In an increasingly connected world, the rise of an offshore company is hard to miss. Gone are the days when businesses were restricted to their country of origin. Instead, thousands of business owners are waking up to the favourable conditions of offshore companies, such as tax efficiency, structural flexibility, and better privacy.
Now, you’re probably wondering which is the best jurisdiction for your business? While there is no one-size-fits-all answer, some countries have a better reputation than others when it comes to international company formation. Ahead, we discuss three potential countries for your offshore business.
1. British Virgin Islands
Approximately 40% of the world’s offshore companies are registered in the British Virgin Islands (BVI)1, and for a good reason. BVI is popular due to its ease of setting up an offshore company as well as its cost-effectiveness compared to other locations. As a British Overseas Territory, it also has a long history of peace, stability, and democracy, giving you peace of mind that your business is in safe hands.
Panama is one of the longest standing offshore jurisdictions in the world2. It’s a country considered a ‘tax haven’, meaning any income earned outside the jurisdiction is tax-free. Offshore companies can also engage in business within the jurisdiction – a rare perk – but will be subject to local taxes as a result.
Cyprus’ geographically location is ideal for businesses that wish to enter Europe. The country has one of the lowest corporation taxes in the EU3 and high levels of privacy, giving you struct anonymity and ensuring your personal information remains undisclosed. This is particularly important if your wealth is prone to attract creditors or even ex-spouses.
Here to help
At Turner Little, we incorporate companies in many overseas jurisdictions across the world to give you the widest variety of options. All our offshore company formation packages include an introduction to an overseas bank, so you can get down to business straight away. Get in touch today and see how Turner Little can help you set up your company offshore.