What is ‘offshore’?
Simply any country other than the one you live can be considered ‘offshore’. Providing you are from outside the jurisdiction that you choose (both as a citizen or a resident) you can obtain some special financial or asset protection considerations. If you live in the US, other countries are offshore. If you live in the UK, other countries and the US are offshore.
More often than not however, ‘offshore’ is used to describe a nation where there are either no taxes or low taxes for foreigners and corporate structures.
Offshore jurisdictions have created a unique legal and tax climate for foreign individuals and businesses. They cater specifically to foreign business and investors. More than half the world’s wealth resides in such asset havens.
Financial privacy, a stable legal climate and realistic regulations are the hallmarks of these jurisdictions.
What is an offshore company?
An offshore company or corporation is the same as any other company in that it is a structure recognised by law as a separate ‘entity’ with limited liability. As such the company has the option to sell shares, the right to sue and be sued, and has perpetual existence. An IBC (International Business Company) is the most popular type of offshore corporation for asset protection and privacy purposes. An IBC is usually a tax-exempt corporation that can do business all over the world except in the country where it has been incorporated.
What are shelf companies?
Shelf companies are ready-made and never-used corporations that have been established to meet a client’s immediate needs. We maintain a selection of shelf companies available to trade immediately.
What activities can be undertaken by an offshore company?
An offshore company can undertake any activity that can legally be undertaken by a natural person.
What are the advantages of ownership of property by an offshore company?
The primary advantage is the mitigation or avoidance of capital gains, inheritance and property transfer taxes.
How long does it take to set up an offshore structure?
International Business Companies can usually be set up within two working days on condition of receipt of all the required information from clients. Shelf companies are available instantly.
What are the costs?
Company formation fees, recurring annual fees, and administration costs vary from jurisdiction to jurisdiction. Please ask us for details.
Where should I incorporate?
Most offshore jurisdictions are free from foreign exchange controls and have introduced company legislation to cater for a diverse range of international business requirements. It is important to select a jurisdiction that is well-suited to your specific corporate and personal needs.
What is an acceptable name for an IBC (International Business Company)?
An IBC may be named nearly any name its founder desires. There are very few restrictions. The name of an IBC must end with ‘Incorporated’, ‘Limited’, ‘Corporation’ or the abbreviation ‘Inc.’, ‘Corp.’, or ‘Ltd’. Names that include ‘trust’, ‘bank’, ‘banc’ or ‘insurance’ require a license. Other than these limitations an IBC may have virtually any name.
Is Offshore Banking safe?
Absolutely, Alpha Management Limited can recommend established, reputable, rated and well known banks. Also most of the banks have online banking services.
Who controls the offshore accounts?
You do. The client is in complete and total control of all accounts at all times. His/her signature is the only one that appears on any bank or brokerage accounts and no one else may use or access funds in the accounts.
How do I bring money back from offshore?
There are four ways to bring money back from offshore:
- Money may be wired directly from an offshore account into a domestic account.
- Offshore banks and brokerages issue Visa/MasterCard, debit cards and secured credits to account holders. These cards may be used to make purchases from merchants or to withdraw cash from an ATM.
- The foreign company (IBC) may purchase real estate, cars, businesses, etc. Typically, the client acts as an agent of the IBC to purchase assets on its behalf. By this means, assets are held under a corporate name, thus helping to protect the client’s privacy.
- The client may borrow funds from the corporation. The IBC is a separate entity from an individual and may take loans to individuals or other entities.
Do I have to travel to ‘go offshore’?
No. Alpha Management Limited interfaces with offshore institutions to form IBC’s, open bank and brokerage accounts, forward offshore mail, etc. so that clients do not have to leave the office to go offshore.