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WHY INCORPORATE OFFSHORE?
Taxation: Most offshore companies pay no taxes on the income derived from offshore operations.
Ease of Reporting: The reporting and compliance offshore is limited in comparison to onshore jurisdictions. Most offshore ibc companies would not require annual reports and accounts filings. Instead an annual flat government fee is charged.
Operation Costs and Fees: With limited reporting requirements, offshore companies generally pay lower overall maintenance fees as the cost of accounts preparation and auditing is often insignificant. Registered office fees are considerably lower than buying or renting premises in onshore jurisdictions.
Anonymity: Most offshore registrars do not disclose information about the directors, shareholders and beneficiaries of an offshore ibc company. Thus, the underlying principal may anonymously carry out transactions in the name of an offshore corporation, which is a separate legal entity.
Asset protection: In the international business environment, it is customary that the laws of the jurisdiction of incorporation are applied, rather than those where the company is being sued. Many offshore jurisdictions are known for their favourable asset protection laws.
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