{"id":17597,"date":"2023-08-19T08:36:40","date_gmt":"2023-08-19T05:36:40","guid":{"rendered":"https:\/\/starlanguageblog.com\/?p=17597"},"modified":"2023-08-19T08:36:40","modified_gmt":"2023-08-19T05:36:40","slug":"modern-offshore-programming-services-and-their-specific-features","status":"publish","type":"post","link":"https:\/\/www.starlanguageblog.com\/modern-offshore-programming-services-and-their-specific-features\/","title":{"rendered":"Modern offshore programming services and their specific features"},"content":{"rendered":"

Modern offshore programming services and their specific features<\/span><\/h1>\n

Offshore companies are companies registered in countries with preferential tax laws. In this article, we would like to dwell on the relevance of using offshore for IT companies in 2020. What is offshore today and why is it profitable?<\/span><\/p>\n

In common <\/span>offshore programming services<\/span><\/a> not a new term. In fact, it has been well known as a powerful tool for many successful entrepreneurs and investors who are well aware of its benefits and values. Therefore, understanding how it works is necessary for all new IT business start-ups.<\/span><\/p>\n

What is offshore for an IT company?<\/span><\/h2>\n

Let’s start with a clearer definition of the term offshore. In 2020, an offshore company is a company registered in a country or jurisdiction other than the one in which its investors and founders live.<\/span><\/p>\n

Simply put, offshore is nothing more than a company established in another country. Let’s say you create an international business company (hereinafter referred to as IBC) in the Marshall Islands or Panama to conduct business. This is offshore.<\/span><\/p>\n

One of the key features of an offshore company that you need to know is that they are generally prohibited or severely restricted from doing business in their country of incorporation.<\/span><\/p>\n

Despite this, amendments to the law in each individual country may bring various bonuses and barriers to an offshore company registered in that particular jurisdiction. In some cases, you may find a country in which your offshore company may be allowed to do business, but you will need to pay local taxes along with many obligations to comply with local laws.<\/span><\/p>\n

Because of these complexities, sometimes people can get confused by the misconception about an offshore company that is said to be a tool to avoid taxes or hide money from the government.<\/span><\/p>\n

In the modern world, companies engaged in IT development are widely popular. At the same time, a significant part of them specialize in servicing customers from foreign countries. The standard scheme of work of such companies is as follows:<\/span><\/p>\n