Is it better to open an offshore company or an offshore trust if you want to manage your assets abroad?

The correct answer to this question depends on the actual situation of the trustee (client who applied).

If you want to set up a company that does business overseas, then of course, setting up a company overseas is the way to go. Of course, if you want to do your business abroad, you have to set up your company in a foreign country.

If you want to keep your assets abroad, it is more cost-effective to set up an offshore trust.

The reasons are as follows.

1. A simple offshore trust is relatively quick and easy to set up, as it can be set up in minutes and cancelled later, without the client having to go to the country to register it or go through the various application procedures.
2. There are many miscellaneous expenses associated with setting up an offshore corporation, such as annual fees, secretarial fees, auditor’s fees, and other miscellaneous expenses that may not be accounted for without ongoing revenue.
3. One of the major challenges faced by many people setting up an offshore corporation is the opening and maintenance of a bank account. In contrast, the trustees of a typical trust have accounts that can be held on behalf of their clients’ accounts, which can be cost effective as long as they don’t trade frequently.
4. Inheriting an offshore corporation is not easy, especially since your children and grandchildren may not know that the corporation exists or operates. However, an offshore trust can be a good choice for your children and grandchildren because there are professionals who will always carry out the rights of the beneficiaries according to the wishes of the trustee.