Mod yard: Sarens and its main functions as an offshore partner

Mod yard: Sarens and its main functions as an offshore partner
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The use of a non-resident in various transactions is a fairly common practice of doing business. The most beneficial for business is the use of a company registered in the offshore or tax-free jurisdiction (hereinafter: “offshore company”), where information about founders, directors of the company, and its activities is not disclosed and management can be carried out under the General Power of Attorney.

Ship-owning activity in offshore zones

The use of offshore companies to own merchant ships and recreational vessels is an important function of some offshore zones, such as Cyprus, Seychelles, Belize, Panama, Gibraltar. This is a modern service for the registration of ships and yachts for a low fee, as well as excluding taxes on income from transport and freight operations.

When using an offshore company as a ship owner, the client is able to minimize or completely avoid ship maintenance taxes, property tax, and the profit tax from this type of business can be minimized or eliminated altogether. Through an offshore company, it is possible to have your own fleet and charter ships.

The use of offshore ship owners can eliminate direct or indirect taxation on ship ownership. The ship owner company may own or charter other ships, the profit from the work of which can be accumulated without taxation.

Nuances of mod yard: payment of taxes

Tax and any legal requirements dictate that an offshore company that owns ships should be included in the jurisdiction of the state under whose flag it goes.

In many well-known offshore jurisdictions, there are organizations for the registration of ships and yachts, ensuring the inexpensive registration and exemption from taxes on revenues from shipping and charter operations.

Offshore transport companies

The owner of a large equity in property or other assets in many countries may wish to keep them through a personal holding company or a trust.

Users specializing in the provision of transportation services for the carriage of goods abroad can effectively use a foreign offshore company as a carrier and thus avoid any taxation on legal grounds.