Choosing the country to start a business in is a very important matter. From a legal point of view, it is safe to say that we can categorize countries into onshore and offshore destinations. Even if the differences between them aren’t that big anymore, offshore destinations are still preferred by many investors who want to protect their assets.
There are many attractive offshore countries in which one can set up a company, a trust, or a business form which provides for lower taxes and a high degree of confidentiality and some of the most popular ones are mentioned below.
Hong Kong is attractive as an offshore and onshore state
Hong Kong offers foreign businesspersons the possibility of setting up both onshore and offshore companies under very advantageous conditions. The easiest way to set up a business is by buying a ready-made company in Hong Kong under which various activities can be completed.
Singapore is also a preferred offshore jurisdiction
Very similar to Hong Kong, Singapore offers many benefits to those who want to use the city-state as an offshore destination for their businesses. Enhanced protection in terms of company ownership and assets are just two of the key attributes of starting an offshore business in Singapore.
Seychelles – a renowned offshore country
The small archipelago in the Indian Ocean is perhaps one of the most famous offshore countries in the world. The 0% rated taxation imposed on International Business Companies, as offshore companies are known here, the protection of assets under very strict confidentiality regulations and the possibility of creating trusts with the same benefits often represent the main characteristics of those who choose Seychelles as an offshore destination.
The Dutch Antilles and Curacao are also good offshore destinations
Not only Asian countries are good offshore destinations, as European ones can also offer many benefits. The Netherlands, for example, makes an appealing offshore state thanks to the Antilles and Curacao, some of most important islands in the Caribbean Sea which attract important investors from all over the world.
There are many important offshore jurisdictions which can be used for asset protection purposes and choosing the best one depends entirely on the person or company and their intentions. Many offshore countries nowadays comply with international financial reporting standards, therefore one should also pay attention to this aspect when considering an appealing offshore destination.
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