Despite the pressure from OECD and FATF, offshores remain popular with entrepreneurs who flock from all over the world to take advantage of good conditions for business and good banking services. Offshore company incorporation is usually quick, and it does not need much annual reporting. And this is an opportunity not to miss while it still exists!
Reasons to set up an offshore company
Source: campiogroup.com
You still haven’t decided whether opening an offshore company is something you wish to venture into? Here are the reasons why people establish offshore companies, and some of them may be of interest to you:
- Of course, low or zero taxes. This is still the most popular reason why people go offshore, and it has nothing to do with tax evasion. All you have to do is to conduct your business outside the jurisdictions where your company is registered.
- Investments in real estate or other valuable property abroad to protect your assets
- Setting up a trust to manage your inheritance
- Better banking, capital, and loans
- The company can be established and managed online, and you will not ever need to visit the country of its establishment
- Opening a holding company to manage different branches across the world
- Enhanced protection of the rights of ownership
- Confidential treatment of business owners’ personal information
- Very little reporting is required on an annual basis
As you can see, an offshore company is a very convenient business instrument that you are sure to appreciate as many of our customers do.
Choice of a proper jurisdiction
Source: internationalwealth.info
Offshore jurisdictions offer different conditions and have peculiar benefits that you may not find anywhere else. That is why we strongly recommend seeking professional advice as the wrong choice of a jurisdiction will affect your business considerably. You can contact a professional expert by following the link above, book a session, provide the information about your business, and receive a shortlist of the most suitable offshore jurisdictions. This service is free, so do not hesitate to use this opportunity.
Meanwhile, we will talk about some reasons behind the choice of a destination. The purpose of your company incorporation is the essential factor that helps the specialist find a perfect destination:
- If you plan your trading operations in China or with partners in Asia Pacific, Hong Kong and Singapore could be the best destinations not to miss. You can open a company in one jurisdiction and an account in another one to diversify risks.
- If your partners are mainly based in the US and you are interested in the US market, consider either Costa Rica, Panama, or the whole Caribbean region if you want to form a company outside the USA. However, the US offers offshore company establishment in separate states – such as Delaware, Nevada, and Wyoming. You can set up a legal entity here and enjoy the same privileges as in any other offshore jurisdiction.
- If you set asset protection as your top priority, consider trusts in Nevis or Belize: they protect you and your assets by not recognizing the decisions made by foreign courts, so your creditors will hardly get to you.
- If you are in the gambling business, you will need to get a gambling license. The easiest way to do it is to choose Curacao or Costa Rica. If you want to scout your offshore gambling competitors, you can click here and find out everything about them.
- You may be willing to launch a financial start-up, and the best destinations for this goal are the UK, Luxembourg, Estonia, or Ireland.
- Finally, you may be seeking an easy way to get a banking license, and that’s where Puerto Rico, St. Lucia, Vanuatu, or Panama may come in useful.
The purpose of your company set-up will also help the consultant recommend an appropriate legal form to you.
An operational offshore structure will not be complete without opening an account. Offshore private banking is really good if you choose the right jurisdiction and the right bank! And we will surely help you with this – just follow the link to book a meeting with a good financial advisor.
How to choose a bank
Source: creditkarma.com
Here are three factors to take into consideration before you opt for this or that offshore bank:
- How much will the account cost? You will have to pay for its opening, maintenance, and sometimes keep a minimum amount on it. All of these make up the total cost that should be affordable to you.
- Account currency. If you know perfectly well who your business partners are and in which currency you are going to trade, you can choose an account for your needs. However, in some cases, you may need a multicurrency account to cater to all your needs.
- Jurisdiction where the bank is based. First of all, it should not be on the blacklist of FATF or other influential organizations or you will not do much with the help of your account. Second, the jurisdiction should have its banking sector in good condition, and this is where you will either need to keep track of the latest news related to this topic or rely on an expert who keeps his finger on the pulse.
Bank requirements
Source: bankrate.com
No matter which bank you choose, you will need to diligently prepare all the documents. Offshore banks need new clients and are ready to welcome them. On the other hand, they don’t want to work with suspicious clients who may resort to any gray schemes and cast a shadow on the bank’s reputation. That’s why you will undergo a thorough check, and you’d better be ready for it. If you feel unsure, we will help you correctly fill out the forms.
You will need to undergo the KYC (Know Your Customer) procedure that is a must for all respectable banks. The bank has to make sure you are not going to engage in fraud or any financial crimes.
Each bank and each jurisdiction may have its own specific compliance procedures you will have to go through to become a bank customer.
Need an operational offshore structure really quickly? It will take us two weeks to set it up for you. Follow the above links to take advantage of our free offers today!
