The internet has revolutionized every single aspect of our lives, especially asset protection as it has removed geographical barriers and made it possible for individuals to control their assets from wherever they are in the world. However, with this promise, there are some difficulties because the assets in an internet enterprise are not tangible like real estate or companies but exist in soft form. Most internet entrepreneurs work very hard to build an empire which they link up to a Limited Liability Company with themselves as the only member, and a single PayPal or Moneybookers business account. This is very dangerous when it comes to asset protection because the asset clearly marks a path back to you as the founder, creator and sole owner of the business.
Since an internet entrepreneur is also running a business, they risk losing everything in a lawsuit and it is important to take preventive measures in order to ensure that their business is intact even after they suffer such a misfortune.
The first step that an internet entrepreneur should take is to open at least two merchant internet accounts such as PayPal and Moneybookers. There are many other merchant accounts, and if they plan on transacting through the internet, they should not limit these transactions to just one account. Your server should also be in a jurisdiction that favours internet businesses and that does not limit your transactions with bad legislation.
Internet privacy is very important and this is why you should consider starting an offshore company and to take advantage of a jurisdiction with friendly laws and little to no taxes. The beauty with an offshore company for your business enterprise is that you can manage it from virtually any part of the world and no individual can be able to prove that the offices are not located in the country you have registered the company in unless you reveal these details yourself.
Individuals who would like to start an offshore internet company should plan carefully from the onset. They should remain anonymous when registering the domain name of the business. You should do this by registering a new domain to an offshore company which has shareholders and nominee directors. The agent in the offshore destination will know the details, but the government will only have the names and details of the nominee directors. You should also consider offshore banking and direct all the funds from your internet enterprise to the offshore accounts through the merchant accounts.
You should also consider offshore webhosting as well as email hosting especially if some of the legislation in your country of residence does not favour the type of website that you are running, for example, a gambling website. You should always ensure that the country has an established electronic system as well as privacy laws and the network infrastructure should be modern.
You should always protect communication through the internet by not providing your actual IP address and you should use e-currency to make any payments. All of these will ensure that you as an internet entrepreneur are protected from law suits and that your privacy is maintained. An offshore company is the best way to ensure offshore asset protection as an internet entrepreneur and to protect your investments.
Article Source: Catherine Faith Omondi
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