The Advantages of Offshore companies
(firmenpresse) - An offshore company is an incorporation which does not operate in its country of registration. It fully dedicates all its economic activities overseas. This means that, the company`s “mother country” is different from its country of operation.
Benefits
There are very many benefits accrued to an individual or to a given business as a result of opening an offshore company as opposed to an onshore company. These are just but examples of the expected gains of incorporating offshore:
1.Reduction of tax burden
In most countries, offshore companies are offered subsidized tax policies. Others even exempt them from any kind of taxation. If for example the domicile country asks for taxes, offshore companies are allowed to delay their payment until gains from overseas are repatriated. This gives the firm`s funds time to compound.
Incorporating an offshore is one of the many ways of tax avoidance, which is legal; unlike tax evasion which is sue able offence. Nevertheless, it is advisable to use the advice of experts so as not to be at logger heads with the tax jurisdictions of the country of operation.
2. Simplicity in setting up and operation
Opening an offshore company is relatively fast and simple as opposed to opening an offshore one. This is because the legal requirements are fewer. In most instances, there is even no need for starting capital, and if there is any, it is usually a smaller figure than it is with an onshore incorporation.
Also running of the established company is cheap, since there is no need for a physical office. The owners might decide to open a virtual online office just for operational purposes. This does away with the need to employ the staffs associated with normal offices. The legal obligations of the directors of the company are also far much reduced as compared to the “local directors”.
3. Protection from lawsuits
In case of a trial the owners of the company won`t be sued since they are just but share holders of the company and not owners, this is called limited liability.
Any ill-considered litigation processes will not be able to bring down the company. This is mainly due to the fact that, an offshore company has an added layer of legal protection in its country of operation. In legal circles, an incorporated enterprise can only be tried in its country of incorporation. This gives the company confidence that, in the event that the company losses the case, the courts would have a very hard time trying to trace its assets in its country of operation.
4. Privacy and Protection of assets
Apart from offering limited liabilities to its subscribers, offshore companies also remove the names of the proprietors from the company`s assets list. This gives the owners the privacy which is often missing in onshore enterprises. Offshore companies are a very safe bet for those wary of any legal processes targeted at their assets. Through this process, the person can hold assets and intellectual properties in the name of the company.
Stability
In cases of political instability in a given country, the entrepreneurs should consider incorporating their companies in countries with presumed stability. This would put the proprietors in firm grounds in instances of harsh laws being passed in the country of operation.
Insurance
The insurance policies offered in the “mother country” might be most suitable for the company. These offers might only be available to companies incorporated in the said country. The company might take advantage of the favoring environment in that country to incorporate there so as to enjoy them.
If you are thinking about taking advantage of offshore companies then contact ICO SERVICES now, visit www.icoservices.com. We can guide you through the process of offshore formation step-by-step and offer you peace of mind.
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