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Offshore Company Finance Certification

In the present social economy activities, cannot operate if without credit system, the important information is appropriate audit report; especially, Income Statement and Balance Sheet and something financial report.

With the trade of business internationalization and satisfy the demand of universal enterprise funds, more and more institutions operate and produce more and more financial services to become offshore company comprehensively and integrity, the services and demands are higher and higher about offshore company. 

The Function of Financial Certification

Application for L/C Credit:

Such as credit, finance and business situation of domestic enterprise or individual, the offshore company has financing requirements. No matter for trade, self-liquidation financing, revolving funds loan, capital expenditure finance or Import Letter of Credit, import/ export revolving funds foreign currency loan, Trade Card foreign currency loan, international accounts receivable foreign currency loan, purchase remittance, accounts receivable factoring and import bills negotiation. Bank will refer domestic enterprise operations, finance and credit situation to formulate, bank will ask offshore company to show the financial certification.

Bank Loan / Financing Application:

When offshore clients will apply loan or credit, bank ask to offer some documents as following because offshore company according to corporation law to set up and register, the provision is different between domestic laws.

Certificate of Good Standing:

The certificate showed by registration country government or agency of offshore company to prove company is not in the liquidation proceeding. Offshore company will be dropped due to not pay annual fee to lose corporate personality, the borrower does not exist, and bank is unable to guarantee the debt of the guarantor to perform.

Certicate of Incumbency:

The certificate is confirmed the registration date, number, register of director, secretary, capital and register of member. Offshore company assists to apply establishment by agent, when setting up the conversion directors, agents who have their own directors and help customers convert documents to prove qualifications issued by the directors, and the directors of all converted files stored in the agency's record only the drawer, not actually sent to the registered agent to change registration, register of directors not to update as well, qualification of directors was in trouble, borrowing procedures are also controversial.

Offshore Company Finance Certification:

Offshore company borrow bank application, banks are required in accordance with the general domestic companies, for foreign companies to make an overall assessment. According to Taiwan legislation, check-assurance and corporate promissory notes must total credit amounting to NT $ 30,000,000 or above, should be offer the audit report. Actually, company as long as loan to bank which will ask annual report should be handle finance certification. Finance report check certification by accountants and consolidated statements should be offer as well, to understand the financial situation between parent company and subsidiary company.

Domestic Loan with Foreign Security Credit:

Domestic loan with foreign security means headquarter within the enterprise to bank guarantee, bank loans in the external to the enterprise to solve the problem. The guarantee form is the quota opened by the banks in the guarantee or standby letter of credit for domestic enterprises to provide financing guarantees offshore companies without approval step by step, comparing to the previous financial guarantees, greatly reducing the business processes.

Offshore company has to offer as following essential materials:

1. Certificate of Incorporation.

2. Certification of director.

3. Memorandum and articles of association.

4. Finance report certificate by accountant with recent years.

5. Introduction of company including the state of company, scope of business, business, finance, debt situation and development plan.

Offshore Consolidated Statements

With domestic parent company through offshore company to transfer investment, each accounting year must required to report back to the parent company in accordance with the merger, after the summary financial statements of the offshore company to offset related transactions. The finance statement needs to be adopted by accountant with legitimate finance certification.