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A corporate haven is a jurisdiction with laws friendly to corporations thereby encouraging them to choose that jurisdiction as a legal domicile. A corporation is a separate legal entity usually used to conduct business

Contents

History

Corporate Havens are a post 1970s global economic phenomena. This decade more or less marked the end of colonialism and the formation of EU in the form of the EEC. Many legal and taxation processes culminated in this decade that led to the formation of Tax Havens and Corporate Havens throughout the developed world.

Geographical distribution

North America

Within the United States, Delaware is considered the pre-eminent corporate haven for large public corporations, while Nevada, Wyoming, and Alaska are corporate havens for small closed corporations. The United States of America —commonly referred to as the Delaware ( is a state located on the Atlantic Coast in the Mid-Atlantic region of the United States. Nevada ( is a state located in the western region of the United States of America. The State of Wyoming ( is a sparsely populated state in the western region of the United States. Alaska ( Аляска Alyaska) is a state in the United States of America, in the northwest of the North American continent

Delaware, through its developed legal system and laws protecting shareholder rights, is geared toward the large complex public corporation, whereas Nevada and Wyoming are more attractive to the small privately held corporation. Delaware law tends to protect the rights of boards of directors and shareholders, while Nevada and Wyoming tend to favor management.

Commonwealth & Western Europe

Corporate havens outside the United States include British crown colonies such as

Internal to the UK, but globally used as corporate havens

UK Crown Colonies do not have exclusive monopolies on offering corporate havens, other notable havens include

These havens are widely used by people and other entities from various places, particularly Hong Kong. The British Overseas Territories are fourteen territories that are under the Sovereignty of the United Kingdom, but which do not form part of the United Kingdom Ba (officially The Bermuda Islands or The Somers Isles) is a British overseas territory in the North Atlantic Ocean. The Cayman Islands are a British overseas territory located in the western Caribbean Sea, comprising the islands of Grand Cayman, Cayman Brac Gibraltar (dʒɨˈbrɒltər is a British overseas territory located near the southernmost tip of the Iberian Peninsula overlooking the Strait of Gibraltar Saint Helena (pronounced saint he-LEE-na) named after St Helena of Constantinople, is an island of volcanic origin and a British overseas territory Nauru, officially the Republic of Nauru, is an Island nation in the Micronesian South Pacific. The Bailiwick of Guernsey (Bailliage de Guernesey is a British Crown dependency in the English Channel off the coast of Normandy. The Isle of Man (Ellan Vannin ˈɛlʲən ˈvanɪn or Mann (Mannin) is a self-governing Crown dependency, located in the Irish Sea at the geographical The Bailiwick of Jersey ( Jèrriais: Jèrri) is a British Crown dependency off the coast of Normandy, France. Andorra, officially the Principality of Andorra ( Catalan: Principat d'Andorra) is a small Landlocked country in western Zug (German) is the capital of the Canton of Zug in Switzerland. Switzerland (English pronunciation; Schweiz Swiss German: Schwyz or Schwiiz Suisse Svizzera Svizra officially the Swiss Confederation Aruba is a -long island of the Lesser Antilles in the southern Caribbean Sea, north of the Paraguaná Peninsula, Falcón State, Venezuela The Island Territory of Bonaire ( Dutch: Eilandgebied Bonaire, Papiamento: Teritorio Insular di Boneiru) is one of five island areas Curaçao (ˈkjuːrəsaʊ in English Dutch: Curaçao, Papiamento: Kòrsou) is an Island in the southern Caribbean Sea, Hong Kong ( officially the Hong Kong Special Administrative Region, is a territory located on China 's south coast on the Pearl River Delta, and borders

Increasingly, U. S. corporations are using these havens, either by incorporating subsidiary corporations in these locations or by moving their corporate domicile (the home company of the corporation) there.

Corporate havens are often not beneficial to small corporations operating in one legal jurisdiction because of the complexity of creating a corporation elsewhere and then having to re-register in the local area as a foreign corporation. A foreign corporation is an existing Corporation that is registered to do business in a jurisdiction other than where it was originally incorporated

North American legal issues

United States tax law (since the 1980s) has made these offshore corporate havens very unattractive to individual citizens. Offshore may refer to oil and Natural gas production at sea see Oil platform. US citizens are statutorily taxed by the U. S. government on their world-wide income, unlike the citizens of all other nation states.

Revenue Canada loses billions each year to the Tax Haven phenomena. The Canada Revenue Agency (CRA ( Revenue Canada under the Federal Identity Program) a federal agency that administers Tax laws for the Government of

Offshore financial centers

From IMF coverage ([1]). The International Monetary Fund ( IMF) is an International organization that oversees the Global financial system by following the Macroeconomic

Offshore Financial Center IMF Member Historical Association with IMF Member Population (million) Licensed Banks (number) Supervisory Authority
Group I
Dublin (Ireland) Yes n/a 1. Dublin (ˈdʌblɨn/ /ˈdʊblɨn or /ˈdʊbəlɪn/, bˠalʲə aːha klʲiəh or cliə(ɸ is both the largest city and capital of Ireland. 1 54 Central Bank of Ireland
Hong Kong, SAR No An SAR of PRC 6. Hong Kong ( officially the Hong Kong Special Administrative Region, is a territory located on China 's south coast on the Pearl River Delta, and borders A special administrative region or SAR may be;People's Republic of China Special Administrative Region of the People's Republic of China, present-day Talk People's Republic of China) PEOPLE'S REPUBLIC OF CHINA ARTICLE GUIDELINES 85 454 Hong Kong Monetary Authority
Group II
Andorra No France and Spain 0. The Hong Kong Monetary Authority ( or HKMA (金管局 is Hong Kong 's Central banking institution (more precisely Currency board) Andorra, officially the Principality of Andorra ( Catalan: Principat d'Andorra) is a small Landlocked country in western 06 n. a. n. a.
Bahrain Yes UK independ. The Kingdom of Bahrain (in مملكة البحرين,, literally Kingdom of the Two Seas) is an Island country in the Persian Gulf since '71 0. 62 102 Bahrain Monetary Agency
Bahamas Yes UK independ. The Bahamas, officially the Commonwealth of The Bahamas, is an independent sovereign English -speaking country consisting of two thousand Cays and since '73 0. 3 418 Central Bank of the Bahamas
Cayman Islands No UK Overseas Territory 0. The Cayman Islands are a British overseas territory located in the western Caribbean Sea, comprising the islands of Grand Cayman, Cayman Brac 04 575 Cayman Islands Monetary Authority
Cook Islands No In Free Assoc. The Cook Islands ( Cook Islands Māori: Kūki 'Āirani) are a self-governing parliamentary democracy in free association with New Zealand. with N. Z. 0. 02 n. a. n. a.
Marshall Islands Yes n/a 0. The Marshall Islands, officially the Republic of the Marshall Islands (RMI is a Micronesian nation of islands in the middle of the Pacific Ocean 07 n. a. n. a.
Nauru No Former UN Trustee 0. Nauru, officially the Republic of Nauru, is an Island nation in the Micronesian South Pacific. 01 n. a. n. a.
Niue No In Free Assoc. Niue (niːˈʔuːeɪ/ /ˈnjuːeɪ in English is an Island nation located in the South Pacific Ocean. with N. Z. 0. 002 n. a. n. a.
Samoa Yes n/a 0. Samoa, officially the Independent State of Samoa, is a country governing the western part of the Samoan Islands Archipelago in the South Pacific Ocean 17 n. a. n. a.

See also

External links

The internal affairs doctrine is a Choice of law rule in Corporations law. An offshore financial centre (or OFC) although not precisely defined is usually a low- Tax, lightly Regulated jurisdiction which specializes in providing A tax haven is a place where certain Taxes are levied at a low rate or not at all Tax treaties exist between many countries on a bilateral basis to prevent Double taxation ( Taxes levied twice on the same Income, Profit,
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