What is the definition of an Offshore company?
You may have heard about offshore companies but may not be sure about what they exactly are and whether setting up an offshore company would be the right thing to do for you. In this post we will go back to basic and explain as clearly as possible what this is all about.
Therefore an offshore company is a company incorporated in a jurisdiction outside of the country in which you reside, are domiciled, or normally conduct your business. But this criterion in itself is not enough to define an offshore company, because otherwise any company incorporated into a foreign country would be deemed an offshore company.
To qualify as an offshore company said company must be incorporated into a foreign country that
- Qualify as a tax haven and offer zero or nearly no taxes on your corporation
- Offers strong privacy laws which restrict or completely prohibit access to information about the owners of the company
- Offers easy and cheap incorporation process,
- Does not require filling of monthly/yearly tax filling or balance sheet.
- Can be managed from everywhere in the world.
Therefore an Offshore Company is a corporation that is set up into a foreign tax haven that has strong privacy law; no publicly accessible records, an easy incorporation process and no requirements to file accounts and no public records of accounts.
There are more than 50 countries in the world that fulfill all or nearly all those criteria. This being said there is no need for you to pass all those countries in review. We already did it for you and have preselected for you the 5 best offshore jurisdictions that is to say Belize, BVI, Seychelles as well as two other jurisdiction that do not fulfill all the criteria above but that can also be used for offshore purpose that is to say Delaware and Hong Kong.
How to choose the right jurisdiction?
The final choice between our five proposed jurisdictions will depend of you. In fine your nationality, your place of residence, your reasons to set up an offshore company, and your business and purpose in incorporating this company will be the factors that will determine the place of incorporation.
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Originally posted 2011-12-13 08:25:22. Republished by Blog Post Promoter