When and if you want to ensure significant tax incentives for a business, protect your assets and take advantage of other business opportunities, you can incorporate an entity in one of the offshore jurisdictions. In majority of cases, if your company doesn’t operate in the country of registration, it has no duty to keep and file reports and/or pay taxes. Other reasons to go offshore include keeping your finances secret and safe, buying real estate, having access to better legal and banking infrastructure, etc.
Unfortunately, offshores have been stigmatised as something illegal and bad for many years due to their illegal use. It’s not true at all. It is a completely legal and legitimate way of operating a business. When used correctly, offshore firms can provide certain advantages and benefits.
There are a big number of jurisdictions offering registration of such entities. Some of them are well known and common, such as Panama, British Virgin Islands (BVI), Seychelles, etc. However, there also exist less known jurisdictions, such as Nevis, Commonwealth of Dominica, Gibraltar and others.
There are also jurisdictions offering a reduced tax rate, instead of a zero one, and they are acknowledged by many states as ‘white offshores’. They are the Isle of Man, Guernsey, Jersey, Estonia and more. In any case, countries also benefit from offering formation of offshore entities by way of incorporation and agent fees.
It is recommended to seek professional advice when choosing a country where to establish an offshore business. The decision depends on the price, ease and reputation.
We assist in and support with forming an offshore entity in any of the above countries and in many others. We will recommend and select the best country for filing based on your circumstances and needs. Besides, we will be able to provide professional tax planning advice that would include a legal use of offshore companies.
You also need to remember that if your business registered in one of the offshore countries has constant activities and presence in the UK, it can be taxed here. We can provide more details upon request. If your offshore company becomes a UK tax resident, it will be required to prepare and file annual accounts. Our specialists will be happy to help you do it in a most efficient and timely manner.
We provide expert advice on registration and taxation of offshore companies. Contact us now for your tax planning solution.
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