As of October 2022, the UK is facing economic uncertainty with inflation in double digits and the threat of a looming recession. With three Prime Ministers in three months, there is also doubt over the stability of our ruling Government.
While much of it is out on control there are still options open to both companies and individuals, with one of the best being in the form of an offshore diversification strategy.
An offshore diversification strategy is about looking at the bigger picture and then making the right moves to put you in a stronger position. This might be to set up an offshore company or move your current business offshore, or it could also result in opening an offshore bank account – or both.
By exploring what offshore has to offer, you can develop a strategy that is most beneficial to you, allowing you to best diversify your lifestyle and finances. Ultimately, what these options provide is that no single government will have full control over your assets or finances.
However, there are several considerations when it comes to finding the best jurisdiction for your offshore company. Experts in company formation will make it their job to understand your business structure to make sure your new company is set up to minimise tax liability and have the correct organisation structure to support growth.
Picking the right jurisdiction for your offshore company formation
When it comes to exploring offshore company formation, you’ll need to consider which factors are most important to you. Do you want to steer clear of reporting requirements? Interested in security? Looking for lower tax liability? It is also important to consider not just a downturn in the UK economy but also the countries you are looking at…how stable are they right now and in the future?
Turner Little’s interactive map provides a starting point to help navigate the best jurisdiction that suits your needs and showcases the four key options of:
- Best for speed
- Best for local tax rates
- Best for global reputation
- Best for privacy
There are several other benefits and ways to use an offshore company. As well as running a trading company, you can also choose to hold physical assets such as property through an offshore company. Advantages for offshore property ownership include helping to lower exposure to many taxes, including inheritance tax, income tax, capital gains tax and much more.
To find the most suitable location for you and your business interests, our team of experts are on hand to help. Please contact them here.