Offshore Company: What Is It And How Does It Work?

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Offshore Company: From English, “offshore” can be translated as “away from the coast” or “offshore”. In this case, the term refers to businesses or bank accounts opened outside the owner’s country of origin.

Although they are linked to tax havens and tax evasion crimes, offshore companies are not necessarily illegal. To assist in understanding the subject, TecMundo developed this article to clarify all doubts, check it out;

What are Offshore Companies?

An offshore company is one opened in a location other than where the owner resides. It still differs from a multinational in that it has no headquarters and does not carry out any activity in the country of origin of its owner.

They may be known as an extraterritorial society or company. In addition to being conceived in places with differentiated treatment, companies have protocols to protect their investors, allowing them to be even anonymous.

In comparison, the onshore modality is where companies maintain their transactions in the country of origin or “onshore”. In this way, your tax obligations are governed by the internal policies of the place where you reside.

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