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The Offshore Company is a Company which rarely conducts business in its country of origin. In a jurisdiction where taxation is much lower and reporting restrictions are far more flexible than the country in which you reside. Other common names for this type of company are a 'non-resident Company' or International Business Company.
Important Information about Offshore Companies
An Offshore International Business Company is an entity (or Company) that can only operate outside the country of its incorporation BUT can trade or operate WITH established ‘mainland’ Companies which have been formed within the same jurisdiction. An example of this would be; an offshore company trading with an LLC or Limited company that has been formed in the jurisdiction of the Offshore Company.
Simplicity of Operation
Apart from certain types of business – such as: Financial Services companies banking which are internationally regulated, the Emirates make it very simple and highly attractive for Offshore Companies to operate with a Varity of activities.
Offshore Holding companies can handle dividend receipts from a spread of subsidiaries. This allows a group to centralize its resources and maximize tax benefits. Careful use of tax treaties is necessary to obtain the best results. Offshore Holding Companies can be used, whereby the holding company can fund subsidiaries in a tax-efficient manner. Legal fees are often significantly reduced and publicity can be avoided for high-profile individuals and families.
An Offshore Company is often used to make Investments and accumulate wealth. The major difference is that the offshore company does NOT have to pay tax on its profits, nor does it have to pay inheritance tax when it is passed on to heirs. In many jurisdictions, withholding Tax is levied on income remitted out of the jurisdiction, but the careful use of double-tax treaties can reduce or even eliminate tax on the investment income. This may enable the Investor to make investments in high-tax countries from an offshore base with minimal tax liability. Most importantly, the use of an Offshore Company also protects the identity of the ultimate beneficial owner. Anonymity comes automatically with Offshore Companies, and is respected by the law in the offshore world.