Offshore Company Operating Formalities
The Offshore Company Operation Formalities will vary according to the offshore jurisdiction. These offshore financial centres understand that their clientele are keen to take advantage of the privacy, confidentiality and asset protection legislation afforded to offshore companies within these tax havens. It is, therefore, in the best interest of these offshore jurisdictions to facilitate this process by making it simple to set up and to maintain offshore company operations: they keep offshore operating formalities to a minimum.
The Offshore Company UK offers you a time-tested, proven system which deals with all of the offshore company legalities and manages all of the aspects of offshore law for you, with minimal effort on your part, to facilitate the initiation and subsequent support of your new overseas entity.
Offshore Jurisdictions & Legalities
With our 30 year experience in the offshore company environment, by working closely with offshore jurisdictional governments, The Offshore Company UK can enable smooth sailing with all of these company formalities. When going through the process of offshore company incorporation, your international company package costs will include a line item for each initial formality – from minor governmental charges through to notarising and delivering documentation by hand.
Once each year, the the owners / principals / members of the offshore company will have a ‘meeting’, similar to a shareholders meeting. Unlike current UK legislation, the minutes and any resolutions of these meetings do not have to be recorded. Additionally, these meetings do not have to be done in person and a conference call or similar can be conducted instead, for ease of operation amongst other offshore company benefits. This is merely one example of how offshore jurisdictions facilitate ease of operation of an overseas company.
Some offshore company incorporation formalities in certain jurisdictions involve electing at least one person as a company director upon creation of the overseas entity. In reality, this means that an individual can incorporate offshore in most offshore financial centres. Additionally, it is essential to have a registered offshore company agent. This is typically a licensed person or company which has a physical address on public record within the jurisdiction in which you are registering your company. The Offshore Company UK provides registered offshore company agent services within the recommended jurisdictions, which is included within the process of offshore incorporation with the ability to advise on the various types of offshore company formation if necessary.
In addition to a high level of Offshore Company Privacy, international companies are, in the main, much less formal than UK / EU companies. The income earned outside the jurisdiction of incorporation is tax exempt, making offshore company tax very low or, even, non-existent. In most jurisdictions, the overseas company is not even required to file annual reports. Additionally, some company types are not even required to hold a shareholders annual meeting. Those jurisdictions which require an AGM will either allow telephone / video / web conferencing, as mentioned above, or they will permit the meetings to take place anywhere in the world.
Naturally, it is crucial that your chosen jurisdiction’s offshore company legalities and formalities by complied with. These, as highlighted above, are usually quite simple and straight-forward. As your overseas incorporation partner, The Offshore Company UK is delighted to assist you with these offshore formalities.
An Offshore Company can undertake a wide spectrum of business activities and can attract and conduct international activities which render them just as credible as any other business jurisdiction. With an increasing number of companies and individual going offshore, standard onshore entities have developed a familiarity with this company type and have confidence in dealing with such businesses.