Seven Ways to Succeed with an Offshore Money Transmission Company
Seven Ways to Succeed with an Offshore Money Transmission Company
In just a couple of generations the world has changed. The internet is just the most recent feature that has taken us from mechanical cash registers and hand written bank statements to a world where world wide travel, and doing business the globe, is prevalent. The container shipping technology that the United States developed in order to pursue a war in Southeast Asia has opened markets throughout the world for economies large and small. Not only do goods flow effectively and freely across borders but so does money. In today's fast paced world there are many ways to succeed in selling products, managing supply chains and moving money. In today's fast paced world there are seven ways to succeed with an offshore money transmission business.
1) Picking the Right Jurisdiction
Throughout the world there are a number of jurisdictions offering licensure for operating a money transmission company. While there may not be a best location there are certainly ones to avoid. With any number of democratic and politically stable nations functioning under the rule of law there is no reason to "go offshore" in a country run by a dictator or on the verge of revolution.
Individuals and corporations go "offshore" to find tax advantaged countries from which to operate. Doing thorough research as to the tax advantages of a jurisdiction is important. Often times a company will set up as an international business corporation under the umbrella of an international trust or foundation. These various offshore solutions may not all be in the same jurisdiction. Getting competent and sound advice on tax consequences for setting up the business structure may mean more tax advantages.
Paperwork or the lack of it is a strong incentive to operating offshore. Picking the jurisdiction that is the least intrusive can lead to profits and reduced expenses.
2) Choosing the Right Setup
Much of the benefit of operating offshore has to do with asset protection and privacy in business operations as well as the individual's personal life. An offshore money transmission business can be placed inside of an offshore company which is inside of a trust or foundation. Doing so allows the beneficiaries of the business setup a degree of privacy and freedom from intrusiveness not found in other jurisdictions. Asset protection is enhanced by banking offshore in discrete jurisdictions.
Besides having the right overall business structure the business will need to be run efficiently and cost effectively. This will mean either having the expertise to hiring it. Using the right agent to set up operations will typically mean an introduction to those who can help organize the day to day operations of such a business and who have the expertise to implement necessary technical solutions.
3) Being Noticed and Getting Business
The amount of money transmitted every month runs easily into the billions of dollars. Even a very small portion of this business can be lucrative. Doing money transition business offshore can be lucrative but it requires being known. A web presence is desirable and can be set up by the company if they have the skills. A more common occurrence is that the company will use the good offices of its agent in setting up the business to contract with experts in the business of web setup and maintenance. This includes search engine optimized writing in order to attract clients. Likewise other means of being known include print and other media ads are possible. These can be placed in the name of the company without reference to the individuals involved making the company well known and the beneficiaries anonymous.
4) Keeping Costs Down
An advantage in many offshore jurisdictions is the low cost of labor, including highly skilled jobs. Many companies throughout the world outsource to the same locations where an individual or corporation can set up an offshore money transmission company. Picking the right jurisdiction to begin with will pay handsome dividends down the road. To the extent that the skills needed are not to be found in the country where the home office is located it is certainly possible to outsource to another country for the skills required.
5) Finding Good Help at the Right Price
Picking a location for doing business where the cost of labor is low and the skill level is high is a means of saving money. Picking a location where the skill level is high will pay dividends in competence of staff and efficiency of operation over the years. In cases where certain skills are locally scare outsourcing will be more effective.
6) Keeping Your Business Secrets to Yourself
Many who have banked offshore for years already know about the privacy afforded by discrete offshore solutions. In general many think of this in terms of banking and guarding assets but it goes farther. Setting up the right offshore solution will help keep business plans and business efforts private. Using an anonymous debit card from an offshore bank, when traveling for business, will allow the business person to conduct his or her affairs in private. In today's competitive world keeping business secrets secret can be the difference between success and failure.
7) Protecting Your Hard Earned Assets
So, you have set up a money transmission business, moving funds throughout the world, and are making nice profits. Earning and banking offshore is a good start in protecting assets. The other offshore vehicles typically used to further guard the security and privacy of assets are an international business corporation, an international foundation, and an international trust. These offshore vehicles can be used separately or can be stacked like Russian dolls, one within the other. In each case the beneficiary will typically not be required to register his or her name publically. By setting up the right comprehensive offshore solution in advance the individual or corporation can have a seamless fabric of asset protection in place for earned profits.
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