Offshore Company - A company which is incorporated outside the jurisdiction of its primary operations.
Mon, 23 May 2011 19:43:23
Offshore Company can be Defined in two ways:It may refer to either:A company which is incorporated outside the jurisdiction of its primary operations regardless of whether that jurisdiction is an offshore financial centre (sometimes known as a non-resident company) i.e. a Canadian company may be 'offshore' for the purposes of a USA citizen ;or,Any company (resident or otherwise) incorporated in an offshore financial centre, i.e. offshore jurisdictions.
Typically the requirements for company registration under the relevant provision for non-resident status (as in the former of the two options above) will be pursuant to some or all of the following criteria in a strict legal sense according to Offshore Company Law:Theory, Regulations& Operation(By Zhang Shiwei, China Law Press, 2004):Must be incorporated under Offshore Company Laws and regulations of offshore jurisdictionsMust be incorporated by non-residents of offshore jurisdictionsMust not trade within the offshore jurisdictions; and/or,Must meet nominal tax expenses levied by the offshore jurisdictions.