How to incorporate your own company offshore and enjoy top asset protection

5 min read

Boost Your Security and Safety through Offshore Company Incorporation

It often seems the future has never been as unpredictable as at present, with armed conflicts breaking out, companies collapsing, businesses losing money, and employees made redundant. With all this, the question is, whether there is a way to make your own tomorrow more predictable. Can you protect personal assets and secure better prospects for the times to come? The thing is, it is all doable with the right plan and attitude. For the go-aheads ready to act, offshore company setup may be the answer. When deciding to incorporate a business abroad, several factors need to be kept in mind and acted upon:

1- Be perfectly sure about your business goals and needs.

You need to realize only too well what your goals and aspirations in offshore business are. Why and what for are the 2 questions you definitely need to know the answer to before starting with offshore company incorporation procedures.

2- Choose an industry pro to assist you with offshore incorporation matters.

For first-time entrepreneurs and startupers new to the offshore world, professional assistance is worth more than a ton of gold. You will make your chances for success much higher and your offshore business a lot safer, if you hire a weathered industry consultant to assist and support you every step of the way.

3- Prepare all documents necessary to set up an offshore company.

Depending on the incorporation jurisdiction you choose for your offshore company, they may vary, although in most cases these are the ones you will have to submit:

  • Memorandum and Articles of Association
  • company incorporation certificate in a due form
  • shareholder identity and address proofs
  • proof of financial health
  • properly prepared business plan.

4- Submit the documents for verification.

As the next step, the documents you gathered should be transferred to the industry expert you hired to assist you with offshore company incorporation. He or she will take care of getting the required approvals and permits from the authorities in the chosen offshore jurisdiction.

5- Proceed with setting up an offshore bank account.

After you submit the documents for verification, it is high time to set up an account with a highly reputed offshore bank of your choice. It is a standard practice with reliable offshore jurisdictions to give multiple options for company owners so that the latter could set up an offshore bank account in the same jurisdiction their company is incorporated in. Alternatively, they may decide in favor of a different incorporation ground but setting up both your offshore company and bank account in the same country is recommended for convenience reasons.

6- Go ahead and start operating.

All things done, you are free to proceed with actual business operations. While most offshore jurisdictions do not have any set accounting requirements, maintaining records that you may need for future reference is a standard practice to follow.

Why Should you Consider Offshore Incorporation?

Although the goals offshore company founders pursue vary with each individual, here’s what people mostly set up offshore businesses for:

To diversify earnings

With an offshore company in their portfolio, investors are free to multiply assets and grow profits while having several bank accounts in an offshore jurisdiction comes with enhanced security in case of an asset seizure or a major bank crisis.

To reduce tax burden

Depending on your home jurisdiction and the legislation therein, namely, whether it comes with laws on controlled foreign corporations, you may either greatly reduce or completely eliminate the taxes to pay if you do business through an offshore company.

To go global

After a business enters the global market, its commercial reputation skyrockets bringing in new customers, investors, and partners.

To operate under a different legal system.

When they set up businesses offshore, company owners get more flexible thus being able to depend less on the government of their residence jurisdiction.

Out of various company incorporation forms, an LLC is among the most common ones. Combined with the offshore jurisdictions’ world fame, a Nevis LLC or an LLC in Belize are preferred by investors throughout the globe for their impeccable asset protection reputation and unparalleled confidentiality. LLC setup therein makes a great instrument for the ones in need of bringing their company operations to the highest level and won’t cost you a fortune.

Conclusion

Getting through all legal intricacies on your own may be challenging, especially if you are new to the world of offshore business and not well-familiar with the corresponding procedures. In this case, benefiting from professional assistance and support is the wisest thing you can do. Guided by the International Wealth experienced industry profs, you will seamlessly pass all possible obstacles and hidden pitfalls on your way to offshore success.

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