To Petro International Group Offshore Company Formation Jurisdiction Canary Islands Canary Islands IBC Only US$299 It may surprise you to learn that the number one reason for people moving money offshore is not because of tax benefits but asset protection. Today's predaceous and litigious society unfortunately makes successful people vulnerable to lawsuits of every kind.

Canary Islands Beryond The Imagination

Welcome To Heaven These Islands are part of Spain but enjoy a very special statu, also they have very well developed tourist facilities. Tenerife, largest of the Canary Islands, is situated 200 miles off the west coast of North West Africa at about 28 degrees latitude and 16.5 degrees longitude. You will never quite understood how it took you so long to find out about the wonderful weather and all year climate of Canary Islands. Tenerife features the lowest temperature 'difference' between summer and winter for virtually anywhere in the world.

The first inhabitants of the Canary Islands were the Guanches, a Berber race with light hair and features. Spain laid claim to the islands in the 1400s. The king of Mauritania, describing an expedition to the islands, referred to large, fierce dogs("canis" in Latin)hence the name Canaria. Arabs set up a trade business in 999. Many other groups, including people from Genoa, Majorca, Portugal, and France, visited the area in the 1200s and 1300s. Juan de Bethencourt was named king of the Canary Islands in 1404, and he eventually turned them over to his nephew. In the 1400s a Portuguese army took over the island of Gomera and held it for almost 60 years. A 1479 treaty formally gave Spain control of the islands, which were classified an autonomous community of Spain in 1982.

The Happy Islands This paradisiac group of islands, with a preferred climate and constant temperature through all the year, and splendid beaches of fine sand, consists of 7 larger islands (Gran Canaria, Fuerteventura, Lanzarote, Tenerife, La Palma, Gomera, Hierro) and a few smaller ones (Alegranza, Graciosa, Montaņa Clara, Roque del Este, Roque del Oeste und Lobos). Surprisingly, the landscape of each island is radically different to the others. Already Greeks and Romans reported on this archipelago of volcanic origins, and called it the Happy Islands, Garden of the Hesperides, Atlantida, ... Some historians suppose that the legendary continent Atlantis was located here. The islands' original population, called Guanches, is tall and of white skin. In 1496 the islands became part of the Spanish kingdom, a short period of time later the ships of Christopher Columbus stopped here on their travel to discover the New World.

Festival in Canary Islands

Summary
Type of Company	Exempt
Political Stability	Excellent
Common or Civil Law	Civil
Disclosure of Beneficial Owner	Yes
Migration of Domicile Permitted	Yes
Tax on Offshore Profits	Nil
Language of Name	Latin Alphabet
Corporate Requirements
Minimum Number of Shareholders	One
Minimum Number of Directors	One
Bearer Shares Allowed	Yes
Corporate Directors Permitted	Yes
Company Secretary Required	Yes
Standard Authorized Share Capital	US$ 2,000
Local Requirements
Registered Office/Agent	Yes
Company Secretary	Yes
Local Directors	No
Local Meetings	No
Government Register of Directors	Yes
Government Register of Shareholders	Yes
Annual Requirements
Annual Return	Yes
Submit Accounts	No
Recurring Government Costs
Minimum Annual Tax/License	Fee US$ 225
Annual Return Filing Fee	US$ 50

MAILING, FAX, TELEPHONE AND OFFICE FACILITIES

As part of the domiciliary service fee we provide clients with a registered office address in the country of incorporation but clients may find it convenient to arrange for mail forwarding, fax and telephone facilities through our Switzerland, The Bahamas Islands, London or other Petro International's offices. This service may be especially useful where, for example, the company is opening bank accounts. Normally the bank would address statements and other correspondence to the company at the address of the client but this results in a loss of confidentiality in that the connection between the company name and the client will be automatically made.

To safeguard against this mail can be directed to our offices and we can re-mail those letters in a plain envelope addressed to the client or otherwise as the client directs. An additional advantage of using our re-mailing services is that the provision of a re-mailing address through one of our prestigiously located offices in the onshore jurisdictions may allow the offshore company to appear to be domiciled on-shore and thereby give that company an added degree if respectability.

For example, your offshore company could quote Petro International London office address on its letterhead and thereby appear to be domiciled in the UK. This procedure is particularly attractive if the Hong Kong address is used as a Hong Kong company is not required to quote its registered office address on its letterhead. Thus if an offshore company were to quote a Hong Kong address it would be indistinguishable from the letterhead, from a normal Hong Kong trading company.The charge for this service is only $275 per annum.

TRUST SERVICES: Using a trust to own the shares of an offshore company can result in very substantial tax and non-tax related advantages which will accrue both on death and during the lifetime of the trust settler. These advantages may include: SAVING OF INHERITANCE TAX: On death, the Inheritance tax which would normally be assessed on the value of shares would generally be eradicated. ASSET PROTECTION: Assets placed into trust are generally beyond the reach of creditors who might arise as a result of financial difficulties, divorce proceedings, litigation, etc. AVOIDANCE OF PROBATE: A trust provides a means whereby assets can be smoothly passed on to the next generation without the disruption, delays substantial costs, loss of confidentiality associated with the probate procedure which necessarily follows when assets are bequeathed by will.

Sunset Behind Clouds in the Canary Islands

CONTINUITY:

Trusts provide a means whereby assets can continue to be administered in accordance with the wishes of the settlor after his death so the weak can be protected from others and the spend-thrift can be protected from himself.

LIFETIME TAX SAVINGS: During lifetime, substantial income and capital gains tax advantages may result from setting up the trust. Using the service of one of our licensed trust companies, we are pleased to act as trustee for a suitably drafted discretionary trust and the cost of this service would be from US$500 for setting up the trust deed and from US$500 per annum for the provision of trustee services. OTHER SERVICES: Petro International provides a wide range of administrative and documentary services including, but not limited to legalization and notarizing of documents, credit cards, yacht and ship registration, invoicing, documentary trade services, trade finance applications, accounting, consulting and immigration services. VIP PACKAGE: Available at slightly higher cost

Telescope Dome in the Canary Islands

Confused? The average person is frequently confused by the complexity of international tax planning and discouraged by the substantial costs involved in an offshore company formation or registering of a bank or trust in a tax haven. The registration costs and ongoing yearly administration expenses frequently exceed what the average person could save in taxes. Petro International has a new program to answer those concerns. We provide the simple, secure, private and low cost answer for the person who is just starting out or the veteran who now understands that simplicity is the essence of genius. Our survey has shown that this solution answers all of the needs for 100% of the persons seeking to go offshore.

The program includes bearer shares so that complete anonymity is guaranteed, documentation and support services so that you can open a financial account under your complete control, where and when you wish, and flexibility so that you can change your financial affairs to reflect your future needs.

We trust that we have clarified the intriguing world of Canary Islands IBCs. We will be happy to answer any questions you may have, relating to this opportunity and provide you with additional details regarding any of our devoted services.

If you would like to obtain further details of the legislation surrounding the formation of an International Business Company (IBC) In The Canary Islands or wish to discuss any matter in complete confidence, please click here to contact:
Mr. John Cooper Vice President
Petro International Offshore Services

Please click here to explain us the full particulars of your situation and what you wish to accomplish. We will review your situation very carefully and offer to you a custom fitted solution. 95% of the time the solution will be simple to understand and 100% of the time it will be the least expensive alternative.

Please feel free to contact Petro International Group if you believe the formation of a Canary Islands IBC at the present time may be appropriate in your particular situation. Any communication with us is considered PRIVILEGED and CONFIDENTIAL.

Other Jurisdictions?

Petro International is in a position to assist new and established clients in opening personal and corporate offshore bank or trust accounts, denominated in almost every currency, in over 125 of offshore jurisdictions world-wide, including:
New Zealand, Australia, Chile, The Dominican Republic, Ireland, Argentina, Belize, Brazil, Spain, Italy, Costa Rica, Venezuela, Uruguay, Prague, Bodrum, The Spanish-Moroccan Tax Havens, The Madeira Tax Haven of Portugal, The Jamaican Free Trade Zones, The Dominican Republic Free Trade Zones, Campione D'Italia, Andorra, Poland, The Eastern Turkish Border and Tbilisi, Mozambique, Guatemala, The Virgin Islands, The Philippine Islands, and Anguilla are just some of the countries and places featured.