Is your hard-earned money safe?
Are you tired of paying tax and looking for an escape route?
Do you have enough investment options to uplift your financial portfolio?
Money can be earned through various means, but what turns out to be difficult is maintaining them. Making sound investments to grow your finance is one of the healthiest options that one can make to strengthen your financial status.
One of the secure ways of doing the same, which the business owners widely accept, is to go Offshore.
Yes, you heard it right!
In layman language, offshore refers to securing one’s assets and wealth with high-end security and safety. Most business owners prefer going offshore so that the designated assets and wealth will not be known to their competitors.
Alternatively, the offshore tax-haven counties are also selected by individuals who hold a high net worth and want to prevent future generations.
Securing Wealth by Going Offshore
When it comes to wealth and asset management, today, individuals have a better option as most countries have converted themselves to tax-haven jurisdictions.
These nations offer many benefits to business owners to protect their savings and numerous opportunities to multiple sources of income.
One of the easiest ways to proceed ahead is to open an offshore company in any of the popular offshore destinations, followed by opening an offshore bank account.
Individuals have the freedom to open an offshore bank account in the same jurisdiction where the business entity got incorporated or even proceed with any other offshore location.
Moving the assets to an offshore destination is a secure way to protect your wealth at ease.
Are you wondering how to proceed ahead? Well, let’s have a look at the process.
How to Set Up an Offshore Company for Wealth Management?
To initiate the process, business owners and investors have to undergo specific steps that have to be followed accordingly.
1. Seek a Guide
The first move is to get in touch with a well-versed professional with complete offshore proceedings.
This is a feasible option as understanding foreign laws is not everyone’s cup of tea. Simultaneously, one can’t proceed ahead without complying with the regulations. Certified experts help the business investors to deal with the proceedings, and thus, it saves much of the time, which can be utilized in a better way.
2. Select a Jurisdiction
As mentioned earlier, today, most of the nations have converted themselves to offshore zones. One of the core reasons behind that it offshore destinations attract many business investors and ultimately enhances the in-flow of the FDI.
Before you select, have a look at the list of the popular offshore destinations that you can focus on. Be clear to finalize the jurisdiction that meets your business needs.
3. Choose a Business Structure
In the next step, you need to choose a business structure for company formation.
An International Business Company (IBC) is a standard business structure widely preferred by global business owners.
However, few offshore business destinations also provide the option of proceeding ahead with a Limited Liability Company (LLC).
It is to be noted that business structures are to be decided based on the availability of capital and the number of shareholders.
4. Submit Essential Documents
After finalizing the corporate structure, submit the required business papers to complete the documentation stage.
In general, you might submit the following:
- A copy of the duly filled business application form
- Memorandum of association
- Articles of association
- CVs of the shareholders and directors
- Identity and address proof of the business shareholders and directors
- Business blueprint
5. Get the Permission
Submit the complete set of papers, and it will be sent to the relevant business authorities for inspection.
Obtain the required permission, and thus, your offshore company is ready to operate. Meanwhile, if the authority rejects the papers, get in touch with your advisor and rectify the errors.
So, with this, the first part gets complete, and up next, we need to open an offshore bank account.
How to Open an Offshore Bank Account?
To open an offshore bank account, you have to go through a series of steps
- Choose a jurisdiction: You can open an offshore bank account in the exact location, or switch to another jurisdiction.
Most business investors prefer to proceed with the second option as it provides a high amount of security.
- Decide a Specific Bank: Next, do get a list of the banks available in the zone. Choose one according to your business needs.
- Understand the Norms: Before you approach the bank to get your account open, make sure to research the same and have a word with your business guide.
- Present the Papers: Like the company formation process, you need to submit a set of documents to the bank to verify the authenticity.
- Get the Approvals: After verifying the submitted documents, the banking authorities will issue the approvals.
- Transfer the Initial Pay (if any): Make sure to deposit the funds to the bank account. This might differ from bank to bank.
Once the initial deposit has been made, you can quickly transfer your accumulated wealth to the new offshore bank to secure the same.
So, by now, you have got a complete picture of the appropriate steps to be taken accordingly. Proceed ahead to secure your funds today!
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