There are many benefits to setting up an offshore business in a foreign country; there are specific nations that allow foreign businesses to set up offshore companies, which are listed below.
- Asia-Pacific – Hong Kong, Singapore, Samoa and Labuan.
- Europe – United Kingdom, Switzerland, Malta, Cyprus and Madeira.
- Middle East – United Arab Emirates.
- Americas – Anguilla, Bahamas, Belize, Cayman Islands and British Virgin Islands.
- Indian Ocean – Seychelles and Mauritius.
Prior to setting up an offshore business, you should make contact with a reputable international lawyer, a person who can give you the best advice. There are numerous forms of business entity that you can create and in order to make an informed decision, you should consult with an experienced business lawyer.
Types of offshore business registrations
Generally speaking, there are 3 types of offshore business;
- International company – Enjoy a transparent and easy to create trading entity that can be 100% foreign owned with 1 director and 1 shareholder. Minimal capital investment and a degree of confidentiality and anonymity are a couple of the requirements and for those who wish to trade immediately, this is the option to choose. Setting up an offshore business is a smooth and trouble-free process if you engage the services of an international law firm with experience in setting up offshore companies.
- Limited liability company – Commonly known as a PLC, this option is perfect for a foreign investor who wishes to partner up with a local entrepreneur. This trading entity is subject to local compliance and is nor restricted in business activities. Click here to find out how a small business can widen its customer base.
- International trading company – Perfect for import/export, an international trading entity also works for groups of foreign investors who wish to set up funds and trusts. Of course, you should consult with a lawyer before doing anything; there are many incentives and a lot depends on what your future plans are.
It takes an average of 3-4 weeks to complete an offshore business registration; your lawyer would inform you of the documentation required, while also helping to set up bank accounts.
Sourcing local business services
If you are planning to manage your business remotely, your lawyer can put you in touch with local service providers; bookkeeping, accounting, writing reports and statements are just some of the services you might require.
Compliance is essential
As with any business, it is critical that you remain compliant with the many rules, regulations and laws that the country abides by. When you engage the services of an international law firm, compliance is assured, as they are highly experienced in dealing with the government.
There is a lot of free information online regarding setting up an offshore business and when you are ready, search for a top international law firm and they would be happy to share a Zoom call to discuss the many options.
