Offshore companies are often referred to as International Business Companies or IBCs. They are usually defined as businesses that are based in a low or zero tax jurisdiction and where the owner does not reside. IBCs are also generally quick and easy to set up.
There are many jurisdictions which qualify as offshore, these include: Seychelles, St Vincent and the Grenadines, and UAE – Ras Al Khaimah (one of the Emirates near Dubai).
In a legal sense, an offshore company operates independently of its owners and directors and in this sense they are very similar to Limited companies you may be used to. In most cases offshore companies do not have publicly available Registry, which helps if you want to protect the privacy of shareholders and directors.
The Benefits of an Offshore Company
There are several reasons your business may want to create an offshore company, the most likely being zero or much lower tax rates. No personal visit is required for setting up an offshore company, although of course if it is somewhere warm and sunny you may wish to visit.
An offshore company can also provide more privacy and give you the option to protect certain assets with the benefit of being in a zero or low tax jurisdiction.
Why Work with International Formations?
We can help your business with all aspects of setting up an IBC in a beneficial jurisdiction, provide advice on how to protect your assets such as intellectual property and consultancy services.