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Considerations When Setting Up An Offshore Company

By: Fran Malatosin

When deciding on what type of offshore company you would like to open, one of the first decisions you will have to make is what type of company you are going to open. There are two main types of offshore companies you can open including Limited Liability Companies and International Business Companies. Many jurisdictions are also adopting new legislation which allow people to replace the International Business Company with a simple Business Company.

The question becomes are you interested in creating a basic company or a complete one. Basic companies do not have as many of the benefits that their larger brother's do. Basic companies are geared more towards individuals or small business owners where only one person will be in charge of the company and it's holdings. The trade off is this type of company does not have as many benefits as a complete company does.

There are more requirements involved in setting up a complete offshore company and also, in general, many more people involved in the process. A well executed plan to incorporate your company is required in order to ensure your company assets are protected and the services of a lawyer in the jurisdiction you are incorporating in is highly suggested.

If you have an existing business that you would like to transfer to an offshore business, there are many offshore jurisdictions that will allow you to merge businesses or relocate them. When merging one business with another, you will most definitely have to hire a third party firm to help assist you, as there are often contractual difficulties that these firms can help you to overcome, however some offshore jurisdictions do not have this problem because they now allow companies to form a complete new entity during the merger, rather than one company simply taking over another company.

Before setting up your offshore corporation you will need to identify all of the uses for your company. One of the top ways to determine which type of company you should incorporate is to consult with a legal firm that specializes in offshore company incorporations in the country you are investigating. There are service resellers and actual law firms so be careful who you are working with.

Using an attorney to incorporate your company has many benefits such as; attorney client privilege on your communications , the connections you will need to make sure your incorporation goes smoothly and experience which is something you can't teach. Be wary of internet websites that claim to be lawyers but are in actual fact simply lead generators and lead resellers.

Those with no experience incorporating an offshore company should definitely utilize these services. The initial cost may be higher than you will find in other places on the internet but does cheaper mean better? Personally I like the piece of mind knowing that my company has been registered properly and not resold to countless others.

Article Source: http://www.gcyarticles.com

To learn more information about incorporating your company offshore please visit the Offshore Legal website.

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