How to Open an Offshore Company for iGaming?
Offshore companies are known for offering various benefits, such as cost efficiency, quick setup, tax incentives, and privacy. The iGaming industry has been growing more and more, but the entire licensing process, tax issues, and compliance can be quite complex. Don’t worry, we are here to help you open an Offshore Company for iGaming quickly and efficiently. What is an Offshore Company for iGaming? You’ve likely heard of offshore companies, but do you really know what it means? In short, an offshore company is one incorporated in an offshore jurisdiction. An offshore jurisdiction is one that is not the country where you reside or hold citizenship. This type of company offers favorable conditions, as mentioned above, which makes offshore jurisdictions popular choices for international companies to establish themselves. One of the differences between an offshore company and a regular company is that the offshore company usually does not conduct business in the country where it’s based. Instead, the company conducts its activities from that country, operating internationally. To make it clearer, here’s a practical example: If you have an online gaming business operating in Europe and parts of Asia, establishing your international company in Curacao, while maintaining operations elsewhere, makes it an offshore company. Benefits of Offshore Companies for iGaming Get to know a list of main benefits of opening an Offshore Company for iGaming: 1. Asset Protection There are many reasons to protect your assets. Whether you’re in a country with a volatile economy or facing some type of political conflict, protecting your wealth becomes essential. Thus, opening an offshore company is always a good option, as by allocating your assets in such a structure, they remain beyond the reach of these factors and cannot be seized. This protection is especially important in situations of instability that threaten high-net-worth individuals or entrepreneurs operating in international markets. Establishing an offshore company can also protect you from lawsuits or other legal issues. 2. Tax Benefits Creating an international company offers various tax benefits to the owner. However, it’s essential to differentiate between tax evasion, which is illegal, and optimized tax planning, which is allowed. Having an offshore company isn’t about hiding assets or avoiding due taxes but rather about using international regulations to your advantage. Tax optimization is a common practice to reduce business expenses and increase profits. With a lower tax rate, the owner has more resources to reinvest in growing the business. Choosing a jurisdiction with favorable tax rates is an effective strategy for global companies. Tax efficiency happens when a company aims to minimize its tax burden. A decision is “tax-efficient” when it results in lower taxation compared to a similar decision in a less advantageous jurisdiction. Offshore companies are an excellent option to achieve both tax optimization and efficiency in a legal manner and within regulations. 3. Flexible Business Laws Establishing an offshore company can be simpler than many might think. Various offshore jurisdictions facilitate incorporation with fast processes, affordable costs, and easy ongoing maintenance. Additionally, it’s common for these locations to offer flexible regulations, especially regarding accounting and public record requirements. Another appeal is that many of these jurisdictions require a low initial capital, allowing the company to be registered with minimal investment. This means lower expenses in the establishment phase, which can be advantageous for the owner. Each jurisdiction has different confidentiality requirements. In many onshore locations, it’s necessary to register the company owner with authorities and publicly disclose this information. On the other hand, certain offshore jurisdictions require the registration of owners’ identities, but this information is not widely accessible to the public, thus maintaining corporate privacy. 4. Offshore Company Licensing: Key Aspects For those looking to operate in regulated sectors such as iGaming, blockchain and cryptocurrencies, or forex, offshore jurisdictions are an attractive option. They allow choosing a licensing regime that suits your needs, budget, and timeframe. Registering an international company in one of these jurisdictions enables you to operate with an appropriate license while enjoying additional benefits, such as a favorable tax structure and simplified regulation. 5. Business Expansion with Offshore Companies If your company is ready to grow globally, offshore incorporation can be the ideal next step. Many businesses seeking international expansion opt to open a company in offshore jurisdictions, allowing them to operate in new markets while reducing operating costs. Registering in an offshore jurisdiction provides access to new markets, customers, partners, and opportunities. This is especially relevant in cases where companies registered in the country of origin face trade limitations with certain countries or globally. Steps to Open an Offshore Company Opening an offshore company can be a great strategy to expand your business and protect your assets, and with the help of EGS Digital Services, the process becomes faster and simpler. Here are the essential steps to establish your international company, whether for activities such as cryptocurrency exchange, online gaming, and more. 1. Choose the Ideal Location Selecting the ideal jurisdiction is the first step to the success of your offshore company. EGS Digital Services offers specialized consulting to identify the country or territory that best aligns with your business and personal needs. This involves considering factors like tax benefits, asset protection, and the legal infrastructure of the location. 2. Define the Business Structure Choosing the right business structure, such as an International Business Company (IBC) or Limited Liability Company (LLC), is essential to ensure flexibility and security for your business. EGS Digital Services will help determine which structure offers the most advantages for your type of operation, ensuring a solid foundation for your activities. 3. Reserve the Company Name Choose your company’s name. We check the availability of the selected name and make the reservation if necessary, according to the requirements of the selected jurisdiction. 4. Appoint Directors and Shareholders It is essential to designate directors and shareholders for the company. In some jurisdictions, there is a requirement for a minimum number of directors or shareholders. Our team guides the selection of these professionals to comply
