How to Set Up an Offshore Company

Published on 03 January 2005
Home » Offshore Savings » Offshore Company Formation and Incorporation

How can you establish an offshore IBC?

The simplest way is to employ one of the many companies offering offshore company formation services and buy a company ‘off the shelf’ in your preferred tax efficient jurisdiction. 

These offshore company formation firms advertise across the internet. 

It’s important to check the services they offer you, the fees they charge and the speed and efficiency of the service they advertise; but chances are you’ll find a service provider who can establish you an IBC far quicker and simpler than you could if you decided to do it alone.

Many of these companies prefer certain jurisdictions, find out from them why they favour them, and how exactly any given jurisdiction can satisfy the specific requirements that you have before you go ahead and commit.

How does the ‘off the shelf’ incorporation process work?

Well, each company is different, offers various features and benefits and charges varying degrees of fees but as a general rule - to purchase an ‘off the shelf’ company and become the legal owner of an IBC the first step will be to establish your identity - you will most likely be asked to prove your identity by supplying the formation firm with a clear and legible copy of one of the following documents: -

Passport, ID card, driving license or social security card.

The document should show a clear photograph of you together with basic personal details and a signature for ID verification purposes.

In terms of establishing and maintaining confidentiality, it’s important to be sure that your details and identity are kept confidential by the incorporation company you employ, and that they only recommend IBCs from jurisdictions without open Registers of Directors and Shareholders...this will mean your confidentiality can be maintained. 

If this is the key to your selection process make sure any jurisdiction recommended to you for the incorporation of your IBC offers a nominee service as well so that your name is kept off the company’s key reporting documents.

Remember that the only time confidentiality cannot be guaranteed should be in the event a court order is used to enforce disclosure.  This only happens if serious criminal activity is suspected.

What are the best offshore jurisdictions for IBC incorporation?

The country you choose for the incorporation of your offshore company will depend entirely on your own personal circumstances - from where you reside to what you want the company for.

Some of the most popular jurisdictions are Dominica, the British Virgin Islands, Belize, Panama, Gibraltar, Nevis and The Seychelles.

These jurisdictions generally have the best offshore legislation in place and present the best opportunities for those interested in the offshore sector as a whole. 

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