Offshore business investments have seen a drastic spike across the world as the grounds provides a feasible and flexible business environment to the business owners and investors to come forward and invest. One of the core reasons for investing offshore is the tax-exemption benefits that one gets to enjoy. Now, there are multiple dimensions of offshore investment, and one such stands out to be incorporating a foundation company.
Florida has been witnessing as a profitable and feasible offshore business ground in the United States region. The location has been an eye-opening offshore business investment centre, and that not only allows the business owners to expand their business horizons but also benefit them with administrative advantages. This guide highlights the core essentials that one must know before proceeding for offshore foundation company incorporation in Florida.
What is a Foundation Company?
Like the other offshore business structures, a foundation company is a separate legal entity created under civil law and doesn’t hold any shareholders or members. When it comes to incorporating one in an offshore jurisdiction, it generally highlights that it is formed outside the company of residence of the business owners.
A foundation company holds the following essentials:
- Founder: The individual who incorporates or establishes the entity
- Foundation Council: Group of people who act as a purpose of the entity
- Foundation Charter: The legal document that highlights the conditions, roles and responsibilities of the entity that will be carried out
- Beneficiary: The individual or a group of people for whom the foundation company gets created
- Guardians of Protectors: Optional positions ensure that the council complies with the legal terms and conditions.
An offshore foundation company, when incorporated in any of the popular offshore jurisdictions, is generally used for charitable, commercial and personal purposes. Apart from these, it is also used for:
- Real estate planning
- Asset and wealth protection
- Tax saving tool
- Succession planning
- Eliminate property tax
- Avoiding forced heirship
- Inheritance tax planning
- Separation of economic and voting benefits
- Pension funds
Offshore incorporation in Florida turns out to be a simple and straightforward process under the guidance of certified and registered business agents.
Florida Foundation Company
Since Florida is favourable offshore ground, the offshore company setup process in Florida stands as an easy process. The business entity is promising for individuals who:
- Want to transfer wealth to their future generation
- Who seeks for centralized reporting
- Who wants to consolidate the ownership of assets owned
How to Open a Foundation Company in Florida?
Setting up a foundation company in Florida involves the following steps:
- At the very first move, you need to have a clear idea regarding the large picture of incorporating a foundation now. Being an investor, you must be aware of what needs to be protected and the benefit that you would be deriving by doing so.
- The second task is to get in touch with an expert who can assist you in the company incorporation process. This is one of the easiest and feasible way to start a company in a foreign location because you being a foreigner may not have an in-depth knowledge regarding the legal insights that need to comply accordingly.
- Once you join hands with experts, share your ideas and gather knowledge on the process that needs to be followed. The stages of incorporation, business strategies etc., is recommended to proceed ahead under the guidance of a certified offshore business consultant.
- You need to hold the relevant documents that need to be submitted accordingly to complete the foundation company setup process. Usually, the following docs are considered:
- Duly filled application form for foundation company incorporation
- Passport size photos of the parties involved in the process
- Identity and Address proof of the relevant parties
- Memorandum of Association (MOA)
- Articles of Association (AOA)
- Well-drafted business plan
- Bank statements
- The registration approvals are to be gathered from the respective authorities in Florida. In case of any hindrance occurs, you need to have a word with your business advisor.
- Finally, you need to open an offshore bank account to deal with overseas business transactions. Proceeding ahead with the same can help you grab numerous advantages, and to know more about the same, follow our guide on Advantages of Offshore Banking.
In a nutshell, we can see that the foundation company incorporation process turns out to be a beneficial and smart move to invest in the offshore business. Moreover, approaching an expert can reduce the burden off your shoulders drastically.
Opening an offshore business unit in Florida is a profitable move, and if you are keen to know more about it, do read our guide on Why to start an offshore company in Florida.
At Business Setup Worldwide, we take care of the essentials of helping our business clients to incorporate their offshore business entity at ease. Our well-versed business advisors hold experience and knowledge that makes them an expert to provide tailored solutions, making us one of the top business consultants in the UAE.
If you are planning to invest in offshore foundation business in Florida, feel free to have a friendly discussion with our experts. Contact us today-we’d be glad to assist!