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Shifts in the Offshore Industry

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Shifty Agents

For many of the larger service providers, volume and bottom-line have become of paramount concern.  As a result, individual service and dedication to the client have suffered substantially.  For many of the high-rent firms, both fees and staff turnover are high, and clients are never really sure who is managing their company and from where. Oftentimes, language can be an obstacle. Coupled with higher fees and little personal assistance, clients are becoming frustrated and aren’t sure what to do. Under present circumstances, with economic uncertainty and global concerns, people are looking for some stability and dedication in corporate management.

 

Banking Shifts

For many clients, banking stability is a primary concern.  It seems that both brick and mortar banks and offshore banks are constantly changing requirements due to increased transparency and KYC, local rules, internal bank policy, attitudes toward the industry as a whole, and more recently due to economic substance requirements initiated in several offshore jurisdictions.  As such, it is now even more important for your company agent to be able to provide tailored assistance as the industry as a whole continues to evolve. This includes understanding the shifting requirements and having the banking relationships to open new accounts and deal with banking issues.

 

Shifting Compliance and Tax Rules

It seems as if every year one or more of the common offshore locations, such as BVI, Hong Kong or Singapore have instituted new rules or requirements, tax or accounting rules, often with additional fees, penalties and confusing forms.  Many of the larger firms simply provide clients with links with little comprehensible explanation, or attach standard forms, uncompleted. Clients are left scratching their heads on what to do and what details apply or don’t apply to their company. Requests for assistance often go unanswered, despite several persons cc’d, often unknown managers or assistants in undisclosed locations.

 

Solution

Clients are simply looking for a better solution. Much of the service people are paying for is the ability to rest assured their company is being properly maintained and managed, and that their needs and concerns are individually catered to. In these ever-changing times, guidance and dedication to the client relationship are what people are seeking.

Need help?

Do you feel like any of the above sounds familiar to your circumstances? Would you would like to get some advice on how to tidy up your offshore management? We have a team of account managers ready to help you make the most of your business.

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