A Beginners Guide to Setting Up an Offshore Company

Setting up your first offshore company can seem like a complicated task. With the right direction, though, you should find that the process is relatively simple.

Choose a Jurisdiction

First, you need to do some research to decide which jurisdiction benefits you most. Hong Kong is currently the most popular jurisdiction in the world. Panama is the second most popular.

Panama offers numerous benefits that attract offshore companies.

• An offshore company in Panama does not pay taxes.
• Panama protects the privacy of offshore companies.
• An offshore company in Panama does not need a business license.
• Panama has a stable government and economy based on the US system.

The jurisdiction that you choose will likely depend on your unique situation. Explore your options to decide which is best for you.

Know the Rules of Setting Up an Offshore Company

It’s important to know what rules you need to follow while setting up your offshore company. Panama offers considerably more benefits than requirements, but you still need to have your articles of incorporation, directors, officers, and fees.

It often helps to make a checklist of all the things you need to set up your company. That way, you know you meet all of the requirements before you get into the process.

Find a Reliable Law Firm

Your offshore company will probably need legal representation at some point, even if that just means asking them to pay your corporation’s annual fees. Finding the right law firm can make your offshore company much more effective.

The best law firms can:

• Provide assistance
• File forms for you
• Create a local address for your business
• Select nominees to fill positions within your corporation
• Protect your corporation’s interests

Just because you’re a beginner doesn’t mean that offshore company formation has to be difficult. When you follow the suggestions above, you should find that you can form your organization within a very short period of time.