Many of us were not aware of the existence of offshore, while those who k

Many of us were not aware of the existence of offshore, while those who know have the impression that its only being used for illegal intentions. However, all that has changed over the years as there are offshore jurisdictions that are well regulated, and some do indeed provide better jurisdictional benefits for your business.

Here are 5 reasons why one would consider moving their business offshore
1. Regulations
Different regional regulations may prove to be an obstacle to certain business activities. For instance, capital constraints and protectionist policies in some nations could limit a foreign firm from opening factories, purchasing real estate, or making investments in local businesses. Hence, it may be more appropriate in this situation to establish the business offshore to carry out its operations and activities.

2. Privacy
Another reason for establishing your company or business offshore is the element of privacy. Majority of offshore locations, such as Labuan, offers the advantage of confidentiality and security. Key details like the companys shareholders, directors, or beneficiaries wont be revealed by the registrar or made publicly available. Your entity in Labuan is completely anonymous, provided that there are no indications of criminal or terrorist activity.

3. Convenience
Setting up an offshore company is often quick and simple. These offshore jurisdictions are mostly established to help fast-track companies set up a physical presence in that particular country, which in turn allows them to take advantage of the benefits of the jurisdiction such as lower taxes on their income. Furthermore, these jurisdictions also provide services in regards to business licensing, work permits and visas. With the right offshore jurisdiction, youll have access to the best financial service providers in the world and the right financial infrastructure for your company to thrive in the competitive market.

4. Tax Savings and Concerns
One of the most attractive advantages of using offshore would be its tax benefits. Because of the low tax jurisdictions of the offshore, a company can legally reduce business tax liabilities to a minimum. For example, Tthe tax rate in Labuan can be as low as 3 only, subject to fulfilling the substance required by authority. There are also permanent tax relief, fewer tax reporting requirements, no requirement to estimate income, and bimonthly deductions.

5. Sustainability
By moving your business to the right offshore jurisdiction, one may reduce or possibly remove certain business risks such as political risk, economic or market risk, as well as currency risk. Reducing such risks will ensure your business sustainability for the long term.

BBS have the resources and experiences to help you take your business offshore and thrive. Get in touch today and lets help you tap into the benefits of offshores.
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