Detailed instructions: Process and procedures for establishing an offshore company to trade in medical equipment
Offshore 
Updated on January 20 
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- 1. Why should medical equipment businesses establish companies in offshore countries?
- 2. What are the procedures for establishing an offshore company in the medical equipment sector for foreign investors?
- 3. How to ensure successful offshore medical equipment company registration?
- 4. How to ensure that an offshore medical device company opens a bank account for successful transactions?
- 5. How will GLA support businesses in establishing offshore companies in the medical equipment sector?
- 6. Frequently asked questions by businesses when opening an offshore company in the medical equipment sector?
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The medical equipment industry has always been a profitable investment field for investors as well as foreign companies. Developing a medical equipment business abroad will help businesses develop into international markets, reaching many partners and customers around the world. However, choosing which country to establish in to enjoy many benefits, attractive incentives and ensure legal policies and establishment procedures is a difficult and complicated matter for companies and investors planning to establish a company abroad.
GLA with experience in opening offshore companies to trade medical equipment to enjoy tax incentives and legal policies will advise enterprises on suitable offshore countries to open companies and accompany enterprises throughout the process of establishing offshore companies to trade medical equipment.
1. Why should medical equipment businesses establish companies in offshore countries?
Medical equipment companies want to expand their markets abroad, but want to save costs, enjoy many tax incentives, and a friendly legal environment for foreign investors, then offshore countries are an attractive choice.
Opening an offshore company in the medical equipment sector will enjoy the following incentives:
1.1 Preferential tax policy for foreign investors
Each offshore country will have different tax incentives for foreign investors.
Inside, BVI As an offshore country with attractive tax incentives, foreign investors will be exempted from taxes: corporate income tax, personal income tax, value added tax, contractor tax, etc. Therefore, BVI is an offshore country chosen by many businesses to open offshore companies to trade in medical equipment.
1.2 Corporate information security policy
Offshore countries like BVI, Belize, Seychelles, etc. will keep confidential information about businesses and shareholders of foreign companies established there. Therefore, businesses opening offshore companies in BVI, Belize, Seychelles will have their foreign business information kept confidential from competitors in the market.
1.3 Simple financial reporting, tax and accounting procedures
Each offshore country will have different financial reporting - tax - accounting procedures. In particular, a medical equipment company establishing an offshore company in BVI will:
- Financial reporting is NOT REQUIRED;
- Store accounting documents and records for 5 years from the fiscal year.
The characteristics of medical equipment companies are large value orders, to control procedures, invoices to perform financial reporting according to international standards is quite difficult for businesses opening offshore companies for the first time. Understanding the needs and helping companies solve difficulties, GLA provides a service package to prepare financial reports according to international standards for offshore companies doing business in the medical equipment sector.
In addition to the financial reporting service package, to help companies manage and store accounting records online, QuickBooks Online accounting software is the optimal solution for businesses opening offshore companies to trade in medical equipment.
QuickBooks Online Accounting Software
GLA is an official partner of QuickBooks Online and a team of professional, experienced accountants with knowledge of international accounting practices will support companies in effectively using QuickBooks Online accounting software and accompany companies from the time of building the usage process to exporting reports and data.
1.4 Friendly and open legal policies for foreign investors
Friendly and open legal policies in offshore countries for foreign investors are one of the reasons why companies operating in the medical equipment industry choose to open offshore companies in BVI, Belize or Seychelles, etc. This helps companies bring their business activities to the international market more easily than opening companies in other countries.
1.5 Access to customers, partners, suppliers in the international market
Establishing an offshore medical equipment business company will help the company expand its network with global suppliers and manufacturers, helping the business reach new customers and expand relationships with partners and suppliers in the international market.
1.6. Establish an offshore company and open an online bank account to easily receive/transfer payments
Establishing an offshore medical equipment business requires dealing with international customers and partners. In particular, offshore medical equipment businesses conduct transactions, transfer and receive money in large quantities and transactions, so opening an international bank account to help the company make payment transactions is one of the priorities that needs to be done immediately after opening an offshore medical equipment company.
Enterprises establishing offshore companies to do business in the medical equipment sector can choose:
- Open physical bank accounts in offshore countries.
- Open a physical bank account in financial hubs like Singapore, Mỹ.
- Open an online bank account in financial centers such as Singapore, USA, Hong Kong.
Although there are many options when opening a bank account for offshore companies operating in the medical equipment sector, the current process of opening a physical bank account is quite difficult due to high requirements and long approval and account opening times (from 1-3 months depending on the bank) and is more difficult than opening an online bank account (about 1 week).
Therefore, offshore companies in the medical device sector often choose open digital bank account in financial centers such as Singapore, USA, Hong Kong, etc. because the procedures, approval time and account opening are simple, fast, highly secure, transfer costs and card maintenance are lower than physical banks (depending on which online bank the business chooses).
However, to be able to choose a digital bank in financial centers such as Singapore, the US, Hong Kong, etc. that is suitable for the Enterprise and enjoy many incentives and benefits while still ensuring safety and security is not easy for Enterprises opening offshore companies in the medical equipment sector.
Digital bank account
GLA, with a team of professional consultants, rich in experience in successfully opening digital bank accounts for many offshore companies in the medical equipment sector, will advise and support companies in choosing the right online bank and accompany them throughout the process of preparing, submitting documents and registering, and opening an online bank account.
>> Refer to information on choosing the right bank for your company via: International Bank Comparison Tool.
2. What are the procedures for establishing an offshore company in the medical equipment sector for foreign investors?
Establishing an offshore medical equipment business is a strategic move for many companies to expand their market and take advantage of tax incentives. Below are the detailed procedures for opening an offshore medical equipment business:
Step 1: Select country of establishment
- Factors to consider: Tax rates, political stability, legal system, establishment and operating costs, reputation of the financial center.
- Popular countries: BVI, Seychelles, Belize, Singapore, etc.
- Expert advice: You should consult experts to choose the country that best suits your business goals and financial situation.
Step 2: Prepare documents
The registration dossier for an offshore medical equipment business company usually includes:
- Company Name List: Propose at least 3 backup company names, ensuring compliance with naming regulations in the selected country.
- Shareholder information: Full name, nationality, address, passport information.
- Company charter: Clearly defines the purpose of operation, management structure, rights and obligations of shareholders.
- Registered address: Usually the address of the representative office in the country of establishment.
Step 3: Submit application
- Submission method: Can be submitted directly at the registration office or online.
- Processing time: Depending on the country, it usually takes from a few days to a few weeks.
- Receive certificate of registration: Receive certificate of business registration, licensed company charter.
Step 4: Open a corporate bank account
For the convenience of business operations, Enterprises should open a bank account for their offshore company.
- Bank selection: Choose reputable banks in major financial centers such as Singapore, USA, Hong Kong, Switzerland, etc.
- Required documents: Business registration certificate, shareholder information, purpose of account use.
Setting up an offshore medical device company is a major decision that requires careful consideration. With careful preparation and expert support, companies can take full advantage of the benefits this model offers.
3. How to ensure successful offshore medical equipment company registration?
The process of establishing an offshore medical equipment company is quite difficult and complicated for foreign investors and companies that do not understand the market and legal aspects of offshore countries. Therefore, to ensure the registration of an offshore medical equipment company, foreign investors should choose consulting units and support services for opening offshore companies that are experienced, reputable and professional.
GLA will support, advise, and accompany the company in the process of establishing an offshore medical equipment business company. With experience accompanying companies in establishing offshore businesses in various fields, GLA realizes that it cannot guarantee a 100% success rate of opening a company, but to increase the highest success rate of opening an offshore medical equipment business company, the company needs to prepare:
- Carefully study the legal policies in the offshore country where the Enterprise opens a company;
- Business planning and business strategy for offshore medical equipment company;
- Complete the application, business registration procedures, and business license in accordance with the regulations of the offshore country where the Enterprise opens the offshore medical equipment company.
4. How to ensure that an offshore medical device company opens a bank account for successful transactions?
It is generally relatively easy for a medical device business to successfully establish an offshore company. However, successfully opening a bank account for an offshore company in major financial centers such as Singapore, the US, and Hong Kong to ensure the smooth and safe operation of the business's cash flow is not easy. In fact, many offshore medical device companies cannot open a bank account due to the nature of the industry and the policies of many banks that do not support this field.
GLA is proud to be a direct partner working with major financial institutions, banks in the world and leading financial centers that will support:
- Evaluate the application before starting to establish an offshore company to do business in the medical equipment sector. If the application is not qualified, GLA will share with the business from the beginning and before signing the company establishment contract to avoid the business establishing an offshore company but not achieving the goal of successful transaction.
- Consulting and support open traditional bank account, open bank account online at banks that suit the business needs and profile of the enterprise. GLA can only do this thanks to the practical experience over the past 10 years and a large network of partners; thereby, supporting medical equipment enterprises to have the highest success rate of opening bank accounts for offshore companies.
5. How will GLA support businesses in establishing offshore companies in the medical equipment sector?
GLA With experience in supporting businesses to establish offshore medical equipment companies in BVI, Belize, Seychelles, etc., we will accompany medical equipment businesses in the process of opening an offshore company:
- Choose an offshore country that suits your business model and needs in the medical equipment industry.
- Prepare documents and legal procedures to register for offshore medical equipment business establishment.
- Providing tax - accounting - financial reporting services for offshore medical equipment companies.
- Register, open, authenticate physical bank account, Digital Bank for businesses to establish offshore medical equipment companies in financial centers such as: Singapore, USA, etc.
6. Frequently asked questions by businesses when opening an offshore company in the medical equipment sector?
1. How long does it take for a business to open an offshore company in the medical equipment sector?
The time to open an offshore company in the medical equipment sector is from 1 to 4 weeks, depending on the offshore country the business chooses to establish the company.
2. What incentives will businesses that open offshore companies in the medical equipment sector enjoy?
Businesses opening offshore companies in the medical equipment sector will enjoy the following incentives:
- Preferential tax policy for offshore companies in the medical equipment sector;
- Corporate information security policy for foreign investors;
- Simple financial - tax - accounting reporting procedures;
- Friendly and open legal environment and policies for foreign investors;
- Access to customers, partners, suppliers in international markets;
- Setting up an offshore company and opening an online bank account makes it easy to receive/transfer payments.
3. Which offshore country should businesses choose to open an offshore medical equipment company?
To determine the offshore country to open an offshore company in the medical equipment sector, the enterprise needs to determine its business goals and company development strategies to choose an offshore country that suits the needs and business development purposes of the company.
Among offshore countries, BVI is the choice that many businesses are interested in when opening an offshore company in the medical equipment sector because of the attractive incentives of this country:
- Exemption from taxes: corporate income tax, personal income tax, value added tax, contractor tax, etc.;
- Financial reporting is NOT REQUIRED;
- Confidentiality of corporate and shareholder information;
- Friendly and open legal policy environment.
4. Are all businesses that open medical device companies in offshore countries exempt from taxes?
Not all businesses opening medical device companies in all offshore countries such as BVI, Belize, Seychelles are exempt from all taxes.
Tax incentives in each offshore country will be different, depending on the policy of the offshore country. Enterprises choose to open offshore companies in the medical equipment sector.
For example: Enterprises establishing offshore medical equipment companies in BVI will be exempted from all types of taxes: corporate income tax, personal income tax, value added tax, contractor tax, etc.;
Businesses establishing offshore medical equipment companies in Belize and Seychelles still pay taxes according to the regulations of each country.
5. How will GLA support businesses in establishing offshore companies in the medical equipment sector?
GLA supports businesses in establishing offshore companies in the medical equipment sector as follows:
- Choose an offshore country that suits your business model and needs in the medical equipment sector;
- Prepare documents and legal procedures to register for the establishment of an offshore medical equipment business;
- Set up your financial system in compliance with HFRS with our Tax services - accounting - financial reporting for offshore companies medical equipment;
- Register, open, authenticate physical bank account, online for businesses to establish offshore medical equipment companies in financial centers such as: Singapore, USA, etc.
Highlights- Establishing an offshore company helps medical device businesses optimize costs, protect assets and expand international business.
- Factors to consider when choosing a country: Tax policy, politics, cost of establishment and maintenance, level of information security, time of establishment.
- Countries like BVI, Seychelles, Belize are popular choices when setting up an offshore medical device business.
- Laws and policies relating to offshore companies may change, businesses need to regularly update information to ensure compliance.
This article was published by GLA on 01/07/2021. Copyright and accompanying content are intellectual property of GLA. All rights reserved.
The guidance and content are for general information only and are not intended to provide specific guidance and advice on accounting, tax, legal or other professional advice. Readers should consult professional advisors on specific issues.
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