Offshore Law Firms:
Maples and Calder
(Backup: Walker)
Offshore Lawyers:
Matthew Gardner (Maples and Calder)
(Backup: Richard May (Maples and Calder))
Offshore Jurisdictions:
Cayman Islands
(Backup: British Virgin Islands)
Corporate & Private Equity; Investment Funds; M&A; Hedge Funds;
Asset finance; banking & finance; derivatives; environmental, social & governance (ESG)
Corporate & commercial; joint venture; capital markets; private equity, venture capital & funds
special situations; distressed funds; insurance & insurance linked securities; private capital & trusts
Due to differing tax rates and legislation in each country, tax benefits can be exploited.
Example: If Import Co. buys $1 of goods from India and sells for $3, Import Co. will pay tax on $2 of
taxable income. However, tax benefits can be exploited if Import Co. is to set up an offshore subsidiary in
the British Virgin Islands to buy the same goods for $1, sell the goods to Import Co. for $3 and sell it
again in the domestic market for $3. This allows Import Co. to report taxable income of $0 (because it
was purchased for $3 and sold for $3), thus paying no tax. While the subsidiary will have to pay tax on
$2, the tax is payable to the tax authority of British Virgin Islands.
Since the British Virgin Islands has a corporate tax rate of 0%, no taxes are payable.