Unless you are making huge bucks, I don't see it as being worth it. One, you can do it on your own and assume the IRS won't mind or catch you. Two, you can pay a lawyer to do it right (but pay up big for the lawyer) like a lot of bigger companies did lately in incorporating in Bermuda.
Sending money to an offshore account where you have a credit card linked to is nothing new. People set up the offshore businesses and then send that business money as an expense. Works fine and dandy until the IRS randomly audits you and asks why you are paying a "consultant" from the Caymans $30,000 a year.
I looked into it.
The benefits were marginal.
Basically you would be concealing the businesses turnover but if you require credit or even want to sell the businees then having straight, clean accounts is important.
If you get tot the stage of turning over lots of money then it might be worth having a subsidiary offshore but only as a way of filtering profits to somehwere with less restructive reporting.
Formerly: Managing Director, Hostroute.com Ltd & Marketing Director, Ultraspeed UK Ltd View my Professional Profile:www.gordonhudson.com
We operate from low tax jurisdictions (Hong Kong/Macau) so going offshore doesn't give much benefits. Furthermore, if you are thinking big and expect the company to grow to a decent size (to be merged/acquired by a larger company, or even for listing) it is better to avoid going that road.