Offshore Corp Accounts for Service Businesses - Reporting Requirements
Hey everyone, still trying to get my head around offshore structures for a small service-based business. We're looking at setting up a corporate account in a jurisdiction like BVI or Seychelles, mainly for payment processing and diversifying. I understand the general need for substance and complying with CRS/FATCA. My main concern is the practical aspect of reporting for a small, lean operation.
Specifically, if the entity itself doesn't have a physical presence or employees in the offshore jurisdiction, what level of financial reporting is genuinely expected? Not looking to avoid anything, just want to understand the minimum ongoing administrative burden and costs involved in staying compliant year after year, especially when revenue might be inconsistent early on. Is it just annual returns, or are there more complex audited statements required even for low-turnover entities? For context, we're not talking $BAX levels of capital here, more like managing small crypto payouts from clients (e.g. $AVAX) and diversifying from a single domestic bank.