Safe Custody Services License

Safe Custody Services License

Safe Custody Services License

A viable business offshore is providing safe custody services. We live in a world where more and people travel and live outside of their home country. Many choose do business offshore. Through a number of well chosen financial vehicles individuals and corporations can find asset privacy and protection in a number of offshore jurisdictions. One more necessity for those who have "left home" and are not always "at home" is safe custody services. A bank lock box may serve for a few documents but for those who have valuables of greater bulk, safe and secure storage is a necessity. Perhaps you live offshore and use such services. Perhaps you would like to profit from providing this service to others. The first step is to get a safe custody services license.

Where and Why

Although there are people in many offshore jurisdictions who need safe custody services not all jurisdictions are equal for setting up a business. One of the prime reasons for doing business offshore is doing so in a tax advantaged jurisdiction. Other reasons are the ability to bank, to do business, and to live a personal life with a reasonable amount of privacy. When deciding where to set up safe custody services these factors should be considered.

How and How Much

Once you have chosen the location for providing services you can apply for a license. You can typically set up a safe custody services business as an individual or through a corporation which you own or control. The application for a safe custody services license will require that you provide pertinent personal and business information for all shareholders, officers, and directors of the business. Typical setup cost, including application fee, will run around $27,000. Annual cost including yearly license renewal will typically run to around $12,500.

As with many businesses some of the most important decisions occur at the time of incorporation. Use of competent counsel is especially important at this time. A properly set up business will maximize tax advantages of the jurisdiction in which it operates. A properly set up business will maximize asset and privacy protection offered by the jurisdiction.

Making the Business Work

We typically think of outsourcing as something that North American or European companies do in order to reduce the cost of doing business. It is perfectly reasonable to save money in the same way when setting up offshore. In addition using professional help in setting up a web site and maintaining it, setting up professionally designed software for running your business will be important. A well though out business plan set up with the guidance of someone competent in dealing with offshore entities is very important in setting up a successful, money making, money saving business. Setting up things in a thoughtful manner will be especially valuable in optimizing the asset privacy and protection aspects of doing business offshore. When planning to protect the assets of others it will be wise to set up your business in such a way as to protect your own as well.

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