Ways to Setup Offshore Company

An offshore company is attractive for its tax and privacy protection benefits if incorporated in the right jurisdiction. It is possible for both individuals and large corporate to consider this option to cut costs and optimize tax. In addition, they can also be a solid way to ensure corporate and personal privacy and security.

It is best to employ an offshore corporate and company registration and management service to take care of the legal formalities and do all the ground work. While it is not essential, visiting the location yourself may be a viable option for special companies and to set up a foreign banking account. Setting up a non-financial company is a fairly straightforward process. The offshore services provider will require minimal documents. The most common documents required are a scanned copy of the passport and a utility bill that is less than three months old. Thereafter you can start the process of registering your company.

Choose a name: There are some restrictions on the name. You may not use words like ‘banking’, ‘trust’, ‘insurance’, etc. as these require special licenses. Most names need to end with a word like ‘limited’, ‘LLC’, ‘incorporated’, or any other globally accepted words and abbreviations as per the laws of the jurisdiction. The Registrar may decline names that display an association with the government, or names that contain derogatory or obscene words.

Registered Address and Agent: These are required for official correspondence from the government, and physical address must be provided. Service providers can take care of both ofyou.

Legal Corporate Documents: Incorporating a company requires other documents like the Memorandum of Association, Article of Association, first minutes, etc. A subscriber must sign some of these documents. Service providers can provide you with one if you are not physically present to sign.

Directors and Shareholders: Most jurisdictions require a minimum of one director, and most allow corporate and foreign directors. While the names of shareholders are not required, you may choose to register shareholding patterns as a public record for your protection or safety.

Once these steps are completed, an offshore company can be incorporated. With minimal red tape, the entire process takes less than a week, and may even be completed within 24 hours.