Rockwills Business Solutions Sdn Bhd (RBS) can offer our business associates the setting up of offshore companies through our Rockwills Corporate Services Pte Ltd (RCS) in Singapore. RBS is the sole and local marketing arm in Malaysia for RCS to market its offshore corporate services. At RBS, we make it easy and hassle-free for your business clients to set up offshore companies at various jurisdictions such as British Virgin Islands, Mauritius, Hong Kong, Labuan, Cayman Island and many more. By setting up the offshore companies, the companies and individuals will be able to enjoy a full range of attractive tax benefits offered by the various jurisdictions as a good and effective tax planning tool.
What is an Offshore Company?
An offshore company is a company which generally excludes conduct of business in its country of incorporation. Hence, the company is free of its home government interference and it can be incorporated to enjoy low tax rates. It is also called an offshore IBC (international business company) or non-resident company. An IBC is frequently used in international trade; provision of services; as a holding or the making of investments; for ownership of real estate; for ownership of intellectual property, licensing and franchising. Two key characteristics of an offshore company are:
It is incorporated under the offshore companies’ regulations of the relevant offshore jurisdiction.
It does not conduct any substantial business within the offshore jurisdiction where it is incorporated.
What are the Benefits of Setting an Offshore Company?
An offshore company is a flexible business vehicle and as such can be integrated as part of tax planning and asset protection arrangements. Reduced or deferred tax liability and confidentiality are just two of the list of benefits which can be achieved with an offshore company. Among many common reasons are:
Business may be structured so that profits are realised in ways that minimise the overall tax liability. Offshore companies can be established in low or no tax jurisdictions.
Simpler Business Administration
Except for regulated businesses, such as bank or other financial institutions, most offshore companies’ jurisdictions make them relatively simple to set up and maintain companies.
In some jurisdictions, it is possible for assets to be held through an offshore without disclosure of ultimate beneficial ownership. It is possible to organise assets and transactions in such a way that assets are shielded from future liabilities.
Easy and Simple Reporting
The level of information required by the registrar of companies varies from jurisdiction to jurisdiction. Generally, the company information required is very minimal for most jurisdictions.
Privacy / Anonymity
By carrying out transactions in the name of a private company, the name of the underlying principal may be kept out of documentation.
Less Stringent Regulation
An offshore company is usually governed under less stringent regulations for governance, such as rules on meeting, financial disclosures, etc.
Investors find it convenient to have a tax-efficient offshore company from which to make their investments on a regional or global basis.