What is Offshore Company Formation?

by HC Consultancy Best Full-Service Corporate Secretarial Firm

What is Offshore Company Formation?

Offshore company formation is the term that associates any business or entity that is registered or the investment is made on the firm that is outside of its native country. An offshore company is called by the name IBC i.e. International Business Company. Offshore company formation has various benefits like tax, financial and legal benefits. These companies can be incorporated in various places like Panama, British virgin island, Bahamas, etc.

Reasons why one should incorporate an offshore company

It is been seen that the companies that are incorporated in the countries that have less tax slab and can protect their assets are likely to get profitable easily. Also, foreign investors are keener to invest in the companies that are registered in the countries that have minimum taxes. One need not to relocate to manager his/her company that is registered offshore.

Key factors to consider before incorporating an offshore company

First and foremost factor is that privacy of the person of the company is maintained.
There are various banking options available for the person who wants to register the company.
Availability of employees/workers for any niche type of business.
On-time tax filing and audit report requirements for the successful running of the business.

Offshore company registration checklist

Name of company:- The company name should be approved by the registered body before incorporation.
Shareholder: There should be at least 1 shareholder that should be local or foreigner.
Director: One director is most to register an company.
Address: The business entity must have a local registered address that can be virtual or physical.
Paid-up capital: The company should have an paid-up capital.
Bank account: One should be physically present while opening up a bank account for the company.
Important document needed: Passport copies of directors and shareholders, residential address proof of directors and shareholders.
GST certificate registration: The company has to register for GST.
Business permits and license: Some businesses may require to have permits and licenses.
Agency: - One should approach an agency to help them in all the legal processes.

Tax Service Singapore

In Singapore, there is low corporate and personal tax, in addition to that, it provides relief measures and tax benefits to individual and business entities. Furthermore, Singapore is not a tax haven country if one incorporates international business company, the company will be taken seriously into account by banks, employees and other stakeholders.

At HCCS, we help business owners to incorporate their business offshore by proving best in class services and there to help at each and every step in all legal formalities.