Starting an offshore company requires commitment, dedication and a practical understanding of the business logistics of the different countries around the world.
However, the benefits of owning an offshore company often outweigh the cons. Offshore companies provide exclusive benefits, such as asset protection, flexible business laws, reduced tax liability, confidentiality, privacy, and more.
To make it easy for you, we’ve compiled the definitive list of best countries to open an offshore company in.
In recent years, Singapore has emerged as one of the greatest locations for establishing an offshore company. The country’s location as a global hub, lenient tax structure, stable political environment, impeccable transport system, and lack of bureaucratic red tape make it one of the best global locations to open an offshore company.
If you have already decided on registering an offshore company in Singapore, you can also benefit from the fast, hassle-free, and same-day business registration. You wouldn’t even need to be present in the country to register your business because the entire process can be done online. Also, expect liberalized ownership, a flexible business structure, and an encouraging market system to support investors when opening a company in Lion City.
If you prefer tax relaxation and investor confidentiality for your business, the Bahamas is going to impress you with its tax system and the privacy it offers.
As an offshore entrepreneur or shareholder, you can greatly benefit from the country’s tax exemption of 20 years. Furthermore, companies only have to pay a set annual tax fee irrespective of the profit gained.
The Bahamas, under the International Business Companies (IBC) Act of 1990, restricts sharing of business information with other countries, allowing offshore companies and shareholders to enjoy complete privacy. The other exclusive advantages you can enjoy by registering your offshore company in the Bahamas include flexible business structure, confidentiality in terms of permits, licenses, bank accounts, and same-day registration benefits.
If your offshore business is targeted toward a European audience, Cyprus is probably one of the best countries for you to set up your offshore business in. Cyprus’s geographic location makes it easily accessible by most European countries.
Furthermore, registering your business in Cyprus automatically grants you an Intra-Community VAT number – a legal necessity to enter business relations with other EU countries. Cyprus, other than being a member of the Eurozone, also grants you benefits like flexible business structure, no minimum capital requirement, and low tax rates.
#4 Cayman Islands
If you are planning to set up an offshore hedge fund alongside your offshore company, the Cayman Islands might be an ideal choice for you. Complete with a 0% corporate tax rate, exemption of income tax, profit taxes, and withholding tax, an offshore business in the Cayman Islands also grants you complete privacy in terms of company accounts.
Furthermore, your offshore company in the Cayman Islands can also benefit from low registration and renewal fees and a stable political scenario.
Set up your offshore company
The above list gives you brief details about some of the most offshore-business-friendly countries around the world. Research the legalities, tax, and registration requirements before starting your offshore business. The best way to go about it would be to hire the services of a local agency to help you set up the company.
Set up an offshore business in Singapore with Meyzer360. Contact us here to get started.