Things to know before going offshore.
As a lot of people are still interested in moving their business activities what are the main things to know before going offshore? Is it still a good option to explore, what are the pitfalls and what follows? These are a part of the questions we would like to answer with this article.
The first and foremost thing to note is that offshore jurisdiction have changed drastically.
This was following the fallout of panama papers and a few other scandal cases that made the public eye.
This made banks to in some cases just flat out refuse to open a bank account for a firm in an offshore jurisdiction. Furthermore, for the few that still accept these types of clients an extensive due diligence check is done that can take up to two months.
This had a significant impact on everyone interesting in moving their business.
Not being able to have an onshore bank account has made investors to explore other opportunities.
Bulgaria currently offers the best solution to anyone interested in legally optimizing their taxes payable.
The country is a member of the European Union, has had a steadily growing economy and furthermore offers one of the best tax jurisdiction worldwide.
Investors can take advantage of paying a flat 10% corporate tax and flat 10% income tax. And all this while still being in the European Union.
The next question that comes to mind is how can this be done.
By using a trusted and reputable legal and corporate advisory company as your partner, you can complete the whole process remotely.
This means the entire process of incorporation, company seals, corporate bank account and all related official correspondence.