Outside of the US it’s a little known fact that the American state of Nevada is actually an excellent place in which to incorporate an offshore company – Nevada offshore incorporation is particularly beneficial for those seeking asset protection, favourable taxation treatment and a high level of both business transaction and personal privacy.
A Nevada incorporated offshore company can take advantage of the state’s lack of various business and income taxes, it can take advantage of the privacy the state of Nevada affords beneficial owners and also the flexibility that a Nevada incorporated standard corporation enjoys.
Those seeking a jurisdiction in which to incorporate an offshore company are usually after taxation advantages offered by the given jurisdiction – in the case of the American state of Nevada those who incorporate their business there legitimately avoid having to pay business income tax, certain personal income tax, corporate share tax, Nevada state corporation tax, franchise tax and even more interestingly for many – inheritance tax or death duties.
In terms of accounting and reporting requirements Nevada offshore incorporated entities are not required to submit state tax returns and in general reporting and disclosure obligations are minimal. Companies offering incorporation services often offer company owners accounting assistance as well as registered office addresses as well for ease of establishment and ongoing operation.
When it comes to personal and company privacy Nevada manages to tick many boxes and is again a favoured jurisdiction for those especially concerned about asset protection. For example, stockholders of a Nevada company are not listed in any public records so the asset privacy of a Nevada offshore company’s beneficial owners is assured and there is no Inland Revenue Service information sharing agreement in place in Nevada which further affords the beneficial owners peace of mind.
In terms of those eligible for Nevada offshore incorporation, beneficial business owners need not be resident in the state of Nevada or even in America and they needn’t be US citizens. The directors of the company don’t have to be stock holders and all directors, stock holders and company officers can protect themselves personally from any liability arising from lawful acts conducted by the company.
All in all Nevada is an interesting jurisdiction for those seeking a tax favourable, secure and stable location in which to incorporate an offshore company. However, whether Nevada offshore incorporation is suitable for a given individual’s requirements or appropriate for a designated company structure or service provider is something that should only be determined with the assistance of business incorporation specialists.
