Alfaro & Calvo Lawyers. International Corporate and Trust services
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OFFSHORE COMPANIES
Offshore or non-resident companies are loosely described as companies that conduct an insubstantial or zero volume of business within their jurisdiction of incorporation.
More specifically, offshore companies have three characteristics: Firstly, they should be registered as an entity within the jurisdiction of incorporation. Secondly, the 'incorporators' should be domiciled outside of the jurisdiction of incorporation. Finally, the company should transact the major majority of business outside of the jurisdiction of incorporation.
The motivations for individuals and corporations to utilize offshore planning and offshore companies include the desire to:
- Reduce tax
- Protect assets
- Manage risk
- Maintain privacy
- Avoid bureaucracy
- Reduce costs
- Enhance assets