Incorporate a Company Offshore for Asset Protection Purposes
Asset protection is an important reason to incorporate a company offshore. Our Clients approach Healy Consultants to assist with migration of assets to a more politically stable jurisdiction, for example, transfer of a business from Iraq to Singapore (refer to this link). Some of our elderly Clients approach Healy Consultants to assist with consolidation of global assets for future passing to family members.
Planning to incorporate a company offshore for asset protection purposes is considered both legal and ethical if it occurs before an event takes place which could result in a litigation claim. Thus, entrepreneurs and high net worth investors are attracted to the benefits of offshore asset management. Some of the principal motives to incorporate a company offshore as part of an offshore asset management strategy include:
- To protect future inheritances and legally minimise probate tax;
- Protection from international taxation and protection against litigation exposure and protection from future creditors.
- To avoid or supplement a prenuptial agreement and protect property against a divorce claim.
- To provide coverage against uninsured risks i.e. environmental hazards. Also, to provide coverage against the risk that a regular insurance company is unable to or is unwilling to satisfy a claim.
Healy Consultants has a thorough understanding of the best jurisdictions in which to incorporate a company offshore. We advise Clients on all the angles of asset protection and offshore asset management, and offer a range of offshore asset management services to support this strategy. We helped many Clients incorporate a company offshore, tailoring solutions to meet Clients' immediate and long-term goals. When determining where to incorporate a company offshore, factors to consider include:
- What are the international tax benefits and legal implications if you incorporate a company offshore?
- What image is portrayed to your customers, suppliers and investors if you incorporate a company offshore?
- What business do you wish to carry out after you incorporate a company offshore?
Healy Consultants' offshore asset management experts offer a range of offshore asset management services to support our Clients' strategies. Some of our most popular offshore asset management services include:
- Offshore Trust Formation - the transfer of wealth to an offshore trust is a popular offshore asset management tool. Where a person is domiciled outside a territory and owns assets located in that territory (for example, property), then such assets may be protected against inheritance tax and higher rates of taxation by holding the assets through an offshore trust. For example, creating a corporate Trustee for a family trust provides more effective control during a Client's lifetime and saving on third-party Trustee fees. For more information on this offshore asset management service, follow this link.
- International tax planning - an effective, well thought-out international tax planning strategy can legally minimise international tax liabilities. This is one of our core offshore asset management services. For more information on this offshore asset management service, follow this link.
- Private banking services - Healy Consultants introduces Clients to professional bankers, whose offshore asset management services include currency account banking, deposit facilities, mortgages, credit cards and lending packages, investment services and philanthropy services. For more information on this offshore asset management service, follow this link.
- Corporate banking products and services - Healy Consultants has excellent relationships with international banks. Our ability to open a corporate bank account in any country without our Client needing to visit the bank in person is one of our unique offshore asset management services which few other corporate service providers offer. The related offshore asset management services offered by these banks includes multi-currency deposit accounts with full Internet banking; brokerage accounts to enable cost-effective online trading on stock exchanges and international merchant accounts to support retail operations and online sales. For more information on this offshore asset management service, follow this link.
- Property services - some of our Clients request assistance with buying property. Our offshore asset management services include introducing Clients to reputable real estate professionals and banks in Asia. For more information on these offshore asset management services, follow this link.
- Offshore Company Formation - legitimate tax minimisation is a prime reason to set up an offshore company as part of an offshore asset management strategy, some of the elements of which include:
- Professional Services - a common offshore asset management tool, a person working overseas sets up an offshore company to limit his or her tax burden by receiving, into the country in which he/she is working, a fixed level of remuneration and accumulating the balance in the offshore company;
- Transfer Pricing - moving profits from a high tax jurisdiction to a low or zero-tax offshore jurisdiction is a prime offshore asset management tool. Transfer pricing is a legal for of offshore asset management if properly structured;
- Holding Company - high net worth individuals may incorporate a company offshore to use as a confidential personal holding company for offshore asset management purposes;
- Investment Companies - some investors choose to incorporate a company offshore to invest in property, stocks and shares, commodities and other assets, to benefit from the anonymity and tax savings;
- Overseas property - some investors incorporate a company offshore to buy property. An offshore company can hold the title of the property, and future sales of the property can be dealt with quickly and easily by the sale of the company shares to the purchaser. This also saves legal fees and overseas transfer and value added taxes levied by certain foreign countries. It can also be used to successfully avoid capital gains and inheritance taxes;
- IPO and Capital Raising - offshore asset management in large corporations may involve diminishing the perception of risk by moving ownership of assets and the base of their operations offshore.
For more information on this offshore asset management service, follow this link.
Contact Us
To incorporate a company offshore for asset protection purposes, or for more information on offshore asset management, please email email@healyconsultants.com or telephone us at (+65) 6735 0120.
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