Yes, offshore companies have increasingly become more popular over the past few years. This is due to the multiple advantages such as tax optimization, asset protection, global business expansion and access to overseas banking. Offshore companies are suitable for both individuals as well as businesses.

A company is regarded as offshore if it has minimal economic substance within the jurisdiction where it is incorporated. Businessmen choose to register offshore entities as they may enjoy tax exemptions if they limit their trade to outside of the borders of the jurisdiction where they are incorporated.

No, it is not illegal to register an offshore company. As reported in media, many offshore companies are used for tax evasion, tax avoidance and tax fraud. For all our clients, Samepage will advise you on your personal and corporate tax obligations. This is to ensure that you remain compliant with international tax obligations.

This ultimately depends on the long-term business goals of your company. By paying a minimal amount of corporate or withholding taxes, you are able to enjoy access to better banking facilities. If you are a small company that is just starting out with limited capital, a traditional tax haven may be more suitable as there are not accounting nor tax nor share capital requirements.