Offshore companies are incorporated in offshore jurisdictions, such as BVI, Cayman Islands and Seychelles. There is a high demand for offshore companies as offshore jurisdictions are tax heavens.
The offshore registration place generally implements territorial taxation policies, and the law stipulates that offshore companies' income derived from overseas is not subject to tax. However, the creation of offshore companies is not only based on tax arrangements, it avoids risks, protects business secrets, guarantees the interests of investment beneficiaries, protects the property of investors and beneficiaries, and avoids non-tariff trade in international investment, international trade and services.
Therefore, most MNCs, many Chinese state-owned enterprises and private enterprises have listed, financed, invested and developed overseas with offshore companies; domestic enterprises and individuals choose to register offshore companies such as Cayman Islands and BVI because the main factors are the low information disclosure standards in these jurisdictions, strict confidentiality regulations, and no need to prepare company financial statements.
Provide privacy protection, without disclosing the identity of shareholders and directors
No tax declaration or collection
Allowed to open accounts in international and local banks
Free from foreign exchange controls
No registered capital required
Allowed to use Chinese characters in company name
No submission of annual return, audit report and financial statement required
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