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What is an Offshore Company ( IBC )?
An Offshore Company ( IBC ) is commonly set up in a tax haven like Belize, Dominica, Gibraltar or Dubai, where there are no corporate or personal income taxes, capital gains taxes, reporting requirements, or restrictions on company employment policies. The main restriction is that the company, being exempt from all local taxes and restrictions, may not conduct business within the tax haven itself.
Offshore company formations are becoming more popular day by day as the offshore havens relax legislation
What are the benefits?
An Offshore company can conduct business without corporate taxes: Tax havens, such as Belize and Dubai ( Jebel Ali free zone ), allow the formation of International Companies that have no tax or reporting responsibilities. This means you save money not only from the absence of corporate taxes, but also from reduced compliance and other regulatory costs.
An Offshore company can conduct business as an international entity:
International Companies have the same rights as an individual person and can make investments, buy and sell real estate, trade portfolios of stocks and bonds, and conduct any legal business activities - so long as these are not done in the country of registration
Offshore company can keep business affairs confidential::
Offshore Companies offer complete privacy. If the company shares are held by a Trust, the ownership is legally vested in the trustee, thus gaining the potential for even greater tax planning advantages.
Offshore companies can reduce payroll and administration:
Offshore Companies set up in Belize, Dominica or Gibraltar need not pay social security, withholding tax, or associated expenses of employees working in other foreign countries. This can be a major savings for companies that have staff working on overseas projects.
Minimise tax exposure when dealing with international transactions:
An offshore corporation can buy or lease products from one country and then sell or lease them to a company in another country so the profits of the transaction are accumulated in the offshore company where there is no taxation on profits. and other interested parties.
Simplify the transfer of assets and properties held in several countries:
The sale or probate of properties in different countries can become complex and expensive. If these are collectively held by an offshore company, ownership can be transferred by company shares rather than transferring the actual properties owned by the company.
Offshore Company Formation
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