What are the advantages to set up an offshore company?
Generally, the advantages are as follows:
- Minimize taxes – Non-resident companies are often tax exempt or enjoy low level of taxation, depending on the country.
- Greater confidentiality – Generally, limited amount of information available to the public. However this varies from jurisdiction to jurisdiction.
- Ease of reporting – The compliance reporting requirements for offshore companies are generally limited. Most offshore companies are not required to file annual reports or accounts in the jurisdiction of the company formation.
- Lower maintenance costs – With limited reporting requirements, offshore companies generally have lower maintenance and operating fees.