AsiaBiz Talks On How An Offshore Company Incorporation Works Jacqueline Chia

AsiaBiz Services, the leading business registration firm in Singapore, has explained that offshore company provides countless advantages especially in terms of confidentiality, asset protection, and cost of business operation.

“In terms of asset protection, having an offshore company is advantageous to shareholders and directors particularly if they choose an offshore financial center, such as Marshall Islands, British Virgin Islands, Seychelles, and Mauritius where they can avoid the high taxes of their own country,” the firm said.

Asset protection is one of the most common concerns of wealthy businessmen who live in politically unstable countries, which is why AsiaBiz recommends offshore company incorporation to these people.

However, the firm said that this structure works best if the wealth and assets are foreign-earned, or have been expatriated over a long period of time.

“Wealthy families can also protect their assets by setting up a Family and Protection Trusts through an offshore company.  With this estate planning which can be used as an alternative to a will, people can avoid forced heirship provisions that limit their freedom in distributing their assets upon death and ensure that their last will is legally recognized,” AsiaBiz said.

Meanwhile, the firm said that an offshore company is also ideal to wealthy individuals who own properties in several different countries because this business entity can collectively own all their assets.  

“With this, it would be less complex and less expensive because company shares are easier to transfer than the actual properties,” it added.

To further boost the asset protection, offshore financial centers usually provide strict confidentiality among shareholders, beneficial owners, and directors that their names are not revealed and shown in any public record, the firm said.

“In most cases, only the Memorandum of Association and Articles of Association are shown in public records,” it added.

Meanwhile, some offshore financial centers like the British Virgin Islands allow international corporate entities to form a company without subjecting them to taxes and reporting requirements which can result to low operational costs because of the reduced compliance and regulatory requirements.

Offshore centers that provide tax exemption are usually called as tax haven,

AsiaBiz said. “Most professionals believe that choosing a tax haven or engaging in tax planning is a good way to reduce the operational costs without breaking the law.  However, it is important to note that tax planning is different from tax avoidance which is generally considered as a serious crime,” it added.

About the Publisher:Asiabiz provides a complete corporate solution under one roof to form a Singapore company and process Singapore company incorporation of private limited companies with the opening of corporate accounts, corporate services including accounting, tax, immigration related to work passes visa and compliance services in Singapore.

The Firm has successfully helped thousands of foreign entrepreneurs setup an Offshore Company Incorporation.

AsiaBizServices.comaddress: 120 Telok Ayer Street Singapore 068589phone:  +6563034614website: http://www.asiabizservices.com/