Offshore Banking Centers Offshore Financial Centers Offshore Formation Centers Offshore Centers

Offshore Financial Centers

Offshore financial centers are territories and countries which offers financial services and more specifically offshore services. Offshore financial centers are also referred to as offshore jurisdictions or tax havens. The services which are offered in offshore financial centers are offshore banking, the formation of offshore companies, the formation of offshore trusts and foundations, the incorporation of offshore limited liability companies and offshore partnerships. Offshore financial centers include countries such as Cyprus, Seychelles, Singapore, Dominica, Hong Kong, Anguilla, St Kitts and Nevis and the British Virgin Islands.

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The formation of offshore companies or International Business Companies (IBC) is perhaps the most popular service which is offered in the offshore financial centers. Offshore companies are formed for the obvious benefits which they provide; tax benefits, privacy among others. Offshore companies pay no local taxes on profits in the offshore financial center of incorporation. These companies pay a registration fee and an annual license fee. Privacy laws in the offshore financial centers prohibit persons for giving out offshore company information without the consent of the company owner. in most offshore financial centers the names of company shareholders and directors is not made public records and nominee shareholders and directors can be used to prevent persons from knowing who are the true owners of offshore business companies.

Offshore banking services which are provided by offshore banks in the offshore financial centers is another popular offshore service. The offshore financial centers which provide banking services make those available to corporate bodies and individuals. It is easy for an offshore company and individual to obtain offshore bank accounts in the offshore tax havens. Offshore banks can be set up in multiple currencies and most offshore bank issue credit and debit cards which can be used at points of purchase and for many other transactions. Other offshore banking services are internet banking, wire transfers, chequing accounts and many others. Offshore banking services are extended to non residents of the offshore financial centers so this therefore means that offshore bank accounts are not taxed since the tax havens do not levy taxes on foreign earned incomes. Like the offshore business companies the offshore bank accounts benefits from privacy laws in the offshore financial centers.

The formation of offshore trusts and offshore foundations is also offered in the offshore financial centers. Offshore foundations and offshore trusts are set up for the asset protection which they provide for clients. Offshore trusts and foundations can own any type of asset including capital, art, jewelry, stocks and bonds and real estate property. The laws which govern offshore trusts and foundations in the offshore financial centers makes it hard for third parties to access the assets of these offshore entities through the rulings of foreign courts. Offshore foundations and trusts are protected by privacy laws and like offshore business companies are tax exempt entities. Offshore financial centers provide services to non residents and these services are well regulated. Many of the world’s offshore financial centers are dedicated to the services provided and ensure that legislation is up to date and offshore entities incorporated are all working within the laws.

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