Interested in offshore company formation? Well, a properly registered offshore company in the right jurisdiction (with a bank account working like clockwork) still remains an unprecedentedly efficient business tool in 2023 and is expected to remain in this status for years to come. It’s time to look closer at this opportunity if you are thinking of starting your business.
In this post, we are going to discuss in detail the steps required to establish an offshore company. If you feel that it’s high time for your business to be on the offshore company register and you need a competent consultant to avoid possible mistakes and find the best existing option, please visit our portal which is completely devoted to offshores, business accounts, citizenship by investment, and much more.
Some people want to know the steps of the procedure before they go to any other considerations, so let’s see what efforts you will need to apply to get your company registered. We can say in advance that we believe in our clients and honestly think that their ideas deserve to be implemented! And the work to be done is not enormous at all.
Stage 1: Mental work
You can do it on your own (if you have at least some experience in business) – or engage a consultant to ask you questions about all details of your future company. You will need to:
- Decide on the country where you want to set up your offshore company. And there may be different considerations here: from plans to get citizenship in the selected jurisdiction to high confidentiality demands, and these will be different destinations, as you probably understand.
- Weigh the perks and counterbalance them with existing risks. Remember that there is no ideal solution, but you can have the best option in a particular situation.
- Define the ultimate goal of your business establishment as it may help you in choosing the right configuration for it.
- Who are your potential customers?
- What banking services will you need to keep your business working? Fast wire transfers, credit lines, easy transfers to particular countries – list them all as it will help our consultants to choose a suitable institution for you (by the way, this service is free. You can book a session or look at the list of what we can do as an offshore service provider on our portal). Another important thing about the bank is its service rates, and we will offer options where costs are not exorbitant.
- Study the laws of the country where your business will be registered.
- Look at the requirements for offshore entities incorporation in the country you select.
- Finally, you will probably need a business plan.
Does that look like a hell of a work to do or is that a matter of one evening? The closer to the first answer, the stronger is our recommendation to engage a competent consultant.
Stage 2: Registration
The first stage is over, and we have determined the main parameter: the jurisdiction. Now we can focus on more practical things to get our entity operational:
- Think of a company name. It should be unique and somehow associated with the company’s supposed activities.
- Get the documents that certify the company establishment.
- Make arrangements for a physical or virtual office.
- Select your Registered Agent. This is a mandatory procedure as you are required to be represented in the country of incorporation by a physical person.
- Transfer the documents to the Agent to be entered into the official Register of Companies.
- Organize proper management and accounting (if any)
- Register a corporate account
That seems to be all. Once again, all those steps (along with bank account pre-approval to avoid being turned down) are available in our turnkey company registration packages for those who wish to save time and effort.
Stage 3: Registration fees
The fees vary greatly from country to country. They can be divided into two categories: those you pay once and payments charged annually. Moreover, the scope of services you wish to get also determines the cost. Here is an approximate list of fees, but we recommend requesting updated information from our specialists:
- State duty (charged for documents processing)
- Registered Agent’s remuneration
- License fee (you may need a banking or gambling license, which requires both one-time and annual fees)
- Substance (a good way to have no questions whatsoever from authorities and banks. Substance may require some investments, like renting a physical office or hiring local employees)
- The annual report submitted by your agent (not connected with finances) is also a paid service
If you have completed this stage, congratulations: you are now a proud owner of an offshore company that opens up new horizons for you and your business.
Why form an offshore entity?
As you see, setting up your business in an offshore jurisdiction requires some work to do. It is considerable if you venture on your own. However, you have a helping hand -Offshore Pro group specialists who can take the lion’s share of efforts for you.
Offshores are popular for many reasons:
- Despite the pressure of international regulators, they still remain tax havens where you can shake off the tax burden imposed by your current country if it becomes enormous
- Asset protection is a concern for many wealthy people, and offshores (with their trusts) have proved to be real strongholds where no creditor or relative can break in without your permission
- An offshore company can be set up and managed remotely, but the jurisdiction of its incorporation will remain a shelter (your Plan B) in case something goes wrong in your home country
- Privacy. This is an area where offshores are second to none.
- No accounting statements to be submitted.
Does that sound attractive to you? You can follow the above links to discover the offshore world in greater detail – and probably fall in love with it, just like our team once did.