Offshore Company Benefits
An Offshore Company offers numerous benefits to an existing business or to an individual on a multitude of levels. Overseas company formation can provide a wealth of benefits: offshore asset protection, confidentiality, enhanced privacy, tax savings or simply growing your business outside of the UK / EU. There are, however, a number of pitfalls to bear in mind and choosing the right jurisdiction / offshore financial centre in which to form your company(ies) is critical. The offshore location must suit you and your needs analysis, so careful consideration and advice is paramount.
Incorporating offshore means that you will have to deal with a number of offshore operating formalities associated with each type of jurisdiction and will result in the need to select a jurisdiction / tax haven / offshore financial centre. Each jurisdiction has a slightly different value proposition for international clientele and the benefits vary greatly, however they can vary depending on the costs of offshore company incorporation and the offshore company incorporation process involved. The common benefits include:
- Offshore Asset Protection
- Protection from Legal Action
- Reduction in Taxes
- Ease of set up / operation
- Complete Financial Privacy
Conducting business and undertaking banking transactions in the name of a legal entity, such as an offshore corporation, provides significant privacy and confidentiality benefits. The names of the officers, directors and shareholders can be excluded from the offshore company’s documentation in many jurisdictions – The Caribbean and Belize, for example. However, with the world-wide drive to eliminate terrorism funds and reduce the harbouring of the proceeds of criminal activities, there is anti money-laundering legislation that will permits professionals reviewing offshore structures. Most offshore financial centres will not divulge the names involved in the offshore corporations, specifically the owners’ names, to a third party or foreign government. That is, unless an act of criminal atrocity or terrorism has taken place and is being investigated.
Asset Protection through Offshore Company Formation
The placing of assets into offshore corporations and overseas legal structures can provide a strong layer of protection from future liabilities. “Own nothing, control everything” is the mantra and game-plan of some of the wealthiest and most legally shielded individuals on the planet. By having trusts, investments or bank accounts and other assets owned by your offshore corporation makes tracking them down via an asset search terribly difficult. Offshore companies provide highly effective asset protection and effectively screen your finances from public view.
Legal Protection through Incorporating Offshore
If a legal opponent is pursuing a legal action against you, it typically involves an asset search to make sure there will be money to pay out, were a judgment to be awarded against you. If assets are in an individual’s name, they are terribly easy to locate in an asset search. Forming offshore companies and having assets held by the overseas company means they are no longer associated with your name. Therefore your assets can be effectively shielded from legal opponents, judges and court rulings simply by incorporating offshore.
An additional offshore company benefit is simplicity and ease of operation. Most overseas jurisdictions make it simple for anyone who is interested in incorporating as they appreciate that time is, literally, money. The statutory obligations in the running of the offshore entity have been made simple, too. With over 40 years of off shore experience, the Offshore Company UK is a world leader in Offshore Incorporation. We assist in the formulation of your off shore stratagems, based upon your needs analysis, and pride ourselves in developing the best offshore plan of attack for your requirements.