Offshore Company and Bank Accounts

Purposes of setting up offshore entities

Most offshore entities are created to take advantage of low-tax or favourable tax regime jurisdictions. Typically, an offshore entity is setup for the following business models. Over the years, as the possibility of investment transcended the regional and continental boundaries, the opportunities to enhance returns have grown manifold. Hence establishing an offshore entity that manages the entire gamut of investment on behalf of the beneficiaries has typically been an effective and popular business practice.

• For investment:When a business entity invests money into a foreign jurisdiction, it does so through locally present agent. Hence the returns on the investment as well as the proceeds of the liquidation of such investments are usually beyond the boundaries of taxation in most jurisdictions. For example, in the UK, a landlord who is not a tax resident is not subject to taxation on capital gains from the sale of properties.Similarly, the landlord as a lessor is not subject to withholding tax on the rent remitted directly to the non-resident landlord.Hence for a person interested in investing in property, the UK becomes a favourable tax jurisdiction that allows them to enjoy the low-tax regime of the residency of the principal, as well as the exemption of tax as a non-resident in a high-tax regime such as the UK.

• Business: Likewise, in businesses where the revenues less costs and/or commission is remitted directly into the jurisdiction of the principal offshore company, they are not treated as income realised within the tax residency, and hence not assessable.Example: A construction firm based in Turkey could leverage an offshore principal based in the Seychelles, and execute projects in the EU, through an agent and avail of the low-tax regime of the jurisdiction of the principal.

• Wealth protection: For protecting one’s self from impending or future litigation, individuals as well as organisations may choose to setup their operations as an offshore entity. This ensures that even in the event of litigation causing attachment of assets, the assets transferred to the offshore entity, and if a business, the entire business and its continuity, is safeguarded against losses arising out of inability to transact. Offshoring also offers protection against and in the event of litigation, arising out of inheritance or nuptial conflicts.

• Inheritance planning: High Net-Worth Individuals often have issues while effecting the distribution of their wealth amongst their heirs. Hence to mitigate the extent of Inheritance Tax, as well as delays or complications in the process of transfer of properties to the legal heirs, individuals choose to establish an offshore trust to manage their wealth.

• International Trading: If you were a trader transacting business in 20 different nations, how would you manage your presence in each jurisdiction? How would you plan your taxes, or your mandatory filings? These are questions that an offshore enterprise provides an effective solution to.

 

Global Presence – Offshore Services

At Nazım & Co, we offer comprehensive offshore services including company formation, and facilities for banking as well as the mandatory registrations and licensing. We also provide physical and virtual offices, executives, nominee directors, and professional services including chartered accountants, company secretaries and legal consultants in the following regions.

• United Kingdom
• Dubai
• Republic of Cyprus
• North Cyprus
• British Virgin Islands (BVI)

 

Banking Services

At Nazım & Co, we offer banking services through our trusted bank partners in all of the jurisdictions we extend our services to.

• Barclays Bank, Emirates NBD, and Standard Chartered Bank for entities based in Dubai and Ras Al Khaimah
• Lloyds TSB Offshore and UBS Switzerland for offshore entities in all jurisdictions

Irrespective of the type of entity you wish to establish, we can help you make sure you have the simplest, most efficient and cost effective solutions owing to our:

• Familiarity with offshore and international business
• Worldwide investment and business perspective
• Efficiency and experience in tax planning
• Confidentiality
• Understanding of foreign exchange regulations in each jurisdiction
• Ability to provide you with access to special investment opportunities

In other words, when you work with us, we put the world in your hands.