Many offshore companies have notorious
reputations for being tax evading tools, but, even the world’s large and most
successful companies—such as Google—have offshore entities. It is legal to set
up an offshore company and There are many beneficial reasons why companies choose
to incorporate in foreign countries. Before you setup your offshore
company, here are some things to consider:
- Privacy and confidentiality – Setting up a company in a western environment presents many risks as the proliferation of the internet and the amount of information available publicly is growing.. Is privacy important to you? There are some countries that do not make public financial information, sensitive company document and information such as the names of all your shareholders and directors.
- Cost effectiveness – Setting up an offshore company is often cheaper than incorporating locally. For instance, there are some countries that do not require any minimum capital. You don’t even need to maintain a physical office. You can simply setup a virtual office to cut back on costs.
- Maintenance and overhead – Keeping the lights open will be easier as you don’t need to hire an entire team but rather often just one company service provider to provide all of the basic services to maintain your offshore company in good standing. This is often a less costly and easier solution than doing same in your country of residence.
- Professional help – You will be treading on foreign land, so it is best to get help from professional offshore company specialists. The consultant can explain to you everything you need to know on what it’s like to start and run a company in the country of your choice. You will be familiarized with the regulations and requirements in the jurisdiction you are interested in. There are company service providers that can do more than just give you a consultation—they can handle everything, from the submission of all documents to managing your offshore company on your behalf.
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