If you’re an entrepreneur with high net worth, you may be interested in setting up an offshore businesses sooner or later. However, potential scrutiny from the IRS, SEC and other legislative agencies could be serving as the primary deterrent.
Giving up on establishing an offshore plan for personal asset protection isn’t entirely necessary; there are three steps that you can take to safely move your enterprise overseas.
Step One - Forming an Offshore Business
Technology has made it easier to setup an offshore business. But it’s wise to have legal counsel involved for complicated situations that arise as the business matures.
You need to evaluate how many individuals will be involved with the offshore business, and then decide which offshore jurisdiction will be most effective. Depending on the nature of your business, some business operators prioritize risk aversion over lenient tax legislation.
It’s also worth considering what services may be needed to run the business overseas. You will need to delineate between choosing to setup as an International Business Company, a limited liability company, a global business company or a private limited company. The jurisdiction of the international business often dictates the available designations.
Working closely with an International attorney who specializes in setting up offshore businesses will help you more easily navigate these different questions and scenarios so you can make the right decisions.
Step Two – Choosing an Offshore Jurisdiction
Some of the most popular jurisdictions for you to start an offshore business include Belize, Hong Kong, Panama, the British Virgin Islands and Mauritius.
Some of the other available jurisdictions for offshore businesses include Malta, the Bahamas, the United Arab Emirates and Costa Rica.
Step Three - Choosing an International Lawyer
International lawyers can help you minimize tax expenses while remaining within the framework of the law. These attorneys can help you develop asset protection strategies, offshore trusts, wills, and more.
An international lawyer may also be able to steer you in the right direction to get the global tax services you need that are invaluable to any enterprise operating overseas. Relying on these professionals to help narrow down the multitude of options for managing overseas assets is often the best approach to avoiding financial problems in the future.
To learn more about how an international lawyer can help you structure your business offshore, visit Nagel Law.