So you have thought of setting up your business in an offshore location and are looking forward to a new lifestyle in an overseas country. You are getting the chance to meet your business goals, lower taxes and enjoy a greater standard of living. Many expats have done this before you and many mistakes have inevitably been made. You can learn from the mistakes of others and plan accordingly. You can protect yourself by hiring professional offshore financial planning services to make the most out your offshore business.
Below are a few mistakes you should avoid making in order to be successful overseas both professionally and personally.
Inappropriate banking arrangements
According to experts offering offshore financial planning services, many fail to adapt their banking arrangements to their new circumstances. They run every transaction through their home bank accounts. It is always worth having bank accounts in the offshore location where you are located. There are many benefits from the use of offshore bank accounts no least the saving in cross board fee. Offshore banks offer several advantages and flexibility if you are moving offshore.
Misunderstanding tax and other formalities
When you are setting up an offshore business, you need to educate yourself on many aspects Although you will get enjoy good tax benefits, it is important to understand taxation procedures in the particular jurisdiction you are targeting. You should also find out the process involved in opening an offshore business, offshore bank accounts and gaining residency,
Choosing unsuitable jurisdiction
Just deciding to set up your business in overseas location is not sufficient. You should choose the jurisdiction wisely. Take the help of a professional agency specializing in offshoreFinancial planning services to find out which jurisdiction will best suit you and your business. They outline all options so that you may choose jurisdiction sensibly for setting up your business and affairs.
A lot of information related to the opening of offshore bank accounts and businesses is available on the internet. You can research online before choosing the best option. When you have shortlisted a few companies, visit their website to research more, for example, what kind of service they provide, whether they are reliable or not, and whether they provide excellent customer satisfaction or not. This will help you to choose an expert who will supersede your expectations.
At Liberty Enterprises we are merchant account providers for a wide array of offshore and domestic merchant banking solutions.