Offshore Elements

Authorised Agent is a bank or trust company authorized by authorities to deal in foreign currency securities.
Authorised Dealer Bank is a bank that is permitted to work with precious metals and all kinds of foreign currencies.
Asset Protection Trust (APT) is a form of irrevocable trust, usually settled in a jurisdiction other than the settler's home country, and meant to accomplish a number of estate planning goals of its settler. The basic purpose of APT is preservation and protection of one's wealth from various kinds of risks. Having established the trust, you may be sure that creditors will not find out your assets. This type of trust is usually tax neutral.
Asset manager is a person appointed by a written contract to direct the investment program, and getting his/her fees on the basis of activities performed, trading commissions, or the level of managed estate evaluation.
Authorization is the request for approval for a dollar amount from the cardholder's bank. The bank checks the account requested to make sure the money is available (does conversion of money if required) and if so, sends an approval code back to us. It is declined for any reason, it also sends us this message as well. We then interpret the reason for decline and give a message to the cardholder. If approved, this then reserves the dollar amount under your merchant number and against the cardholder's line of credit.
Articles of association are the regulations of rights and liabilities of company members in their relations among themselves. They concern such aspects as general meetings, appointment of directors, share issues, dividends, accounts and audits.
Beneficiary is the entity who receives the right to benefit from the trust property and activities.
It should be noted here that there exist different types of trusts commonly incorporated in tax havens, as one and the same form of trust cannot serve as a solution for all problems. An exception is the fully discretionary trust. Beneficiary could be represented by a charity, foundation, and/or person(s), according to their entitlement.
Board of trustees is acting as a trustee of a trust, or advisors to the trustee depending upon the language of the trust indenture.
Bearer shares are the untraceable means of offshore ownership. No formal transfer records are required to transfer bearer shares to another person or entity.
Bare trust is characterized by the absence of duties obtained by trustees, but to convey the trust property to the beneficiary after his demand.
Custodian is a bank or financial institution that has the responsibility to manage or administer the custody or other safekeeping of assets for other persons or institutions.
Chargeback is when a customer has called their credit card company and requested a full refund. The credit card companies, in order to promote more usage, have given consumers the ability to chargeback any product or service where their card was not presented for up to six months.
Current account is an offshore, personal services or checking account.
Discount rate is the rate that is charged per transaction by the acquiring bank for the privilege of accepting credit cards from the various credit card companies. This rate differs based upon the type of business accepting credit cards. Some businesses have a higher risk of their customers either committing fraud or excessive chargebacks. There are two stages in a credit card transaction.
Discretionary trust generally is settled offshore. In this type of trust, the trustee can take decisions which beneficiary gets benefit, when and how. To exercise the discretions, the settler or protector put forward their suggestions or advices. Provides flexibility and privacy to the trustee. Grantor trust is usually created by a grantor/settler (which can also transfer real property to another entity). This type of trust can legally be formed under US tax law, and income of the trust is taxed as the income of the grantor.
Debenture is a loan raised by a company paying a fixed rate of interest and secured on the assets of the company.
Family limited partnership (FLP) has its purpose family estate planning and certain level of asset protection. It is family controlled by general partners. The other limited partners are holding the balance of the interest in the partnership.
Hedge funds are managing investments for private investors (under US law, the work of such funds is unregulated if the number of investors is not more than one hundred).
International financial and banking center (IFC) is another definition for country identified as being a tax haven.
International business company (IBC). A company incorporated in an offshore jurisdiction, but not entitled to have business affairs within that country; IBC is usually used for global operations. The owners are usually members and shareholders.
Limited liability company (LLC) is the type of IBC. It combines the most favorable characteristics of a corporation and a partnership, structured as a corporation, with limited liability as provided by the state laws. The structure of LLC implies various kinds of tax advantages, and operational flexibility of partnership.
Limited liability partnership (LLP) is the type of LLC, often used for professional associations (e.g., accountants and attorneys).
Limited company (LC) is not an international business company. It may be incorporated in offshore jurisdiction, and set up under a simpler body of administrative laws.
Limited liability limited partnership is protecting the general partners from liability. Under the LLLP, an individual can be a general partner having limited personal liability.
Memorandum of Association of an IBC, equivalent to articles of incorporation.
Nominee shareholders are employed to shield the identity of the beneficial (actual) owners of the shares.
Nominee director is someone who acts on your behalf as a front director of the company. In some jurisdictions nominee director can also be presented by another offshore company. The director receives a fee for lending his/her name to the organization. Nominee directors are subject to director responsibilities.
Ordinary shares are the most common type of shares. Their holders get dividends, which correspond to company's profitability, and directors' recommendations. When you hold ordinary shares, that gives you right to the ownership of the company.
Offshore is a general international term for being in another country, but in the country where you reside or of which you are a citizen, and out of the tax reach of your country. The synonyms for offshore are the words foreign, transnational, global, and international.
Preference shares give their holders the right to receive dividends before holders of ordinary shares, but after debenture and loan stockholders.
Private company is deprived of right to offer its shares to the general public.
Pure equity trust is a special type of irrevocable trust, when the trust assets are obtained by an "exchange" of a certificate of beneficial interest in return for the assets.
Register is the register of international business companies (IBCs) and exempt companies held by the Registrar of offshore jurisdictions.
Registrar of Companies is a governmental entity of a given jurisdiction controlling the formation and renewal of companies incorporated under their company act.
Settlor is the person who creates or settles an offshore trust.
Securities serve as another term for stocks and shares of all types.
Stocks are distinguished from securities and shares in common sense by the fact that they possess fixed interest; another distinction is that stocks are denominated in money terms.
Trustee is an individual, company, another trust, or some other entity who (which) receives the property and has the responsibility to the beneficiaries, as a reasonable businessperson would do in the same circumstances.
Trust is a contract, a private offshore agreement, and offshore trust is the same. It is an entity created for effective asset protection, as well as for reserving them for the benefit of beneficiary, which is the third party in this entity. To describe the meaning of trust in a word, it may be said that the settlor transfers asset ownership to the trustee on behalf of beneficiaries.
Trading trust carries on a trade with the help of its trustee, and is often established to avoid disclosure requirements, as offshore trusts do not usually fix accounts.
Tax haven is a country or jurisdiction, which tries to attract foreign business by the adoption of secrecy and taxation laws, providing confidentiality and various taxadvantages. In such a way it becomes an international banking and financial center.
Trust protector is a person appointed by the settler to control the trust on behalf of beneficiaries. Has veto power over the trustee with respect to discretionary matters but not to the issues unequivocally covered in the trust deed. Has the power to remove trustees, and appoint the new ones. Consults with the settler, but the final decisions must be the protector's.
Unit trust is often used for the purposes of collective investment. The beneficial rights are divided into a number of units, and these units are offered for public sale. The unit trust can be also corporate entity.
Vetting is the process used by the offshore consultant for qualifying the prospective client to determine if he/she is a good candidate for offshore asset protection, as in to "vet" the prospective client.
Warrant is a kind of instruction given by the company to the holders of a particular security giving them the right to subscribe for future issues either of the same or some other kind.
World bank is intended to be the bank lender and technical advisor to the developing countries, using funds and technical resources from the member countries.
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