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Disallow: /kontrolpanel/ Turkish Ports, Mediterranean Ports, Aegean Ports, Black Sea Ports, Port of Antalya, Port of Mersin Tasucu, Port of Mersin, Toros Gubre Terminal, TCDD Port Iskenderun, Ekinciler Pier, Port of Isdemir, Yazicilar Pier, Mersin SEKA Paper Mill Port, Sariseki Fertilizer Pier, Port of Izmir, Total Aliaga Terminal, Aliaga Petkim Terminal, Habas Pier (Mertas), Ege Fertilizer Pier, Nemtas Pier, Tupras Aliaga Refinery, Cukurova Pier, Port of Kusadasi, Port of Dikili, Port of Gulluk Bay, Petrol Ofisi Aliaga Installions, Aliaga Tupras LPG Platform, Limas Pier, Port of Bartin, KDZ.Eregli Erdemir Port, Port of Giresun, Port of Hopa, Harbour of KDZ.Eregli, KDZ. Eregli TTK Harbour, Port of Ordu, Petrol Ofisi Samsun, Port of Rize, Port of Trabzon, Zonguldak TTK Port, Filyos (Hisaronu) Port, Port of Samsun, Greek Ports, Port of Pireaus, Port of Elefsis, Port of Agioi Theodoroi, Port of Pachi, Port of Corinth, Corinth Canal, Port of Kalamaki, Port of Agia Trias, Port of Lavrion, Port of Thessaloniki, Port of Aabenraa, Dk Port of Aalborg, De Port of Aarhus, De Port of Abidjan, Ivory Coast Port of Abu Dhabi, UAE Port of Acajutla, Sv Port of Adak, AK Port of Adelaide, Au Port of Aden, Yemen Port of Ahimor, Bz Port of Åhus, Sw Port of Aktau, Ka Port of Akureyri, Is Port of Alatamira, Bz Port Alberni, BC, Ca Port of Alexandria, Eg Port of Algeciras, Sp Port of Altamira, Me Port of Amsterdam, Nl Port of Anacortes, WA Port of Ancona, It Port of Antwerp, Be Port of Apapa (Lagos), Ni Port of Apia, Samoa Port of Aqaba, Jordan Port of Aratu, Bz Port of Archangelsk, Ru Ports of Argentina Port of Arica, Cl Port of Aruba Port of Ashdod, Is Port of Ashtabula, OH Port of Assab, Eritrea Port of Astoria, OR Port of Auckland, Nz Port of Augusta, It Ports of Australia Port of Aveiro, Pt Port of Ayr, Scotland Port of Azov, Ru Port of Bahía Blanca, Ar Port of Balboa, Pa Port of Baltimore, MD Port of Bandirma, Tr Port of Bangkok, Th Port of Banjarmasin, Id Port of Bar, Yu Port of Barbados Port of Barcelona, Sp Port of Bari, It Port of Barra do Riacho, Bz Port of Barranquilla, Co Port of Basuo, China Port of Baton Rouge, LA Port of Bay City, TX Port of Bayonne, Fr Port of Bayside, NB, Ca Port of Beaumont, TX Port of Belawan, Indonesia Port of Belem, Bz Port of Belfast, Ir Port of Belgrade, Serbia Port of Belledune, Ca Port of Bellingham, WA Port of Benicia, CA Port of Benton, WA Port of Bergkvara, Sw Ports of Big Island, HI Port of Bilbao, Sp Port of Bintulu, My Port of Blyth, UK Port of Bordeaux, Fr Port of Borghavn, No Port of Boston, MA Port of Boulogne, Fr Port of Brake, Ge Ports in Brazil Port of Bremen, Ge Port of Brest, Fr Port of Brevik, No Port of Brindisi, It Port of Brisbane, Au Port of Bristol, UK Ports of Britain Ports of British Columbia. Ca British Virgin Islands Port of Brownsville, TX Port of Brunswick, GA Port of Buenaventura, Co Port of Buenos Aires, Ar Port of Bunbury, Au Port of Burgas, Bulgaria Port of Burnie, Au Port of Burns Harbor, IN Puerto Cabello, Ve Port of Cabo Rojo, DR Port of Cadiz, Sp Port of Caen, Fr Port of Calcutta, In Port of Callao, Peru Port of Camden, NJ Canada, Atlantic Region Port of Canaveral, FL Port of Cape Town, SA Port of Cartagena, Co Port of Cartagena, Sp Port of Catania, It Port of Cayman Island Port of Cebu, Ph Port of Ceuta, Sp Port of Chalna, Bg Port of Charleston, SC Port of Charlottetown, PEI, Ca Port of Chatham, NB, Ca Port of Chiba, Ja Port of Chimbote, Peru Ports of Chile Ports of China Port of Chittagong, Bg Port of Churchill, Ca Port of Civitavecchia, It Port of Coatzacoalcos, Me Ports of Colombia Port of Colombo, Sri Lanka Port of Columbus, OH Port of Comodoro Rivadavia, Ar Port of Constantza, Ro Port of Coos Bay, OR Port of Copenhagen, De Port of Corpus Christi, TX Port of Corinto, Ni Port of Coruna, Sp Port of Cotonou, Benin Port of Covenas, Co Port of Cristobal, Pa Ports of Croatia Port of Curaçao Port of Cutuco, Sv Port of Cyprus Port of Dakar, Senegal Dalhousie, NB, Ca Port of Dammam, Saudi Arabia Port of Da Nang, Vi Port of Dar es Salaam, Tz Port of Darwin, Au Port of Delfzijl, Nl Port of Detroit, MI Port of Diego Suarez, Madagascar Port of Djibouti Ports of Dominican Republic Port of Donetsk, Ukraine Port of Douala, Cameroon Port of Dover, UK Port of Dubai, UAE Port of Duluth, MN Port of Dunkirk, Fr Port of Durban, SA Port of Dutch Harbor, AK Port of East London, SA Ports of Eastern Canada Port of Eastport, ME Port of Echuca, Au Ports of Ecuador Port of Edan, Au Port of Eemshaven, Nl Port of Eilat, Is Port of Elbag, Pl Port of Emden, Ge Ports of England Port of Engure, Lv Port of Erie, PA Ports of Estonia Port of Everett, WA Port of Falkenberg, Sw Port of Falmouth, UK Ports of Finland Port of Fleetwood, UK Port of Fort Pierce, FL Port of Fourchon, LA Port of Fraser, Ca Port of Freeport, Bahamas Port of Freeport, TX Port of Fremantle, Au Port of Garfield, WA Port of Garston, UK Port of Gävle, Sw Port of Gdañsk, Pl Port of Gela, It Port of Gemlik, Tr Port of Genova, It Port of Gent, Be Port of Georgetown, PEI, Ca Port of Georgetown, SC Port of Geraldton, Au Ports of Germany Port of Gibraltar Port of Gladstone, Au Port of Göteborg, Sw Port of Gotland, Sw Port of Grays Harbor, WA Port of Great Yarmouth, UK Port of Grenland, No Port of Guam Port of Guanta, Ve Port of Guantánamo, Cu Ports of Guatemala Port of Guayaquil, Ec Port of Hachinohe, Ch Port of Hafnarfjordur, Iceland Port of Haifa, Is Port of HaiPhong, Vi Port of Hakata, Ja Port of Halifax, Ca Port of Halmstad, Sw Port of Hamburg, Ge Port of Hamilton, Ont., Ca Port of Hamina, Fi Port of Hampton Roads, VA Port of Hargshamn, Sw Port of Härnösand, Sw Port of Harlingen, TX Port of Harwich, UK Port of Hobart, Au Port of Helsingborg, Sw Port of Helsinki, Fi Port of Ho Chi Minh, Ve Port of Hodeidah, Yemen Port of Holyhead, Wales Port of Hong Kong Port of Honolulu, HI Port of Houston, TX Port of Hueneme, CA Port of Iberia, LA Port of Ilhéus, Bz Port of Iligan, Ph Port of Ilo, Peru Port of Ilyichevsk, Od, ABCC Association of British Chambers of Commerce ABI Association of British Insurers Ad Valorem- according to the value A fixed percentage of the value of goods that is used to calculate customs duties and taxes. Admirality Court A court having jurisdiction over maritime questions pertaining to ocean transport, including contracts, charters, collisions, and cargo damages. Advising Bank A bank that receives a letter of credit from an issuing bank, verifies its authenticity, and forwards the original letter of credit to the exporter without obligation to pay. AF Advance freight (i.e. prior to shipment) AFT At or towards the stern or rear of a ship. Affreightment The hiring of a ship in whole or in part. Air Freight Forwarder A type of freight forwarder who specializes in air cargo. He usually consolidates the air shipments of various exporters, charging them for actual weight and deriving his profit by paying the airline the lower consolidated rate. He issues his own air waybills to the exporters, is licensed by the CAB (Civil Aeronautics Board) and has the status of an indirect air carrier. Air Waybill (AWB) A bill of landing that covers both international and domestic flights transporting goods to a specified destination. This is a non-negotiable documents of air transport that serves as a receipt for the shipper, indicating that the carrier has accepted the goods listed and obligates itself to carry the consignment to the airport of destination according to specified conditions. AITA International Air Transport Association, IATA, (French, German). Alongside A phrase referring to the side of a ship. Goods to be delivered "alongside" are to be placed on the dock or barge within reach of the transport ship's tackle so that they can be loaded abroad the ship. AN Advice note ANF Arrival notification form AP Additional premium Arbitration Clause A standard clause to be included in the contracts of exporters and importers, as suggested by the American Arbitration Association. It states that any controversy or claim will be settled by arbitration in accordance with the rules of the American Arbitration Association. ATP Accorde Transports Perissable, (European Agreement on the International Carriage of Perishable Foodstuffs) B BACS Banker's Automated Clearing System BAF Bunker adjustment factor: A fuel surcharge expressed as a percentage added or subtracted from the freight rate reflecting the movement in the market price for bunkers. Balance of Trade The difference between a country's total imports and exports; if exports exceed imports, favorable balance of trade exists, if not, a trade deficit is said to exist. Ballast Heavy weight, often sea water, necessary for the stability and safety of a ship at sea. Barter Trade in which merchandise is exchanged directly for other merchandise without use of money. Barter is an important means of trade with countries using currency that is not readily convertible. BCN Banker's Cover Note B/D Banker's Draft B/E Bill of Exchange BEA British Exporters Association Beam The maximum breadth of a ship. Berth Place alongside a quay where a ship loads or discharges cargo. BIFA British International Freight Association Bill of Entry A shipper's detailed statement for Customs purposes of the nature and value of goods in a consignment. Bill of Exchange (B/E) Legally defined as "an unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at a fixed or determinable future time, a sum certain in money to or to the order of a specified person, or to bearer". It is the most general method of obtaining payment for goods shipped abroad. Bill of Lading (B/L) Is a document signed by the carrier and acts as a contract of affreightment, a receipt and evidence of title to the cargo. Bolster This is a piece of equipment equivalent to the bottom of a container without sides. Often used for stacking parcels of sawn timber and bags of cocoa. Otherwise known as a flat or pontoon Bonded Warehouse A warehouse storage area or manufacturing facility in which imported goods may be stored or processed without payment of customs duties. BOTB British Overseas Trade Board Bottle screws, container shoes, twist locks, chains and chain tensioners: All pieces of lashing equipment for securing cargo (twist locks and container shoes are used only on containers, pontoons and stackmasters). Boules A boule is a log that has been sliced through into at least 12 pieces. The bark is left intact. Breakbulk: Another term for general cargo, i.e. non unitised cargoes. B/S Bill of Sale BSC British Shippers Council BSI British Standards Institution BSS British Standard Specification Bunkers: Name given for vessel’s fuel and diesel oil supplies (originates from coal bunkers). BV Bureau Veritas C CAAC Customs and Allied Affairs Committee CAD Cash against documents - Full shipping documents are sent to a bank or an agent at the port of destination with instructions that they are to be handed over to the consignee only in exchange for the sum due. CAF Currency adjustment factor: A surcharge expressed as a percentage (or subtracted) from the freight rate compensating the Line (or shipper) for a change in the exchange rates relationship between the currency of freight collected from the shippers and currency of costs incurred by the Line. CAN Customs Assigned Number Carnet A customs document permitting the holder to carry or send merchandise temporarily into certain foreign countries (for display, demonstration, or similar purpose) without paying duties or posting bonds. Carrier Any person who undertakes to perform or precure the performance of carriage by rail, road, sea, air, inland waterway or any combination. Cartel Is an association of several independent national or international business organizations that regulates competition by controlling the prices, the production, or the marketing of a product or an industry. CBI Confederation of British Industry CCA Connecting carrier agreement: A contract between carriers such that line or both operators will transport a said amount of cargo on behalf of the other on the other's Bill of Lading, thus acting as a bridge for crosstraded cargoes needing a first or second leg carrier to compliment the first CC/O Certificate of consignment/origin CCT Common Customs Tariff (within the EU) CD Customs declaration C & D Collected and delivered CDV Current domestic value C & E Customs & Excise Cell Guides Upright metal fasteners welded to the ship's deck to secure the containers for the sea journey. Containers aree secured to these sections using twist locks which act as keys bolting the container's four corners to the ship's deck and/or other containers in the stack. CFR Cost and Freight - One of the thirteen Incoterms and one of four 'C' terms. The seller must clear the goods for export. A sales term denoting that the seller is responsible for arranging and paying for the carriage of goods to the agreed port of discharge, excluding insurance costs. CFR is used for goods that are to be carried by sea. CFS Container freight station CH Custom House Charges forward Charges to be paid by the buyer on arrival of the goods. Charterer Person or company who hires a ship from a shipowner for a period of time. Charter party The contract between the owner of a ship and the individual or company chartering it. Among other specifications, the contract usually stipulates the exact obligations of the ship-owner (loading the goods, carrying the goods to a certain point, returning to the charterer with other goods, etc.); or it provides for an outright leasing of the vessel to the charterer, who then is responsible for his own loading and delivery. In either case, the charter party sets forth the exact conditions and requirements agreed upon by both sides. Chassis A wheel assemble including bogies constructed to accept mounting of containers. CIF Cost, Iinsurance and Freight - One of the thirteen Incoterms and one of four 'C' terms. Another selling term but includes insurance and handling shipment costs. The party that has sold CIF has complete control over the shipment of goods. The seller has the same obligation under CFR but must also procure marine insurance. The seller is only required to obtain minimum coverage. CIF & C Cost, Insurance, Freight & Commission CIF & E Cost, Insurance, Freight & Exchange CIF & I Cost, Insurance, Freight & Interest CIFC & I Cost, Insurance, Freight, Commission & Interest CIP Carriage and Insurance Paid To - One of the thirteen Incoterms and one of four 'C' terms. The seller has the same obligation asunder CPT but is also responsible for contracts for insurance of goods during the carriage. The seller also pays the insurance premium. Under CIP the seller is only required to obtain minimum insurance cover. CITHA Confederation of International Trading Houses Associations CLECAT European Liaison Committee of Common Market Forwarders CO or C/O Certificate of origin - A document to prove the place of growth, production or manufacture of goods specified thereon. Cocobod Ghana Cocoa Board COD Cash on delivery, customers own delivery Combo/Combi Combination vessel: A dry vessel designed to carry either dry bulk (grain, etc,) break bulk or containers. Such vessels are normally equipped with their own cranes. Conference A group of vessel operators joined together for the purpose of establishing freight rates. Consignee (C/nee) Person to whom goods are to be delivered by the carrier at the place of destination. Otherwise known as the receiver. Consignor The sender of the goods. Consular Invoice An invoice, prepared on a special form and legalised by the Consul of the importing country, usually required by the Customs of that country to confirm details and origin. Container Metal box used for the carriage of cargo. Usual dimensions 20 x 8 x 8.5ft or 40 x 8 x 8.5ft. Container demurrage Money paid by the shipper for the use of containers or other Line owned equipment beyond a specified ‘free time’ period. Container vessel Ship specially designed to carry shipping containers. The vessel often has bays into which the containers are lowered and where they are held in place by upright steel sections called cell guides. Containers are frequently carried on deck where they need to be lashed and secured. COU Clip-on unit C/P Charter party CPT Carriage Paid To - One of the thirteen Incoterms and one of four 'C' terms. The seller pays the freight for the carriage of the goods to the named destination. Under CPT the seller must clear the goods for export ie obtain the export licence, pay export taxes and fees if required and furnish the buyer with the invoice and relevant documents. CPT can be used for any mode of transport Cranage Charge for use of wharf crane when a ship's own appliances for loading or unloading are now used. CRF Clean Report of Findings, details the quality, quantity and state of goods CRIG Cocoa Research Institute of Ghana CRN Customs registered number Curl Small nugget of dense hardwood which has a high oil content. This is used for bearings and is very rare. Sometimes used in Takaradi. C/V Certificate of value C/VO Certificate of Value and Origin CWE Cleared without examination D DAF Delivered At Frontier - One of the thirteen Incoterms and one of five 'D' terms. The seller is obliged to deliver the goods at the frontier before the customs border of the adjoining contry. The goods should be made available and cleared for export. The seller must also provide documents to enable the buyer to take delivery such as the document of transport or warehouse warrant. The buyer must pay for on-carriage and cover import clearance ie import licence, duties, taxes and fees.Note: It is important that the frontier is clearly defined. DDP Delivered duty paid DDU Delivered Duty Unpaid - One of the thirteen Incoterms and one of five 'D' terms. The seller is obliged to deliver the goods on the quay at the port of destination, cleared for importation. The seller must pay unloading costs but not provide import clearance The buyer must take delivery of goods at the country of importation and must cover any duties, such as import licences, pay duties, taxes and fees. Demurrage Quay rent: Money paid by the shipper for occupying port space beyond a specified ‘free time’ period. DEQ Delivered Ex Quay (Duty Paid) - One of the thirteen Incoterms and one of five 'D' terms. The seller is obliged to deliver the goods on the quay at the port of destination, cleared for importation. The seller must pay unloading costs and provide import clearance such as import licences, pay duties, taxes and fees. The buyer simply takes delivery of the goods. DES Delivered Ex Ship - One of the thirteen Incoterms and one of five 'D' terms. The seller is obliged to deliver the goods on board the ship at the port of destination, uncleared for importation. The seller must provide documents to enable the buyer to take delivery of the goods ie the bill of lading. The buyer must pay unloading costs and provide import clearance ie duties, taxes & fees. DGN Dangerous Goods Note DF Dead freight (shipper or charterer pays for space booked but not occupied) Disbursement Sums paid out by a ship’s agent at a port on behalf of the owner. Discharging Removing goods from a ship. D/O Delivery order Draft Widely used alternative spelling of draught. Depth to which a ship is immersed in the water. This depth varies according to the design of the ship and will be greater or lesser depending not only on the weight of the ship and everything on board, but also on the density of the water in which the ship is lying. Dry Van A basic 20/40ft container. DTI Department of Trade and Industry Dunnage Materials of various types, often timber or matting, placed among the cargo for separation, and hence protection from damage, for ventilation and, in the case of certain cargoes, to provide a space in which the tynes of a forklift truck may be inserted. DWT Deadweight: Weight of cargo, stores and water, i.e. the difference between lightship and loaded displacement. E EAR Export after repair ECE Economic Commission for Europe ECI Export Consignment Identifier ECOFIN Economic and Financial Affairs Council (EC) ECPD Export Cargo Packing Declaration EFTA European Free Trade Association Endorsee Person to whom a bill of exchange is transferred by the endorsement of a third party. Endorser One who endorses a bill, and thereby accepts liability for it. ERP Economic Recovery Programme for the cocoa industry in Ghana launched in 1983 ETA Estimated Time of Arrival. ETD Estimated Time of Departure. ETS Estimated Time of Sailing EU European Union EXW Ex Works - One of the thirteen Incoterms. This represents the seller's minimum obligation. The seller fulfils his obligation to deliver when he has made the goods available at his premises to the buyer. He is not responsible for loading the goods on the vehicle provided by the buyer or for the clearing of the goods for export, unless otherwise agreed. The buyer bears all the costs and risks in taking the goods frrom the seller's premises to the deired destination. F FAS Free Alongside Ship - One of the thirteen Incoterms and one of three 'F' terms. The seller fulfils his obligation to deliver when the goods have been placed alongside the vessel/quay. If cargo is sold/bought FAS it excludes loading, discharging and seafreight costs. It is to a customer’s distinct advantage to buy goods FAS, because they then have more control over their shipment. FBY Free buyers yard: As FOT but also includes delivery to buyer’s premises. FCA Free Carrier - One of the thirteen Incoterms and one of three 'F' terms. This is the main term for handing over goods for carriage and can be used irrespective of the mode of transport. The seller fulfills his obligation to deliver when he has handed over the goods, cleared for export, into the charge of the carrier named by the buyer at the named point. If no point has been indicated the seller may choose within the range stipulated where the carrier should take charge of the goods. FCL Full container load: A container with one shippers cargo only. F & D Freight and demurrage FEU Forty foot equivalant unit - see TEU. FIATA International Federation of Freight Forwarders Association FILO Free in, liner out: Seafreight which the shipper pays load costs and the carrier pays discharge costs. FIO Free in and out: Freight booked FIO includes the seafreight, but not loading and discharging costs. FIOS Free in and out and stowed: As FIO but includes stowage costs. FIOT Free in and out and trimmed: As above but includes trimming, e.g. the levelling out of bulk cargoes. First of Exchange First or principal copy of a bill of exchange to be presented and honoured the other copies then being automatically cancelled. FIT Federation of International Traders Flat This is a piece of equipment equivalent to the bottom of a container without sides. Often used for stacking parcels of sawn timber and bags of cocoa. Otherwise known as a pontoon or bolster. FOB Free Onboard - One of the thirteen Incoterms and one of three 'F' terms. Sales term denoting that the seller is responsible for delivering goods to the port of loading agreed in the contract and for loading them onto the ship nominated by the buyer. FOB’s usually refer to the loading/terminal costs. The seller fulfils his obligationto deliver the goods when the goods have passed over the ship's rail. Foreign Bill A bill of exchange drawn on an acceptor overseas. FOT Free on truck: Includes all loading, discharging and seafreight costs. Also includes costs of placing goods onto trucks at the quay. FRA Forward Rate Agreement Free discharge Free out: Includes loading costs and seafreight only. Freight Account The debit note received from the shipowner for freight due on goods shipped. Freight Collect Forward Payable by consignee. Freight Forwarder Company or person who organises transportation of cargo including one or all of the following:- sea, air or rail transport, haulage and customs clearance. Freight Release Shipowner's authorisation to captain to give delivery of goods, freight having been paid on them. FTA Freight Transport Association or Free Trade Agreements FTL Full Trailer Load G GCBS General Council of British Shipping GCCSFA Ghana Cocoa, Coffee and Sheanut Farmers Association General Average A contribution made by each shipper, according to the value of his goods shipped Offshore and the Law Although most countries have a carefree approach to their resident wishing to protect their asset elsewhere rather than in their home country. There are, however, a number of countries such as the United States that requires it citizens disclose detail of all their financial affair whether they be in their home country or not. It is therefore important that you, consult a lawyer in your country to confirm the legalities. Remember, you are doing nothing illegal by establishing an offshore company or trust. Individuals and other entities are forming companies or opening bank accounts all over the world. All you are going to do is form a company/trust in a country that promises not to charge you any taxes. Each country has it's own policy and requirements relating to it residence going offshore. Taking professional advice will ensure that you stay well within the law no matter how harsh they may seem to be. Remember that Tax Evasion is illegal Tax Avoidance is not. It is absolutely essential that an individual understand the difference between "Tax Avoidance" and "Tax Evasion". "Tax Evasion" involves being taken to court and charged with a criminal offence. With "Tax Avoidance" the worst case scenario is the government disagrees with you on a tax issue and they make a strong enough case that you have to pay the tax. The best case is you don't pay any tax. Fraudulent Transfer There are many Federal and State Regulations regarding steps you make to discourage creditors. Before starting any asset protection plan, you must understand the legal restrictions on transfers of assets, which impairs the rights of a creditor. For years people have made attempts to conceal their ownership of property in order to avert the claims of their creditors. Camouflaging or concealing assets may be by physically hiding them, or making a "contractual gift" to friendly parties or relatives which is accompanied by private non-disclosed agreements to return the property after the annoyance has passed. If you are tied up in a case where your assets may be seized and are considering hiding your assets by moving them offshore to avoid your creditor then spear of few thoughts to the Uniform Fraudulent Conveyance Act and the Uniform Fraudulent Transfer Act and their consequences. English speaking courts have made an effort to protect creditors from this endless game, invalidate transfers made by a person with the intent to defraud his creditors. Commonly known as a fraudulent transfer (this occurs when your property is transferred in an effort to prevent a legitimate creditor from seizing the asset, in order to realise the debt.), such action is considered to be a criminal offence and your offshore jurisdiction will not protect you. As a matter of fact the law grants that the shield of secrecy be removed in such cases and any transfer of property which is proved to be a "fraudulent conveyance" may be set-aside by a court. The transfer will be ignored under these circumstances, and the property will be treated as if still owned by the debtor. That means that the judgment creditor can seize the property. You must not do anything that is considered illegal such a fraudulent transfer. By having yourself declare solvent before the intending transfer, you can avoid the transaction being viewed as fraudulence. The ideal time to create an asset protection plan is before there are any potential creditors. This way, transfers of assets to an IBC or Trust should not fall within the fraudulent conveyance statutes. Movement Of Funds Many countries have some sort of exchange control regulation to discourage the movement of large sums of funds across their borders When transferring funds to and from an offshore jurisdiction you must take into consideration the laws of the onshore jurisdiction. For instance in the United States and United Kingdom any transaction amount in excess of $10,000 and £10,000 respectively will automatically be reported by the financial institutions. This is just a reporting requirement not a preventive measure for the movement of funds. Although the U.S. government does frown on anyone taking their money offshore, there is not and will never be a law to prevent funds from being transferred outside of it's borders. As the country depends on international trade its economy would be severely damaged. Since most U.S. international trade is in U.S. dollars, there would be no exports or imports, due to the fact that the United States would not be able to buy and sell goods. Transferring legally obtain funds to an offshore jurisdiction providing taxes have been paid to the relevant authorities should not cause reasons for concern. This is entirely legal and you are free to transfer your money anywhere you choose. For those who wish to keep a low profile move your funds in small amounts you should avoid such exposure. The movement of funds to the mainland by an individual may be a little more difficult since it could appear as earned income and liable for personal tax unless you take certain precautions. Your managers should be able to secure International Money Orders for small amounts, which will allow you to pay your suppliers etc. You could have the company pay for a number of high priced items. The most popular and successful method for the repatriation of funds to the mainland is through the use of a secured offshore credit card in your company's name. Such as Visa, MasterCard or Amex. This will enable to access funds through ATMs worldwide. U.S. Citizens And Offshore Companies/Accounts The United States of America has one of the most severe tax systems in the world. U.S. citizens are required to pay U.S. taxes on their worldwide income and capital gains regardless of where they may reside and filing tax returns. Citizens of United States are required by law to state whether they hold controlling interest or similar influence on an offshore company. If it is declared that there is a controlling interest, then profits and/or interest will be liable for Federal tax. They are also required to notify the Department of Treasury if they have an overseas bank account that holds over US$10,000 and report any income from offshore investments for the purpose of taxation. Although some individual are quite comfortable with the idea of not making such a declaration, since no detail of Directors, Shareholder or Bank Accounts can be obtained by outside agencies, it may be considered as "Tax Evasion" if discovered and be deeming illegal. Although to our knowledge, no such appeal has been made to date in an offshore jurisdiction. For those of you that wish to stay on the right side of the law there are a number of legal ways to overcome this requirement. The most popular and effective is not to have a controlling interest of the company or account. You must have great confidence in your offshore Management Team. For your peace of mind you can stipulate that two signatures be required when signing on the accounts, yours being one. Seeing that each signature is in actual fact worthless on its own, it can be argued whether you have a controlling interest. A less practicable option to avoid all taxes is to give up your citizenship. For the self-employed you can form an offshore management company and employ yourself, pay yourself a modest salary and declare it to the taxman. Your salary should reflect your lifestyle. Naturally all the companies profit go offshore since payment for your services are made to the offshore company tax-free. For a solution to your particular circumstances it would be best to seek advice from an attorney. When obtaining such advice bear in mind that tax consultants do not have the same client/Attorney relationship when it comes to confidentiality and are therefore more like targets during an investigation. Remember when going offshore you should above all, keep a low profile, don't provoke the taxman, pay some tax and avoid disclosing your Offshore Status. What is an Offshore Company? An "offshore" company is any company which is formed in any of the so-called tax favored or "tax haven" jurisdictions. In the past few years, among the most commonly-used countries are the British Virgin Islands, the Cayman Islands, Nevis and the Bahamas and Barbados. The more traditional and longer-established havens include the Isle of Man, Jersey, Guernsey, Gibraltar, Panama and Liberia. What these countries have in common is the fact that they generally impose no (or an extremely low) tax on companies which are formed there but which do not do any business in that country. The type of the entity formed differs country by country but they usually have most of the characteristics of a US corporation or Limited Liability Company. International Business Companies (IBCs) and Limited Companies are probably the most common. These companies can be formed for various reasons - to hold investment property such as real estate and financial portfolios or to engage in international business transactions. If you are a citizen of a country that does not tax income earned outside of its borders, an offshore company can be most advantageous - your money can grow tax-free (and therefore a lot faster!) until it is repatriated. Some countries have tax systems like the US - "global" taxation where all income is taxed regardless of where it is earned. If this is the case, you must declare any income earned when you file your return so there are few tax advantages. However, many US citizens find another legitimate advantage to offshore companies - asset protection. In our increasingly-litigious society, many people keep their nestegg offshore. It's much more private (the confidentiality laws of these jurisdictions are usually very strong) and it's much harder for potential creditors in a frivolous lawsuit to get at your money. It's best to begin this planning as early as possible. Many courts can seek to set aside such a transfer of funds as fraudulent if it's within a certain period of time (generally 3 years) of a lawsuit or "in contemplation" of litigation. Offshore company – the most common definition describing an entity incorporated in a jurisdiction with low level of taxation and no exchange control. There are about 50 states that have reduced taxes. One of the main advantages of incorporation of a company in a jurisdiction with low taxation is comparatively low cost of registration – around $1000 and almost the same price annually for a registered address. Thus some states stimulate budget revenues from registration and annuals fees. Companies incorporated in such tax havens are as a rule either Corporations or partnerships and have the status of the International Business Company (IBC). International Business Company (IBC) An International Business Company is a corporate vehicle having limited liability, which, provided it has no business activities in the jurisdiction of registration, is wholly exempt from taxation on its income and from inheritance or estate tax on its shares. Only a nominal annual fee is payable to the Government.The IBC is a very flexible and well tried corporate vehicle suitable for a wide range of trading, investment and asset protection activities and solutions. IBCs can be formed in a day and with a minimum of formality. An IBC can have bank accounts in any jurisdiction, deal with lawyers, accountants, trust companies and other professionals locally, hold company meetings and keep its accounting books and records in the same jurisdiction without breaching this restriction. Tax base There are popular fallacies that persons or entities pay taxes only in the country of their residence. In most countries taxes are levied from everyone who stays there for 6 months or more. For example, one who stayed in Great Britain for six months and then moved to USA and stayed there for another six months can be treated as a taxpayer in both countries. Thankfully there is an Agreement about avoidance of double taxation between those two countries but the person in our example would pay taxes on the highest rates applicable in the both countries. A similar situation may arise for companies as well. Most of the countries treat as taxpayer a company that is managed or controlled from their territory. The company is considered as managed from the country's territory if the company's directors reside in that country. So if a company is incorporated in the USA and it's directors reside in UK the company will have to pay taxes in both countries. That is why British taxes are levied on all offshore companies that are managed and controlled from British territory. ''To Offshore Or Not To Offshore'' Many of the people who have established offshore companies have felt their governments has far too much control over their destiny. One of the first thoughts that comes to mind when the phrase "offshore investing" is mention to an individual, is tax savings, but consider this. In today's ever changing society the respect for an individual's or corporation's right to privacy has been lost completely. All personal and corporate transactions are carefully watched and in some cases if you deposit more than a certain sum of cash it is reported to various government agencies. Besides that, the financial institutes are all too willing and ready to disclose the detail of your personal private records to different agencies, such as credit bureaus when asked for. If you reside in an onshore country, there is no privacy when incorporating a local company. Information relating to the names of past and current shareholders, directors, officers and financial records are easily obtained through the corporate registry and are available to anyone for a small fee. Fortunately offshore companies are not under such regulatory disclosure requirements and benefit from more extremely flexible legislation and no direct taxation. It must be said that you are doing nothing illegal. Individuals and other entities are forming companies or opening bank accounts all over the world. All you are going to do is form a company/trust in a country that promises not to charge you any taxes. There are a variety of reasons why someone would choose to conduct their financial affairs offshore, here are a few reasons: 1. To achieve financial privacy - Within the next two years western governments will be able to have immediate access to the details of your bank accounts. The US government is currently setting up a new multimillion-dollar system that will enable them to have access all your banking details, this system will rapidly spread worldwide. Already fifty-six thousand investigations have taken place in the past few years within the U.S. alone. Thousands of innocent citizens have already been convicted for trying to protect their hard-earned cash. With the current advances of the U.S. government this number will rise tenfold. With offshore jurisdictions it is possible for you to conduct your financial affairs in private, away for the intrusive eye of the authorities. It is a criminal offence, punishable by fine or imprisonment for the Company's Trustee(s), Management Company or Bank to reveal the personal details of their clients or his financial affairs without the express written permission from the client. However, there is an exception to this rule. If the principal has been convicted of a criminal offence relating to the conduct of the business in his home country and that same offence was also committed and considered a criminal offence in the jurisdiction of incorporation, the affairs of the Company can be disclosed under the instructions of a court order; 2. To avoid taxes in your resident country - For anyone wishing to invest without the burden of taxes on their returns, there are substantial tax savings to be gain by conducting their transactions in an offshore environment. Due to the low costs of setting up an offshore company or trust, many smaller entrepreneurs and investors have been able to form offshore companies and/or trusts and enjoy the benefits of having made that decision. They have either reduced or eliminated the amount of tax they pay within the first year. Laws state that we must pay taxes on our Worldwide Income. They are correct in that respect, but the important word here is Income. Income: Say you invested US$50,000.00 in your home country which yields 10% interest per annum, the US$5,000.00 earned must be declared as Income which is taxable. If you are placed in the 50% tax bracket then you only have US$2,500.00 to re-invest. On the other hand if you have your offshore company or trust invest the US$50,000.00 at 10% interest per annum then that US$5,000.00 earned is only declared as Income if you pay yourself the US$5,000.00. If you choose to leave that money in your company/trust, which it exempt from paying any taxes, and continue to re-invest it, the compounding effect of that money comes into effect very quickly. The results can be very dramatic over time. This is known as tax avoidance not tax evasion; 3. To protect their assets - High net-worth individuals or anyone who has assets which can be connected to a possible lawsuit (for example doctors, surgeons and other professional) can, by placing their assets in an offshore company and/or trust, makes it a very costly, time consuming and difficult procedure for anyone seeking to gain custody by a lawsuit, not withstanding the fact that offshore jurisdiction have created a climate less favourable to the harassment of individuals and trivial lawsuits, making the aggressor's chances of success significantly slim; 4. To conduct business under more favourable legislation - Offshore jurisdictions are ideal should anyone wish to run a business where regulations are not as restrictive as those in their own country of residence; 5. To avoid exchange controls - With a number of Offshore Bank accounts worldwide held by an offshore company, allows the movement of funds in any currency anywhere worldwide. Note: exchange controls are not imposed in the domicile country; 6. To protect property against seizure during legal proceedings - Providing you act early and adequate steps has been taken, you can protect your assets against all manners of claims. 7. For the transfer of ownership - As the majority of Offshore Companies can issue bearer shares, the ownership or title to all manner of things can be easily transferred by hand to a person, corporation, trust, or other entity, anonymously and confidentially; 8. To reduce the charges on the sale and purchase of real estate - By placing real estate title into the hands of an International Business Company, when the need arises to sell the property, on closing, the registration fee, stamp duties and notary fees can all be avoided by transferring the shares of corporation rather than the property title itself; 9. To raise capital by sell its shares- Depending upon the jurisdictions involved the legislations are not as strict for these types of transactions as in the onshore states. Offshore legislations have been created to provide a suitable vehicle for all the reasons mentioned above and many more. The use of offshore companies and/or trusts are only limited by the imagination of the individual, and new ideas emerge day by day. Offshore jurisdiction by their very nature preserves the privacy of individuals, as well as the integrity of their industry and it is absolutely legal to form an International Business Company, establish an International Trust, open an offshore bank account and conduct other business in an offshore tax haven. However, you should consult a lawyer in your country to confirm the legalities. Each country has it's own policy and requirements relating to it residence going offshore. So as you can see whatever the reasons for choosing to go offshore it is clear that there are numerous advantages in doing so. Which Offshore Jurisdiction? The question will always remain "Which is the best jurisdiction to establish my offshore structure?" In actual fact the products offered by most Tax Havens are virtually mirror images of each other. The decision will largely depend on the quality of after sales service, objectives and goals of the purposed corporation or trust and the Clients own personal and business circumstances. There are however, a number of factors which must be considered, these are the principal indicators which determines the merits of a good tax shelter. 1. Stable political and economic climate - The offshore jurisdictions should not be subject to violent political factions, civil unrest, poor economic performance or the likelihood of invasion or military coup. 2. Quality of Communication - Good telecommunications capabilities is more important than the location of the Tax Haven. By using state-of-the-art communications your chosen jurisdiction must be able send and receive electronic transfers and your representative must be able to receive instructions by letter, telephone, fax, or telex or any other means. 3. Language - It is essential that you are able to have your instructions understood by your representatives. 4. Legal System - Good legal foundation with modern corporation laws is essential. Jurisdiction who base their legal system on English common law with local modifications are very popular. 5. Confidentiality and Secrecy - Privacy is important and valuable when conducting business offshore. The offshore centre must have the ability to control and sanction unauthorised disclosure of information relating to its offshore clientele and their financial affairs. 6. The lack of exchange, currency and capital controls - It is important that you can freely move your money in and out of the country. The best situation is to bank in a country with no exchange controls. Money that is restricted from movement can be easily subject to possible seizure. Note: companies may open bank accounts in jurisdictions other than the jurisdiction of the corporation. 7. Banking and Professional Services - Selecting a bank for the corporate account will be far more important than selecting the jurisdiction for the incorporation. The jurisdiction should offer superior and state-of-the-art banking in addition an excellent professional service such as accounting, legal, management and trust services should be readily available if required by the client. 8. Taxation - Jurisdictions that have tax-free environment and no tax treaties with other countries are the best choice. 9. Restriction imposed on IBC's - You should be able to conduct your legally without unnecessary restriction. 10. Cost of Formation, Annual Fees & Services. 11. Location - Although not of great importance in today's high-tech world a personal visit may be in order for added privacy. 12. Clear and easy procedures for incorporation with minimum corporate disclosure requirements. 13. Government Attitude - A government that welcomes offshore business and possibly offers financial incentives sends a positive message to offshore investors. Many jurisdictions actively promote themselves as a tax haven and welcome offshore business and investment capital, while others just tolerate it. A government that does not completely support the activities of their offshore industry can adversely change their policy overnight. comparison table Forming An Offshore Company Establishing an International Business Company to suit your individual needs may not be as difficult as you might of first thought, and with our assistance the process is even simpler. Whether you require the simple company formation or complete incorporation package we can structure your company correctly. Closely working with a selected group of top legal and financial experts we then create the most appropriate corporate structure, ensuring that it is set up in such a way as to comply with any legislation in your country regarding the operation of offshore structures. We will first assist in the selection of a jurisdiction based upon a number of factors, ensuring that: legislation in the offshore jurisdiction is compatible with your desired objectives; and tax treaties are effectively used where applicable. Most offshore companies are sold with limited advice and little or no after sales service, the only communication being a once a year is a demand for fees to cover statutory and nominee duties. Opting for the cheaper basic services may leave you with no after sales support once your company has been incorporated. If you intend to achieve your original objectives then you will need all the help available, the additional cost for the ongoing support is well worth considering and these cost are rapidly recovered by the tax savings made. By forming of your Offshore Company we provision Registered Agent, Registered Office and all relevant company documents including the company seal. With special arrangements we could undertake the complete management and administration of your offshore company including: · An International Business Company incorporated in your desired jurisdiction, where total confidentiality is required by law. Your company will feature in addition to strict confidentiality enforced by law: Nominee Shareholders and Directors (as you might require. The beneficial (legal) owner is not disclosed. Bearer shares are issued and delivered to you or to whom you name. · Prepared Power of Attorney with minutes and resolution to allow anyone authorised by you to act on behalf of the Company on all its matters, including opening and operating brokerage and bank accounts · Registered Agent and Registered Office Facilities as required under law for the first year are included. · A US Dollar Bank Account with Secured Credit Card allowing 24 hours access to your funds through the use of ATM's worldwide. On request we could provision an administrative office for nominal fees based upon services required. These services can include phone, fax, email and mailing address (not P.O. box). Bookkeeping and accounting, invoicing and fulfillment services are available. The Incorporation Process Requirements for incorporation of an International Business Company have been kept to a minimum. This makes for a cost effective, efficient and speedy service. The process is as follows: a) You must first decide on the Company Name with appropriate abbreviation (Inc., Limited, A.G., etc.). Please give 3 alternatives in order of preference. b) After careful consideration decide upon a suitable jurisdiction that will meet your objectives. c) Complete the application form email, fax, or print the form and mail to us with the appropriate remittance by wire transfer. d) We will begin the incorporate process of your company once we have received clear funds in our bank account. Establishing a bank account can be a time consuming exercise for the set up of an offshore company structure. Should you require our assistance (for a modest fee) opening an offshore corporate bank account, you must provide the following documents: 1. Copy of Certificate of Incorporation and the Memorandum and Articles of Association. 2. Notarised copy of passport, Birth Certificate or driver's licence with photograph for each shareholder/director or authorised signature to the account. 3. For each shareholder/director or authorised signature to the account a letter of reference from their present bank or recognised investment institute confirming their address, signature and that they have held the account with the bank for three or more years. 4. A current utility or phone bill confirming residential address for each shareholder/director or authorised signature to the account. 5. Funds to deposit in the account (US$ 1,000.00 minimum). We will supply all the relevant documentation required and make the introduction to the bank.