An offshore company is a business entity registered in a country or jurisdiction other than where its owners or primary operations are located. These companies are often set up in low-tax or tax-free jurisdictions for business efficiency, legal protection, or tax optimisation.

Registering a company offshore can offer several benefits, including:

• Tax reduction or tax-free status in certain jurisdictions.
• Privacy and confidentiality for company owners and shareholders.
• Asset protection against lawsuits or creditors.
• Ease of international business and reduced regulations.
• Access to global markets with less regulatory burdens.

Yes, offshore registration is completely legal if the company and its owners comply with the laws and reporting requirements of both the offshore jurisdiction and their home country. Offshore structures are often used for legal tax minimisation, asset protection, or ease of international business, not for illegal activities like tax evasion.

The time frame to set up an offshore company depends on the jurisdiction, but it generally takes between 1 to 3 weeks. Some jurisdictions offer expedited services for faster registration.

Most offshore jurisdictions have minimal compliance requirements, but some key responsibilities include:

• Annual renewal fees to maintain the company.
• Registered address și agent services in the jurisdiction.
• In some cases, annual financial statements or basic filings may be required, depending on the jurisdiction.

Yes, offshore companies can open international business bank accounts. However, opening a bank account often requires additional due diligence, including more documentation and proof of business activity.