Where to open an offshore company in 2022: top countries

Registering a company offshore is an ideal opportunity not only to save on taxes, but also to stay incognito, save assets from court proceedings, and manage accounts that cannot be disclosed. When сhoosing the country where to open an offshore company in 2022, it is necessary to consider the purpose of the company, the peculiarities of local taxation, the level of privacy protection, and other important nuances.

Hong Kong

Hong Kong is a great option for offshore activity. Company registration in Hong Kong is fast, with no bureaucratic procedures. Profits made outside the jurisdiction are not taxed. Other advantages to opening an offshore company in Hong Kong:

• No capital gains tax;
• No VAT;
• No inheritance tax;
• No foreign exchange controls;
• Political stability;
• A friendly business environment;
• Possibility to open a company remotely;
• The company can be fully owned by a foreign investor.

The privacy matters here are more complicated. Hong Kong has committed to an international standard for the exchange of tax information. But for the same reason, the organization that is registered here enjoys trust, and there are no problems in the calculations.

Panama

If you need a high level of confidentiality, you should consider opening an offshore company in Panama. Jurisdiction has signed an agreement on automatic exchange of tax information, but provides it only on request. In addition, any profits made outside of Panama are not taxed.

Other advantages of registering an offshore company in Panama:

• Ease of incorporation;
• Remote opening;
• No need to submit reports to the government;
• Meetings can be held anywhere in the world;
• High protection of assets;
• No currency controls;
• All employees may be foreigners;
• Flexible capital requirements (e.g. no limits on its size).

Belize

The beneficiary, who requires high confidentiality, will help to open an offshore company in Belize. The only publicly available information includes the fact of the company, the address of the resident agent. Data on the directors and shareholders in the public domain is not available. Strict confidentiality law prohibits disclosure of banking and financial information.

An offshore company which is registered as an IBC is tax exempt. No need to pay income tax, on dividends, capital gains, inheritance and real estate, royalties, etc. An offshore international company does not have to file tax returns or any other reports on the sources of income.

Other advantages:

• Excellent infrastructure;
• Highly developed banking sector;
• Advanced telecommunications;
• Political stability;
• Privacy.

Belize is one of the few jurisdictions where bearer shares are allowed. The person who owns them is the owner of the company. This is important if you want to quickly and anonymously transfer the company.

Cook Islands

Registering an offshore company in the Cook Islands will suit beneficiaries who want to protect assets. Confidentiality is strictly enforced here, and the business is protected from lawsuits from other countries. The jurisdiction only recognizes the decisions of its own courts. If the claimant wants to file in the local court, you will have to pay a lot of money and wait for a long time. The claim can be filed within 2 years of the event with no exceptions.

Other pluses:

• No statutory capital requirements;
• Minimal financial reporting;
• No taxes if the company operates out of the jurisdiction;
• Political and economic stability;
• The most reliable legislation in the world for the protection of assets;
• The English common law system;
• Minimum disclosure requirements;
• Limitation of personal liability;
• Minimum financial reporting requirements.

Where to go offshore in 2022

If you're looking where to open an offshore company in 2022, call IT-OFFSHORE experts and we'll find the right jurisdiction.