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Offshore Company: How And Why To Move Your Business Overseas

offshore company formation Offshore Company: How And Why To Move Your Business Overseas 

Is the grass greener on the other side? Yes!

To set up an offshore company or relocate your existing business overseas is a crucial step toward internationalizing yourself and your assets. Search for “offshore company” and you’ll find thousands of websites promising a quick company formation in Panama or the British Virgin Islands, with a range of other “benefits” for the jurisdiction in question.

There is a current misconception that offshore business is about evading taxes and hiding money from the government, which is certainly not the case.

There are 100% legitimate ways to structure your business interests overseas and realize significant benefits from an asset protection standpoint — as well as tax-standpoint.

Want an example? The last few years Google has cut its taxes by $3.1 billion in totally legitimate ways.

You too can do this.

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Some say this is unethical and cheating, but not surprisingly, those who say this are most often not the same people as those who create value in society. If you’ve found your way to this page, chances are strong that you’re a value creator and want to keep more of the money you get back as a result of creating value.

Tax Advantages With Offshore Business

First of all, you don’t have to start a company offshore to save on taxes — just moving out of the US is a terrific first step. As a US expat, the first $91,500 in overseas income is tax exempt, meaning if you live outside the US you don’t have to pay any taxes at all on the first $91,500 of foreign sourced income (you still have to file your tax report though).

However, the real tax advantage from running an offshore company as a US citizen doesn’t come from direct tax savings. It comes from tax deferment, meaning you postpone the payment of taxes into the future. If you run a business overseas and reinvest profits within the company you can defer taxes indefinitely.

Let’s say you have a profitable company overseas. Now imagine that instead of paying taxes on your profits every year you can reinvest that capital in your offshore company every year for 30 years, and only pay taxes if you decide to sell the company after 30 years. Being able to reinvest your capital tax free combined with the power of compound interest makes this a truly exceptional opportunity.

Offshore Internet Business: Incorporating A Truly Global Business

It is a great idea to structure your business overseas, especially one that’s online-based. If you incorporate your foreign business properly, it provides a legal way to defer tax payments (similar to an IRA), as well as enabling much reduced liability.

An online business has no limits as to how and where it can do business, so why should you let your business be limited by a jurisdiction that is based on the old, geographically limited model?

Starting an offshore online business is a great way to build streams of income outside of your home country. Why would you want to have income streams outside of your country? Well, when inflation runs rampant in a country, having an income stream overseas in a stronger currency can potentially be a lifesaver. If hyperinflation would find its way to your country, which is a real risk with central banks all around the world is printing new money 24/7, earning only a small part of your income in a different country is invaluable.

An internet business based overseas, coupled with an offshore bank account, is the perfect medium through which you can do this.

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Offshore Company Formation: Ins and Outs

There are dozens of jurisdictions, such as Hong Kong, Singapore and the British Virgin Islands that offer a great business environment with fully legal tax benefits.

The most important thing that you MUST do is ask for advice from a qualified tax attorney (someone who understands international tax law) in your home country. Additionally, learn enough to understand the benefits of particular offshore jurisdictions.

After you’ve done your due diligence, it’s possible to go through the whole incorporation process online in most jurisdictions, and you can often set up your offshore company in as little as a few days. You often start the process with registering a company name and sending in the right documentation. The next step, after incorporation, is often to open a bank account or merchant account for your business.

Offshore Business Readings

Here’s a few selected articles from Sovereign Man about starting and running an offshore company. You will find tons of information by searching the internet, but it’s hard to know if a company is giving correct information or if the purpose of their information is to get their hands into your pockets.

Here are some “no BS” articles on offshore business. Enjoy.

Get the right advice about incorporating an offshore business and it will pay huge dividends in the future. Need help?

To learn more about offshore company formation and structure your business interests overseas, sign up for the free newsletter Sovereign Man: Notes From The Field below.

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