Opening an offshore company: current jurisdictions and prices

• Company registration costs range from €999 to €7,900 depending on the country, and annual maintenance is almost always comparable to the initial payment—the budget must be calculated for two years at a time.
• The UAE was removed from both lists of offshore zones issued by the Ministry of Finance as of January 1, and this changes the tax calculations for Russian owners more significantly than any promotional registration discount.
• The British Virgin Islands, Bermuda, Gibraltar, and Turks and Caicos Islands have been removed from the Federal Tax Service's automatic currency exchange list—for Russian currency residents, this directly limits deposits into accounts in these territories.
• The project's bottleneck isn't registration, but the bank account: for companies with Russian beneficiaries, 60% to 80% of applicants are rejected on the first application.
• The choice of country is dictated by three factors: where the bank will accept you, what the Russian tax authorities will say, and what your counterparties will require. The tax rate is fourth.
• The fine for failing to file a controlled foreign company notification is 500,000 rubles per company, regardless of whether it has been operating.

The short answer to the question posed in the title: opening an offshore company in 2026 is still legal, remote, and can be completed in 3-7 business days, and the registration budget is €999-7900. The working list of jurisdictions has narrowed and shifted: the UAE, Hong Kong, Singapore, Kazakhstan, and Serbia have become the most popular; classic jurisdictions like the Seychelles, Belize, and the Marshall Islands remain viable for asset ownership, while territories excluded from the Federal Tax Service's automatic tax exchange list have become inconvenient specifically for Russian residents. Next are the details that make up the solution.

What has changed in the rules and why is last year's advice outdated

The international structuring market operates in short cycles. An article written 18 months ago today provides recommendations that are at best useless and at worst will lead you to a jurisdiction with a regime that is detrimental to the Russian owner. Three events have occurred over the past year, each of which alone could rewrite the structure.

The UAE has been removed from the Ministry of Finance's offshore lists

The double taxation agreement between Russia and the UAE entered into force on July 18, 2025, and applies to income from January 1. The withholding tax rate on dividends, interest, and royalties is fixed at 10%. Subsequently, by Ministry of Finance orders No. 187n and No. 188n dated December 22, 2025, the Emirates were removed from both offshore lists.
The practical effect is significant. Owners of UAE companies now have access to standard exemptions under the controlled foreign company rules—primarily the exemption for active companies, where the share of passive income does not exceed 20%. Previously, this exemption was closed simply by the country's presence on the list. The zero income tax rate on dividend payments from Russia to UAE entities has also been reinstated, subject to compliance with the Tax Code.

Thus, the UAEhas transformed from an "expensive window dressing" into a jurisdiction with a clear tax framework for Russian businesses. Meanwhile, the 9% corporate tax on profits over AED 375,000 remains, and requirements for economic presence in free zones have become significantly more stringent over the past two years.

Four territories have been removed from the Federal Tax Service's automatic currency exchange list

Federal Tax Service Order No. ED-7-17/883@ of October 14, 2025, approved an updated list: 71 countries and 9 territories. Moldova, Mongolia, Kenya, Uganda, Thailand, Papua New Guinea, Senegal, Trinidad and Tobago, and Saint Martin have been added. Bermuda, the British Virgin Islands, Gibraltar, and the Turks and Caicos Islands have been removed.
For the company, this means nothing. For you personally, it means a lot. Federal Law No. 173-FZ on currency regulation permits deposits into individuals' foreign accounts on the principle of "only directly transferred funds are permitted," and some transactions are permitted only if automatic currency exchange with the account country is enabled. When a territory is removed from the list, the list of permissible deposits into a local bank account is sharply narrowed, and the violation is classified as an illegal currency transaction, with a penalty equal to a percentage of the amount.
The BVI as a holding platform remains a working tool. However, a personal account held by a Russian currency resident in a bank in this territory now requires a separate review of each transaction.

The EU blacklist was updated on February 17

The EU's list of non-cooperative jurisdictions currently includes 10 territories: American Samoa, Anguilla, Guam, Palau, Panama, Russia, Turks and Caicos Islands, the US Virgin Islands, Vanuatu, and Vietnam. Vietnam and Turks and Caicos have been added to this list, while Fiji, Samoa, and Trinidad and Tobago have been removed. The Seychelles and Antigua and Barbuda have been removed from the "gray" appendix, meaning Brussels no longer has any complaints against them. This list should be read not as a ranking, but as a map of future rejections. European banks and major counterparties are applying protective measures to blacklisted companies: higher withholding tax rates, denial of service, and additional disclosure requirements. If your buyer is in the EU, Panama and Vanuatu will create friction in every transaction, while the Seychelles looks cleaner after the February ruling than they did a year earlier.

How much does it cost to open an offshore company: honest arithmetic

Almost everyone publishes registration prices, but almost everyone fails to mention that registration accounts for 30-40% of the first year's expenses. Next come fees, agent, address, reporting, and bank account. Below are realistic guidelines for budget planning.

Registration: from €999 to €7,900

UK, LTD form - €999, registration in 24 hours, including a registered address, stamp, and courier delivery of documents. Belize and Scotland - €1,450. Seychelles - €1,650 with a full set of documents, English translation, and nominee service. Poland - €1,800. Brazil - €3,000. Singapore and Thailand - €4,000. Malaysia - €4,500. UAE - €5,500. Germany — €6,300. Switzerland — €7,900.
The price difference isn't due to the registrars' greed, but to the structure of government fees and the extent of the required local infrastructure. Where a local secretary, auditor, and physical office are required, the price increases exponentially. A full list of countries with their fees is available in the company registration section.

What you'll pay in the second year

Annual maintenance for a UAE company is approximately €6,000, comparable to registration. For traditional offshore companies, annual costs typically amount to 50-70% of the initial payment: government fees, registered agent services, and legal address. Some frequently forgotten items include: nominee service from €3,500, unique nominee service from €6,000, bank account opening assistance from €1,000, corporate document storage from €500, and a virtual office from €99 per month. Accounting and auditing, where required, cost an additional €1,200 per year.
Calculate your budget 24 months in advance. A company abandoned due to unpaid fees is placed on the register of companies struck off, and reinstatement will cost more than registering a new one.

Ready-made companies instead of registering from scratch

Ready-made structures with accounts in major banks cost from €20,000. Expensive, but you're not buying a legal entity, but a completed banking task and history. A company incorporated three years ago passes counterparty compliance significantly more easily than one registered the day before yesterday. This option is justified when a deal is urgent and an invoice is needed this week. The range of ready-made companies with open accounts changes weekly, so the current list is always updated at the time of request.
Expert opinion: 

"Over 15 years of practice, we've developed a simple rule: first the bank, then the country. A client comes in with a request, "Register me in the Seychelles." We ask four questions: where the money is coming from, where it's going, who your counterparties are according to the documents, and where you are a tax resident. In half the cases, after these answers, the Seychelles is ruled out because the client's payment system doesn't support it. Registering a company that can't be used to open an account costs €1,650 and three months wasted. Therefore, we begin the project with a bank account verification and only then formalize the legal entity".

Which jurisdiction suits your needs?

There is no universal answer. Below are four typical scenarios that we encounter most often, and what we typically recommend within each.

Foreign Trade and Working with Asian Suppliers

Hong Kong, with its territorial taxation system, remains a strong option: foreign-sourced income is exempt, and the domestic rate is 8.25% on the first HK$2 million, with 16.5% beyond that. Accounting and auditing are mandatory, which is a plus for banks.
Alternatives for those seeking simpler compliance are Kazakhstan and Georgia. Both countries are on the automatic exchange list, both readily accept Russian founders, and both eliminate the hassle of document logistics.

IT, SaaS, and Digital Products

Here, accepting payments from retail clients is paramount. Estonia, with its deferred tax on retained earnings, and Cyprus, with its 12.5% ​​rate, work if you have a demonstrable connection to the EU. The US, in the form of an LLC, is convenient for connecting with Western payment services.
For crypto-asset projects, the situation is different: here, the deciding factor isn't the tax, but the availability of a license and the processor's readiness to handle your turnover. We analyze such cases by combining the company, license, and payment provider, because these elements are useless separately.

Asset Ownership and Family Holding

Traditional offshore jurisdictions still make sense here. Belize, Seychelles, and the Marshall Islands offer a closed register of beneficiaries, minimal reporting, and protection from the enforcement of foreign court judgments. No turnover flows through such companies, so economic substance requirements are met formally and inexpensively.
The key is to avoid mixing functions. The company holding the assets and the company accepting payments from clients must be different legal entities in different countries. Trying to save money by putting everything into one Belize ends up closing the account on the first major payment.

A bank account is the bottleneck of the entire project

Registration takes from 24 hours to 2 weeks. Account opening takes from 3 weeks to 4 months. This is where projects die, and this is what price lists don't mention.

Why they are rejected

The UAE experience is indicative: out of 10 new companies with Russian beneficiaries, 6-8 are rejected on the first application. The average time to open an account independently is 2-4 months, with 4-6 applications to different banks. The minimum deposit at traditional banks like Emirates NBD, Mashreq, and ADCB is AED 50,000.
The reasons for rejections are almost always the same: a multi-layered ownership structure, where a company's shareholder is another company, followed by a third; a mismatch between the declared activities and the geography of payments; and the lack of a confirmed source of funds. The nationality of the beneficiary has a significantly lesser impact than these three factors. An important detail that's rarely explained: rejections are recorded by the credit bureau, and resubmitting to a different bank with the same package worsens your chances. Your first application should be prepared as your only one.

Bank, EMI, or payment provider

A traditional bank offers a full range of tools and correspondent relationships, but requires a deposit, financial presence, and patience. Fintech platforms can open an account remotely in a few days, but they impose turnover limits and are not suitable for large B2B transactions.
A reasonable approach for most trading projects is to simultaneously submit an application to the bank and set up a payment instrument for operational settlements, so that the business doesn't remain idle for three months. The choice of specific options depends on the turnover, industry, and the list of countries where the funds will be sent and received.

Russian Obligations of a Foreign Company Owner

Competitors' articles either skip this section or reduce it to a phrase about compliance with the law. However, it is here that the amounts accumulate that outweigh any tax savings.

Notifications and Deadlines

Notification of participation in a foreign organization must be submitted within three months from the date of participation. The penalty for failure to submit is 50,000 rubles for each company.
Individuals must submit notification of a controlled foreign company by April 30, and organizations by March 20. The penalty for failure to submit or providing inaccurate information is 500,000 rubles for each company. This obligation arises regardless of whether the company was operating or was idle with a zero balance.
The profit of a controlled foreign company is included in the tax base if it exceeds 10 million rubles. Below this threshold, no tax is imposed, but notification must still be submitted.

Fixed Profit Regime

An individual has the right to switch to paying tax on a fixed profit of 34 million rubles. The tax will be 5 million rubles for one company, and for five or more companies, the amount is limited to 25 million rubles. This regime applies for a minimum of three years and exempts the filing of financial statements for each entity.
The benefit must be calculated arithmetically. If the combined profit of your entities is less than 40 million rubles, the fixed regime is almost certainly inferior to the standard regime. If you have four companies with significant turnover, it saves both money and months of auditors' work.

Currency Rules for Personal Accounts

Notification of the opening, closing, or change of foreign account details must be submitted within one month. The cash flow report must be submitted by June 1 of the following year. These obligations are regulated separately from the rules governing controlled companies, and the tax authorities often contact the owner through them.
Taking into account the December update of the automatic exchange list, check whether the country of your personal account is included in the Federal Tax Service list. If not, the list of permitted transfers for you has narrowed, and you should recreate the fund flow plan before, not after, the first payment.

How to work with us

We have been working since 2010, have registered companies in more than 30 jurisdictions and support clients from Russia, Kazakhstan and the CIS countries. The Moscow office accepts calls at +7 495 001-22-29, meetings and structure analysis are possible in person or online - whichever is more convenient for you.

First the task, then the country

The first conversation takes 40-60 minutes and does not cost any money. We analyze what you do, where the revenue comes from, who your counterparties are, where you are a tax resident and what should happen to the money next. Only after this we name 2-3 suitable jurisdictions and explain how they differ for your specific case.
If, as a result of the analysis, it turns out that you do not need a foreign company, we will say so. This happens regularly and is a normal part of the job. More details about our approach can be found on the company page.

Estimate without surprises

Before the start, you receive a full payment: registration, mandatory annual payments, cost of nominal service, if needed, support for opening an account, accounting. One document, broken down by year.
We do not take money for “chances” and do not promise an account where the bank will obviously refuse. If, according to your profile, the rate at a particular bank is low, you will find out about this before payment, and not after 3 months of waiting. You can discuss your situation through contacts - Telegram, WhatsApp or phone.