You should consider all company formation options when starting a new business. By taking this approach, you will ensure that you choose the right creation model for your circumstances, enabling success. You may want to consider setting up your firm offshore, which provides multiple advantages. Turner Little asks: what are the benefits of establishing an offshore company?
Safeguard your assets
You can use an offshore firm as a vehicle to hold a range of assets, from real estate investments to intellectual property (IP). Your company’s IP is important; it gives you the edge needed to succeed in a competitive marketplace. It is essential that you safeguard your business’ IP comprehensively. As well as setting up your firm offshore, you may want to legally shield your IP e.g. by trademarking your branding materials. Turner Little provides the trademarking services necessary to protect your IP.
Reduce administrative duties
If you create a limited company, as its director you will have to handle a number of responsibilities. This includes key administrative tasks such as completing filing obligations and handling tax matters. However if you decide to set up your company offshore you could reduce your administrative duties, as there are often less legal obligations for directors or officers of offshore companies.
Minimise tax obligations
As a UK small business owner, you will be required to pay a number of taxes. By establishing your business offshore, you can minimise your tax obligations. Depending on the territory, you will either pay fewer taxes or enjoy tax-exempt status. Make sure that there are no tax obligation conflicts in the countries you operate in, to handle this matter effectively. Corporation tax can be difficult to navigate, so you may want to employ the aid of specialists such as Turner Little to handle this issue.
Keep information confidential
Setting up an offshore company can prove beneficial if you need to keep certain information confidential. Depending on the jurisdiction, as a non-resident business you may not be required to publish financial information or the details of firm’s shareholders and directors. In the majority of cases, offshore financial jurisdictions will not share this information with third parties unless absolutely necessary e.g. in connection with criminal activity, so it will be very secure.
Streamline establishment costs
It is faster and easier to set up a company offshore, than it is to do so onshore. This means that by pursuing this company creation model, you could benefit from lower set up and maintenance costs. You will only require minimal capital to register your enterprise offshore and in some jurisdictions you can register your firm free of charge.
In other words, if you set up your company offshore, you could position your firm to be more successful. But the process of establishing your venture away from UK borders can be complex, so you may want to enlist the aid of experts to ensure you receive the benefits that adopting this company creation model can provide. As company formation agents with more than 25 years of experience, Turner Little can supply you with excellent offshore company formation services.
Turner Little was founded in 1998 and it has since become a well-established UK based professional Company Registration Agent, Registered Bank Intermediaries and Business Consultants, as well as Trust provider. You can receive our monthly newsletter by signing up using the form below.