Offshore company refers to a company incorporated outside the jurisdiction of its primary operations, usually in a tax haven which has little government control.
In the current business context, many companies around the world engaged in international trading due to globalization. As a result, the cross border business transactions have exposed the companies to various tax implications imposed by the jurisdictions in / with which the companies are trading.
This is when an offshore company, as a vehicle, can help to mitigate the tax exposures of your businesses.
Of course, this is only one of the benefits, and there are MANY MORE!
Benefits of incorporating an Offshore Company:
- Assets protection from claims / lawsuits;
- Highest level of privacy / confidentiality as to the owner’s identity;
- Limited liability without any paid up capital requirement;
- No tax filing requirement;
- No accounting requirement;
- No auditing and reporting requirement;
With the assistance of BudgetAccounts, here are the offshore jurisdictions in which you can incorporate your Offshore Company:
- British Virgin Islands
- Brunei Darussalam
- Cayman Islands
- Cook Islands
- Passport copies of proposed shareholders and directors
- Proof of Address (e.g. bank statement, recent utility bill) of proposed directors and shareholders
- Details of the parent company of corporate shareholders
- Completed application forms
- Select desired offshore jurisdiction for incorporation of company
- Incorporation of company
- Application for Entity Name (Branch name must be identical to the Parent Company)
- Registration of the business