Saying Yes to Offshoring in 2022 – Facts Behind Decision to Go Offshore

Jurisdictions, countries, and zones termed offshore come with significant tax incentives and privileges for residents thereof. Prevalently, it is due to their low or no tax situations that jurisdictions like the BVI, Caymans, or Nevis are in the limelight and inviting attention on the part of international regulatory authorities.

With the offshore definition referring to commercial and other activities that happen beyond a person’s country of incorporation borders, offshore companies, corporations, and banks are no longer a fad. They are sooner legitimate institutions used to slash business tax rates and provide companies with bread buttered on both sides. For the above purpose, lenient laws have been implemented to regulate offshore activities. So far an offshore entity and its operations stay within the pale of laws, international regulators are not bothered. Although in the past certain offshore businesses were and still may be used to pursue illicit goals, say tax evasion and/or money laundering, most of them are respected and law-obedient commercial entities. Even more so, they have to deal with mounting pressures from international compliance organizations.

Midshores of a like nature come with zero taxes on corporate profits where a resident company’s activities are carried out beyond its offshore incorporation jurisdiction. Midshore examples include say Hong Kong, Singapore, and Panama since the latter employs territorial taxation like the former two.

With their simple, easy-to-apply, and clear laws providing for seamless accounting and reporting procedures, offshore zones are an appealing destination for international companies to run business in. FYI: although much easier to handle, certain reporting requirements are still inevitable and matter-of-course in global offshore financial centers. This goes to debunk the myth of OFCs with no accounting or reporting requirements.

An offshore entity or company all the while denotes a legal person incorporated and operating in an offshore jurisdiction as classic as the BVI or Nevis, subject to the laws and regulations thereof.

With deoffshorization getting up steam globally, OFCs and their significance risk fading in importance. It is a given that multiple midshores and onshores are currently introducing laws to grant commercial and tax privileges to foreign investors and woo the latter into their countries together with the money. By contrast, various OFCs have it the other way round compelled to follow the amended international law requirements that demand stricter compliance.

Although common perception oftentimes has it, OFCs are there for money laundering and tax evasion, the reality puts it good and proper. The fact remains, like any other instrument OFCs are a mixed blessing. When used legally, they are bound to come with conditions to make your business prosper, protect your assets, boost operations, and improve the company’s performance overall. Law breakers are persecuted and punished to discourage potential followers from any like doings in the future, with screws tightening ever more firmly at present.

When used properly and in conformity with the law, OFCs and businesses incorporated therein may be employed to achieve various goals:

• reduce your tax load
• protect assets and title thereto
• boost commercial activities on a global scale
• obtain licenses for and carry out high-risk activities like gambling or cryptocurrency trading
• gain access to new markets and expand your existing customer base
• enhance business efficiency and many more.

Offshore companies are here for you where you need to move your assets offshore for this or that reason, with assets most often being movable or real properties, shares, or funds. In the latter case, the company about to move its funds offshore will have to open an offshore bank account to place the money therein. Both personal and corporate offshore bank accounts are useful instruments for asset protection. Depending on your goals, you may open any of them.

At International Wealth, we recommend Nevis, Belize, and the Marshall Islands for those considering offshore company incorporation. With their lenient laws, superb confidentiality, and unparalleled asset protection standards, the above jurisdictions are accepted globally and their reputation is not questioned, especially with the Marshall Islands. The jurisdiction comes highly recommended for offshore company incorporation bound with minimum hurdles or issues.

For International Wealth customers, the offshore company incorporation procedure is quick and easy:

• message the International Wealth consultants with your offshore company incorporation request
• book an online consultation with us to discuss all related issues
• give the International Wealth industry specialists all important details pertaining to your offshore company incorporation goals to secure the most efficient recommendations
• name us any extra services you may require
• submit all the requested document copies, including, inter alia, a certified passport copy and a proof of residence
• pay the requested services after the document verification has been completed. Depending on the incorporation jurisdiction and extra services you may need, total costs will vary. For more information as to our rates and prices, you are welcome to message International Wealth using any contacts on our website
• wait for the incorporation procedures to be finalized by the International Wealth lawyers. It may take as long as 1 week on average where the documents you submitted are error-free and we receive the payment from you in due time
• send us original copies of the required documents after the incorporation procedures have been completed and wait for original company incorporation documents to be delivered to you. Feel free to start the company’s operations after it’s all been set and done.

With offshore companies, the greatest perk potentially is that they may be incorporated remotely. In all but name, it is the only viable option to incorporate one, with traveling to classic offshore jurisdictions as far as to the Caribbean being such a chore. Modern digital technologies indeed make our life and offshore company incorporation much easier and less time consuming.

All facts considered, incorporating an offshore company on your own is a monumental challenge only selected few can successfully handle. Yet, with expert assistance from the International Wealth weathered industry pros, everything will be done without a hitch.