Setting up your business as an offshore company may bring in several advantages. Laws and regulation from any country are not as strict as they can be for local businesses or even international companies. Offshore companies also can address their concerns by themselves as long as the company itself understands the due process and the legitimacy surrounding each contract or dealings.
Setting up your business as an offshore company may bring in several advantages. Laws and regulation from any country are not as strict as they can be for local businesses or even international companies.
On the other hand, there are some common misconceptions about setting up an offshore company and all what surrounds them and their business. The type of company may be popular among business-minded people because of its various benefits; some still disregard the idea of creating an offshore company based on hearsay. If you want to create an offshore business, you need to get legal advice from a law company that has expertise in international business law.
Offshore companies myths and facts
Myth: A way to evade taxes
Fact: One of the benefits of investing in offshore companies or doing business deals is the tax exemption. It’s a common perk where tax has been postponed for most of the operation of the company. The payments usually arise in a certain time in the future based on commercial law and business law. This fact attracts several businesses to create offshore companies and enjoy its tax benefits.
Myth: Offshore companies are untrustworthy
Fact: Large commercial businesses and banks are located offshore. They have created a name for themselves and are trusted by even multinational corporations and well-known companies.
Myth: Offshore investment is only for the rich
Fact: Although it might be true that having a bigger pool of assets is profitable in establishing connections and doing offshore business, having a large amount of funds isn’t a huge part of investing in offshore companies. Anybody is allowed to access many jurisdictions in several countries even with little funds.
Myth: Setting up an offshore company is expensive and lengthy
Fact: This is not true at this time. With enough amount of money in your hands, you can create an offshore company by tapping the services of companies such as ICO Services. You can also finish it in just few days.
Myth: You don’t need to invest offshore
Fact: Investing offshore is extremely beneficial. The need to invest both locally and internationally will give you a good ground in financial diversity.
There are several more misconceptions being perpetrated by media channels and people in the business community. If you are planning to invest in an offshore company, or are interested in creating an offshore company yourself, a wide understanding of trade and commercial laws in Asia and Western countries is a must for you.
SBC Interlaw can guide you in your offshore investments and transactions. Our law firm’s long history in litigation, legal counsel, and corporate law enables us to address local and foreign client’s concerns in multinational commercial markets. Send us a message or call us to know more of how our Thailand lawyers can be of service to you.