companies have set up operations in Ras Al Khaimah, including companies producing glass, CD and DVD discs, air-conditioning equipment, machinery parts, metal products and others. The total number of industrial companies registered in Ras Al Khaimah exceeded 100 in 2006.

RAK Freezone Company – Go Offshore with advantages

An offshore company is a company which is incorporated outside the jurisdiction of its primary operations. Offshore companies are sometimes known as non-resident companies. An offshore company should not conduct substantial business within the offshore jurisdiction where it is incorporated.

An Offshore company is a very flexible corporate entity commonly used in international tax planning, and can be integrated into a wide variety of business arrangements. Tax optimization, asset protection and confidentially are just a few benefits which can be achieved by a proper application of an offshore company.

There is no standard reply as to which is the best offshore jurisdiction. Depending on the personal situation and business activities of its owners and upon the various tax regulations in force in the countries where the offshore company will engage in business are decisive factors.

There are a number of business activities which are suited to be operated through an offshore company, these include:

General Trading
Consulting and Advisory Services
Holding Company (buy/hold/sell stakes of companies)
Investments and Joint Investments Company
Property Owning
International services
Professional Services
Shipping and ship management companies
Commission Agents Company – Intermediary Brokers (IB’s)

Why United Arab Emirates Offshore Company Formations

Expanding and shifting your business activity through a UAE Offshore Company set up

The Emirate of Ras Al Khaimah (RAK) has launched an offshore facility – The second in the UAE.

The International Business Companies (IBC) Registry allows foreign investors to register offshore companies as RAK Offshore, a division of RAK Investment Authority (RAKIA) without the need to establish a physical presence in the UAE.

RAKCA is Ras Al Khaimah’s first and largest registered agent for the incorporation of International Offshore Business Companies (IBC). Companies are usually incorporated within 24 hours. Any non-resident individual or corporate entity can register a company with RAKCA.

AK Investment Authority (RAKIA) is a Government body formed in 2005 with mandate to promote industry, trade, investment, tourism and infrastructure in the Emirate of Ras Al Khaimah in the UAE.

Located within 1 hour driving distance from Dubai (85 kms) and 30 minutes drive from Sharjah (45 kms), the land and infrastructure costs are very competitive by as much 50-60% as compared to any neighbouring Emirate.

Many jurisdictions are considered only as tax havens. The United Arab Emirates is a ‘real’ country with a ‘real economy’ with a population of approximately 4 million. It has an established history of international trade, finance and business, and today it is one of the fastest growing countries in the world with one of the highest standards of living.

The choice of a suitable jurisdiction is an important decision and requires careful considerations. Important aspects to be examined and which RAK offers may be outlined as follows:

Political and economic stability of the jurisdiction

The availability of a modern and flexible legislative framework
Simple incorporation and filing requirements
The availability of Double Taxation Avoidance Agreement (DTAA)
State of the art banking system
State of the art telecommunication facilities

Uniqueness

UAE is not a dependent or ‘overseas’ territory of another country
Pressure has been put on traditional low tax jurisdictions by the Commission of the European Community (EU) in conjunction with the Organization for Economic Cooperation and Development (OECD). The UK parliament has converted British Dependent Territories to British ‘Overseas’ Territories (in 1998). The UK government may apply greater control over its tax haven progeny (i.e. Bermuda, BVI, Caymans, Gibraltar, Turks & Caicos)

UAE has Double Taxation Avoidance Agreements (DTAA) with a number of countries

Double taxation agreements prevent individuals and corporations from being susceptible to paying tax on the same item during the same time period. These agreements determine which of the two states concerned should levy tax in a particular situation: Austria, Belarus, Belgium, Canada, China, Czech Rep., Egypt, Finland, France, Germany, India, Indonesia, Italy, Lebanon, Malaysia, Malta, Morocco, New Zealand, Pakistan, Poland, Romania, Singapore, Sudan, Thailand, Tunisia, Turkey, and Ukraine.

UAE is not a member of the Organization for Economic Cooperation and Development (OECD)

No foreign exchange of information.

UAE is not on the OECD “blacklist” of tax havens (nor the FATF blacklist)

UAE is not a member of the EU, and is not subject to EU regulation

Main activities of UAE OFFSHORE COMPANY

General Trading
Consulting and Advisory Services
Holding Company (Buy/Hold/Sell stakes of companies)
Investments and Joint Investments Company
Property Owning
International services
Professional Services
Shipping and ship management companies
Commission Agents Company – Intermediary Brokers (IB’s)

Fiscal & Regulatory benefits of UAE OFFSHORE COMPANY

100% income tax exemption
100% corporate tax exemption
100% capital and profit repatriation
100% ownership in Free Zones
No Import or Export taxes
No capital gains tax
No Value-added tax
No Withholding tax
Proximity to entire Gulf and global markets

Main features of UAE OFFSHORE COMPANY

It does not need to have physical offices in the UAE.
It may not carry on business within the UAE.
It may not obtain UAE Residency Visa.
It may have non UAE resident as director or shareholder.
It may have UAE resident as director or shareholder.
It may have corporate shareholder/corporate director
It does not require the shareholder/director to be physically present in the UAE for incorporation
It may own real estate in the UAE, with prior authorization from RAK Investment Authority.
It may not do banking and insurance business without special license.
It may maintain bank accounts and deposits in the UAE or worldwide.
It is not obliged to maintain its books and records.
It may hold shares in other UAE and worldwide companies.
It may own yachts registered in the UAE.

In Brief

Location	Gulf	RAK Offshore is the first comprehensive offshore centre in the Gulf region.
Time Zone	GMT+4	Between Europe and Asia. Open on Sundays.
International Business Companies	Yes	First centre in the Middle East to offer IBC registration.
Trusts	No	Not offered yet.
Offshore Banking	Yes	Authorized to open bank account with UAE banks.

You can register International Business Companies bearing the status of “Limited” or “Ltd.” at RAK Offshore.

Middle East and the Gulf

Thanks to geographical proximity and cultural similarities, RAK Offshore is an attractive location for businesses from countries in the Gulf and the Middle East. These countries already have strong business links with the United Arab Emirates. RAK Offshore is also likely to benefit from the fact that some countries in the region suffer from political unrest and/or asset protection issues.

Russia & CIS Countries

Confidentiality and financial privacy coupled with issues such as political uncertainty, weak currencies, taxes, severe foreign exchange controls and asset protection in Russia and CIS countries make RAK Offshore a viable option for businesses from these regions who seek an offshore location.

Europe, India & Other Countries

Companies in this region have a favourable image of the UAE as a business centre. Add to that their interest in investing in the booming economies and financial markets of the GCC and it is not hard to see why RAK Offshore is a perfect offshore location for these companies.

Statutory description of private limited company	International Business Company (IBC).
Governing corporate legislation	RAK Investment Authority (RAKIA) is the governing body and the companies are regulated under RAK Offshore Regulations 2006.
Time-scale for incorporation	24 hours. There is a time difference of +4 hours to GMT.
Availability of ready-made companies	No.
The regulations governing availability of names	Generally the nature of the company has to be indicated through the words “Limited” or “Ltd.”.
Minimum and maximum number of shareholders	A company may be formed with minimum of one shareholder and there is no limitation as of maximum.
Statutory minimum paid-up capital requirements	Capital is required for the incorporation of an offshore company but there is no minimum capital requirement.
Classes of share available	Share capital may be divided into different classes. Bearer shares are not allowed. Shares may be issued fully, partly or nil paid.
Denomination of share capital	AE Dirham and US Dollar can be used as the denomination for the capital. Any foreign currency is acceptable but prior consent has to be approved by the RAK Authority.
Annual Costs	As per request.
Residency requirement on shareholders or shareholders’ meetings	No requirement for a local resident to be a Shareholder, only proof of residence is required to be submitted.
Information published relating to shares and shareholders	The company must keep a copy of the share register at the registered office address. This is available for inspection by the members and is not publicly available. The company may voluntarily file at the Registrar the copies of the register of members.
Minimum and maximum number of directors	Sole directors are permissible. There is no statutory limitation for maximum number of directors permitted, although the articles may impose a limit.
Are corporate directors or corporate shareholders permitted?	Yes. Corporate entities are even permitted to hold shares in a RAK Offshore companies.
Nationality and residency requirements of directors	The director can be a resident or any foreign citizen but is required to submit the proof of residence and other relevant documents.
Nature of the powers of the directors	The directors have all the powers of the company that are not reserved to the members under the Regulation or in the memorandum and articles.
Directors & apos; meetings	The directors may meet at such times and places within or outside the UAE as the directors may determine to be necessary or desirable. Telephone and other electronic meetings are allowed. Subject to a requirement in the memorandum and articles the director shall be given reasonable notice of meetings of directors, although this rule is subject to a waiver of notice. The presence of a director at a meeting shall be deemed to constitute a waiver on his part. The quorum of a meeting of directors is fixed by the memorandum and articles but where no quorum is fixed, a meeting of directors is properly constituted if one half of the total number of directors is present in person or by alternate.
Information published relating to directors	There is no public register of directors, although the company may voluntarily file its register of directors with the Registrar.
Must accounts be prepared by the directors?	A company incorporated under the Regulation shall keep such accounts and records as the directors consider necessary or desirable in order to reflect the financial position of the company.
Must such accounts be filed with the financial authorities?	No.
Must such accounts be audited, and if so by whom?	No. They may be audited by persons approved by the directors.
Must the company have a registered presence in the territory of incorporation?	Yes. The company must at all times have a registered office and registered agent within Ras Al Khaimah. The registered office must be maintained either by the company or its registered agent.
What records must be maintained in the territory and are they available for public inspection?	A copy of the share register and the register of directors and an imprint of the common seal must be kept at the registered agent & apos address. Other records such as minutes of meetings of directors, members and copies of all resolutions may be kept at such places as the directors determine, but copies must be kept at the registered agent’s address. These are not available for public inspection, other than by members or directors. If copies of these registers and documents are kept other than by the registered agent, the registered agent must be notified of the location of the original. If the company fails to comply with these provisions it is liable to a fine.
Can the company make secured loans?	Yes.
Can the company make unsecured loans?	Yes.
What are the limits placed on the company’s borrowing powers?	None. There are no debt/equity ratios under the law.
Is there a register of company charges?	A company may maintain at its registered office a register charges and other encumbrances. This is not mandatory. Similarly, a public register may be maintained at the option of the company.
Company seal	A company must have a common seal.
Re-domiciliation provisions	A company incorporated under the laws of a foreign jurisdiction may continue its existence as a company registered under the Act. Similarly, RAK Offshore business companies may transfer their domicile to foreign territories that permit such procedures.

Compliance and Safety

Ras Al Khaimah is one of the fastest growing emirates in one of the fastest growing economies in the world, the United Arab Emirates.

Renowned for its natural beauty and art de vivre, Ras Al Khaimah has also gained a reputation for being a transparent, tax-free, corruption-free and no-red-tape location to do business. Its booming economy and proximity to other major international centres like Dubai has attracted hundreds of large, medium and small businesses from every part of the world.

Now, RAK Offshore is making it possible for non-resident corporations, entrepreneurs and individuals worldwide to enjoy all the advantages which were available only to resident entities.

At RAK Offshore, the sole raison d’être is to help your business succeed. From the very outset, it was conceived to allow you to unleash your entrepreneurial spirit by making it easier and more cost-effective to start and operate an offshore business. RAK Offshore offers businesses and individuals a wide range of comprehensive services and structures that are dedicated to non-residents.

RAK Offshore also benefits from one of the most comprehensive lists of non-double taxation treaties in the world, including with China, India, Italy, France and Germany.

Day-to-day operations are managed by the Registrar, under the control of the RAK Investment Authority (RAKIA), and the independent and dedicated RAK Financial Services Authority (RAKFSA), as well as the Central Bank of the United Arab Emirates. In delivering its functions and in considering applications by organisations and individuals wishing to establish businesses within or through RAK Offshore, the Registrar and RAKFSA aim to adopt a firm but flexible regulatory approach.

It is of paramount concern to the government that Ras Al Khaimah’s reputation is not tainted by the use of the jurisdiction for money laundering or other illegal purposes. Therefore, RAK Company Administration, as a licensed Registered Agent is expected, in accordance with a set of strict guidelines, to carry out proper due diligence and “know your customer” checks so that we are satisfied as to the identity of the clients and the legitimate origin of the clients & apos; funds. Although total confidentiality is ensured by the legislation, the authorities will cooperate with law enforcement agencies and regulators in case of illegality.

Professional Business Environment – The RAKIA Advantage

Fiscal Benefits

100% income and corporate tax exemptions.
No Foreign exchange controls.
100% capital and profit repatriation.
Strong appreciating and fully convertible currency.
Low Inflation.
Easy funding from International Banks.

Regulatory Benefits

100% ownership in Free Zones.
No trade barriers or quotas.
Easy Licensing Procedures
Simple Import, Export Policies
Liberal labour laws.
No restrictions on hiring expatriates.
Issue of visit and residence visa
Open door policy.
Single window clearance for permits and consents.
Every investor gets personal attention.
Cost and time savings
International Bank Accounts (with electronic banking facilities)

Highlights

No need to Travel

Our clients are not required to visit Dubai to Incorporate the Company. Our Dubai corporate assistance team in UAE Dubai will undertake the necessary tasks on your behalf.

Industrial License

Activities allowed: Import raw materials, manufacturing, processing, assembling, packaging, and exporting finished products. Feasibility and environmental impact studies and clearance from RAKFTZ are required.