How to Effectively Choose a Suitable Offshore Jurisdiction

October 28, 2016

choosing-a-jurisdictionBefore choosing an offshore jurisdiction, there are four main factors to take into consideration to ensure the location chosen serves your company’s best interests. These factors are:

 

Incorporation Expenses

A good offshore jurisdiction should charge affordable fees for the actual registration and the maintenance costs incurred in running an offshore company. The aim of any business is to optimize its profits by reducing operation costs. Therefore, before setting up an offshore company it is crucial to ascertain the operating costs as compared to onshore registration.

The Popularity and Reputation of an Offshore Jurisdiction

When choosing an offshore country, it is necessary to examine which other corporations favor the location. An offshore jurisdiction that is preferred by many other credible and renowned companies is most likely suitable and fits a profitable and legal business criterion. Analyze the reputation of an offshore jurisdiction by examining how other corporations rank a particular jurisdiction.

The Average Processing Duration

Before settling on a particular offshore jurisdiction, it is imperative to find out how much time the registration process takes. It is advisable to settle on an offshore jurisdiction that promptly registers foreign companies. Quick processing time speaks to the effectiveness of the relevant business authority.

Availability of Offshore Banking Facilities

Before settling on a viable offshore destination, it is crucial to familiarize yourself with a country’s banking system. It is recommended that a company chooses an offshore jurisdiction that has a well-developed and highly functioning banking system that offers much-needed facilities such as; online banking, brokerage facilities, offshore credit cards, offshore debit cards and merchant accounts.