Setting up a company in an offshore jurisdiction is a simple step and is no different than starting your company back home. However, when it comes to international business, the company should comply with the laws of both the offshore country and the resident country. This can sometimes cause confusion if there is no professional support and advise to navigate through the murky world of tax compliance.
Every country has its own company law and an independent tax system. Countries with the lowest corporate tax rates are popular destinations for entrepreneurs undertaking offshore company formation. By incorporating companies in a low tax or tax-exempt jurisdiction, entrepreneurs take advantage of the flexible tax regime to generate more revenue growth and cut down on costs. Offshoring is emerging as the only alternative to companies where tax planning or tax outgo is a significant aspect to address. Therefore, setting up an appropriate corporate structure in a suitable jurisdiction helps in making a world of difference.
Moreover, registering an offshore company allows you to take advantage of international opportunities, grow your profits, and protect your assets among other features. Of course, it may seem daunting to work with foreign and international laws, regulations, and tax codes, but then different business structures exist to help make the move a seamless one. In any case, it is a profitable choice. Many countries encourage, assist, and welcome foreign nationals to own and operate a business. In fact, most of the offshore destinations have benefitted from the influx of capital, talent, and resources.
Of course, there is a stigma attached to offshore companies because of the fraudsters and tax evaders trying to capitalize on legal loopholes. This has given a cause for tax authorities to increase their vigil and scrutinize every business move. In some countries, nationals have to remit tax on all of their profits, whether the income is sourced within the country or outside. This is where the advantage of using a professional corporate services firm lies. Every year, thousands of businesses incorporate abroad for legitimate and legal tax strategies and for protection. They are also looking for the best comparative advantages, geographic advantages, globalisation and more.
We assist in structuring an offshore company and help them get up and running in quick time due to our experience and knowledge of the different company law requirements. Proper planning is necessary to ensure compliance with all jurisdictional requirements and obligations.
As a company with a global presence to accommodate our clients, wherever they choose to establish in the world, Ocfam provides complete licensing, accounting and auditing services to those starting an offshore company. We support and help you sail through the challenges that an offshore expansion process entails. Get in touch with us to know more!