If you are one of the many individuals with a high net worth or savvy investing skills that is looking for a better way to protect your assets, then an offshore corporation might be the right choice. Typically called an LLC, or offshore limited liability corporation, this offshore business could be a potential way for you to protect your holdings in a more private and secure way than a domestic corporation would allow. Uncover four of the major benefits of starting an offshore LLC below.
1. Increased Privacy
One of the biggest reasons that individuals from around the world choose to open an LLC is for the increased level of privacy that it provides both you and your assets. Your name and information can be kept private even while the business operates, and only a specific court order in certain circumstances can tie you to the account. For investors that value privacy, this is key.
2. Reduced Tax Burden
Of course, a major benefit of having corporations offshore is the reduced taxes. Every country has different rates for corporate taxes, but the United States is among the highest. Taxes in nations like Belize, on the other hand, are among the lowest in the world.
3. Flexibility and Control Over Growth
Growing a business is easy when you have an offshore LLC rather than a domestic enterprise. Many offshore governments won’t interfere with expansion plans, and the owner can make major decisions on their own.
4. You Choose the Offshore Location
Another major perk of opening an offshore LLC is that the owner has the ability to choose the destination. Rather than limiting yourself to the tax laws, government regulations, import and export guidelines, and vendors in a single country like the United States, you can research which location is perfect for the business you plan to grow over time.
These four reasons are just a few of the major advantages of opening an offshore LLC rather than a domestic business.