Once you have decided to set up your business base in another country the first step in offshore company incorporation would be to decide upon the particular country where you intend to set up. Choose one whose jurisdictions are secure and legitimate and corresponding laws and regulations are simple.
The tax laws, communications efficiency, foreign exchange laws and regulations, banking facilities available and overall cost of company incorporation and maintenance etc should be given utmost importance. Always opt for expert advice regarding the actual formation. There are numerous firms which specialize in offshore company incorporation.
Once the location has been fixed, it is up to the owner to decide whether to visit the place or not. The services provided by certain online firms who are registered agents can be utilized to carry out the incorporation formalities. It takes very little time if you have all the necessary documents ready. An online application form can be filled and all necessary documents sent to them by fax or courier.
A major step is to open an offshore bank account. Proof of identification such as Drivers License, Passport copies or National ID has to be provided to your incorporation agent as they have to maintain records of all directors, shareholders and beneficiaries of the company. All information provided remains undisclosed with your agent.
A Beneficial Owner’s Declaration known as BOD has also to be filed with the agent. This will highlight the present activities of the entrepreneur, the business he plans to conduct through the newly incorporated company, information related to his career etc. There should also be a signed statement accepting to obey the jurisdictions of the offshore country and not stray into any prohibited areas etc.
There is usually a middle man involved known as the ‘Incorporator’ who plays a vital role in offshore company incorporation. He is the official signatory of the incorporated company in its initial stages and is also the first share holder of the company. He has to subscribe to the minimum number of shares as required by the law and later transfer them to the rightful owner. You can further appoint nominee directors and company secretaries if you further look forward to not being actively involved in the company operations.
An amount will be charged as the incorporation charges as well as the fees of the agent whom you have employed. Choose a good name for your company which is acceptable to the offshore company regulations.
Sometimes entrepreneurs choose to set up their company in a country where laws and regulations are more relaxed compared to their own native country. The tax laws and legal formalities associated with the setting up offshore companies will definitely be simpler. These companies are also known as International Business Companies or Non Resident Companies.
The critical aspect here is that these companies can operate only outside the country of its incorporation. Another way to define it would be that it can only transact with another offshore company, i.e. with any other company incorporated outside the country where it exists. People set up offshore companies to serve various purposes. Take a look into the various reasons associated with the setting up of offshore companies.
Certain jurisdictions facilitate easy business reporting, auditing etc and the filing of financial records and balance sheets are kept to the minimum. This makes it highly conducive to business men who don’t want to be bothered by these aspects and utilize the time and the costs they save to build up more clientele.
There is decreased risk of liabilities and assets belonging to the entrepreneur also remain free from risk of seizure. It’s also possible to carry on the business maintaining a certain level of anonymity. The owner’s name can be kept away from most transactions carried on in the private offshore company.
Since business is not conducted in the country of incorporation, it will be possible to keep the profits earned away from tax jurisdictions prevalent in that country. Thus, there will be a significant increase in earnings of the company. There are certain island countries like Belize, Antigua etc which levy very little or no taxes at all on offshore companies. A lot of customs duty exemptions are also available. This is an example for escaping bureaucracy. The concerned governments are mostly fair on such company’s trade and practices and there will be no major interferences.
Anyone keen on setting up offshore company can obtain expert advice often available in the country of incorporation. Foreign exchange conversion charges will also be found reasonable in these countries. Most international banks have very good services and facilities they offer for offshore accounts.
Offshore companies usually specialize in trading. For some entrepreneurs this is a major investment. Others provide consultancy services. A lot of shipping and yacht manufacturing companies are incorporated as offshore entities.
While setting up an offshore company, it is always advisable to set up in a country where political stability prevails since this is detrimental to the uninterrupted functioning of the concern.
International Offshore Company Formation is a good option. Now with the global reach of the Internet, many business owners or would-be business owners are looking into expanding their market by forming an international business company.What is international offshore company formation?
An international business company is an offshore company that is permitted to do business within the jurisdiction that it was formed and around the world. There are many countries where an international business company can be established.But forming an international company is not very easy.
The business owner must be familiar with the local laws in his chosen foreign jurisdiction.And there are so many things to establish registrations, legal documents, registered agents, office space, and many more.Researching and learning about these can take up a lot of time. And you can get caught up with the legalities and terminologies,Having a local expert to guide you along the way is important.
HR Merchant Services
HR Merchant Services can be of great help in international offshore company formation.We have years of experience in setting up international companies in different places in the world like Canada, Anguilla, Bahamas, Cyprus, Gibraltar, Mauritius, New Zealand, Panama, France, Singapore, Hong Kong, Japan, United Kingdom, and many more.
We help you in speeding up the process of forming a company in a foreign jurisdiction.Our services include expert advice on company formation, document retrievals, registered agent services, and local presence.
We understand that every foreign jurisdiction has its own laws and regulations that must be followed.To ensure that company formation will go smoothly, we have a team of expert legal counsel and local experts who will assist you.
We shall provide the different international documents needed like good standing, tax certificates, corporate documents, and others.
Registered Agent Services
If required by a foreign jurisdiction, we shall provide you with a registered agent.We have many duly licensed registered agents around the world.
If needed, we will assist you in finding the best office space. Or, we can assist you in creating your virtual office.
Partner with us here are HR Merchant Services. We promise to give you the best services with the best prices in the industry.