Setting Up a Tax-Free Business Offshore
April 14, 2016
Being an entrepreneur, who is just starting, you can hardly think of a more stressful thing, than an IRS audit. The reasons for the latter may be different and mistakes in bookkeeping are the most usual among them. Such an audit can lead to even closing a company due to the significant fines and fees. To avoid such a situation, you can start doing business offshore making it tax-free.
How Can a Tax-Free Business be Incorporated?
In most cases there is no much of a problem to start a business overseas tax-free. You just need to set up a companyin the right jurisdiction and the locations you can use are multiple all over the world. Starting activity in one of such hubs, you avoid taxes, which you will have to pay in your native country. This can obviously result in thousands of dollars saved each year. So it’s worth considering for any type of commercial activity.
Are You Obliged to Pay Personal Taxes?
Incorporating a company offshore provides the owner with a great number of advantages from the corporate taxation point of view. Still, it’s vital to know if you need to pay any personal taxes in the jurisdictions you live in. In case, you have a proper corporate structure, many of your assets may be assigned to it. In such a way, your personal tax obligations can be minimized. If your company owns your house, for instance, it covers mortgage for it. The same works for your auto. In certain situations, this will help to bring your personal tax liabilities to the lowest possible level.
Can This Provide Privacy to You?
It’s essential to know the role of anonymity in the process. Having an offshore company, you have an opportunity to conduct your commercial activity preserving complete privacy. You can avoid any official notifications or records connecting you with your legal entity. There is a nominee service offered in most jurisdictions, which can be used through a legal firm or a lawyer. It not only protects your activity but provides additional benefits from the point of view of security. You will not have to fear about your assets.
Should You Start?
Every way starts from a small step, so you have to take actions to start a business activity off shore. Contact our team to discuss your desire to set up such a legal entity. We’ll take up your concerns and will provide you with the assistance in making the process fast and effective. We can help you gain the privacy you and the tax-free rank you want. Just consider the cost effectiveness along with money saving benefits of setting up a legal entity overseas and get started. In case you delay the decision, you just waste more means than it actually needed for your business.