An offshore company is often untaxed or pays a fixed, annual tax. Offshore companies are located in offshore jurisdictions where a very low tax rate is offered to encourage investment. These tax havens are stereotypically islands and former colonies such as the Channel Islands, Seychelles, Honk Kong and BVI but also include traditionally high-tax countries such as the UK and US. Most offshore companies include substantial asset protection features e.g. limiting creditors to 'charging orders' or offering bearer shares and nominee directors to preserve the secrecy of principals.
Types of Offshore Company
Offshore companies come in different forms to serve the varying needs of businessmen and investors. Offshore corporations, which are also known as limited companies or International Business Companies (IBCs), are often used to enjoy tax-free profits and conceal the beneficial owners of offshore accounts. Other common companies include offshore limited liability companies and offshore protected cell companies. Offshore trusts are used for asset protection and to hold other offshore companies.
Benefits of Offshore Company Formation
- Asset Protection
- Privacy
- Tax-free forex trading
- Virtual Office Services
- Tax-free investments
- Real estate holding and property management
- Nominee directors protect anonymity
- Few auditing requirements
- Risk management
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