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New Points Of Offshore Company Formation You’ll Hear First


Offshore companies being an inseparable part of the modern life in business world have already attracted the majority of entrepreneurs and international companies. If an offshore company is founded, the company - primarily from the import and export business - is initially concerned with one thing: securing tax savings. In return, they settle in countries with low tax burdens.

Here are the key points to consider when starting and running an offshore company.

Starting an offshore company - that is how it is done. Offshore, as translated from the coast, refers to countries where there is little or no tax burden, as well as companies that are established, registered and managed abroad. In most cases, offshore companies are founded for tax- saving purposes, sometimes to protect property. For some entrepreneurs, offshore companies offer an economic reboot, even if qualifications cannot be provided or there is a trade ban since almost every business activity is allowed.

A rare company forms?

On the contrary, offshore is the most widely chosen legal form in companies worldwide. Contrary to the common belief that the management of an offshore company is an illegal matter, it is very well permitted in Austria. Among factors that may speak in favor of an offshore company formation include:

- The change to other business fields
- The avoidance of a potentially impending industrial ban
- The possibility of their own creditworthiness to improve in the banking institutions

For other countries entrepreneurs, an offshore company formation should certainly be an option, even if this form of company is absolutely new territory for their market. In a global comparison, however, it quickly shows that these start-ups for entrepreneurs are a thoroughly tried and tested tax relief.

The way to the offshore company formation - founding and accounting

Not only for tax savings, but the foundation can also make sense. An offshore company formation abroad usually takes place via intermediary agencies. Each country has its own regulations for starting a business. Thailand, Seychelles, or even in Switzerland, reputable intermediary agencies take over the foundation of the offshore company in the respective country. They take over the entire process. But not only in terms of the founding differ the laws of the countries, but also in terms of accounting and annual balance. In some states, there is no obligation to keep records, only documents must be kept in custody.

Basically, an offshore company foundation consists of a three-step agency. The first step is to select and hire an agency. As a passport and a confirmation of the correctness of the named residence suffice. The agency must be notified of the desired company name. It checks first in the commercial register of the respective country, whether the name may be selected. Finally, the registration of the company takes place. As a rule, the agencies also take over the opening of the company account abroad with telebanking. The required documents will be sent to the entrepreneur and returned by him to the agency. The data are kept strictly confidential and the bank details cannot be seen because the bank enters into direct contact with the entrepreneur after opening.

The advantages of an offshore company

- No taxes on foreign income
- Almost without exception, the principle of territorial taxation applies. This means that a company resident in a zero-tax haven such as Panama, British Virgin Islands, United Arab Emirates or the Cook Islands will not have to pay taxes on foreign income. A company in a zero-tax haven can, therefore, do business with any country in the world just not with business partners from the same country of residence without being asked to pay in cash.
- Discretion to anonymity. In many countries, the identity of the Company and its directors is maintained through the use of trustee (nominee) and trust (nominee) directors. This means that a trusted person is appointed to the position of the partner and/or the managing director (usually lawyers). A special trust agreement regulates the actual ownership of the company shares. By doing so, the true identity of the owner does not become public.
-Low start-up costs. An offshore company formation is relatively cheap to start. In most cases, not even the payment (payment) of the capital stock is due. These are manageable start-up costs and the initial capital requirements are extremely low.
-Low operating costs. Since costs for accounting and annual accounts are eliminated, there are no additional costs besides the annual costs for the renewal of the company.
- No accounting obligations. Since you do not have to pay tax, local tax laws do not require a commercial accounting of you as an entrepreneur.
- No year-end closing and disclosure requirements, similar to the lack of bookkeeping obligation is a year-end or publication obligation obsolete.
- No document retention. The storage of receipts is also unnecessary since you can deduct without any of the tax since you have to pay any taxes.
- Low labor costs, when you can buy labor at very low prices. Low labor costs can be another advantage if your company is in a tax haven.
- Security before creditor access. Due to the high level of discretion, an offshore company also protects you against unintentional access by annoying creditors.
- Currency advantages and access to international markets. Of course, local financial institutions offer currency advantages and access to international markets. Take goods from China, for example, an offshore company in Hong Kong is certainly a good choice.

The disadvantages of an offshore company

Anyone who is interested in an offshore company formation should take into account that it also puts a burden on workers. Such a company must be managed; If not by the founder, then by authorized persons. And they cost money. Also, the distance to the exotic states as well as the unknown jurisprudence should be considered.

Legality of Registering companies in an offshore zone.

Starting an activity on the offshore territory requires creating an organizational form of an economic entity within the legal forms available in a given territory. The most common is the local variation of a limited liability company or a joint-stock company, and there are also limited partnerships with limited liability companies as general partners. Currently, there are many companies offering services in the field of sales and registration of ready offshore companies. We should caution against companies offering the aforementioned services, which offer too cheap services and convince about the lack of charges in the future. In each country, it is required whether it is a tax or a special fee. The fee also covers the presence of an agent representing a registered company in a given country. Companies that do not pay annual fees may be moved into a resident category or be removed from the register. Such action may cause the freezing of company accounts in banks, due to the lack of confirmation of annual registration. The duration of offshore company formation in a tax haven depends on individual jurisdictions and ranges from 24 hours to a month. The easiest way to register a company is to use the mediation of a company specializing in this type of service provision. You can also meet with tax optimization offers. Companies offering such services usually adapt their offer to an individual case. The offer of intermediary companies in setting up companies in tax havens also includes existing companies (so-called dormant ones). A dormant company is a company that is already established and ready to start operations. For these entrepreneurs, the foundation is worthwhile In particular, import and export companies are attracted to tax-exempt countries such as Seychelles. In addition, however, many freelancers, property owners or owners of luxury items follow the call of the tax haven.

How long will tax evasion still be possible?

The Tax Justice Network (TJN), a UK registered a nonprofit corporation, has been tackling the fight against corporate exodus to tax havens years ago. It was she who published an extrapolation of $ 21 to $ 31.5 million in hidden capital worldwide. And that's one of the reasons why the rich are getting richer, and the poor are getting poorer. Following this argument, the TJN never tires of presenting new concepts to solve the problem. It cannot, therefore, be ruled out that the legal basis could change in some time.

Factors in the choice of location

The decisive indicators when choosing an offshore company are the parameters of the tax level, minimal government regulations, hardly any corruption, a high degree of legal certainty, stability in politics and compliance with banking secrecy or a correspondingly high standard of education in the location country. All in all, these are indicators for staying in one location with a company over the long term. The ship and aircraft registration This area is currently a small business area of possible offshore activities. Ship registration, for example on Panama, makes it possible to skillfully bypass labor law regulations. In addition to the shipping companies, aircraft companies use these companies, for example, on the Cayman Islands to create cooperation or financing alternatives in order to act on tax neutral terrain. Possibilities of a profit shift: It can be a company founded as a subsidiary for foreign business. For this purpose, the choice can be aimed at a tax haven in order to save a large part of the taxes on so-called repatriated profits. It is possible that a company finances its investments in so-called high-tax countries through loans from its subsidiaries. The subsidiaries are then again located in low-tax countries. The entrepreneur can make a tax reduction. Because the targeted profits in the high-tax countries are minimized so targeted. It is also conceivable that services that are incurred in a group, be treated in terms of accounting, that such profits may be deducted from high-tax countries. In addition, it is conceivable that services and goods can be traded within the Group. The tax savings here are exorbitantly high.

What is important for offshore companies?

A stable economy with economic growth - The most important factor in your business success is that you find stable conditions for your offshore company formation. Healthy economic growth can also be useful. Business-friendly case law and legal certainty Certainly, you want to be subject to a business-friendly jurisdiction and enjoy legal certainty.

Worldwide acceptance of legal form and accounting

You certainly do not want to spend the expense of having an offshore company, and then find out later that potential business partners laugh at you if you have an African legal form and address on your letterhead. The acceptance of your bills should always be guaranteed.

Participation in the automatic exchange of information

It may also be of interest whether the bank opening the bank account of your offshore company participates in the automatic exchange of information. However, with a residence in Malta or Ireland, you cannot care less about the exchange of information.

The basic package of services related to the establishment of a company in a tax haven includes:
1.Offshore company formation services-(the package includes checking the availability of the name and registering the company in the mode and on the terms compliant with the requirements of the selected offshore territory).
2. Preparation of documents, share documents (shares), proxies and seals (the package includes the preparation of all necessary internal documents in accordance with the standards of jurisdiction and the seal of the company).
3.The so-called. Domicile services-(tax havens require that companies have a locally registered seat, have a designated registered agent, or even a proxy and prepare appropriate declarations or tax reports and pay the due fees).
4.The virtual registration address of an offshore company (registration of a company entails the need to meet several further requirements) One of the obligations is that the company maintains a local registered office. The address of this office should be in official documents.
5.Opening bank accounts. How do you still go waterproof offshore today? It all depends on what measures you are willing and able to present. Basically, there are two ways to go. A legal way and a less legal way. Both are of course associated with a financial outlay. In addition, it always depends on the individual case, the business model in detail. Then one can then make a statement, which steps are to be done.




22.02.19, 17:19
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