Taxes are at the core of every business decision. Companies are known to hire tax consultants to help them navigate the taxation melee. This is the main reason why companies like EY and KPMG are the global juggernauts they are today. One option that many companies have is to incorporate in low tax countries or regions. In the United States, the most common place to incorporate a company is the state of Delaware. Many other companies prefer incorporating their businesses in tax haven countries. These are mostly small island countries like Cyprus, Isle of Man, Andorra, and Bermuda among others. In this article, we will explain the best method to incorporate a company in a tax haven.
Research on Tax Havens
The first thing you need to do is to conduct a thorough research on tax havens. The goal for doing this research is to find the best countries that offer the best protections for foreign companies. You can do this research by yourself or you can ask a consultant. The consultant needs to be someone or an organization that has been in the industry for decades. They also need to have a good understanding of taxation and the registration process. This process should take a few days.
Get a Good Consultant
After you identify a good company, we recommend that you work to find a good consultant. Outsourcing this work to a consultant will be expensive at first. However, it will be worth it in the long term. Consultants like PageCorp Group have been in the business for a long time and they understand how the process goes. They know the documents you need and where to take them. However, you should be warned on the need to do good due diligence to ensure that you get a good company. There are many companies that will give you a lot of headache or even steal from you. Also, you should do all transactions with your lawyer being present.
Documents Needed for Tax Haven Registration
There are several documents that are required when you want to register a company in a tax haven. Knowing these documents will help you do the process faster. First, the identification documents of all the shareholders or directors are needed. This is because the company wants you to know who the founders or owners of the company are. You also need to sign the memorandum of association. These are documents that show the purpose of the company and how the shares are distributed.
The company registration consultant will now conduct the registration process. In most countries, the company registration can be done online and be completed within less than a week. These countries have continually improved the registration services because they make most of their money that way.
In conclusion, this is a simple process that fast-growing companies can do. Having a consultant complete the process for you will be cost-efficient and reliable. Also, most of these companies offer additional services like virtual offices, legal representation, accounting, and tax planning.