Nowadays, many companies are incorporating offshore because of the tax benefits of some offshore destinations. In most Western countries, the taxation rate is high. Some countries have a corporate tax rate of over 30%.
In offshore destinations like Hong Kong, Panama, Seychelles, and the Isle of Man, there is no income tax. The corporate tax rate is zero percent. In addition, it is easy to set up and run a company in these countries. In some of these destinations, there is no need for a board of directors.
Offshore destinations also offer ultimate privacy. To be able to incorporate offshore, one has to open an offshore bank account. Many top banks offer this product. It is highly recommended to bank with a leading financial service.
One has to meet some requirements. There might be need to travel to the country in question so that to open a bank account.
