After Panama Papers scandal is it legal to have an offshore company?Freezoneconsulting
The Panama Papers scandal has definitely made companies more hesitant to expand their operations offshore. Due to the scale of such scandal, companies wishing to expand abroad are worrying about the legality of their actions.
The answer is not as hard as many will think—an offshore company can be considered a legal organization in its entirety. But the use of this title is just as important. Some may see it as type of system exploitation and manipulation but in reality it doesn’t work that way. For this reason, your best bet should be seeking legal advice from a legal expert before going offshore.
Some governments with high taxing requirements have legal obligations that prevent tax evasion through the implementation of offshore corporation establishments. More specifically, taxes are applied in any business transactions from direct payments the business has made offshore. Speaking with a legal expert or consultant group with experience in offshore companies can truly be very valuable in such cases—they will be able to help you sort out what you should do and what you shouldn’t do to avoid getting into legal trouble.
If you wish to go offshore with your business, we’ll be more than glad to guide you about all the legal obligations and procedures before making it happen. Feel free to contact us anytime through our email in contact page.