Jurisdiction comparison Chart
Key Offshore Jurisdictions
Jurisdiction/Type of Company | Taxation | Local directors required | Publicly accessible record of directors | Publicly accessible record of members | Audit requirements | Requirement to file accounts |
Anguilla IBC | Nil | No | No | No | No | No |
Bahamas IBC | Nil | No | Yes | No | No | No |
Belize IBC | Nil | No | No | No | No | No |
British Virgin Islands BC | Nil | No | No | No | No | No |
Cayman Islands Exempt | Nil | No | No | No | No | No |
Cook Islands IC | Nil | No | No | No | No | No |
Dominica IBC | Nil | No | No | No | No | No |
Marshall Islands IBC | Nil | No | No | No | No | No |
Nevis BusinessCorporation | Nil | No | No | No | No | No |
Nevis LLC | Nil | No | No | No | No | No |
Panama Non Resident | Nil | No | Yes | Optional | No | No |
Samoa IC | Nil | No | No | No | No | No |
Seychelles IBC | Nil | No | No | No | No | No |
St Vincent IBC | Nil | No | No | No | No | No |
Turks and Caicos Islands IBC | Nil | No | No | No | No | No |
UAE (RAK Offshore) | Nil | No | No | No | No | No |
UAE (RAK Free Zone) | Nil | No | No | No | No | No |
Vanuatu Exempt | Nil | No | No | No | No | No |
Vanuatu IC | Nil | No | No | No | No | No |
Popular Offshore Jurisdictions
urisdiction/Type of Company | Taxation | Local directors required | Publicly accessible record of directors | Publicly accessible record of members | Audit requirements | Requirement to file accounts |
Cyprus IBC |
12.5% |
Advisable | Yes | Yes | Yes | Yes |
Gibraltar Non Resident | Nil | No | Yes | Yes | Yes, but small company exceptions | Yes |
Isle of Man Resident LLC | Fiscally transparent | No | Yes | No | No | No, but must be available for inspection |
Isle of Man Limited Partnership | Nil | Yes | Yes | Yes | No | No, but must be available for inspection |
Isle of Man Private Limited | 0% – 10% | No | Yes | Yes | Yes but small company exceptions | Yes |
Isle of Man Hybrid | 0% – 10% | No | Yes | Yes | Yes | No |
Isle of Man New Manx Vehicle | 0% – 10% | No | Yes | Optional | No | No |
Hong Kong Private Limited | Nil on Foreign Profits | No | Yes | Yes | Yes | Yes |
Liechtenstein AG | 12,5% | No | No | No | No | Yes |
Luxembourg S.A.R.L. | Normal rates | Advisable | Yes | No | Yes | Yes |
Luxembourg 1990 SOPARFI Holding | Normal rates | Advisable | Yes | No | Yes | Yes |
Mauritius GBC I | 0% – 3% | Yes | No | No | Yes | Yes |
Mauritius Offshore GBC II | Nil | No | No | No | No | Yes |
New Zealand Ltd | 0% – 30% | Yes | Yes | Yes | No | Yes |
Scotland LP | Fiscally transparent | Not apllicable | Not apllicable | No | No | No |
Singapore Private Limited | Nil on Foreign Profits | Yes | Yes | Yes | Yes but small exemptions | Yes but small exemptions |
United Kingdom LLP | Fiscally transparent | Not apllicable | Not apllicable | Yes | Yes but small company exceptions | Yes |
United Kingdom Private Limited | 20% – 26% | No | Yes | Yes | Yes but small company exemptions | Yes |
Caribbean Offshore Jurisdictions
Jurisdiction/Type of Company | Taxation | Local directors required | Publicly accessible record of directors | Publicly accessible record of members | Audit requirements | Requirement to file accounts |
Anguilla IBC | Nil | No | No | No | No | No |
Bahamas IBC | Nil | No | Yes | No | No | No |
Barbados IBC | 1% – 2.5% | No | Yes | No | Yes | Yes |
Belize IBC | Nil | No | No | No | No | No |
Bermuda Exempt | Nil | Yes | No | No | Yes | Yes |
BVI BC | Nil | No | No | No | No | No |
Cayman Islands Exempt | Nil | No | No | No | No | No |
Dominica IBC | Nil | No | No | No | No | No |
Nevis Business Corporation | Nil | No | No | No | No | No |
Nevis LLC | Nil | No | No | No | No | No |
St Vincent IBC | Nil | No | No | No | No | No |
Turks and Caicos Islands IBC | Nil | No | No | No | No | No |
European Offshore Jurisdictions
Jurisdiction/Type of Company | Taxation | Local directors required | Publicly accessible record of directors | Publicly accessible record of members | Audit requirements | Requirement to file accounts |
Cyprus IBC |
10% |
Advisable | Yes | Yes | Yes | Yes |
Denmark ApS | 0% – 25% | Yes | Yes | Yes | No | Yes |
Denmark A/S | 0% – 25% | Yes | Yes | Yes | No | Yes |
Gibraltar Non Resident | Nil | No | Yes | Yes | Yes, but small company exceptions | Yes |
Ireland Resident Private Ltd | 12.5% | No | Yes | Yes | Yes | Ye |
Isle of Man Resident LLC | Fiscally transparent | No | Yes | No | No | No, but must be available for inspection |
Isle of Man Limited Partnership | Nil | Yes | Yes | Yes | No | No, but must be available for inspection |
Isle of Man Private Limited | 0% – 10% | No | Yes | Yes | Yes but small company exceptions | Yes |
Isle of Man Hybrid | 0% – 10% | No | Yes | Yes | Yes | No |
Isle of Man New Manx Vehicle | 0% – 10% | No | Yes | Optional | No | No |
Jersey Resident Private Ltd | 0% – 10% | No | No | Yes | No | No |
Liechtenstein AG | 12,5% | No | No | No | No | Yes |
Luxembourg S.A.R.L. | Normal rates | Advisable | Yes | No | Yes | Yes |
Luxembourg 1990 SOPARFI Holding | Normal rates | Advisable | Yes | No | Yes | Yes |
Malta Private Limited Liability Company |
5% – 35% | No | Yes | Yes | Yes | Yes |
Netherlands BV | 20% for taxable income up to EUR 40,000, 23% on taxable income above EUR 40,000 and not exceeding EUR 200,000 and 25.5% above EUR 200,000 |
No | Yes | Where single member yes, otherwise no | Yes | Yes |
Scotland – LP | Fiscally transparent | Not apllicable | Not apllicable | No | No | No |
Switzerland AG/SA/LTD | Yes/ Varies | Yes | Yes | No | Yes | Yes |
Switzerland GmbH/SARL | Yes/ Varies | Yes | Yes | Yes | Yes | Yes |
United Kingdom LLP | Fiscally transparent | Not apllicable | Not apllicable | Yes | Yes but small company exceptions | Yes |
United Kingdom Private Limited | 20% – 26% | No | Yes | Yes | Yes but small company exemptions | Yes |
Central & South America Offshore Jurisdictions
Jurisdiction/Type of Company | Taxation | Local directors required | Publicly accessible record of directors | Publicly accessible record of members | Audit requirements | Requirement to file accounts |
Costa Rica Stock Corporation | Nil | No | Yes | No | No | No |
Panama Non Resident | Nil | No | Yes | Optional | No | No |
Asian Offshore Jurisdictions
Jurisdiction/Type of Company | Taxation | Local directors required | Publicly accessible record of directors | Publicly accessible record of members | Audit requirements | Requirement to file accounts |
Hong Kong Private Limited | Nil on Foreign Profits | No | Yes | Yes | Yes | Yes |
Singapore Private Limited | Nil on Foreign Profits | Yes | Yes | Yes | Yes but small exemptions | Yes but small exemptions |
UAE Free Zones
Jurisdiction/Type of Company | Taxation | Local directors required | Publicly accessible record of directors | Publicly accessible record of members | Audit requirements | Requirement to file accounts |
RAK Offshore | Nil | No | No | No | No | No |
Dubai Offshore (JAFZA) | Nil | No | No | No | No | No |
Jebel Ali Free Zone | Nil | No | No | No | Yes | Yes |
Dubai Airport Free Zone | Nil | No | No | No | Yes | Yes |
Dubai South Free Zone | Nil | No | No | No | Yes | Yes |
DMCC Free Zone | Nil | No | No | No | Yes | Yes |
DWC Free Zone | Nil | No | No | No | Yes | Yes |
Ajman Free Zone | Nil | No | No | No | No | No |
Fujairah Free Zone | Nil | No | No | No | No | No |
Hamriyah Free Zone | Nil | No | No | No | No | No |
RAK Free Zone | Nil | No | No | No | No | No |
RAK Free Trade Zone | Nil | No | No | No | No | No |
African Offshore Jurisdictions
Jurisdiction/Type of Company | Taxation | Local directors required | Publicly accessible record of directors | Publicly accessible record of members | Audit requirements | Requirement to file accounts |
Mauritius GBC I | 0% – 3% | Yes | No | No | Yes | Yes |
Mauritius GBC II | Nil | No | No | No | No | Yes |
Seychelles IBC | Nil | No | No | No | No | No |
Australian, New Zealand & Oceania Offshore Jurisdictions
Jurisdiction/Type of Company | Taxation | Local directors required | Publicly accessible record of directors | Publicly accessible record of members | Audit requirements | Requirement to file accounts |
Australia Proprietary |
30% |
Yes | Yes | Yes | Yes but small company exemptions | Yes if audit required |
Australia Public |
30% |
Yes | Yes | Yes | Yes | Yes |
Cook Islands IC | Nil | No | No | No | No | No |
Marshall Islands IBC | Nil | No | No | No | No | No |
New Zealand Ltd | 0% – 30% | Yes | Yes | Yes | No | Yes |
Samoa IC | Nil | No | No | No | No | No |
Vanuatu Exempt | Nil | No | No | No | No | No |
Vanuatu IC | Nil | No | No | No | No | No |
USA & Canada Offshore Jurisdictions
Jurisdiction/Type of Company | Taxation | Local directors required | Publicly accessible record of directors | Publicly accessible record of members | Audit requirements | Requirement to file accounts |
Canada – Federal Corporation | Corporate Income Tax 11%-16,5%. Provincial or territorial corporate tax rate varies from province to province. |
Yes | Yes | Yes | No | Yes |
Canada – Ontario Corporation | Corporate Income Tax 11%-16,5%. Ontario Corporate Income Tax 11%. |
Yes | Yes | Yes | No | Yes |
Canada – New Brunswick Corporation | Corporate Income Tax 11%-16,5%. New Brunswick Corporate Income Tax 5%-10%. |
No | Yes | Yes | No | Yes |
Delaware LLC* | Fiscally transparent | No | On formation | No | No | No |
* Delaware LLC structured for partnership tax treatment are not subject to US Federal Income Tax and not required to file a US Income Tax Return if they meet all below criteria’s: 1) Members of LLC’s are non-resident of the US, 2) LLC’s conduct no business in the US, 3) LLC’s have no US-source income
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Tips on how to effectively choose a suitable offshore jurisdiction
Before choosing an offshore jurisdiction, there are four main factors to take into consideration to ensure the location chosen serves your company’s best interests. These factors are:
Incorporation expenses
A good offshore jurisdiction should charge affordable fees for the actual registration and the maintenance costs incurred in running an offshore company. The aim of any business is to optimize its profits by reducing operation costs. Therefore, before setting up an offshore company it is crucial to ascertain the operating costs as compared to onshore registration.
The Popularity and reputation of an offshore jurisdiction
When choosing an offshore country, it is necessary to examine which other corporations favor the location. An offshore jurisdiction that is preferred by many other credible and renowned companies is most likely suitable and fits a profitable and legal business criterion. Apart from the popular jurisdictions, there are relatively newer countries such as Anguilla that are feasible offshore destinations. Analyze the reputation of an offshore jurisdiction by examining how other corporations rank a particular jurisdiction.
The average processing duration
Before settling on a particular offshore jurisdiction, it is imperative to find out how much time the registration process takes. It is advisable to settle on an offshore jurisdiction that promptly registers foreign companies. Quick processing time speaks to the effectiveness of the relevant business authority.
Availability of offshore banking facilities
Before settling on a viable offshore destination, it is crucial to familiarize yourself with a country’s banking system. It is recommended that a company chooses an offshore jurisdiction that has a well-developed and highly functioning banking system that offers much-needed facilities such as; online banking, brokerage facilities, offshore credit cards, offshore debit cards and merchant accounts.