For many entrepreneurs and investors who want to enjoy the benefits of low or zero taxation, asset protection, privacy, and flexibility, offshore company formation remains a popular option. However, you should bear in mind that not all offshore jurisdictions are created equal when it comes to the ease and speed of setting up a non-resident company under their roof. Some countries have more complex and lengthy procedures than others, requiring more documents and time, let alone their higher fees. Let’s carry out a small research to explore some of the countries that have the easiest and fastest offshore company formation procedures in 2023, based on the latest information available.
Seychelles
Seychelles is one of the most attractive offshore destinations in the world. Apart from its stable political and economic environment, the jurisdiction also offers a reputable legal system and a wide network of double tax treaties. In this context, we can’t but mention that Seychelles boasts streamlined offshore company formation procedures. Here, you can complete them online within as little as 24 hours. The only documents required are a copy of the passport and a proof of address for each shareholder and director of your future offshore company. In Seychelles, you will face no minimum capital requirement. Annual audits and public disclosure of beneficial owners are also not a must. The annual fees are very low, ranging from USD 100 to USD 200, with the ultimate amount depending on the company’s authorized share capital.
Belize
Belize is another popular choice for offshore company formation, especially for those who value privacy and anonymity. Known for its modern and flexible offshore laws, Belize allows for a high degree of customization and protection. The jurisdiction is world-famous for its simple and quick offshore company formation procedure, and it only takes 1 to 2 days to handle everything remotely. The only documents required to do it are passport copies and proofs of addresses for all company directors and shareholders. Just like in Seychelles, you won’t come across any requirements for minimum capital, annual audits, or public disclosure of beneficial owners. As for the annual fees, they are also very affordable, starting from USD 250.
Hong Kong
Among the most dynamic and competitive economies in the world, Hong Kong is a gateway to the huge Chinese market. Besides, it boasts a robust legal system and a favorable tax regime. Hong Kong has a relatively uncomplicated and speedy offshore company formation process. There, everything takes from 3 to 5 days from start to finish and like in the above 2 jurisdictions, all formalities are completed online. Apart from passport copies and proof of addresses for each shareholder and director, you will also have to submit a business plan and a bank reference letter to set up your offshore company. The minimum capital requirement of HKD 10,000 (about USD 1,300) does not need to be paid up. Although the jurisdiction comes with an annual audit requirement, the latter can be waived if the company has no business activities in Hong Kong. Ranging from USD 650 to USD 850, the annual fees are pretty reasonable.
Georgia
An emerging offshore destination in Eastern Europe, Georgia sits on a strategic crossroads between Europe and Asia, boasting a stable political and economic environment, and a low tax regime for those interested. It is extremely easy to incorporate an offshore company in Georgia, plus it does not take long at all. You will spend a max of 1 to 2 days handling all the incorporation procedures online. The only document required is a copy of the passport for each shareholder and director. Just like with the jurisdictions mentioned above, there is no minimum capital requirement, no annual audit, and no public disclosure of beneficial owners in Georgia. The amount you will pay in annual fees starts from USD 100.
Panama
In Panama, known as one of the oldest and most established offshore jurisdictions globally, you will find a high level of confidentiality, security, and stability. With incorporation procedures taking 2 to 3 days only and everything being processed online, setting up your own offshore business in Panama is a breeze. Just like with many other offshore destinations above, the documents you will need are a copy of the passport for each company’s shareholder and director. Again, you won’t encounter any minimum capital or annual audit requirements here (unless the company has income from Panama), just like the requirement to publicly disclose beneficial owners’ information (in the absence of the corresponding judicial order). The annual fees are moderate, with the lowest threshold of USD 300.
Estonia
Have you heard about Estonia? Among the most innovative and digitalized economies in Europe, this Northern European country by the Baltic Sea offers not only a business-friendly environment and a skilled workforce for aspiring entrepreneurs but also access to the EU market. You can set up your own offshore company in Estonia online in a matter of days, usually 1 or 2 at the most, and it is really no rocket science. The documents required are an e-residency card (which can be obtained online) for each shareholder and director. In Estonia, applicants for an offshore company status face no minimum capital requirement (unless the company has more than 25 shareholders), no annual audit (unless the company exceeds certain thresholds), and no corporate income tax (unless dividends are distributed). The annual fees starting from EUR 190 sure won’t make you go bankrupt.
For the finale
The jurisdictions listed above come with the fastest and least complicated company incorporation procedures for non-residents in 2023. However, don’t jump your gun yet. When choosing an offshore jurisdiction for your business, you need to take into account many other factors including the jurisdiction’s reputation, legal system, banking facilities, tax treaties, and how well it meets the specific needs of your company. Therefore, act smart and consult a seasoned industry expert before making the final decision. Need any assistance with offshore company formation or any other offshore services? Go straight to the International Wealth’s website. You are welcome to reach out to our team anytime – the best solution for your offshore needs is only a couple of steps away!
