How to create an offshore company and how it can help your business
Setting up an offshore formation presents numerous advantages to a business; it adds the possibility of lower income tax and benefiting from trade in that offshore settlement. It is an intimidating prospect, as it means you need to undergo thorough research of the tax laws of the country of which you decide to reside in. For every country the requirements are different, whether it is be laws on income tax, company name registration or just the entire process or cost of setting up a company in that jurisdiction.
Below is a short guide on how to set up an offshore formation and will aid you in completing the process efficiently and effectively.
Finding a business consultant that is renowned and reliable is the first and most important step. Any company that is deciding to reside outside its homeland is offered a fast solution by company formation agents to best meet their needs. A reputable formation agent is essential as it will sure all legal aspects are taken care of and that the business is safe and secure when it is set up in an offshore jurisdiction.
Choose a Jurisdiction
First of all you need to select where you would like your new company formation to reside. Whilst are reasons for starting an offshore company may change, the benefits of selecting any given jurisdiction does not. You may want to start an offshore incorporation in order to gain privacy and keep the identity of a shareholder discreet, or you may just want to evade some company tax which is getting the best of your company. You should conduct your own research on the various tax havens around the globe and look into all the legislation to find out what will be suit your company. Once you have conducted your own research it is best to consult a company formation agent and they will help set you up with a selected jurisdiction.
Formulating a business plan
You want to have the same ideas and visions as your company formation agent so it is important to create a business plan before setting up an offshore company. This will not only benefit you, it will also help let the agent what exactly is required from them. Discuss your businesses basic needs, aims and objectives. Your consultant will then take all the required information such as time scale and jurisdiction and will then price you accordingly for these services.
Now the services required are clearly stipulated, you can now sit back and witness the making off your offshore formation. After completion of the offshore company, you will receive these items:
- Certificate of incorporation
- Government memos
- Original share certificate
- Original government receipt
As a result from becoming incorporated you should receive all of these items.
What an offshore incorporation agent can help you with
Company formation agents can help immensely as they offer support service for your company. These services are:
- Virtual offices
- Hiring staff
- Opening bank accounts
- Employment visas
These are all vital components when you are trying to get your business off the ground. It would be advised to see what would benefit your business the most and then make a decision based on what your business can afford.
Setting up an offshore company is not as daunting as you may have first thought. An offshore formation agent can make the process simple and fast, making it easy for your company to set up in any jurisdiction you desire. Once you have selected an agent to aid with such a matter, you should research a jurisdiction and then discuss it with your agent.
This article was written by Offshore Formations 247. They help companies start offshore in low tax jurisdictions. For more information on how you can set up a BVI company formation please see the highlighted link.