An offshore company is one that is incorporated in a country other than your country of residence and this can be technically any country. But most of the time it is associated with particular countries and their jurisdictions and offers asset protection and various other business flexibilities and privacy protection. Below are a few steps in which an offshore company can be registered via a registered agent or trustee.
Understanding the benefits
Depending on the company that you decide to form and the location, incorporating an offshore company can drastically minimize or even eliminate corporate taxes. An offshore company registration in Dubai will require strict documentation processes and privacy regulations. Some of the popular locations for off shore companies are the British Virgin Islands, Panama, Hong Kong, Cayman Islands and Bermuda. If your company is large enough, there may be considerable savings from tax and regulatory fees by setting up an off shore company.
Off shore service provider
Usually the off shore service provider incorporates the off shore company and handles the administrative tasks in completing any required financial reports and renewal documents. If you are just starting a business, an off shore company is not ideal as this would not serve the purpose of minimizing corporate taxes. Only highly established firms would consider this method of saving. The registered third party would also be responsible for the legal rules and regulations that accompany with incorporation in the specific jurisdictions of the location they operate. It is always sensible to do a thorough research in finding a reputable off shore service provider and prepare for the fees associated with it. These can significantly vary and setting up of bank accounts, corporate offices, corporate logos and seals will all add up to a large amount. However, these initial costs will not be a great deal once the entire set up gets working and most of the corporate taxes are minimized.
When you are doing business overseas, it seems obvious to obtain the advice and expertise offered by a legal counsel, the off shore service provider will not be able to professionally help you in this area of the field. A trade attorney, tax or international corporate attorney will be able to guide you soundly through the process and requirements needed in the jurisdiction of the location you are operating in. Apart from the legal advice, an attorney will coordinate services and provide timely information on any new regulatory trends or changes in the regulations. It is important to keep yourself guarded with knowledgeable people so that help is ready whenever you need.