Benefits of incorporation in offshore zones
Offshore zones such as the British Virgin Islands or the Cayman Islands are business magnets, and they are drawing business people from all over the world. What is leading to this phenomenon? Here are some perks when you incorporate a company in one of these offshore jurisdictions.
1. Low or zero taxes
One of the most important and popular reasons to transfer your assets to offshore zones, whether it’s personal finances or corporate merits of the company, is that there are no taxes. Offshore zones are called low tax jurisdictions. This allows you to optimize costs and reduce the tax burden.
2. High level of privacy in offshore companies
Confidentiality, a significant reason global companies and wealthy people choose to incorporate in offshore zones, it implies asset protection and privacy. There is no requirement to disclose the register of directors and shareholders, so a certain degree of protection of personal data, transaction information, etc. can be achieved.
3. The speed of companies’ registration offshore
Depending on the offshore zone, the time required to register a new company can be reduced by up to one day. This means that you can start working within a short time. Also, you don’t need to provide a lot of documents to register a company.
4. The ability to open a bank account in any country
By setting up an offshore company, you are not required to create a bank account in that offshore zone. Your bank account can be in any countries of the world, and you can accept payments in a currency convenient for you.
5. No filing requirements
A reason why a business may encounter a problem is with its bookkeeping. Offshore jurisdictions request a simplified form for submitting financial statements, or it does not need to be submitted at all. The main requirement to keep your company running is to pay the annual renewal fee on time and keep the accountings in a place known to the registrar. This makes offshore zones perfect for those who incorporate their business there.
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