NEXT YEAR FROM US$465.00
This St. Vincent company creation package is for customers, who require to set-up a company in Saint Vincent with a registered office address. The establishment of a company in St. Vincent takes 3 days.
The following documents will be sending by post upon the incorporation of your Saint Vincent company:
NEXT YEAR FROM US$880.00
This St. Vincent company start-up package is especially for clients, who are requiring forming a company in Saint Vincent with a registered address, registered agent & a nominee director; bank account upon request.
This St. Vincent company incorporation offer includes everything in the first option, together with the advantages of:
NEXT YEAR FROM US$1,180
This is one of the most popular St. Vincent company incorporation packages with nominee shareholder, as an additional option to the nominee director, registered agent & registered office address in Saint Vincent.
This St. Vincent company formation offer includes everything in the second option, plus the following:
NEXT YEAR FROM US$1,180
This is our most comprehensive St. Vincent company registration package with all documents verified by solicitor or notary public & certified by the Apostilled stamp or Apostille seal affixed.
This St. Vincent company formation offer includes everything in the third option, plus:
Welcome to Coddan online St. Vincent and the Grenadines International Business Companies formation agent. We recommend reviewing this site in its entirety, so that you are knowledgeable of St. Vincent and the Grenadines jurisdiction and the powers granted to St. Vincent and the Grenadines companies. We will guide you through the process of registering your offshore company and establishing your registered identity. Complete and submit an IBC application form. Adequate completion and submission of this form, along with the provision of payment, will enable Coddan to incorporate your proposed company within three business days. We will express mail your corporate documents to the mailing address you specify in your incorporation order. If you want to become familiar with the description and the contents of St. Vincent and the Grenadines companies formation packages, offered by Coddan and to find above, what kind of service is included in this or that St. Vincent and the Grenadines companies incorporation package, to get an idea about the price of annual renewal of the service, and about the general legal requirements to the St. Vincent and the Grenadines companies incorporation, please, select the package you need from the list, situated below the banner. The information in the banner will be renewed according to the package you've chosen. When thinking in asset protection and tax shelter, offshore companies and trusts are among the best ways of protecting wealth. Through our network of associates, located throughout the offshore world, Coddan can offer a very cost-effective yet efficient company formation service.
St. Vincent and the Grenadines is an independent English-speaking nation, located in the Eastern Caribbean. In 1996 there were comprehensive legislative changes to its IBC Act, bringing St. Vincent to the forefront of the world's offshore financial centres as one of the safest and most private jurisdictions. IBC's incorporated in St. Vincent are completely free of all taxes for a period of 25 years. There is no requirement to disclose the beneficial owner of the IBC and bearer shares are allowed. There are no exchange controls. There are no tax information exchange treaties with any country.
The prices payable for the items that you order are clearly set out in the web site. There will be no contract of any kind between you and us unless and until we receive payment from you. We act as your agent in the incorporation of offshore companies. We are not able to guarantee that any such filing will be acceptable to Companies Registrar, nor are there any contractual obligation upon us to do so. If Companies Registrar rejects incorporation or other filing, we will credit your account with a full refund and the contract between us will be made void. Companies Registrar does not offer a cancellation facility for the incorporation of companies or the filing of documents. We will be unable to cancel any such submission on your behalf and will not refund any payment you have made. All prices shown at Coddan Web Site are in Great British pounds. Credit cards are the preferred method of payment; we accept VISA, MasterCard and Delta. We can accept payment in UK Pounds Sterling, US Dollars, Euros, Australian Dollars and Canadian Dollars.
Live Help is a real time "chat" feature which enables you to interact with a customer service representative without a phone call. Get answers to your questions while using our website. Clicking the "Live Help" button will start an on-line session with one of our representatives. Live Help is currently available during normal business hours. Outside of the above opening hours our business center will be closed. When you click on the button you will see an e-mail form that will allow you to send us a mail with your questions. Live Help is absolutely free! There are no hidden fees. We offer the service as a courtesy to our website visitors. Dear visitors, while having a chat session with a customer, we are frequently requested to give a piece of advice on tax planning or business structuring. We would like to inform you that it is against our principles to provide online advice pertaining to these issues. The points that may be covered during a session include service description, package or service price, navigation at our website, ways of making an order, methods of payment etc. Yet, if you wish us to provide you with advice on tax or business structuring, you should be aware that this service is chargeable. If you have any questions please E-Mail or call us: 033 0808-0089 or +44 (0) 207.935.5171, fax: +44 207.504.3531.
Coddan will help you to protect your assets, maintain privacy and create wealth with the use of offshore companies and offshore trusts. We form IBC's & Hybrids in less than 48 hours for persons who wish to preserve their privacy, protect their assets and create new wealth. We set up offshore bank accounts and offshore credit card accounts. We also form offshore LLC's, hybrid companies, international banks, offshore insurance companies and mutual funds. We have helped hundreds of people in many countries around the world and would welcome the opportunity to help you to secure your present well-being and your future by preserving your privacy, protecting your assets and creating wealth.
The first thing you must do is take the necessary step to protect what you own now and what you are about to earn. The structure used for this purpose by financially smart people is a Trust or an International Business Company (IBC). Should you get an IBC (International Business Corporation) or a Trust? Why should you even think of getting one of these? These are the questions that we will now answer.
When you operate through an IBC or Trust, no one has to know that you are involved in any business or investments unless you tell him/her. All of your business may be conducted offshore, away from the snooping eyes of neighbors and the authorities who always want to know what you are doing, because they want to maintain control over their citizens. This is a conflict between your Constitutional and natural right to be a sovereign individual and governmental authorities who want to classify, categorize and control you.
The laws of St. Vincent & the Grenadines make provisions for you to own your IBC through "Bearer Shares". Unlike Registered Shares, Bearer Shares do not carry the name of the owner of the shares. Instead, the person who has possession of the shares is the one who owns them. This means that your share certificates should be kept in a safe place where the wrong person cannot get his/her hands on them.
You may place your assets in a trust or IBC and remove them from attack by creditors as long as the transfer was an arms length transfer. That is to say that you made the transfer when you were not faced by bankruptcy and making an effort to hide it away from creditors.
Before a creditor can attack your assets in a trust in St. Vincent, s/he must first post bond in the sum of $25,000, before s/he can appear in court. Few persons can afford to take the weeks and even months away from home and work to come to St. Vincent to sue you, your trust or IBC. What is more, s/he will be confronted by a different set of laws, with statutes of limitations that may be different from his/her homeland.
When you have an IBC or Trust, you will be able to make investments through one of these that may not be available to you as a citizen or resident of your home country. This is especially true of US citizens. A number of mutual funds as well as other investment vehicles refuse to deal with US citizens or residents. In some instances, US nationals may purchase securities from other countries, but as American Depository Receipts (ADR's). They cannot make direct purchases of the underlying stock.
The state of St. Vincent and the Grenadines (SVG) is in the Caribbean, 1,600 miles southeast of Miami and 100 miles from Barbados. SVG consists of a group of 18 small islands, of which the biggest is St Vincent, with the capital, Kingstown, which has a natural deep-water harbour. St Vincent is a lush volcanic island, just 18 miles north to south and 11 miles wide; the climate is tropical.
Fought over for nearly a century by the French and British, sovereignty of SVG was settled on the British in 1783. Now SVG is an independent parliamentary democracy, with a legal system based on common law. The currency is the Eastern Caribbean Dollar (EC$) which is linked to the US$ at an exchange rate of 2.7 EC$ to 1 US$, and is managed by the Eastern Caribbean Central Bank with headquarters in St. Kitts. The economy moved from dependence on sugar to dependence on bananas; but tourism is now the biggest earner, and the government has been trying hard to build a financial services centre. Economic growth was dented by a combination of climatic problems, 9/11 and the need to rein in a free-wheeling financial services sector to placate the OECD and FATF. A new government which took office in April 2001 has implemented an ambitious framework of policy reforms designed to strengthen the public finances, achieve higher growth, lower unemployment and reduce poverty. The Offshore Finance Authority was created by Parliament to institute a new system to manage, direct, control and supervise the Offshore Financial Services Industry in SVG. After a number of closures in 2001, the sector now seems to be growing in a stable fashion. Key sectors are banking, trusts, insurance and mutual funds. There are about 10,000 International Business Companies. Historically, SVG has provided a high degree of confidentiality for investors, although an Exchange of Information Act passed in 2002 has qualified this to a certain extent.
Individuals or companies wanting to make use of the offshore sector in St Vincent and the Grenadines normally constitute either or both of an International Business Company or a Trust. The International Financial Services Authority (IFSA) of St Vincent and the Grenadines announced in May, 2004, that offshore agents will henceforth be able to incorporate companies for their clients online. This new development has meant that instead of taking one day to file the relevant documents and issue company certificates, the IFSA can now commit to ensuring that company documents are available for collection within three hours of the filing of the information by the agent. The online registry system operated by the Authority also allows agents to pay their annual fees over the internet, to reserve company name s, and to conduct searches of company files. The system will be operated using a pre-payment model.
"What is an IBC?" - An IBC is a company that is registered and based in an international center such as St. Vincent & the Grenadines. The term "International Business Company" is used to describe it because it is formed in a jurisdiction that is outside one of the major industrialized countries, where there are certain benefits, including tax, privacy, financial and security benefits. When you form an IBC, you are generally in complete control of the assets of the IBC, in control of its bank accounts, and of all transactions done by the company. The income to the IBC is taxable immediately it is earned. This differs from income that you earn through shares purchased in a company in your homeland. The general rule for such shares is that you have a taxable event only when you receive distributions in the form of dividends.
However, in the case of the IBC, you are taxable even if you have not repatriated (i.e. brought home) any of the income. Although the provision of Bearer Shares could enable the owner of an IBC to conceal earnings through the IBC, it is evasion of taxes to fail to report and pay taxes in one's homeland and carries serious penalties. Our business is to inform, however, and not to moralize. It is not our place to tell you how to conduct your business, but to tell you what the consequences may be for a certain course of action. Let it be said, however, that we are not in the business of assisting anyone in evading taxes.
One consequence of having an IBC and an account in the name of the IBC is that Schedule B of the IRS form for US citizens, requires that one answer two pertinent questions. Do you own a bank account offshore? Do you have signature power over an offshore bank account? In general, anyone who has an IBC with one or more bank accounts should answer "Yes!" to both questions.
The only exception is when the bank account is in the name of an IBC that is owned by a trust. The International Business Companies Act No.18 of 1996 and regulations SRO No. 33 of 1996 and their amendments govern the incorporation of International Business Companies in St. Vincent and the Grenadines. Only a duly approved Registered Agent within the meaning of the new Registered Agent & Trustee Licensing Act (No.15), 1996, may submit applications for formations and undertake services set out in the Act. Key features of the International Business Company are as follows:
The IBC Act also makes provision for limited duration companies (pass through companies known as limited liability companies in the USA and resembling the German GmbH and Latin American-style "Limitada") with a single member, and provides for the governance of such entities under private operating agreements as opposed to by-laws. A company incorporated under the IBC Act may at any time apply to the Registrar to be registered as a limited duration company. The name of the company needs to include at its end "Limited Duration Company" or the abbreviation "LDC". The Registrar needs to be provided with a certified copy of a special resolution of the company altering its Articles to limit the duration of the company to a period of 30 years from the date of its incorporation or less. A limited duration company may by special resolution alter its Articles extending the duration of the company to such period or periods not exceeding in aggregate 100 years from the date of the incorporation of the company.
A Hybrid is a company limited by guarantee. It is said to be a hybrid because it partakes of the characteristics both of an IBC and a Trust. Such a structure could allow one to legitimately compound earnings offshore, on a tax-free basis, until funds are repatriated onshore. They provide a very flexible estate planning vehicle and have significant tax advantages for citizens and residents of the US, UK and Canada, because of the high degree of asset protection that they provide.
In a Hybrid, the initiators of the formation of the structure are Guarantors, who have liabilities of no more than US$100 whether from corporate expenditures or winding up fees. The Guarantors are never shareholders and as such do not experience taxable events when the Hybrid earns income. The shareholders are offshore entities as are the Directors. A guarantor has no voting rights and is not entitled to any dividends. Recent moves to curtail the flexibility of trusts on the North America continent could focus considerable attention on Hybrids as useful tools in offshore asset protection. Canadian taxpayers, for example, may avoid the Foreign Accrual Property Income (FAPI) rules by forming a Hybrid.
Trusts are constituted under the International Trusts Act 1996, as amended by the International Trust Amendments Act 2002. Trust deeds are registered in a confidential government Trust Registry, whereupon an official Certificate of Registration is issued to the Settlor/Grantor. Key features of the current trusts regime are as follows:
Acquiring a Class I Banking License in St. Vincent and the Grenadines. St. Vincent & the Grenadines is considered a premier jurisdiction for securing a Class I international banking license for a number of reasons, including the following:
It is a clean jurisdiction that has not seen the problems that some other jurisdictions have experienced with their offshore banks. The due diligence work on the client(s) is done within 3 weeks. Approval is given by the Board of Directors at its very next meeting, following completion of due diligence. The fees associated with obtaining a banking license are some of the lowest in the Caribbean. The government has separated the promotional aspects of the work of the Offshore Finance Authority from its regulatory function. The Eastern Caribbean Central Bank (ECCB) now monitors offshore banks in St. Vincent & the Grenadines as it has monitored domestic banks for over 25 years. The deputy governor of the ECCB, who is a native of St. Vincent & the Grenadines is a member of the Board of Directors of the Offshore Finance Authority. The ECCB has the reputation of maintaining one of the strongest currencies in the world for the 9 states in the Organization of Eastern Caribbean States (OECS). The ECCB is viewed with respect all over the world and even the European Union sought information about this phenomenon before establishing the Euro.
Banks licensed in St. Vincent & the Grenadines are subject to the General Privacy Code of the Confidentiality Relationships Preservation Act, that makes it a criminal offense punishable with 5 years in jail and a fine of US$50,000 for disclosing anything about a client’s business anywhere in the world, unless it will help to solve a crime. There are only two other jurisdictions with this privacy code (viz., Anguilla and the Cayman Islands) and these are Overseas Territories of the United Kingdom. St. Vincent & the Grenadines is currently the only independent state, with a seat at the United Nations that has such a General Privacy Code. Most jurisdictions have special privacy codes that are not as sweeping in scope. The first step is to have a Registered Agent in the state to register an International Business Company (IBC). This IBC is then used as the vehicle for making the application. The IBC must name shareholders. Its shares cannot be Bearer shares, but must be Registered shares.
Following the formation of the IBC, the applicant(s) must submit, through the Registered Agent, a completed application form for a banking license. The applicant(s) must also provide due diligence information. We provide a list of the pieces of information required. The Offshore Finance Authority employs an investigating agency to do the due diligence work and this is normally completed within 3 weeks. Following the due diligence work, the Board of Directors of the Offshore Finance Authority considers its results and decides to recommend or not recommend the approval of the applicant to the government of the state, that has the final word.
The Offshore Finance Authority (OFA) now collaborates with the Saint Kitts-based Eastern Caribbean Central Bank, (ECCB), in the licensing and supervision of international banks. Although the OFA is ultimately responsible for granting all international bank licenses, the International Banks Act has been amended to provide for the ECCB to cooperate with the OFA in reviewing all bank applications as well as in ongoing supervision of banks. This is one of the many steps recently taken by the OFA to ensure that all its banks are well regulated and in compliance with the requirements of the laws and regulations that govern them.
All banks are subject to onsite inspections at least every 12 - 18 months. The Offshore Finance Inspector (Ag) Ms Louise Mitchell, has direct responsibility for banks. She works along with the OFA’S Banking Supervisor, Mr Dougal James. The Authority grants two Classes of Offshore Banking Licence: Class I Offshore Banking Licence; Class II Offshore Banking Licence. All Offshore banks applying for a licence to operate in St. Vincent and the Grenadines must submit a completed application (in duplicate) along with the prescribed fee to the Offshore Finance Authority. All applicants are required to complete a ‘fit and proper’ questionnaire. The following requirements apply to all banks that are issued with a licence to operate in St. Vincent and the Grenadine: they must establish a physical presence in the island; they must have local employees; there must be at lease one (1) local Director approved by the Offshore Finance Authority. The following condition also applies specifically to the different classes of Offshore Banks.
CLASS I. Non-refundable application fee of US$1,000.00. Each Class I bank must establish and maintain a capital fund with fully paid-up capital of not less than one million US dollars (US$1,000,000.00) or its equivalent in another currency. Class I banks are required to hold a deposit or invest the sum of five hundred thousand US dollars or its equivalent in another currency, in such a manner as the Authority may prescribe.
CLASS II. Non-refundable application fee of US$750.00. Each Class II bank must establish and maintain a Capital fund with fully paid-up. Capital of five hundred thousand United States dollars (US$500,000.00) or its equivalent in another currency. Class II banks are required to hold a deposit or invest the sum of fifty thousand United States dollars (US$50,000.00) or its equivalent in another currency in such a manner as the Authority may prescribed. Designate and notify the Authority by name a registered agent, which is not an official of the bank, to act as its registered agent in the state.
The procedure for registering an insurance company in St. Vincent & the Grenadines begins with the formation of an International Business Company (IBC). This company is then used as the vehicle for the application for a license to operate an insurance company. Following the formation of the IBC, we will submit your application, using the application form provided by the Offshore Finance Authority. This form may be found in a copy of the Insurance Regulations that we can provide for you. The Commissioner of Insurance in the office of the Offshore Finance Authority has the responsibility to review your documents for completeness and compliance. The results will be submitted to the Board of Directors of the OFA for approval or disapproval.
Class I Unrestricted License permits the insurer to carry on any international insurance business, including long-term international insurance business.
Class II General License permits the insurer to carry on general international insurance business, but not long-term international insurance business.
Class III Association License permits the insurer to carry on general international insurance business and long-term international insurance business, with two or more owners of the insurer, and their affiliates, and to carry on no more than thirty percent (30%) of its international insurance business (based on net premiums written) with persons who are not owners of the insurer or their affiliates.
Class IV Group License permits the insurer to carry on any international insurance business, including long-term international business, with a single owner or that insurer and its affiliates, and employees of the owner or its affiliates.
Class V Single License permits the insurer to carry on any international insurance business, including long-term international business, including long-term international business, with the sole owner of the insurer, if a company, or with the beneficial owners of the insurer, if a trust.
Mutual funds are regulated by the Mutual Funds Act, 1997 as amended by the Mutual Funds (Amendment) Act 1998, with Regulations issued in 1999. The Act provides for the licensing of both domestic and offshore mutual funds. There are essentially two categories of fund licenses, namely a private and accredited fund license and a public fund license.
The legal structure that can form the basis of a St. Vincent mutual fund includes an incorporated company, a partnership or a unit trust. It can include an umbrella type fund. Open ended, closed ended and integral funds are allowed. A Public Fund means a mutual fund, which offers any shares, it issues for subscription or purchase to any interested member of the general public. All public funds registered must publish a prospectus and file it with the Offshore Finance Authority. There are no capital adequacy requirements or minimum subscription limits placed on public funds. Also they must maintain accounting records and financial statements. Public funds that intend to do business with residents must also submit an offering document synopsis to the Offshore Finance Authority.
Private and accredited funds is the other category of license recognized by this Act. A private or accredited fund is a mutual fund that either has no more than fifty investors or issues shares on a private basis. An accredited fund issues shares only to accredited investors, with an initial investment of not less than USD 25,000. An accredited investor is one who has a net worth in excess of USD one million. All applications to carry on business, as a Public Fund or Private Fund must be submitted to the St. Vincent and the Grenadines Offshore Finance Authority to the attention of the Registrar of Mutual Funds.
Swiss lawyers introduced St. Vincent and the Grenadines (SVG) to the international financial services sector in 1976. Three years later the country gained independence from Britain and embarked on the process of nation-building - setting up the foundations of an independent nation state. When the country was more mature it was able to take a second look at the international finance industry in 1996 and take the policy decision to move this sector into the forefront of the national economy. The international finance legislation was overhauled and a package of financial laws was introduced. Regulated and licensed agents and trustees, known in SVG as Registered Agents, provide international financial services. The Offshore Finance Authority was created by Parliament to institute a new system to manage, direct control and supervise the offshore financial services industry in the country. Its role was clearly defined by its governing statute - The Saint Vincent and the Grenadines Offshore Finance Authority Act, 1996. The business of The Authority is under the direction of a five-member board of directors.
In November, 2003, the Offshore Finance Authority was re-named as the International Financial Services Authority (IFSA). Speaking on the new name of the Authority, Deputy Governor Errol Allen said: "The change of name to International Financial Services Authority must however be seen in its proper context. If an organization is to meet the challenges of a changing world, it must be prepared if necessary to change everything about itself, except its beliefs, as it moves through corporate life. The only sacred part in an organization should be its basic philosophy of doing business. It therefore follows that our organization can change its operating practices and business strategies constantly, in response to a changing world." On the new financial environment Acting Offshore Finance Inspector Louise Mitchell stated "We have an industry to build. Much groundwork has been done. We are not starting from scratch. In fact we have a very solid foundation, but we have new [regulatory] rules in the game. The application of these new rules will require much effort and commitment on behalf both of the regulator and the regulated." IFSA has the following specific responsibilities:
In 2001, in response to the increased international attention being paid to the operation of international offshore financial centres, SVG's legislation was substantially amended, and an enhanced regulatory structure was put in place. At this time, the government, in its attempt to ensure that the international banking sector was reputable took the strategic decision in 2001 that the Eastern Caribbean Central Bank should have a significant role to play in the supervision of the international banks in SVG, in conjunction with the OFA. The International Banks Act was amended in May 2002 to provide for the joint supervision of international banks with the ECCB. This development has greatly increased the capacity of the regulatory regime.
A new St Vincent and the Grenadines investment promotion agency, National Investment Promotions Inc. (NIPI), commences operations in August 2004, taking over from the Development Corporation (DEVCO), which initially managed the investment promotion functions of St Vincent and the Grenadines. The new agency reports to the Office of the Prime Minister, Dr Ralph Gonsalves. Since securing its removal from the Financial Action Task Force (FATF) blacklist of Non-Cooperative Countries and Territories, the Caribbean jurisdiction of St Vincent and the Grenadines has reported strong growth in the registration of international business companies. According to the International Financial Services Authority (IFSA), by the end of April 2004, some 357 new IBCs had registered in the country, compared to 194 during 2003, representing growth of 84%.
In addition, 2004 has seen the licensing of two new mutual fund entities and five international insurance firms, and the Authority has reported strong interest in both of these sectors from potential investors. Representing a further sign that the international finance community is taking more notice of St Vincent, the IFSA is currently processing the jurisdiction’s first new banking application for two years.
Most people who open an offshore IBC and/or Trust seek also to have offshore bank accounts and credit card accounts in order to maximize their privacy. The wealthy families of the world have been doing this quietly for decades before ordinary people became aware of the practice. It is for this reason that banks in the Cayman Islands alone have more money than all the banks in New York (i.e. over US $800 billion). Coddan provides assistance in setting up such accounts in Switzerland. We also provide logistic support to clients who wish to open accounts in the Caribbean and other parts of the world. Please note that Swiss banks are insured by the government of Switzerland and can offer checking and savings accounts in US dollars, Sterling and Euros. Credit cards and debit cards are also available. Switzerland is the country with the fourth largest gold reserves in the world and has been the most stable and reputable banking center in our times.
Most definitely, YES! It is foolhardy to try to form an offshore company in order to evade paying taxes. It's just not worth it. Besides, there are severe penalties for non-payment of taxes in the country of residence (most notably in the United States). While it is still O.K. to form an IBC with Bearer shares, if you are trying to use this as a method to evade paying taxes, forget it. Governments today are bent on having their taxes and will ignore such things as Nominee Shareholders and Nominee Directors and will look to the substance of the arrangement, rather than the form. Anyone can act as owner or agent the company, but if you provided the financing for formation, you will be treated as the owner for tax purposes.
It makes no sense to try to keep it a secret that you have formed an IBC. Your telephone, email and fax records are now more closely monitored than ever before and growing government deficits are making it necessary for governments around the world to devote more intelligence muscle to ferreting out tax dodgers. The major benefit of an IBC is maintaining your financial privacy and protecting your assets from lawsuits. Trying to keep it secret from the taxing authority of your country is a dangerous game and one that may sooner or later be discovered with disastrous consequences. The ones who may leak information about your secret are often the ones who are or have been closest to you. It is reported that most of the people who leak this information do not even bother to collect the rewards. They are just trying to get even with a former lover, husband or friend. You should stay within the law by filing the appropriate forms that disclose the existence of your IBC and its offshore bank account.
An IBC that is used in active trade or business outside of your country (international business) may be able to accumulate profits tax free until it is repatriated to the country of residence, but if investments are done in your own country through the IBC, this may be skirting the law if there is no disclosure. How about trusts? These are supposed to be more private than IBC's. Several years ago, U. S. citizens could defer payment of taxes earned by a foreign trust if the trust was an irrevocable trust and the initiator of the trust did not maintain any control over the trustee. That has all changed. In 1977, the US created IRC 679 that treats a US trust with a grantor and a U. S. beneficiary as a grantor trust. The person who "settled" funds on the trust is treated as the owner of the trust and is taxed on its income.
If an offshore company was created to be the grantor of the newly formed trust, the IRS will treat that company as the nominee or alter ego of the US person creating the trust and that person will be treated as the only owner of the offshore company. It is no good to form a trust without a US beneficiary because under IRS 679 an offshore trust is treated as having a US beneficiary unless the trust document specifically states that no income can be paid to or for the benefit of a US person, whether during the life of the trust or upon its termination. This effectively cuts of any living person in the US from benefiting from the trust and the trust effectively becomes a charity. There are still some legal ways to defer payment of taxes and in some cases to avoid payment of taxes, but you need to consult with a tax attorney in your country for this. Also be aware, that tax avoidance and tax evasion are now seen in some circles as being one and the same thing, notably in European countries.