The term ‘offshore company’ refers to a business entity that operates outside of the jurisdiction of the location it is based. There are numerous countries in the world where you can register an offshore business, which usually involves generous incentives in the form of low taxation and a level of confidentiality.
There are different types of offshore business entities that you can create:
- International Business Company – A trading entity that is very easy to set up. A minimum of 1 Director and 1 shareholder is required.
- Limited Liability Company – An LLC restricts your liability and you are unrestricted in business activities.
- International Trade Entity – Perfect for a group of foreign investors that wish to set up private equity trusts. You are not restricted in business activities.
Setting up a global offshore company is much easier when you engage the services of a reputable international business lawyer.
Here are some of the Benefits of Setting up an Offshore Company.
- Favourable tax incentives –In order to attract foreign investment, some nations offer attractive tax incentives.
- Asset protection – Registering a business offshore protects company assets and with a level of confidentiality, foreign entities are unable to investigate the assets of an offshore company. A wealthy person might wish to secure specific assets by transferring ownership to an offshore entity, which is not under the jurisdiction of their home country.
- International trade – Registering a business offshore can facilitate cheaper import/export, as the offshore nation might have attractive custom tariffs and duties. Click here for information on SaaS for legal and finance companies.
- Low operational costs – If you register your business in a 3rd world country that has a low cost of living, you can drastically reduce your running costs. Using your business lawyer, you can make contact with local service providers and that reduces your management costs.
Thanks to digital technology, you can store all business data on the cloud and by allocating 3rd party providers a username and password, they can access the data they need to manage your business.
Sourcing an international law firm
Google can help you find a reputable international law firm that helps entrepreneurs to set up business entities in the following countries:
- Europe – Cyprus, Madeira, Switzerland, Malta and the UK.
- Asia-Pacific – Hong Kong, Samoa, Singapore and Labuan.
- Middle East – United Arab Emirates.
- Indian Ocean – Mauritius and Seychelles.
- North America – Anguilla, Belize, Bahamas, Cayman Islands and British Virgin Islands.
The experienced business lawyer is there to offer their clients the best advice; each nation has its own unique set of rules, regulations and laws. Your choice of destination is crucial, as is the type of business you register and an experienced lawyer can enlighten you in many ways.
Once you have discussed your situation with an international business legal specialist, you can plan effectively and enjoy the many advantages that offshore business registration offers.