changing the way of business

[wildy]

Well, I have read some aticles about building up an offshore company. There is still one question, which I have not found answered anywhere:


If I do change the subject of my business, do I have to change my offshore company?


For example:


Starting an offshore business with selling diamonds and stop this selling business after a while. Then start up a new business as furniture reseller.


Do I have to change anything with my offshore company (like rename etc.)?


Can I use the same one, which I had for the diamond business or do I have to start a new one?

 

[JohnLocke]

It depends very much on where your offshore company is registered, means, which country, in most cases you don't need to do anything just because you change your business activity, thats in regards to the company. But if you have a business bank account for this company, then the bank will need to be informed.


This ofcourse don't apply for regular companies which often are registered with a branch code and therefore need to be changed if the activity of the company change.

 

[jb100]

I think in most the offshore destinations, you are not allowed to change your core business that you mentioned at the time of registration.Before switching your business you need prior approval from competent authority. Some business also needs regulatory approval such as mining,manufacturing of explosives etc.So you should check all clauses of agreement before being registered.