Burlington, MA -- (SBWIRE) -- 02/17/2014 -- As many know, an offshore company is one that is registered and operates in a foreign country; however, many are not aware of what makes an offshore company different from more common companies and of the many benefits that come from setting up an offshore company.
Benefits of Setting Up an Offshore Company
1. Privacy & Confidentiality
- Offshore companies provide financial privacy and confidentiality that resident entities are unable to provide.
- They provide protection from third parties, shielding private assets.
- Owners of an offshore company can remain anonymous if they wish, giving the owner full control over his or her assets (real estate, security, cash, etc.)
2. Reduces Tax Burdens
- Having an offshore company can legally reduce the obligations and the burden of taxes for a business (One of the main reasons to set up a company offshore).
- The income one makes offshore is regarded as foreign earned income so one receives United States tax benefits.
3. Virtual Office Services
- In most cases, offshore company directors have less legal obligations than others because they have the option of virtual office services, which saves time and money in the long run.
- Internet based companies have zero limits as to where they can do business and work so online companies do not face the issue of geographic limits
- Earning even a small portion of income from a foreign country can be extremely helpful to a business. Hyperinflation in the home country can be a good example as to why having an online offshore business can be highly beneficial.
4. Copyright & Patent
- Offshore companies have the option to buy or can be given a trademark, copyright, or patent
- With a trademark, copyright, or patent, these companies can sub-license and then advertise the property rights in numerous countries.
5. Banking Services
- There are numerous online banking services that are available for offshore companies to choose from. ICO Services offers a variety of secure and accessible online banks for companies to open an offshore bank account.
- These online banking services provide secure online banking and also offer credit or debit cards that give customers fast and easy access to funds, regardless of where they are located geographically.
- The great thing about these banking services is that offshore companies can open an account from anywhere in the world, no matter the distance, and are not required to visit the banking location to do so.
About ICO Services
ICO Services is more than happy to assist people and answer any questions or concerns they might have. ICO Services offers customer support in English, Spanish, and French and is always looking for the most competitive and effective jurisdictions that are able to accommodate the needs of their clients.