Welcome to ILS World

British Virgin Islands

ILS World opened its doors in Tortola in 1994. The BVI has an established international business offer and we provide a timely and efficient service, drawing upon locally cultivated knowledge.

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China

From our Shanghai office, ILS World provides commercial and private clients access to the right global network to meet their ambitions.

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Dubai

The ILS World independent network expanded into the Middle East's vibrant economic and cultural centre in 2005. Since then, we have combined Dubai's excellent reputation as a business friendly and well regulated economy with our significant experience in the jurisdiction to deliver peerless fiduciary, regional incorporation and corporate administration services to clients operating in this exciting marketplace.

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Hong Kong

With its stable legal, political and regulatory environment and progressive approach to business Hong Kong is a preferred platform for those seeking a gateway into China.

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Isle of Man

Secure, efficient and business friendly, ILS World's approach is defined by our home jurisdiction, the Isle of Man.

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London

Our London office is the hub of ILS World’s administrative function for our UK client companies and an excellent location from which to liaise with a global client portfolio.

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Portugal

Our expansion into Portugal in 1999 was in response to the needs of our clients. Since then, ILS World’s presence in this exciting marketplace has enabled us to better meet the considerable demand for offshore wealth management and protection services.

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Switzerland

ILS World opened its doors in Geneva in 2005 and offers a full range of corporate and fiduciary services. With expertise in international holding and trading structures and the ability to manage those structures from within one of the world’s most respected and stable jurisdictions, the business has grown organically and rapidly.

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Uruguay

We draw upon Uruguay’s reputation as a strong economy with a stable fiscal and political environment and robust regulatory practices to offer clients wishing to invest in and manage wealth within South America the perfect regional platform.

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Insights

A guide to incorporating a business

Choosing where to base your business is an important decision no longer based simply on where you pay the least amount of tax.

There is a whole host of things to consider:

Jurisdiction

Choose your jurisdiction carefully. There are so many things that should be taken into consideration when deciding where to incorporate a company. Reputation is a key factor. Is there a sound regulatory system? Is there access to banks? Can I get there easily?

Take professional advice

Once you have found a jurisdiction that you like you should not proceed any further until you have taken legal and / or tax advice to ensure that what you are planning to do is achievable both inside and outside of the jurisdiction. Yes, there will be a cost to this but it might prove to be a small price to pay in the long term.

Find a reputable provider

Conduct your own research. The financial regulator of most jurisdictions will hold details of their licence holders. Find a provider that is licensed to provide the services that you are after. Ask your legal or tax advisor or a business associate if they can recommend someone to you. Where possible you should try and meet the provider, ask yourself if you think you can work with these people.

Understanding your business

It is important that the service provider you select understands your business and what you are looking to achieve. Find out what expertise or experience they have in your sector. Are there licensing requirements they can help you with? Do they understand operating a business globally? Do they have expertise in other jurisdictions if required? Do they have multi-lingual staff? The list is endless and ultimately satisfying yourself that they understand your goals and are able to communicate with you are essential to a long term relationship.

Due diligence

The provider you select will be required to conduct their 'Know your Customer' (KYC) process on you. As well as providing your ID document and proof of residency you should expect to disclose information about how you have acquired your wealth. This will need to be detailed and you might be required to provide documentary evidence to substantiate the information disclosed.

Agree the scope of services

Each provider will offer a range of services. Ensure you agree what you do and do not want them to do for you and confirm this in the Letter of Engagement they will draw up. There might be times when additional work is required but this should be agreed in advance by both parties. Bear in mind that some work may be compulsory depending upon the nature of the services required.

What will it cost?

Fees will vary from jurisdiction to jurisdiction and from provider to provider and will also depend on exactly what services you require. Most providers will agree a fixed fee for the provision of certain services such as the provision of a registered office, annual director's fees and opening a bank account. It might be difficult to work out exactly what administration services will cost particularly for a new company and some providers might offer a fixed fee for the first period to assist with budgeting, however, a 'pay as you go' arrangement can often be more cost effective with work being charged on a 'time spent' basis.

Establish a permanent presence

Setting up a company which has its registered office on a brass plate in a low cost jurisdiction is highly unlikely to be enough to convince anyone that it has been set up to do anything other than avoid paying tax. It is therefore essential to establish a real presence by conducting as much business activity in the jurisdiction as possible. This might include, but is not limited to, having local directors, maintaining an office, employing local staff, hosting your website or having a local bank account.

Management and control

This is often the most difficult element of our service for clients to understand. In order to benefit from a local tax regime your business should be managed and controlled from that jurisdiction. So in addition to creating an establishment your local director(s) should be properly empowered to make day to day decisions in running the business in accordance with the intended purpose of the company. Formal decision making and record keeping within the jurisdiction helps to ensure the credibility of the operation in having a true place of establishment in the chosen jurisdiction giving greater confidence to trading partners, customers, regulators and other authorities when working with your company.

Opening and running a bank account

Generally it has become more difficult to open bank accounts globally but your provider should have a range of options they will be able to offer you. In many instances the bank will insist that a bank account is operated and controlled locally by your provider. Again this can sometimes be difficult for the client to understand but viewing access can be granted and they will be able to authorise payments before they are made by the provider if required. Remember also that in well regulated jurisdictions staff responsible for operating client bank accounts are integrity checked by the local financial services regulator which provides a great level of comfort.

ILS World is a corporate service provider headquartered in the Isle of Man and has offices in London, Geneva, Hong Kong, Shanghai, Dubai, British Virgin Islands and Portugal.

Established more than 26 years ago the business was subject to a buyout in 2006 by the current management who are committed to maintaining the independence of the business. ILS World prides itself on offering a personal service to our clients from our global network of offices.

For further information contact Richard MacNee on richard.macnee@ils.world

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