An offshore company is a company that is registered in a country other than the one in which it conducts business. Offshore companies are often used for tax minimization and asset protection purposes.
The most popular jurisdictions for setting up offshore companies are the Cayman Islands, the British Virgin Islands, and Delaware. Offshore companies are also often registered in Hong Kong, Singapore, and the United Arab Emirates.
The use of offshore companies has come under scrutiny in recent years, as they can be used for tax evasion and money laundering. However, there are many legitimate purposes for setting up an offshore company, such as minimizing taxes, asset protection, and diversifying one’s portfolio.
If you are considering setting up an offshore company, it is important to seek expert advice to ensure that you are doing so for legitimate reasons and in compliance with all applicable laws.