More and more entrepreneurs are choosing to establish offshore companies due to the various benefits this type of business setup offers. By owning a company in a country that is friendly to foreign businesses, you will benefit from fewer or lower tax liabilities, low incorporation fees, better asset protection, and greater confidentiality and anonymity.
If you are also thinking of opening an offshore company, you will experience all these benefits only if you go through the whole process properly and systematically. You can breeze through the offshore company setup process without any snags if you have the following before you start your application:
1. The right jurisdiction in mind
Not all countries are the same in terms of the benefits and freedom they offer to foreign businesses. Because of this, it is important that you choose the best jurisdiction that will meet your business goals and your company’s particular needs.
If you’re still thinking about which country to set up your offshore company in, consider the taxation programs and incentive plans the jurisdiction offers since these are two of the biggest benefits you will enjoy when you make this business move. Additionally, think about your preference for degree of confidentiality and asset protection; find out if the jurisdiction can give you these.
In the UAE, for instance, entrepreneurs that choose to have an offshore company here will experience income and withholding tax exemptions. Business owners will also enjoy full confidentiality and ease of company registration and incorporation.
Choosing the right jurisdiction is an important step in the whole offshore company formation setup. Once you have this figured out, you will have an easier time working on the other steps or processes.
2. A business plan
Even if you won’t be technically operating a business in a foreign country, you still need to have a business plan for bank account opening. It is one of the initial requirements you need to have and submit when applying for any type of business permit or license, registration, and incorporation.
You should also prepare a brief but complete description of your company offerings or activities. This will give anyone reading your business plan a clear overview of what your venture is all about.
3. Documents relating to your personal, legal, and financial information
When applying for incorporation, most jurisdictions require only the following:
- The name of the director or directors or beneficial owner
- A copy of the applicant’s or applicants’ passport
- Proof of ads
- Curriculum vitaes of shareholders
- 2 to 3 name ops for proposed coy
- Evidence ovitaenk account (bank reference letter, bank certificate, etc.)
You will also have to prepare the processing and governmental fees and complete certain forms that will allow the jurisdiction’s governing body to know more about you and your new business.
4. A trusted offshore company registration agent
By working with the right agent, you will get help from start to end of the whole offshore company formation process.
In case you are having a difficult time choosing the ideal jurisdiction for your new company, providers of business setup services can help you make the right decision.
The best service providers will give you all the details you need about the jurisdictions you are interested in. They can also share with you their experiences and insights about setting up companies in these areas which you can consider in your decision-making.
Additionally, offshore company formation experts will help you complete and compile all the documents and requirements needed for the establishment of your business. They will even help you with opening a bank account if you need assistance with this step.
The best offshore company registration agency can offer other services that you may need now and along the way as well. They can provide tax consultancy and filing services. They usually offer accounting and trade license renewal services, too.
As long as you choose a reputable, seasoned, and knowledgeable agent to work with, you will have easy and quick access to any type of assistance or business solution you may require.
When you have these four things on hand, you can have an offshore company established in a matter of weeks. This will allow you to reap the benefits of having an offshore company faster and longer.