The state of Delaware is fast becoming renowned as a business haven for corporations looking for a business-friendly environment. With its low tax incentives and increased confidentiality, these factors can provide an attractive advantage to you and your business.
Delaware is an easy and reliable state in which to incorporate or form an LLC; the annual cost is low and the owners of LLCs as individuals are given the strongest legal protection available by any state. This is demonstrated by a US Chamber of Commerce study of state liability systems that has rated Delaware number one in eight studies conducted throughout all 50 US states.
A few examples of Delaware’s benefits include:
- Low cost incorporation fees.
- Delaware law has been tested and provides predictability.
- Delaware regularly updates its laws to remain the leading state for incorporation.
- Delaware allows the owners and managers of an LLC to remain anonymous.
- Delaware has no sales tax or intangible personal property tax.
- No Delaware income tax has to be paid and a business license is not required if the Corporation does not do business in Delaware.
- A Delaware offshore company is a useful tool for those seeking to protect their assets from creditors, liabilities and excessive taxation.
- Those who form and own a partnership in Delaware are known as ‘members’ rather than ‘partners’ and the LLC itself is a distinct legal entity, separate from those who establish it. This means that LLC members are able to limit their risk and liability to their initial investment made into the corporation which means that the Delaware offshore incorporation of an LLC allows for far reaching personal asset protection.
- A Delaware offshore company is not required to report its assets which implements an additional layer of confidentiality protection; making it a less likely target for speculative creditors.
Have the Many Benefits of Offshore Banking Left the Industry Open to Abuse?
The overseas banking industry is a billion-dollar business. Its no surprise that during the last decade, criminals have discovered ways to circumvent and exploit the system, ultimately giving the offshore world a bad reputation. This article looks at the many benefits associated with overseas banking; and how this has left the industry open to abuse.