Incorporation Offshore: Lower Your Taxes And Protect Your Assets
Offshore incorporation is a corporation or limited liability company that has been formed outside of your country of residence
. Offshore companies are sometimes known as non resident companies.
Offshore services are not only for the wealthy or for money laundering. Now more and more people are being dragged into paying higher and higher taxes when they could be planning of their and their family future by the effective use of legitimate offshore structure.
Incorporation offshore is the best way to protect personal and financial privacy, and your future well-being.
Mainly an offshore company is of three characteristics:
* It should be incorporated under the offshore company's regulations of relevant offshore jurisdictions.
* It should be incorporated by incorporators outside the offshore jurisdiction where it is incorporated.
* It should not conduct substantial business within the offshore jurisdiction where it is incorporated.
One can become judgment proof by incorporation offshore as the world wide courts are not recognized in the offshore jurisdictions, and tax-free, as there are no taxes assessed on in offshore trusts or International Business Companies formed in offshore jurisdictions.
The main reasons for incorporation offshore and formation are the following:
* To save tax: An offshore company can form part of an overall taxation reduction strategy for certain individuals or entities.
* To have greater ease of operation: Many offshore centers make it very easy for companies incorporated locally to trade if they do not transact locally and they are not involved in banking or financial services.
* To achieve a higher level of anonymity: A number of overseas centers allow the option of having nominee directors for the establishment of a company and others also manage to keep the names of directors and shareholders off public record.
* Reducing Tax Liability: A foreign jurisdiction allows unparalleled opportunities for reduction of your tax liabilities.
* Keep business affairs confidential: Offshore Company formation enhances client confidentiality. If the company shares are held by a Trust, the ownership is legally vested in the trustee, thus gaining the potential for even greater tax planning advantages.
* Estate Planning: Private Foundations and Offshore Protective Trusts for accumulation of investment income and long term benefits for beneficiaries on a favorable tax basis.
* Protect assets: In combination with a Trust, an offshore company can avoid high levels of income; capital and death taxes that would otherwise be payable if the assets were held directly. It can also protect assets from creditors and other interested parties.
Incorporation offshore in the jurisdiction of Ras al Khaimah is the cheapest and the quickest in the UAE. Rak offshore portfolio includes a wide range of financial and non financial services. Under its non financial portfolio, Rak offshore facilitates the establishment of IBCs whose activities include international trading, asset protection, tax planning and real estate holding.
Rak offshore maintains a wide selection of outsourcing companies. It also has several marine-related services including an item facility for vessels and yachts from anywhere in the world.
by: Ramapati Singhania
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