An Offshore Company is commonly set up in a tax haven like the British Virgin Islands (BVI), Marshall Islands, Seychelles Islands, etc., where there are no corporate or personal income taxes, capital gains taxes, reporting requirements.
Corporate planning and structuring have reached higher levels of complexity than ever, while the need for anonymity remains strong. Corporations must keep up to date and constantly look for new ways to make a profit. One way is to have a clear understanding of the characteristics of offshore foreign companies and how they can be used to your advantage.
Should you consider an offshore incorporation?
Offshore Companies are only benefical to if you do business overseas and not in the country where your offshore company was incorporated. All incomes derived in and from the incorporated country are normally taxable. For example, a company in the British Virgin Islands, doing business in the British Virgin Islands, will be required to pay taxes in the British Virgin Islands. However, if the business was done in the USA or Hong Kong, the profits are not taxable.
Benefits of an offshore company
Here are some benefits of an offshore entity:
- Asset Protection
- Confidentiality
- Estate Planning
However, do keep in mind that these jurisdictions have also gained a negative reputation, especially after the “Panama Papers” expose, as many companies that are engaged in tax evasion or prohibited activities also tend to set up their companies in these countries due to the lack of oversight and compliance requirements. Thus, the authorities tend to scrutinize offshore entities more than regular entities.
How Bluebox can help?
We have been providing reliable and professional offshore incorporation services past 40 years and have helped our clients set up offshore companies in tax havens like the British Virgin Islands (BVI), Mauritius or Seychelles. Leave your offshore company incorporation concerns to rest and let our specialists to guide you throughout the incorporation process.
Incorporation
Whether you’re a foreigner or local who wishes to set up a company in Singapore, we have a friendly and knowledgeable team of Singapore Company Incorporation specialists who are able to advise you on how your business can benefit.
Registration of branch
A foreign parent business incorporated outside of Singapore has a branch office in Singapore. The goal of a Branch Office is to make it easier for the foreign parent firm to operate and generate money in Singapore.
Nominee Director
All Companies in Singapore are required to have at least 1 locally resident director. We can assist you in meeting this obligation by appointing one of our team members to function as your company’s nominee resident director on a temporary or annual basis.