An offshore financial centre (or OFC), is a low-tax or zero tax rated jurisdiction which specializes in providing corporate and commercial services such as company and trust formation, banking, fund and investment management. Many, Governments, accountants and lawyers may try and dissuade us form using offshore financial centres, because it is in their interests to do so.

In most cases OFC's can be used legally and legitimately to provide the following advantages-

1. Taxation

Low or nil taxation. Most OFC's have passed legislation enabling individuals and beneficial owners of corporate vehicles to enjoy low or zero, Corporation Tax, Income Tax, and Inheritance Tax.

2. Exchange Controls

Exchange controls are not imposed in offshore centres on assets which are held for international clients. Funds can therefore flow freely into and out of offshore centres.

3. Confidentiality

Offshore vehicles may be formed where the ordering client or beneficial owner remains anonymous by using nominee services provided by third parties such as accountants and lawyers . This is particularly useful for individuals and corporations who wish to protect their identities for security, merger & acquisition purposes.

4. Reporting Requirements and Regulation

Most offshore centres are as well regulated as onshore centres. This gives comfort to investors and has enabled OFC's to provide high-quality banking, legal, accounting, and insurance services. From a jurisdiction such a Gibraltar, which is an EU associate member, these services can be pass-ported throughout Europe. Many other OFC's have passed more flexible international business corporation (IBC) legislation which have lighter regulations than traditional Anglo-Saxon corporate vehicles. Normally IBC's in these jurisdictions are not required to file accounts with the authorities or name the directors and shareholders on any public record.

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