Bowman Offshore Bank Transfers: Start an Offshore Company

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The right advice for your offshore business If you’ve found your way here, then you’ve probably already tried Googling “offshore company.” And you’ve probably encountered blogs and articles with conflicting information. “You need an X offshore corporation in Y part of the world.” “No, you need a Y offshore company in X part of the world!” This information is likely written by people still living in the USA, still paying high taxes (you know, the same high taxes you’re trying to get out from under). This bad advice will not show you the legal path to low tax rates. And there’s another red flag to watch out for from these “experts in theory”–there isn’t a single approach that will work for every business. You need to get advice from someone who understands the global tax market, who understands your business, and who understands your goals behind starting an offshore company. Each type of business has specific needs, and these needs are best served by personalized solutions. Many of the offshore company “service providers” out there are either ill-informed or outright frauds. And if you don’t know what to look for, it’s easy to get caught in their appealing, misleading pitch. What makes my advice different from the endless stream of “armchair expat” blogs out there? I’ve personally taken my tax rate from 43% to single-digit numbers with the help of the global tax market. And I’ve helped many others reduce taxes for their business (and continue to do so through my exclusive coaching program). Years ago, I felt trapped underneath a hefty tax bill while trying to run my first successful company. Unlike most business owners, I decided to do something about it. Now I travel the world, paying single-digit taxes and helping others build this lifestyle for themselves. Think about it–every day that goes by where you sit in the US, or Canada, or Australia, reading a blog about starting an offshore company, is another day you lose money to high tax rates. How does starting an offshore business really work? The “why” behind offshore companies A prevailing image of the offshore company industry is one of money laundering, gangsters, drug money, and villains wearing white linen suits (that are–somehow–never stained by the cognac they always seem to be drinking). In reality, it’s not that sexy (although your particular cognac consumption and linen suit-count may vary). Offshore companies are entities that people create in order to legally take advantage of the global tax market. The benefits of an offshore corporation can include protecting assets from impending litigation, shifting the tax burden imposed upon the company, and protecting the company from political unrest and economic instability within the country of the owners.
Protecting assets from impending litigation Frivolous lawsuits, ex-spouses, crazy family members, ex-business partners–money leeches are everywhere and you never know when they’ll come gunning for your assets. Setting up an offshore company can provide increased protection for your assets against the crazy people who want to sue you for them. Shifting the tax burden imposed upon the company Think of profit taxation as an expense that can be reduced. The global tax market is the legal, lawful system you can use to reduce taxes. Every nation has different policies and budget requirements. That means you can find much lower tax rates offshore than what you currently pay in the western country you call home. Let’s be clear here: legally reducing your taxes through an offshore corporation is not the same as trying to evade taxes altogether. The former is legal, the latter is not. If you’re trying to evade taxes, you’re in the wrong place (and also, you’re an idiot). What could you do for your business with the money you’d save if your tax rate legally went from a steep 40% to a low tax rate like 5%? If you could greatly reduce taxes on your business this year–what would that mean for the future growth of your business? Protecting the company from political unrest Political unrest, inflation, and hyperinflation–you can’t control any of these occurrences. But you can insulate yourself against them. Forming an offshore corporation can act as a safeguard against any potential turmoil in your home country. Good businesses for starting an offshore company Intelligent business owners create offshore corporations to protect their hard work, protect their shareholders and maximize the potential profits of their business. I say “intelligent” because tax law is a complicated beast. The truth is, offshore companies won’t work for every person and every business. There are plenty of businesses that would be well-served to go offshore, including e-commerce or web based businesses, international businesses, consultants and coaches, stock and forex traders, international investors, and those holding intellectual property rights. If you have a location independent business, going offshore could be the biggest no-brainer out there. Online businesses are an excellent fit for an offshore corporation because they can operate anywhere. With an offshore company, you can process payments in one country, host your website in another, keep accounting records in a third, and pay low tax in a fourth. If you’re a digital nomad or location-independent entrepreneur who earns money while traveling or living overseas, forming an offshore company could make things much easier for you. Onshore incorporation usually means a litany of paperwork and high taxes–but starting an offshore corporation could mean fewer hoops to jump through.
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Bowman Offshore Bank Transfers: Start an Offshore Company

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