Are offshore companies established on islands only?
No, of course not. That is a popular delusion based on the word “offshore” itself. Meanwhile, you would probably be surprised to find out that you can set up an offshore company in such large-scale and respected economies as Canada and the USA! Islands are on the list, too: in 2023, we at Offshore Pro Group can offer over 100 jurisdictions to help you with an easy start of your offshore business. To sum up, an offshore company is a form of a business organization rather than a place somewhere amid the stunning ocean landscape.
Is it difficult to register an offshore company?
That depends. It’s like a walk in the jungle: some people study the rules carefully and succeed (or sometimes get caught in an unexpected trap), some venture into the unknown without knowing any rules and get to the goal, while others fail or get bitten by a snake. But no one knows the jungle better than a local who can take you to the destination with a guarantee. The experts in Offshore Pro Group are the “locals” in the offshore world that can safely lead you through the process. Read our beginner guide on offshore company set-up on our portal – or engage a specialist to help you with details.
What are the reasons why people opt for offshore destinations rather than a home country?
The question contains the answer: people don’t usually go far if they can find what they want in close proximity. And if they do, it means that there is something in their home country that raises their strong dissatisfaction and they look for a way to change it. These “dissatisfaction points” typically include:
- Enormous tax burden in the home country: offshore destinations still successfully solve this problem.
- Too much business bureaucracy back home.
- Impossibility to get the desired confidentiality level.
- Insufficient asset protection. Just to remind you: your assets will never be protected enough if stored in one place, so offshores give you the diversification you need.
- An offshore company (sometimes with a set of second passports for your loved ones) is often a Plan B solution for those who value safe airfields.
There are general reasons, and there are also country-specific ones that we match with the needs of a particular person.
Do businessmen face issues with the law if they form offshore companies?
Well, any person will face issues with the law if he violates some norms, and people who set up and run offshore companies are no exception.
As specialists in the offshore world, we can take responsibility for the competent registration of your offshore company, opening a corporate bank account for it, and any other services related to your business offshore (follow the link to see a full list). We can guarantee the absence of errors that may potentially result in trouble with the law as it is our job to double-check every document you provide to us. You will not violate any norms as regards these aspects.
However, we cannot be responsible for any dubious activities that may infringe on the laws. But if your business activity is fully legitimate, you may rest assured that you will be a law-abiding business owner.
One useful tip: check the laws of your country with regard to owning a company abroad. Some states require their citizens to declare the fact of its possession, so you’d better do it on time to prevent any issues.
Is there one perfect destination you would recommend for an offshore business setup?
Unfortunately, offshore business is a kind of ecosystem to arrange, and there is no one-size-fits-all solution for such cases. The choice will depend on your personal and business needs (and preferences), and on the rational and emotional side of the matter.
For instance, let’s look at how the purpose of your company establishment will limit over 100 jurisdictions to a shortlist of top destinations:
- If you are going to cooperate with Chinese and Asian Pacific partners, the best place for offshore company formation would naturally be Hong Kong or Singapore. You can also assign different roles to them: start a company in one country and open a bank account in another one.
- Is it the market of the United States of America you are after? You can either register a business entity within the US (in some states that allow it, like Wyoming) or in the countries that have historical ties with the USA, like Panama, Costa Rica, or the Caribbean region.
- Need a perfect and absolutely legitimate hideout for your assets? Nevis and Belize trusts are widely known in the world of wealthy people who want to control each aspect of their lives.
- If you are passionate about the gambling business, the most suitable places for company registration would be Curacao and Costa Rica. We will help you obtain a gambling license that will be valid worldwide.
- UK, Estonia, Luxembourg, and Ireland are the top destinations for those who seek to open a financial business.
- Finally, if you need to obtain a banking license in the offshore jurisdiction, consider Panama, Vanuatu, St. Lucia, and Puerto Rico which were recognized as the best offshore destinations for this purpose in 2022.
Why do I need a Registered Agent?
It is very convenient to run a company remotely, but you will still need a local representative for some registration aspects and beyond (for example, to submit an annual non-financial report). A Registered Agent is a mandatory player, not just a matter of convenience, and we can help you find a reliable one among our partners.
Do you have any other questions? You are welcome to follow the above links and explore our portal where you will find plenty of information on offshores and more and will be able to use some free and paid services provided by competent consultants.
Good luck with your business!