Offshorecorporation.com offers content rich information and tips on offshore company formation services. Whether you are looking for an offshore entity or forming an offshore company, Offshorecorporation.com is the premier online offshore incorporator. We offer many services and helpful information to get you started.
A corporation or LLC that is formed outside your country of residence is considered offshore. It is very important to chose the jurisdiction wisely. We have offshore formation services in many jurisdictions.
Properly establishing your business will provide financial confidentiality and privacy to the owner.
Here is one scenario: An offshore bank account is titled to one owns name. The account holders name is easy to trace. If the bank sends account statements to the account holder via mail, a third party may intercept those statements. The account holder may come under personal scrutiny.
Another scenario: The bank account is titled to the business. The account holders name is listed as the business. If bank statements are intercepted they will be under the offshore name. With the offshore corporation as the account holder, there is no personal tie to the signer on the account. Many jurisdictions have very h2 laws to prevent an outside party from learning who the account signer is.
The jurisdiction that we recommend is Nevis. Nevis is becoming the most convenient and attractive domiciles in the world. The Nevis Business Corporation ordnance of 1984 requires the one pursuing legal action to post a $25,000 bond with the courts before suing you. The person pursuing legal action must then file a brief justifying why they should be permitted to sue. The court representatives will then decide if the suit is warranted. If the suit is not warranted then the litigant will not be allowed to sue. The person pursuing legal action will also have to forfeit their $25,000 bond. Since this enactment in Nevis, there have been few frivolous law suits.
We do not recommend the traditional British Dependant Territories such as Bermuda, Cayman Islands, Turks & Caicos, Anguilla, and Montserrat. The British Channel Islands(Jersey, Guernsey, Alderney) and the Isle of Man are jurisdictions that we also recommend against. Since the European Union Regulations and the Organization for Economic Cooperation and Development (OECD) many jurisdictions that are dependant to Great Britain have eliminated or decreased their privacy laws. These British Dependencies have also implemented a withholding tax on bank account interest.
Offshore tax havens, such as Nevis, that are independent from Great Britain have retained their h2 privacy laws. A majority of these countries receive a wide amount of their income from offshore services. Keeping privacy laws in place on a long-term basis is financially beneficial for these countries.
When having an offshore entity it is a good idea to have several other companies. When owning more than one business, funds can be transferred between the companies. These transfers are free from government reporting. Since there are no requirements by the government to report transfers between one foreign account and another, there is a significant reduction in paperwork.
For US and Canadian citizens, taxes are to be paid on worldwide income generated in a controlled foreign corporation. However one’s privacy can still be maintained. Take the stock in the offshore entity and have a private Nevada “C” Corporation (or for an Alberta Corporation for Canadians) own the stock. In this situation, the income generated by the foreign corporation is reported on the tax returns of the corporation and not the individual. If personal tax returns are summoned, the income produced offshore does not have to appear. Since the “C” corporation pays lower income taxes in most brackets than individual taxes, this is a great tax-saving strategy.
We vigorously support complete adherence to laws of the US as as international legislation where applicable. We have seen others try to make exceptions for themselves when it comes to legal compliance. However, we have not seen it go so well for those who try to bypass the law of the land. So, learn the law. Make it work and win. That is the reason we fully encourage you to seek licensed legal and tax counsel. Be sure that you stay on the right path. Seek out ways to make the system work in your favor and win the game.
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I learned a lot about how exposed I was to lawsuits and judgements, I protected my wealth with several instruments.
- J.P. Dumini
I’ve learned that nobody wins in a lawsuit, the only way to ensure that you don’t lose, is to have something in place when you need it.
- J.M. Ansen, Los Angeles