offshore corporation

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offshore corporation

n. a corporation chartered under the laws of a country other than the United States. Some countries (particularly in the Caribbean) are popular nations of incorporation since they have little corporate regulation or taxes and only moderate management fees. Professional trustees and nominal officials in the country of incorporation perform routine contacts with the local government, but take no active part in management. The reasons for the use of offshore corporations are best known to the incorporators, but may include avoidance of taxes, ease of international operations, freedom from state regulation, and placement of funds in accounts out of the country.

References in periodicals archive ?
Earlier, Lahore High Court (LHC) had approved bail of PTI leader Aleem Khan in assets beyond income and offshore company cases over two surety bonds worth Rs1 million each.
The IO responded that Zulqarnain took the money as loan and established an offshore company. NAB claims that at least $365,000 was illegally transferred by Zulqarnain through that offshore company, Lead Burn Global Ltd, to another offshore company Cannock Global Enterprises Limited.
On February 6, Aleem was detained by the NAB while recording his statement in a case lined to an offshore company unveiled in the Panama Papers leaks.
According to NAB spokesman,the accused Laeeq Ahmed Sheikh is Director of CANNOCK GLOBAL ENTERPRISES Limited which is maintaining offshore company. Investigation revealed that the accused person is involved in money laundering for another accused Raja Babar Ali Zulqarnain.
He faces multiple inquiries, including one involving offshore company Hexam Investment Overseas Ltd, one for owning assets beyond his known sources of income, and inquiries into his involvement in the Park View Housing Society, River Age Housing Society, and Multan Road.
"The PTI leader was asked whether he declared the offshore company in documents presented before institutions in Pakistan," the sources said.
A probe was initiated into Aleem Khan's offshore company on order of Chairman Justice (r) Javed Iqbal after he was named in Panama Leaks in April 2016 among 435 Pakistanis.
NAB had initiated probe into Aleem Khan's offshore company on order of Chairman Justice (rretired) Javed Iqbal after he was named in Panama Leaks in April 2016 among 435 Pakistanis.
NAB had initiated probe into Aleem Khan's offshore company on order of Chairman Justice (r) Javed Iqbal after he was named in Panama Leaks in April 2016 among 435 Pakistanis.
In the review petition against his disqualification, Tareen had informed the court that he could not present legal instruments and specific documents regarding his trust, Shiny View Limited, an offshore company that held a legal title for the 12-acre property, known as Hyde House.
Under these strict new norms, the most prevalent question in Dubai has been what use is there for an offshore company?
If you believe that an offshore company is all about hiding money and evading taxes, you couldn't be more wrong.
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