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Should I start an offshore company to buy my US company?

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MisterBoring

New member
I have a small US company that uses US banks. For the purposes of liability protection, would it make sense to start an offshore company, and have that company buy my US company? Would I still be able to use my established US bank and other services? The thought is that should my US company ever have a judgement against it, we could shut it down, while the offshore company retains the assets. Possibly open a new company (owned by the offshore one) to restart. Where would be best place to start?

Thank you.
 

Fred

Dubai Expat
Mentor Group Gold
Commercial Service
I have a small US company that uses US banks. For the purposes of liability protection, would it make sense to start an offshore company, and have that company buy my US company? Would I still be able to use my established US bank and other services? The thought is that should my US company ever have a judgement against it, we could shut it down, while the offshore company retains the assets. Possibly open a new company (owned by the offshore one) to restart. Where would be best place to start?

Thank you.
Whats your citizenship and country of residence?
 

cyprusbanker

Corporate Services
Business Angel
The US bank will ask for supporting documents for your change in ownership if they figure out what was done. Usually they may see it in the US company's books if that is applicable.
 

FAS

Silver Member
I have a small US company that uses US banks. For the purposes of liability protection, would it make sense to start an offshore company, and have that company buy my US company? Would I still be able to use my established US bank and other services? The thought is that should my US company ever have a judgement against it, we could shut it down, while the offshore company retains the assets. Possibly open a new company (owned by the offshore one) to restart. Where would be best place to start?

Thank you.
Yes, you can do it. Delaware is better than other jurisdictions if your account is located in the USA.
 

MisterBoring

New member
The US bank will ask for supporting documents for your change in ownership if they figure out what was done. Usually they may see it in the US company's books if that is applicable.
Since our banks do not look at our books, I think we are OK there. But if I am required by law to notify the bank, then I would do so. I do not know if that is a legal requirement or not.
 
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