What Is Offshore Company

What Is Offshore Company | 6 Point Introduction

What is offshore company: 3 characteristics, 4 advantages, TIET, 3 types of registration agent

What is offshore company?

Offshore companies are technically those that are incorporated in a country other than the one in which the shareholders of the company reside.

They have come to mean companies that are incorporated in tax havens.

What is offshore company: 3 Characteristics

  • Incorporated in a jurisdiction which doesn’t levy any taxes
  • Are not allowed to conduct any business within the country where they have been incorporated
  • The jurisdiction has specific offshore company laws under which the incorporation has been made

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What is offshore company: 4 Advantages

  • Easy to set-up
  • Zero taxation
  • Protection from foreign legal issues
  • Confidentiality

Some jurisdictions have laws that make it a criminal offense to disclose the identity of shareholders and directors of offshore companies.

Every offshore jurisdiction has some advantages and disadvantages.

For example UAE offshore companies don’t need any document attestation if they are being used within the Gulf Cooperation Council (GCC) countries.

Seychelles offshore is the least expensive, however banking is not easy.

Mauritius is well-developed and has thousands of trained people to deal with complex offshore structures.

Isle of Man and Guernsey specialize in financial services and insurance companies.

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What is offshore company: Tax Information Exchange Treaties (TIET)

Many offshore jurisdictions have entered into treaties with the US, EU and UK to provide information about the identity of offshore company shareholders.

TIET specifically targets those individuals who are accused of evading taxes in their home countries.

It is advisable to check whether your country has such a treaty with the offshore jurisdiction you propose to incorporate your company in.

What is offshore company: Registration agent

Every offshore jurisdiction has registered agents who are authorized by them. They are familiar with the jurisdiction’s laws and practices.

They are required to do due diligence on the shareholders and directors. All offshore jurisdictions require a minimum of passport copies, proof of residence and a bank reference letter to proceed.

It falls on the registration agent to ensure that all Know Your Client (KYC) documents are genuine before an application is submitted for company incorporation.

Registration agents or Corporate Service Providers (CSP) can also help you with opening your offshore bank account.

Other services offered include nominee services, virtual offices and document legalization.

What is offshore company: Get a free quote now by filling in the box on the right and discover the advantages and types of registration agent

What is offshore company: 3 types of registration agents

1. Those located in the jurisdiction you wish to incorporate in. They are inexpensive and ideally suited for single company structures.

2. Those located in your home country. You may be familiar with them. This will make iteasier for you to explain your requirements face to face. However they will be expensive as they will be doing the incorporation through other registered agents.

3. Then there are agents located in 3rd countries. They have a network of registeredagents they work through. And will have a broader perspective of the offshore industry.

Before choosing your agent write down your objectives. Cost of registration services can be optimized if your objectives are clear.

What is offshore company: Get a free quote now by filling in the box on the right and discover the advantages and types of registration agent

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What Is Offshore Company was last modified: June 8th, 2019 by Manu Raj

Manu Raj

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