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IOFCs (International Offshore Financial Centres) naturally generate significant amounts of professional work in support of the offshore companies and trusts that are set up in their territories. While some of this is performed by nationals of the IOFCs, much necessarily falls into expert foreign professionals worked in IOFCs which make it reasonably easy for them to work locally.
Apart from IOFC’s 'offshore' professional activity, IOFCs are also an attractive location for professional firms offering their services internationally without physically living there. Engineering and management consultancies are key examples.
The advantages of professional services include low local tax rates, which are often further reduced for employees of offshore entities or offshore partnerships; and there are often concessions. Their services provided in high-tax jurisdictions will deductible expenses locally, while there are often no withholding taxes on such payments. The key loopholes is to find out some high-tax jurisdictions have compiled 'blacklists' or 'greylists' of low-tax regimes operating what they consider to be 'preferential' tax systems, and apply punitive rates of withholding tax to outgoing payments. Please email info@intershores to get blacklists or greylists of low-tax regimes.
The choice of an IOFC for a professional services company or partnership is highly dependent on the location of their customers, and their own existing residence. Do not hesitate to contact info@intershores.hk.
If you want to know more, please do not hesitate to contact us:
Whatsapp : (8526499 4686 Phone : (852) 2186 6936 Email : info@intershores.hk
Disclaimer: Whilst reasonable care has been taken in provision of information above, it does not constitute legal or other professional advice. INTERSHORES does not accept any responsibility, legal or otherwise, for any error omission and accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, readers are advised to take appropriate professional advice before committing themselves to any involvement in jurisdictions, vehicles or practice.
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