Offshore Entities: Still Worth the Paperwork for SMEs?

I'm genuinely curious if the perceived advantages of setting up offshore entities still stack up for small to medium enterprises (SMEs) these days. With the increasing scrutiny and reporting requirements from practically every major jurisdiction, it feels like the initial allure of simplified tax structures or asset protection has been significantly diluted by the compliance burden. It's not like the wild west of the 90s anymore, and the costs of maintaining good standing, especially for operations that aren't truly multinational, seem to eat into any benefits fairly quickly. Are we just clinging to an outdated playbook, or am I missing some crucial nuance that makes it a no-brainer for the right kind of SME?

I’m keen to hear some dissenting opinions here. What’s the compelling argument for an SME, not a multi-billion dollar corp, to go through the hoops now?