First off, do you know what an offshore company is? Simply put, it’s a company or corporation you can run outside the authority or jurisdiction of the country you’re in. Offshore companies brings along with it a package full of benefits if you’re interested in starting your own corporation. Take a look below at how one can benefit from starting his or her own offshore company.
– Did you know that setting up an offshore company is known to be easier than setting up an onshore company? Here are the basic steps to opening an offshore company:
– Choose where you would like to incorporate your company or which jurisdiction you want it to be in. The most popular selections are Panama, Cyprus, Hong Kong, and New Zealand.
– Choose your companies’ name. After choosing the desired location you have to make sure the name you choose is acceptable because some countries disallow certain words to be included in your companies’ name like bank, insurance, foundation, etc.
– You need to provide due diligence documents which include: a copy of your passport and driver’s license, residential address, and details of your company’s business.
– Fill out the order form which will ask you to state who the directors will be, shareholders, your contact information, whether you need a secretary, and what additional services you may need.
– Make a full payment so they could start working on your company right away. Usually, the cost of an offshore company ranges between $1,685 and $2,500.
One of the biggest reasons why most people open an offshore company is to avoid paying taxes. Once you have opened your preferred company abroad, the jurisdiction of the selected country will apply to your business. You’ll be paying little to no taxes depending on which country you incorporate your offshore business in, which will drastically increase your savings.
Privacy and Asset Protection
Another major advantage you’ll get from an offshore company is keeping your identity and directors’ identity private as well as protecting your assets. The more revenues your business generates the bigger the target on your back will be from swindlers, criminals, or other outside threats that can be detrimental to your company. As a result, keeping your identity private and your assets protected is crucial and that’s the benefit you’ll get with an offshore company.
The bottom line is that if you’re searching for the best way possible to open a corporation abroad and getting your money’s worth than starting your own offshore company is the way to go. It’s easy to setup, taxes are usually exempt, and you’ll be able to protect your assets and identity shielding yourself from any external harm.