Offshore company incorporating refers to the process of offshore firm production, same as Dominica company formation, which is carried out by registered agents in countries called offshore jurisdictions or tax havens. Countries which have legislation to support offshore incorporating includes Anguilla, BVI, Dominica, Belize, Nevis, St Kitts, St Lucia, Panama, Cyprus, Seychelles, Hong Kong, Singapore, Mauritius, Isle of Man, St Vincent, Bahamas, Cayman Islands, Hong Kong and many other countries around the world. The most popular offshore company incorporated today is the international business company (IBC) which is also called exempt company or tax free company.
The process of offshore incorporating is completed in one working day in the majority of tax havens and the cost of offshore incorporating is very low. To carry out offshore company incorporation a registration fee is paid to the registrar of companies in the desired jurisdiction when the documents for offshore incorporation are being filed. In the offshore tax havens only registered agent or offshore agents can carry out offshore incorporating. The registered agents are persons who are authorized by a government authority to carry out offshore company registration.
For offshore incorporating regulations require that a Memorandum of Association and Articles of Association be prepared and filed for offshore company incorporation. Please not that the documents may carry different names in the respective jurisdictions but the information filed is basically the same. These documents are revised by the registrar of companies who will issue the company with a Certificate of Incorporation is all the requirements are met. The main information needed for offshore company registration in the tax havens;
- The name of the offshore company
- The name and address of the registered agent
- The local registered address of the offshore company in the jurisdiction
- The names and addresses of the shareholders
- The names and addresses of the directors
- Authorized share capital of the company
- Types of shares to be issued
- The number of shares which will be issued
- The purpose of company incorporation
- The by- laws of the company
- The name and address of the company secretary if one is appointed
Offshore incorporating can be carried out using nominee shareholders and nominee directors for persons who ant privacy.
In most of the offshore tax haven (with the exception of Panama where 3 directors are needed) one person can be used for offshore company registration as the same individual can take up the role of shareholder and director.
The advantages of offshore incorporating includes tax savings as the offshore companies are totally free from local taxes and duties in the jurisdictions where offshore incorporation is carried out.