While pandemics come and go, and different political events shake the world, offshore jurisdictions remain the areas of stability that are still very popular with entrepreneurs from all over the world.
They have a lot of attractive features, such as low or zero taxes, reliable asset protection, and straightforward procedure of company formation. No wonder the number of applications for offshore companies is getting higher every year.
However, setting up a business in another country still requires some knowledge of the local laws and practices. Businessmen usually want to get a fully operational business as quickly as possible without having to study local laws or even travel to the offshore jurisdiction.
And we can help you with that! You can read an article on offshore corporation formation on our portal and contact our experts to register your business quickly and without much hassle.
Offshore Countries in 2023
When we say “an offshore country” in 2023, we typically refer to island nations, like Nevis, Belize, the BVI, the Seychelles (where you can easily obtain a FOREX trading license), or the Marshall Islands.
- A company can be registered quite easily without the founder’s presence
- No taxes on worldwide profits (or the rates are quite low)
- English is usually spoken in these countries, and they operate under the Common Law.
However, the list of territories where you can form an offshore country has expanded considerably. There are about 100 offshore jurisdictions in the world, and they can be roughly categorized as follows:
- Traditional offshores where entrepreneurs typically register an International Business Company that enjoys low taxes or complete tax exemption. You can also establish trusts and foundations here to enjoy absolute privacy and a very high level of asset protection.
- There are offshore zones in Europe that offer special conditions to foreign companies: you will have to meet certain requirements to reduce your taxes considerably.
- Asian jurisdictions that offer good conditions for non-resident companies (Hong Kong, China).
- Other states that have formed offshore zones with special laws (the USA, Canada, or New Zealand).
As you see, there are a lot of countries to choose from. Which option is best? Well, it is the one that fits your purposes. Our specialists make each choice on a case-by-case basis after they analyze your situation thoroughly. By the way, the consultation where we help you with the choice is free, so you can follow the link above to book it.
Blacklists and Whitelists
If the jurisdiction is on the blacklist, it is subject to some restrictions. However, there is no single blacklist: each country has its own lists, and organizations like the EU or FATF may have their lists as well.
First of all, you should know that the fact of being blacklisted is usually temporary: offshore countries usually need to make some reforms and comply with some requirements to be whitelisted again.
Second, the country may be blacklisted by the EU, but not by France and Portugal, for example.
All this gives certain flexibility and our specialists that keep their finger on the pulse will help you choose a jurisdiction that will be suitable for your needs, your counterparties, and your business.
Offshores in 2023: Most Popular Niches
People go offshore for different reasons, and here are the most popular ones:
- Asset protection. If you have some capital, it would be wise to keep it in several places rather than sticking to your home country. Diversification has always been the key to safety. Nevis, Belize, and the Marshall Islands will be the perfect destinations to keep your assets safe.
- Banking services. The first place is traditionally taken by Swiss banks, though they are getting more picky. And if you make settlements in US dollars, Panama could be a perfect offshore banking destination for you. Do you need good crypto banking? Pay attention to the Bahamas. No matter what your banking need is, we will find a suitable offshore jurisdiction for you.
- IT sphere. IT companies are actively looking for good destinations to set up and run their business, and Serbia, Turkey, and Singapore are considered very good for this activity.
- Offshore real estate. Investment in real estate is a good way to fight inflation. There are many countries we can recommend, and some of them offer citizenship-by-investment programs where you can buy a property and get a second passport for your whole family. Don’t miss a chance to make arrangements for Plan B!
- Financial license. Some jurisdictions set overwhelming requirements if you want to get a financial license, while others approach this matter easier. Vanuatu, Bahamas, or St. Lucia are the destinations where you can get this kind of license without much hassle.
- Gambling license. Are you going to run this high-risk business? Look no further than Curacao and Costa Rica where you can easily get a gambling license.
- Cryptocurrency. Not all offshore jurisdictions are crypto-friendly, but there are destinations that will suit perfectly: Nevis, Antigua, and the UAE, to name just a few. The choice will depend on your particular needs.
Are Offshore Companies Legal?
Mass media headlines make some myths and misconceptions stick in our heads, and it often works. For instance, many people have a firm association of offshores with something illegal, like tax evasion. Is there any grain of truth in it?
Well, if you buy a car and drive in accordance with the regulations, you will hardly make the headlines. However, any drunk driver that causes a lot of trouble will surely attract everybody’s attention. Does it mean that cars are illegal? Certainly not.
There are thousands of offshore companies that abide by the laws and never get noticed by the mass media. And if you have no intention to breach the laws, you may rest assured that your offshore company is just as legal as the one formed in any other part of the world.
Our specialists work for you to help you make the best choice, start a company and open a bank account for it without much hassle, and run it smoothly. We can advise on tax optimization, help you with reporting, and provide other additional services. Follow the link above to get in touch with our experts: some services are free!
