WHY GO OFFSHORE?
Going offshore through an IBC (International Business Corporation)
allows the owner total control over their assets in the complete PRIVACY of an offshore center. All business, including investments and banking, is conducted under corporate ownership, keeping the name of the shareholders, directors and officers completely private. In the vast majority of cases, the banks are even forbidden by law to disclose client information.
Why not set up a local company to gain privacy? If you live in a non-offshore country, there is no privacy in setting up a local company. Anyone can search the corporate registry for the names of past and current shareholders, directors and officers.
Companies formed in St. Vincent and the Grenadines, Belize, British Virgin Islands (BVI), Cyprus, Seychelles and other jurisdictions are not subject to such regulatory requirements and benefit from extremely flexible legislation, ease of operations, no taxes and political stability. In most cases, individuals use IBC’s to hold investments, operate bank accounts, own property, protect assets, or conduct business as a trading or shipping company.
A significant proportion of the wealth pouring into Offshore Jurisdictions comes from major corporations, highly placed politicians, and others with knowledge of the benefits of going Offshore. How do you gain this knowledge? Read this Website and other publications that will educate you about the advantages of going Offshore and consult with professionals.
The body of law that covers new company formations, foundations and trust law is frequently written or updated to provide a globally competitive environment to conduct business with greater levels of privacy and a friendly tax structure. There is a rigorous competition between popular jurisdictions for offshore activities, with legislation changing frequently to provide greater flexibility and increased value to those seeking offshore company and asset protection alternatives. Therefore, it is advantageous to consult with an attorney who is familiar with the provisions, advantages, and disadvantages of the laws of multiple jurisdictions. Frequently, there is no corporate income tax for entities incorporated in the most popular jurisdictions (and not doing business locally).
Popular jurisdictions that are friendly to these activities include: St. Vincent and the Grenadines, Panama, Belize, British Virgin Islands (BVI). Although you can establish an Offshore Company in most offshore jurisdictions, the popular jurisdictions are characterized by their privacy laws, established financial structure, government interest in developing commercial transactions that support business growth and friendly tax environments.
The jurisdictions that provide these benefits generally generate income through a series of government fees and license requirements. For US residents, a local (US) attorney should advise the client on the structure of the offshore entity, helping choose the jurisdiction that will provide maximum benefit in light of the objectives and contracting with reputable licensed service providers in the foreign jurisdiction to implement the offshore portion of the structure.
There are typically annual license fees that are paid to the local government to maintain the validity of the corporation and recurring fees to retain a registered office in the jurisdiction. Beyond those costs the Offshore Service Providers charge for additional requested services such as Nominee Directors, filing annual registrations with the local government, registered offices, accounting, re-invoicing, mail forwarding, opening bank accounts or establishing other local business links. The difficulty for the first time offshore participant is developing a plan that makes the best use of what the various jurisdiction have to offer and combine it with the requisite level of control, confidentiality, immunity to creditor attack, and investment flexibility the client requires.
What about the cost?
Whether you can afford to go Offshore in determined by a simple cost/benefit analysis: set up cost an annual fees versus privacy gained, assets protected and taxes saved. In your long term financial game plan, if it makes sense, at least some of your assets should be safely harbored Offshore.
Our fees are extremely reasonable. Compared to most intermediaries located in your chosen Offshore Jurisdiction, you will find our fees to be much lower.
We offer the added value of
- work performed by professionals,
- current knowledge of relevant domestic and Offshore laws and practical matters which you should know before and after going Offshore, and
- quick, safe and secure Internet based service saving you the cost and time of traveling to an offshore tax haven to incorporate in person.
Fees for establishing Offshore Entities are normally payable in advance with Wire Transfer or equivalent.
While not providing any specific legal or tax counsel, nevertheless for some individuals or companies, offshore companies may offer specific tax advantages over other jurisdictions. Any potential client seeking an offshore structure should previously consult with their individual legal or tax advisor.
All of our clients receive personal and strictly confidential service.