The world of commerce has gone global and with rising taxes, entrepreneurs are looking for a flexible business solution and that is where offshore business registration comes into play. There are certain countries in the world that wish to attract foreign investment, so they offer low taxation and other benefits when a foreign entrepreneur sets up an offshore company.
Asset protection
There is no better way to protect valuable assets than acquiring them in the name of an offshore company. If, for example, you are faced with a lawsuit, your offshore company assets are protected by law. This is one of numerous benefits that include anonymity; you can be an anonymous shareholder, which, for some, is attractive.
Types of business entity
While this might vary slightly from country to country, the following are typical options for setting up an offshore company;
- International Business Company – The most popular form of offshore companies registration, this is ideal for a fiscally transparent trading entity, with minimal capital investment. An IBC is subject to local compliance, and you can have foreign employees with working visas.
- Limited Liability Company – Ideal for holding partnerships, an LLC is a trading entity with zero business restrictions and it is subject to local compliance. Quick to set up, the lawyer will furnish you with a list of paperwork and the application can be lodged; open bank accounts and within a short time, your new company is ready to trade. Click here for reasons to use the cloud.
- International Trading Entity – Suitable for a group of investors who wish to create funds and trusts; professional people often set up an ITE to minimise taxation and limit liability. The amount of capital is dependent on the type of business activity.
Source an established international law firm
It is essential that you talk with an experienced lawyer about your plans; he or she can advise you accordingly, while facilitating the registration process. This is a vital connection that can put you in touch with a diverse range of local service providers that you are sure to need.
The following services are available at local rates:
- Call handling
- Bookkeeping
- Accounting
- Filing tax returns, submitting reports and company statements
- General secretarial work
- Telemarketing teams
- Market research professionals
This enables you to remotely manage your business; all service personnel are issued with usernames and passwords so they can access the data they need. Updating in real time keeps your finger on the pulse and with bank-grade cyber-security, your data is secure.
Start by creating a plan
Consult with an established business lawyer and inform them of your plans; the expert can educate you regarding options, benefits and downsides; you can make an informed decision and take the first steps to creating a new business entity that is not subject to the laws in your home country.
Now is a good time to enquire about nations that accept offshore company registration, then you can weigh up the pros and cons before applying.