When the word ‘offshore’ comes into any conversation, it is often greeted with distain and it is associated with doing things unscrupulously and not doing things to the full letter of the law. This is incorrect however and there are many legal reasons why someone might want to use an offshore company for their business dealings. The industry however has become a lot more transparent and as a business owner, you want to be able to reduce your tax burden whenever possible.
This is why an offshore company in Vanuatu is an excellent decision because it might be the case that your business is not treated favourably in your country of origin and so you are forced to find an alternative location where your business can grow and excel. There are so many positive business reasons to set up an offshore company and we will explore just a few of them here today.
- For financial privacy & safety – Everyone is entitled to privacy even when running a business and it is incredibly important that your finances are both safe and private. Financial information is prone to theft and so you do not want your financial situation being in the hands of unscrupulous people who will use it for their benefit and not yours.
- To buy property – Many countries will not allow you to invest in and to own your own property unless you set up a company. This usually involves setting up an offshore company so that you can use your money to buy a property in Vanuatu for example.
- Better legal frameworks – It might be the case that you currently live in a country where the legal framework is not acceptable and so you want to move to another location that will better protect your business and your financial interests.
- For better banking – Sometimes when setting up a new business, it can be difficult getting lending institutions to take you on as a new customer and so it makes a lot more sense financially to set up an offshore company so that you can gain better access to more financial institutions.
It is also a good idea to do anything that you can to protect the assets that you have and so many people set up an offshore company to protect themselves from certain creditors and even family members like ex-wives and ex-husbands.
