Glossary

Plain-English definitions of the terms you will meet when working across borders.

Apostille

A certificate that authenticates a public document for use in another country that is party to the Hague Apostille Convention.

Beneficial owner (UBO)

The natural person who ultimately owns or controls a company, even through other entities. Banks and registries ask for these details.

BOI (Beneficial Ownership Information)

Reporting of a company’s ultimate owners, required in several jurisdictions and subject to change.

C-Corporation

A US corporation taxed separately from its owners and often chosen by companies that plan to raise investment.

CBI (Citizenship by Investment)

Acquiring citizenship through a qualifying economic contribution to the host country.

Certified true copy

A copy of a document confirmed as a faithful copy of the original by a person authorised to do so.

CRS (Common Reporting Standard)

An OECD standard for the automatic exchange of financial-account information between participating tax authorities.

D7 visa

A Portuguese residence visa for people with regular passive income, such as pensions or rental income.

Double tax treaty

An agreement between two countries that sets which one may tax certain income, to prevent the same income being taxed twice.

Due diligence

Background and source-of-funds checks carried out on applicants by governments, banks and advisers.

e-Residency (Estonia)

An Estonian government-issued digital identity that allows remote company management. It is not residency or citizenship.

EB-5

A US immigrant-investor program that offers a route to a green card for a qualifying investment that creates jobs.

EIN

A US Employer Identification Number: a company’s US tax identification number.

Exempted company

A company formed in a jurisdiction such as the Cayman Islands to carry on business mainly outside that jurisdiction.

FATCA

US law that requires foreign financial institutions to report accounts held by US persons.

Form 5472

A US information return generally required for foreign-owned US companies, including single-member LLCs owned by non-residents.

Free zone

A designated area, for example in the UAE, where companies can operate under a special regulatory and tax regime.

GmbH / AG

The Swiss limited-liability company (GmbH) and joint-stock company (AG).

Golden Visa

Residency granted in exchange for a qualifying investment.

IBC (International Business Company)

A company formed for business conducted mainly outside its jurisdiction of formation.

ITIN

A US Individual Taxpayer Identification Number for people who are not eligible for an SSN.

KYC (Know Your Customer)

The identity and background checks that banks and regulated firms must complete before taking on a client.

Legalisation

The chain of authentications, often through the foreign ministry and the destination country’s consulate, for documents going to countries outside the Apostille Convention.

LLC (Limited Liability Company)

A US company form that separates owners’ personal assets from the business and offers flexible taxation.

Mainland company

A company licensed to trade directly in the local market of a country such as the UAE, as opposed to a free-zone company.

Notarisation

Verification by a notary public of identity and signatures on a document.

Online notary

Notarisation carried out remotely by video, where the law of the notary’s jurisdiction permits it.

Passeport Talent

France’s multi-year residence permit for founders, qualified professionals and investors.

Pte Ltd

A Singapore private limited company.

RBI (Residency by Investment)

Acquiring residency through a qualifying investment.

Registered agent

A person or company that receives official mail and legal notices for a US company in its state.

SAS / SARL

The French simplified joint-stock company (SAS) and limited-liability company (SARL).

Substance

The real activity, people and premises a company may need in a jurisdiction to be treated as genuinely operating there.

Sworn (certified) translation

A translation accompanied by a statement of accuracy from an authorised translator, accepted by courts and authorities.

Tax residence

Where a person or company is treated as resident for tax, usually based on days present, home or place of management.