Offshore Corporations

Offshore corporations are corporations that do very little business if any in the country where they are incorporated

. These companies are known by other names as well. These names are International Business Company, offshore company, and non-resident company. A limited liability corporation can also be set up as an offshore corporation.

Setting up offshore corporations has many advantages. One is that it protects the assets of the owner of the company from lawsuits. They also provide increased privacy, more flexible business laws, a global presence, and reduced taxes.

You need not worry about big brother, ex-spouses, ex-business partners, over-zealous attorneys, or anyone else invading your privacy. The accounts of these corporations are very confidential, in other words only authorized people can see it. These corporations allow one to invest in high-yield mutual funds and take advantage of strategies that one cant find in their home country. One is also provided with the opportunity to offer their products and services through out the world and expand their business. All of this can be done without compromising on ones privacy.

With respect to offshore banks offshore corporations provide privacy from third parties. If an account statement sent by the bank is intercepted then it can be easily traced back to you as it has your name on it. But in case a statement sent by the corporation is intercepted by the third party, the name of the company will be on it. Thus the privacy of the owner is not compromised, but only in countries where there are strong laws that prevent outside parties from seeing the account signatories.

There is a clear advantage of holding multiple such corporations. One can transfer money between these corporations and not report it to the government. This reduces the amount of paper work one has to do.

In case on is either a Canadian or a citizen of the U.S., then they have to pay taxes for the money generated here. There is legal way to reduce this amount. U.S. citizens can set-up a Nevada C Corporation and the Canadians can set up an Alberta Corporation. These corporations pay less tax in certain brackets when compared to individuals.

by: Tiffany Trent

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