Features and advantages of offshore companies
April 17, 2024 ⚊ 1 Min read ⚊ Views 13 ⚊ BUSINESS
Reducing the volume of applied taxes and securing confidentiality aren’t the only advantages of setting up an offshore company in a tax haven. Although tax planning is one of the major advantages offered by offshore companies, the chance to greatly reduce business expenses and maintenance costs is also a very attractive benefit.
An offshore company is a company established in order to operate and perform business activities outside the jurisdiction in which it was officially incorporated, as well as outside (or off the shores of) the place of residence of its directors, shareholders and beneficial owners, which may be crucial for tax planning in certain legal systems. Usually, an offshore company is established in order to receive certain legal or tax benefits, to allow for a particular corporate structure or to protect the confidentiality of the beneficial owner and/or asset holder.
