Registering a business off shore can have significant tax advantages for a company. There are many countries around the world which are considered tax havens, and this is because they either do not tax corporations, or they tax at a rate that is considerably lower than the UK. Some countries also offer lower tax rates for personal income as well as allowing people to bank anonymously. Many of these places also have less paperwork for companies to fill out which can mean savings on administration costs.
Many of the countries which have become known as tax havens charge very little or even no tax. This also comes with the benefit that a company probably will not have to publish its accounts. This will save you the money of hiring a tax accountant or the time of doing the work by yourself. There are many tax havens all over the world and choosing one can be a confusing decision.
Registering in a tax haven is a popular option for companies who conduct business on a global scale. If you are doing business within the shores of the tax haven then you will probably be taxed, the tax exempt status is only for companies working internationally. If your business is less international then it would be worthwhile locating a tax haven closer to the country where you conduct your business – this will allow you the benefits of registration in a tax haven as well.
Some countries offer the opportunity to conduct business in a very private manner. You will be able to increase the discretion that your company enjoys relatively easy in many of these nations. Some countries will not require you to make your company details public and require no annual reports or accounts. Several tax havens will provide the services of nominee shareholders and directors.
For businesses looking to expand, or individuals and companies who want to reap the financial benefits of less tax, off shore registration is a very popular option. The benefits of registration off shore are numerous and can be expanded with the additional services, such as the discretion that these countries provide.