You should consider all company formation options when starting a new business. By taking this approach, you will ensure that you choose the right creation model for your circumstances, enabling success. You may want to consider setting up your firm offshore, which provides multiple advantages.
Safeguard your assets
You can use an offshore firm as a vehicle to hold a range of assets, from real estate investments to intellectual property (IP). Your company’s IP is important; it gives you the edge needed to succeed in a competitive marketplace. It is essential that you safeguard your business’ IP comprehensively. As well as setting up your firm offshore, you may want to legally shield your IP e.g. by trademarking your branding materials.
Reduce administrative duties
If you create a limited company, as its director you will have to handle a number of responsibilities. This includes key administrative tasks such as completing filing obligations and handling tax matters. However if you decide to set up your company offshore you could reduce your administrative duties, as there are often less legal obligations for directors or officers of offshore companies.
Minimize tax obligations
As a small business owner, you will be required to pay a number of taxes. By establishing your business offshore, you can minimize your tax obligations. Depending on the territory, you will either pay fewer taxes or enjoy tax-exempt status. Make sure that there are no tax obligation conflicts in the countries you operate in, to handle this matter effectively.
Streamline establishment costs
It is faster and easier to set up a company offshore than it is to do so onshore. This means that by pursuing this company creation model, you could benefit from lower set up and maintenance costs. You will only require minimal capital to register your enterprise offshore and in some jurisdictions, you can register your firm free of charge.