Whilst the majority of the "Of Shore" jurisdictions require namely the appointment of local registered agents and have minimal requirements for the maintenance of a local company the "On Shore" jurisdictions may require, directly or indirectly, more substance to the vehicles used to enable you to fully use and operate your Company.
By substance we mean proven evidence that the Company is using a local office and or has local employees fully registered under the local payroll system. These requirements vary from one jurisdiction to the other and these days are also required by the banks as well. Therefore, even though the local tax department and the local company law may not require substance for your "Of Shore" or "On Shore" vehicle, the banking institution that you may select to open the bank account of the Company will, may request evidence of substance. As there is no formal definition of substance it is up to the banking institution to accept or reject the evidence you present to support your substance.