One of the most popular topics in the business world today is the topic of offshore asset protection offshore. By registering your company offshore you will be able to take full advantage of the benefits such as tax optimization and confidentiality. In order to get started, you will first need to open an offshore company and register a bank account. These are the basics, however, it is crucial to get those basics right.
Firstly, to register an offshore company you should only choose reliable agents with proven reputation for their quality long-term presence in the market and a number of partnerships, the two indicators of a successful and reliable agent. How to find out if an agent is trustworthy? The more competent the information of the services the agent offers, as well as the range of services offered, the bigger the base of partnership he will have. You should not base your choice merely on price factors as a price too low might indicate the possibility of fraud and your future disappointment.
Offshore asset protection – Confidentiality
Another important factor to be considered for asset protection offshore is confidentiality. Confidentiality is the key to your continued success and a peaceful use of an offshore company.
High level of confidentiality should be applied not only to the chosen offshore jurisdiction in which the company will be registered but also to your personal privacy. If you are running, for example, shipbuilding and trading business, which is often registered in jurisdictions with an open registry such as Hong Kong or Cyprus, you should consider the use of nominee services. However, in the times of deoffshorisation you should think twice before starting such cooperation. Be careful in registering a company in the jurisdiction where there is a mass tendency to leave. In those cases it is necessary to consult an offshore specialist that will help you to analyse your business and weigh all the pros and cons when choosing the right jurisdiction.
Also, it is necessary to keep personal silence. The less people know about the existence of your offshore company, the less likely that third parties, such as lenders, government agencies, banks, or just your enemies, will find your assets.
Offshore bank account for offshore asset protection
Once you have registered your offshore company in accordance with your wishes and goals, you will then need to select a foreign bank account for your business. When choosing a bank, you should familiarise yourself not only with the history of the bank, but also the laws of the country in which the bank is located, in the event of its bankruptcy. For example, in Europe and Hong Kong banks guarantee the sum insured in the amount of 100 thousand Euros in the case of a bank bankruptcy. That will provide you with maximum asset protection for you and your business.