LLC stands for limited liability company. This is a type of business that you can set up offshore, meaning out of a country other than your main country of residence. To help you understand why offshore LLC creation may be a good thing for you to begin, you will want to read up on the following points. If you find that the following information may truly benefit you, you will want to get in touch with a company that can help you with the legalities of getting the offshore LLC set up.
More Business Asset Protection
Many business owners come across a time in which they are fearful that someone will try to sue them in order to financially gain from their business assets. However, if your business assets are based offshore, in a completely different jurisdiction, they will be almost untouchable. This means you will be able to count on having your business assets for a long time--even long enough that you will be able to count on leaving everything to your heirs when you pass away.
You May Have A Lower Tax Obligation
It is still extremely important for you to make sure that you are reporting all of your income to the IRS so that it can never be mistaken that you were trying to hide any of your business income. However, with the help of a skilled and reputable tax accountant, depending on where your offshore LLC is based, you might be able to have a much smaller tax obligation than if your LLC was based in your home country. This usually requires the filing of specific income tax forms, therefore is not something that you want to try to handle on your own--especially if you want to try to avoid an audit with the IRS as much as possible.
Your Business Might Be Cheaper To Run
Too many business owners find themselves having to shut down their business because they are not able to keep up with the increasing cost of running everything. With the more affordable taxes, labor, property prices, and products in other countries, you may find that you are able to not only ensure that the doors to your business will remain open for many years to come, but that you will receive a much bigger profit at the end of the year.
Now that you have a little more of an insight into the benefits of an offshore LLC, you will want to consult with the professionals that can help you set this up.