Explore the opportunities of registering offshore companies in St. Lucia, Seychelles, and the Marshall Islands. Discover the tax systems, company formation requirements, and benefits of these offshore jurisdictions. Get expert assistance to streamline the registration process.
Below we discuss the opportunities of opening companies in three jurisdictions that are offshore jurisdictions both in the geographical and in the economic senses. They are small island states (offshores, geographically) and they offer serious advantages to foreign business owners (offshores, economically). We provide basic information about the tax systems and company registration requirements in St Lucia in the Caribbean, Seychelles in the Indian Ocean, and the Marshall Islands in the Pacific.
Starting a company on a Caribbean island is an enticing opportunity indeed. It becomes even more enticing if the Caribbean country where you register a company grants citizenship to foreign investors. One of such countries in the region is Saint Lucia, a picturesque island with white sand beaches, lush tropical vegetation, a comfortable climate, and a sustainable economy. If you open a company in St Lucia, you can pay nothing in taxes on your international income.
When you start a company in St Lucia, you can use three different schemes to pay the taxes:
Probably the best option that an international entrepreneur has in St Lucia is opening an International Business Company (IBC) there. To open an IBC in St Lucia, you have to do the following:
The process of registering a company in St Lucia is quite simple and it does not cost too much. There are local banks that will set up a corporate account for your company. Please note that registering a bank in St Lucia is also possible, which is not the case with some other Caribbean countries.
Seychelles is a financially stable country where you can do business without paying any taxes. Many international entrepreneurs register companies in Seychelles. Below we briefly discuss the requirements that a Seychelles-registered company has to meet and the specifics of using the company.
Seychelles has a corporate legislation that regulates international business operations performed by local companies. You can set up any type of a business company in the country. Please bear in mind, however, that banking and insurance companies need to obtain licenses. The procedure of creating a trust in Seychelles is also complicated. If you would like to establish an offshore trust, we suggest that you should look in other directions: Nevis or the Cook Islands, for example.
A foreign national has to do the following to start a company in Seychelles:
You can hold General Meetings and Board of Directors Meetings anywhere in the world and the same goes for storing the corporate records. No accounting nor any other annual reports are due.
If you want to register a company in Seychelles or buy a shelf company there (which is also possible), you have to supply your passport and proof of address if you are registering the company in your personal name. If you want a corporate entity to be the owner of your Seychelles-based company, you have to supply a full set of corporate documents as well. Please note that the list of the application documents is subject to change.
You don’t have to pay a personal visit to Seychelles if you want to start a company there. You can hire an intermediary who will do it on your behalf. The intermediary can also set up a bank account for your company in Seychelles.
A good offshore jurisdiction does not charge taxes, has a stable political situation, and a strong economy. Not all small island states boast all the three qualities at a time but the Marshall Islands in the Pacific Ocean does.
Frankly speaking, the Marshalls live well thanks to the financial assistance from the USA and not thanks to the outstanding efforts of the local people. They do produce copra on the islands, process tuna fish, and use pearls to make jewelry. Besides, the offshore industry is well developed in the Marshall Islands. But the country is in a free association with the USA and that’s where most of the money comes from. It comes stably so there are no economic risks in the Marshall Islands.
In addition to a stable political and economic situation, the Marshall Islands boast the following main advantages:
You will have to acquire a local legal address and hire a registered agent. Besides, your company has to have at least one director/ shareholder. The requirements are not too tough, are they?
Whatever offshore jurisdiction you choose to register a company, it would always be a good idea to request professional assistance in the matter.
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