Products and Services: Corporate Services

Professional consultants in the Offshore Industry claim that there are numerous benefits in going offshore. Barrington Bank Inc. does not offer consultation to its clients with regards to this matter, we therefore recommend that you consult with your Advisor to see if one or more of the following is applicable to you:

1. Tax avoidance or considerable tax savings in offshore territory
2. Financial privacy
   The affairs of an offshore company can only be investigated, if its principal is found guilty of a criminal offence in his country of residence and that offence is an offence for which he would have been criminally liable in the offshore jurisdiction had the same offence been committed there.
3. Asset protection
   This can be a shield against harassment or vengeful lawsuits. Having your assets in an offshore company almost always makes its principal a more difficult target for a lawsuit and this is especially true if the shares in the offshore company have been placed in a trust. Three things are accomplished:
   • the price of any assault on your assets is raised as the adversary is forced to sue in both the onshore and offshore jurisdictions which may be time consuming and costly, thereby reducing his eagerness to sue.
   • more often than not the offshore jurisdiction creates an environment less friendly to harassment and frivolous lawsuits and may reduce the litigant's chances of success
   • your profile is lowered. Corporate tax returns, credit reports and other financial information may be readily available to the prospective claimant onshore. However, the layers of financial privacy in the offshore jurisdiction, the value of the offshore corporation- or even that it exists - will not be easy to obtain
4. Minimization of inflation, currency and political and economic risks by way of currency diversification.
   Since many of the banks in these jurisdictions allow for multi-currency accounts and transactions, a company may have any type of account it wants and in any currency. This is in fact a diversification of assets among as many dollar-bloc, euro-bloc, and yen-bloc currencies as desired.
5. Protecting property against confiscation in forfeiture proceedings
6. Use of the offshore company as a vehicle in estate planning
7. Limiting personal liability
8. Raising capital through the sale of stock
   The regulations governing this kind of transaction tend to be less burdensome in the offshore jurisdiction.
9. Transferring ownership
10. Reducing real estate transaction costs
    Since offshore companies can own real estate, should a company decide to part with real estate, upon a closing it can avoid registration fees, stamp duties and notary fees by transferring the shares in the corporation as opposed to title itself.