General Knowledge About Offshore Companies

Are offshore companies required to keep books and financial records?

If You would not be required to keep and officially file all those numerous financial reports and tax forms, how much financial recording would You do at Your own will? Some, but probably much less, right? Many offshore tax havens do not require any financial records to be officially filed. Offshore companies may keep their books in as much detail and in such form as they wish. Since recently, some of the more advanced offshore financial centres have found that a requirement to maintain some formal financial records in an offshore company is in the best interests of the beneficial owners of the companies. As it often is, proper records provide the company owners with extra peace of mind. This aspect becomes specifically important when an offshore corporation is owned by several individuals, thus requiring a more elaborate system of management and controls. However, even in these cases clear financial records must be kept within the company, but not for filing to the authorities.