Incorporating an Offshore Company

Incorporating an offshore company to suit our Clients' needs and circumstances is one of Healy Consultants' core strengths. However, before incorporating an offshore company, we encourage our Clients to consider the following information:
1.	Healy Consultants preferred low-tax jurisdictions for incorporating offshore include Singapore, Hong Kong, Dubai, the Marshall Islands, New Zealand and Ireland. These jurisdictions offer the best long-term offshore corporate structures for international business.
2.	Selecting the most suitable jurisdiction is key to incorporating an offshore company. Our preferred corporate jurisdictions combine a range of tax and legal advantages for entrepreneurs incorporating offshore.
3.	Some common features of incorporating offshore include:
	i) Singapore - When forming an offshore corporate structure, the firm must have at least one Singapore-resident director. There is also a public register of shareholders and directors. ii) Hong Kong - When incorporating an offshore company in Hong Kong, annual accounts must be submitted for audit. However, if properly-structured a Hong Kong offshore company is tax-free but is not perceived as a tax avoidance mechanism. iii) Dubai - the company cannot trade products or provide services within the UAE. Although it is tax-free, a Dubai offshore company is required to submit audited financial statements annually to the Dubai government. iv) Marshall Islands - When incorporating an offshore company in the Marshall Islands, the company is a private entity with no public register of shareholders or directors. The Marshall Islands government has strong client confidentiality laws and is refusing to exchange customer information with OECD members.
4.	Some factors to consider when incorporating offshore include i) what image is portrayed to your customers, suppliers and investors by incorporating offshore and ii) what business do you wish to carry out through the company after setting up your offshore corporate structure?
5.	Other important questions to consider when incorporating offshore include i) are you incorporating an offshore company purely to minimise tax? ii) are you incorporating offshore due to privacy concerns? iii) are you setting up an offshore corporate structure to use as a holding company for your global business? iv) are you incorporating an offshore company to conduct international trade.
6.	While there are a wide range of jurisdictions to choose from when incorporating offshore, many are bowing to pressure from the Organisation for Economic Cooperation and Development (OECD) to exchange confidential client information. This is part of the OECD's efforts to minimise tax evasion, target money laundering and track terrorist financing. When incorporating an offshore company and engineering an offshore corporate structure, it is critical to consider global trends (see also point 7 below).
7.	When incorporating offshore, be aware of changing regulations and global developments. For example, daily experience with our Clients confirms the growing trend for the migration of corporate structures from traditional offshore tax havens like the British Virgin Islands (BVI) and the Bahamas towards more transparent, legitimate, tax efficient trading jurisdictions like Singapore, Hong Kong, Dubai, Ireland and New Zealand. For more information on this trend and its implications for incorporating an offshore company, follow this link.
8.	Incorporating an offshore firm is straightforward, thanks to Healy Consultants' efficient engagement procedures and experience of the optimum offshore corporate structure. That said, it is always advisable to be aware of the company law and accounting requirements prior to incorporating an offshore company.
9.	While incorporating offshore is an excellent way to legitimately minimise international tax liabilities, our clients should note that when incorporating an offshore company taxes should be paid on all profits or income received and used for personal living. Please contact us for more information on engineering the correct offshore corporate structure for your circumstances.
Contact Us
For more information on incorporating offshore or for assistance in building an offshore corporate structure, email email@healyconsultants.com or telephone us at (+65) 6735 0120.
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