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Asset Management Company Liechtenstein |
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Asset Management
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**Network of international attorneys and tax counsel** |
Index Bank License
Tax planning via a network of international tax advisers and attorneys
Why form a company in a foreign country with a tax
accountant specialized in international tax law?
Asset Management Company Liechtenstein
General Information
We, more specifically our partner law firms associated with the Low Tax
Network - form asset management companies or companies with bank license
(deposit banks, which are subject to the supervision and oversight of
the respective agency and/or the country's Central Bank) in:
·
Belize (Asset Management Company, Bank)
·
Cayman Islands (Asset Management Company, Bank)
·
Nevis (Asset Management Company, Bank)
·
Panama (Asset Management Company)
·
Liechtenstein (Asset Management Company, Bank)
·
Switzerland, Germany, Spain, USA (Full-Service Banks as defined by
(term),, , Deposit Banks, Asset Management Companies)
Asset Management Company Liechtenstein
In collaboration with our network partner in Liechtenstein (law and tax
accounting firm) we form Lichtenstein Asset Management Companies for our
international clients.
First we form a Liechtenstein stock corporation, which in turn applies
for an Asset Management Company license through our Liechtenstein
attorneys.
Equity in the amount of 100,000 Swiss francs must be available.
In addition, management must meet certain qualifications (personal
qualifications).
The low taxes in Liechtenstein may be of particular interest and that
the Liechtenstein asset management law is easier to realize / criteria
are easier to meet as compared to the German statutory provisions.
The fee schedule is based on time and material and the legal form.
The licensing procedure costs at least 20,000 Euro.
No Nominee Director/Supervisory Board
may be provided within the context of the Liechtenstein Asset Management
Company.
Consequently, you or an agent - must relocate your permanent residence
to Liechtenstein (maintain a rental apartment under your own name, be
present in Liechtenstein at least 51% of the year - at least for the
sake of "outward" appearances) and act as the managing director of the
company.
Two managing directors are always required, however only one managing
director is required to maintain a permanent residence in Liechtenstein.
A "post office box" or a
registered office is not sufficient within the context of domiciliation.
Furthermore,
a proper place of business is required.
The minimum requirement is a virtual office at the Liechtensteiner
Business Center; for example renting an office for 20 hours a month.
Due to the fact that Liechtenstein is a country within the European
Economic Zone, all other countries in the European Economic Zone are
obligated to recognize the Liechtenstein Asset Management Company
accordingly.
In the event the Liechtenstein Asset Management Company provides its
services to customers outside of Liechtenstein, but within the European
Economic Zone, further licenses are not required in the respective
provider country i.e. the company’s business activities cannot be
prohibited.
However, some laws of the countries in the European Economic Zone
stipulate the duty to report such business activities and/or analogous
conditions must be met.
Asset Management Company Belize
General Information
We – more specifically, our partner law firms associated with the Low
Tax Network - form asset management companies or companies with bank
license (deposit banks, which are subject to the supervision and
oversight of the respective agency and/or the country's Central Bank)
in:
·
Belize (Asset Management Company, Bank)
·
Cayman Islands (Asset Management Company, Bank)
·
Nevis (Asset Management Company, Bank)
·
Panama (Asset Management Company)
·
Liechtenstein (Asset Management Company, Bank)
·
Switzerland, Germany, Spain, USA (Full-Service Banks as defined by
(term), Deposit Banks,
Asset Management Companies)
Asset Management Company -- Financial Services Company in Belize
An Asset Management Company in Belize may accept, manage, and invest
customer funds and distribute profits to the customers.
The basis is the formation of a Corporation in Belize (as a rule IBC),
which applies for the license to operate an Asset Management Company.
Within the scope of the legal considerations the "law of the provider
country" applies in relation to the services provided by the asset
management and/or financial services company as defined by (term).
If - and in which form - an asset management company in Belize is
permitted to offer its services to non-residents of Belize is dependent
on many factors and is a component of the consulting services we
provide.
The formation of an asset management company in Belize can be beneficial
and is based on the following factors:
Licensing Procedure
Within the scope of the Asset Management Company licensing procedure
comprehensive licensing documents must be submitted:
Business plan, profit & loss plan for the first years, terms and
conditions, underwriting prospectus, personal qualification of the
management / Managing Director (to the extent our law firm in Belize
does not provide an employed director).
We prepare the required documents in collaboration with our client and
submit the license application to the relevant agency.
The company (IBC = international Business Company) must have a certain
degree of "substance", a mere registered office is not sufficient.
The minimum requirement is a virtual office, with an office phone
number, personal call reception during normal office hours, a fax, a
serviceable postal address, also for registered mail.
Asset Management Company Fee Schedule
The company formation fees in Belize are based on the provided services.
The fee for the licensing of an Asset Management Company is
approximately $21,500 US.
The provision of a permanent Nominee Director (employed director) costs
$500 US per month, with a onetime administration fee of $2,500 US.
Company Formation Belize
Our law firm’s services:
Individuals:
Tax advice within the context of “relocating ones permanent residence”,
issuing of a visa, tax situation under consideration of the national
laws.
Brief Overview Company Formation Belize – Company Law Level:
*Exempt Company:
A company which only generates revenues outside of the seat country and
for this reason is not subject to any taxation.
Individuals Belize:
Basic Considerations regarding the Formation of a Bank
(Deposit Bank)
International banking law is an extremely complex legal practice area.
"Forming a bank on the fly" is a contradiction in itself. Please
consider that many dubious providers offer their services via the
Internet, these providers are neither tax accountants specialized in
international tax law or attorneys specialized in bank law, nor do they
have sufficient knowledge and expertise in the area of national and/or
international law. So-called "bank formations" by such providers are
seldom worth the paper on which the supposed license is documented. We
provide services to clients who have already lost more than 100,000 Euro
to such providers, in which cases a bank formation was not realized.
When forming a bank - or a financial services company with the approval
for providing bank services domestically and internationally - there are
numerous laws that must be complied with in the seat country in which
the bank is to be formed, as well as compliance with the domestic laws
of the "provider country".
Key issues include among others:
-What objectives are being pursued with the formation of a bank?
- Which services is the bank to offer?
-In which countries are the bank services to be offered and in "which
form"?
-Where is your "permanent residence" (location of unrestricted tax
liability); Where do the shareholders reside in terms of tax liability?
A Brief Overview of the Terminology
Asset Management Company:
Asset management companies may receive funds from third parties, invest
such funds, and distribute profits from such investments as defined by
(term). An asset management
company is, however, not a bank as defined by the respective provisions
(may not offer any bank typical services), and consequently an asset
management company is not a deposit bank. Examples of asset management
companies: Asset Management
Company Liechtenstein, Asset Management Company Panama or Belize.
Bank:
Banks are defined as deposit banks, which may offer bank typical
services (invest and distribute third-party funds, provide loans, lawful
currency, etc...). Banks as defined by (term) are, as a rule, subject to
the supervision and oversight of the relevant agency and/or the
country's Central Bank. As a rule, the banks must comply with the Basel
II Accord and as such must commission an auditing firm.
E-Money Institutes and Investment Bank:
Contrary to this, some countries (for example Germany) know the terms
E-Bank and/or Investment Bank. "paypal" for example is an
E-Money-Institute. The equity capital required for such financial
services companies are, as a rule, lower than that of a full-service
bank (equity capital for an investment bank in Germany is approximately
730,000 Euro, for an e-Bank is 1 million Euro).
Financial Services Companies with Bank Services License
These financial services companies may offer bank typical services.
Typically such financial
services companies may only offer their services to customers outside of
the seat country, consequently the term "offshore financial services
company with a license for bank services" is utilized.
The New Zealand Financial
Services Company is an example of this. These institutes are, as a rule,
subject to the supervision and/or oversight of the relevant oversight
agency or the country's Central Bank.
Offshore Bank:
The term offshore bank is not defined and for this reason is utilized to
describe a number of institutes. It can be defined as: deposit banks as
defined by (term), which can only be active outside of the seat country,
in other words "offshore". Such an institute can be subject to the
oversight and supervision of the relevant agency and/or Central Bank or
not. Deposit banks are often defined as an offshore-bank, which is
subject to the supervision and oversight of the respective agency and/or
the country’s Central Bank and may offer bank services in the seat
country, however the offshore-bank’s seat country is located in typical
tax-havens.
General Information on Banking License, Provision of Financial Services,
Asset Management Companies
The license prerequisites are very different in individual countries, in
particular the required equity capital of the bank and/or the asset
management company. The basis – more specially, the formation of a stock
corporation according to the law of the seat country, supplemented by
the installation of an ordinary place of business in the seat country is
recommended. The
stock corporation then applies for the license on behalf of the asset
management company and/or bank (deposit bank).The New Zealand Financial
Services Company can be an
excellent alternative. A New Zealand Bank
(correct term: New Zealand Financial Services Company with a license for
bank services) can offer bank services globally to private individuals
and companies via the Internet without restrictions on the number of
customers, the amount of deposits, or the number of currencies. However,
the New Zealand Financial Services Company with a license for bank
services is not subject to the supervision and oversight of the
country’s Central Bank. This fact has consequences with regard to the
presentation of the services in other countries, consequently loans
cannot be attained at the Central Bank and a correspondent bank is
always required, i.e. the bank does not have its own SWIFT code etc….
The fee schedule for forming a bank and/or asset management company is
based on the seat country and the services provided.
Legal Basics – Terminology: Bank
International banking law is an extremely complex legal practice area.
In simplified terms it can be described as follows: Financial service
companies in terms of a deposit bank, which is subject to the
supervision and oversight of the respective Central Bank and/or other
state regulatory authorities and have the corresponding license, to
offer the corresponding financial services to third parties, are
referred to as a “bank” as defined by (term). They may offer bank
services as defined by (term) to domestic natural and legal entities
and, as a rule, also to "individuals" outside of the seat country of the
bank (restrictions/limitations can however exist within the national law
of the "other countries”).
The respective license requirements are stipulated by the financial
services laws/bank laws of the respective countries.
In most countries adequate funds
i.e. equity is required (for example Switzerland requires 5 million
Swiss Franks, the US requires 5 million US dollars and 10 million US
dollars collateral deposited with the FED, Germany requires
approximately 5 million Euro, Cayman Island requires approximately
350,000 Euro, Belize requires 1.3 million US dollars etc...). In
addition, most bank laws regulate the requirements placed on bank
management – the so-called “professional qualifications” (professional
education/studies in the field of banking, management experience in
banking, perfect police certificate for good conduct, credit report,
etc…), the existence of a qualified place of business, General Terms and
Conditions, and auditing and accounting provisions.
In addition, some countries offer the possibility of forming a financial
services company with a license for bank services, without being subject
to the supervision and oversight of the respective Central Bank (for
example the New Zealand Financial Services Company with a license for
bank services). These institutes, as a rule, may only offer bank
services outside of the seat country and are therefore often referred to
as “offshore banks”.
Contrary to this some countries know the term E-Bank and/or Investment
Bank. "paypal" for example is an E-Money-Institute. The required equity
capital of such financial services institutes are, as a rule, lower than
that of a full-service bank (an investment bank in Germany requires
approximately 730,000 Euro, e-Bank requires 1 million Euro).
What differentiates a bank formation domestically as opposed to
internationally?
A “Full Service Bank” is, as
a rule, understood to be a bank, which is formed and licensed according
to the financial services laws of the respective country, bank services
as defined by (term) permit the offering of services to residents, and
as a rule, are subject to the supervision and oversight of a government
organ and/or the country’s Central Bank. If - and under which conditions
– such a bank is then permitted to offer its services in other
countries, is regulated by the bank laws of the “provider countries”.
An “Offshore Bank” is, as a
rule, understood to be a bank, which may only offer its bank services to
“non-residents” (offshore). This form of a financial services company
with a license for bank services (for example New Zealand Financial
Services Company with a license for bank services), is not subject to
the supervision and/or oversight of the country’s Central Bank. However,
some of these offshore banks (including New Zealand) are indeed subject
to the statutory provisions regarding the prevention of money laundering
among other acts:
