What is Offshore

"Offshore" in the common sense means the country other than that where you reside. More often it has another meaning в_" the country with low or zero taxes for personal or corporate foreigners. The term в__offshoreв__ appeared when islands off the coasts of the USA and Europe were described as в__offshore financial centresв__. Their common characteristics were low or no taxes and less rigorous compliance requirements than their в__onshoreв__ neighbours. Later some mainland financial centres also were included in the "offshore" category.

Business community uses the term "offshore" for tax-advantage jurisdictions, as well as for the whole accompanying industry of services. There are such commonly used notions as offshore company, offshore strategy, offshore financial centre, offshore registered office.

Many offshore countries offer low tax rates for non-resident companies, and have developed special taxation schemes applying to offshore companies and the legislation that favours tax-advantage business entities. This kind of industry usually brings financial revenues and many other benefits to the jurisdictions that apply the low-tax system, and thus is strongly protected.

Offshore companies usually pay a nominal tax rate or none of it, and take maximum advantage of offshore legislation that usually provides asset protection for companies and individuals, complete confidentiality and anonymity, minimum intervention of authorities, no control over financial transactions, low or zero taxation.

Some of our clients have certain knowledge about what jurisdiction they wish to incorporate, its advantages and special features, about offshore business structure and offshore bank accounts. For these clients we can offer complete range of services and professional advice and maximum confidentiality.

Some of our customers are not so familiar with offshore issues, but they wish to go offshore in order to reduce the amount of taxes they have to pay. Another category of clients involves into banking, investment or financial activities, establishing a bank or insurance company.

Offshore jurisdictions have developed a unique legal and tax climate which allows foreigners, either personal or corporate, not to have any tax obligations, or only an acceptable tax rate. More than half of all the world finances is located in such tax havens with stable legal situation, advantageous tax regime and comprehensive and realistic regulations.

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30/09/2006
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