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It is said to set up more than 10,000 BVI firms a year for Asian clients.

Martin Crawford, the chief executive, says reputation is crucial in this market segment.Prices rise to £5,000 for more sophisticated corporate structures in places like Switzerland and Luxembourg. Almost all the providers are privately held and reluctant to give details of their trade.But interviews with some big ones (mostly on condition of anonymity) paint a picture of an industry buffeted by a regulatory assault but still churning out healthy returns.The customer need only click on the company desired, perhaps adding some optional extras such as a bank account, an offshore credit card, mail-forwarding or letterhead, and then heads to the checkout.Just £349 (0) buys you a company in the Seychelles, with no local taxation, no public disclosure of directors or shareholders and no requirement to file accounts.

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Beneath these is a long tail of smaller operators, many of them online, from the legitimate to the thoroughly dodgy.

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