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These days it is increasingly popular for businesses to incorporate overseas. Setting up your company offshore can offer many financial advantages and can make corporate governance a lot easier than it is with a UK-based company.
But which offshore location should you choose? There are many different overseas options, ranging from the Channel Islands to Hong Kong, but one of the best choices is the small Caribbean island of Nevis, part of the nation of St Kitts and Nevis.
Perhaps the key reason why people choose to set up an offshore company is to avoid the burden of red-tape and bureaucracy that weighs down heavily on UK and European-based companies. An offshore limited liability company (LLC) in Nevis is not required to undergo mandatory audits or to keep detailed company records, and doesn't even have to disclose the identity of its directors or shareholders to the public, which takes a lot of the hassle out of corporate governance.
Of course, there are also financial benefits to setting up an LLC in Nevis. Unlike locations such as the British Virgin Islands, which are still subject to some European Union taxation, a limited liability company is completely exempt both from local taxation, and from foreign exchange controls, which makes for a far-more business friendly operating environment than that which exists in the UK.