Incorporating an offshore company is easy in Singapore. In countries like the British Virgin Islands (BVI), Marshall Islands, Seychelles Islands, etc., these types of corporations are commonly set up as International Business Corporations, where there is no corporate or personal income tax, capital gains tax, reporting requirements, or limitations on hiring.
In offshore companies, the jurisdiction in which the company is incorporated is not their central location. Choosing the jurisdiction where you will incorporate your company is a critical factor that can influence your company’s success.
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Which offshore jurisdiction is right for your business?
When it comes to offshore company incorporation, there are a few options to consider:
British Virgin Islands (BVI)
British Virgin Islands (BVI) lie 96km east of Puerto Rico in the Atlantic Ocean.It offers offshore company formation primarily through the offshore Business Company (BC), sometimes called an International Business Company. The BVI has incorporated more than 600,000 companies since it adopted its offshore statute in 1984, making it the most desirable place in the Caribbean to work and invest, and a popular destination for company formation.
Hong Kong
As an international hub of information exchange, finance, and trade, Hong Kong is one of the most popular jurisdictions for company formation. Located in SouthEast Asia, it is the third largest financial center in the world. Hong Kong's offshore sector has seen over one million companies incorporate since its inception, in part due to its regulatory environment and competitive tax system.
Seychelles
Seychelles is an island nation in the Indian Ocean with an estimated population of 80,000. Among the fastest IBC (International Business Company) registrars in the world, they provide the most complete, modern, and attractive platforms for the establishment and operation of offshore companies, banking, and insurance.
Cayman Island
The Cayman Islands are a British Overseas Territory encompassing 3 islands in the western Caribbean Sea. Grand Cayman, the largest island, is known for its beach resorts and varied scuba diving and snorkelling sites. Cayman Brac is popular for deep-sea fishing of tuna, marlin and barracuda. Little Cayman, the smallest island, is home to diverse wildlife, from rock iguanas to red-footed boobies.
Samoa
Samoa, which changed its name from Western Samoa in July 1997, is a group of nine islands situated in the South Pacific, east of the International Date Line. At various times, it has been administered by Britain, Germany and New Zealand, and English is the language of government and commerce. Samoa became independent in 1962 and retains a parliamentary form of government. Since independence, it has developed into a politically stable nation.
United Kingdom
A company incorporated in the UK is subject to a number of trade restrictions. These include Iran, Venezuela, the Democratic Republic of Congo, Azerbaijan, Armenia, Burundi, and some West African States. Depending on the nature of your business, it’s best to see what restrictions are in place on a case-by-case basis.
The table below summarizes the requisite information necessary to incorporate entities in offshore jurisdictions.
Country |
Corporate Tax |
Documents required |
Hongkong |
0% |
– Certified passport– Certified proof of address (not older than 3 months)– Bank reference letter or last month’s bank account statement |
British Virgin Islands |
0% |
– Certified passport copy– Certified copy of proof of domicile (issued within 3 months from today)[The proofs are required in original and the certification in a specific wording] |
Seychelles |
0% |
– Certified passport copy– Certified proof of address (issued within 3 months from today) |
Cayman Island |
0% |
– Certified passport copy– Certified proof of address (issued within 3 months from today) |
Samoa |
0% |
– Certified passport– Certified proof of address |
U.S.A Delaware |
0% |
– Certified passport copy– Certified proof of address (issued within 3 months from today) |
United Kingdom |
19% |
– Certified passport– Certified proof of address (must be in English or certified translated version) |
