Sometimes offshore companies get a bad rap, but there are actually legitimate reasons that it just makes sense for business formation.
Top reasons include:
- Tax haven—probably the most attractive feature of offshore companies is that the taxes are much, much less. Of course, this all depends on your home country, the country you choose to operate from and all of the tax laws associated there.
- Simple maintenance—the requirements to keep an offshore company compliant essential includes two things 1. having a local registered agent 2. paying annual licensing fees. This is much different than onshore businesses that require annual reports.
- Keep privacy—offshore companies do not require information to be shared publically. This makes offshore formation very attractive to those that wish to remain as private as possible.
- Asset protection—offshore financial centers are careful to put in clauses that make it incredibly difficult for creditors to obtain assets from a business. This proves to be an extra layer of protection that many businesses find very attractive.
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