Top,Reasons,Why,Entrepreneurs, business, insurance Top 7 Reasons Why Entrepreneurs Consider an Offshore Company

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Offshore companies enjoy top preference with entrepreneurs. They would rather have an offshore vendor handling an important business process or anything pertaining to it rather than having it handled by a local vendor. Why so? Sounds bizarre? As bizarre as it may sound, it holds true. Over the years, it has become a common trend to leverage global offshoring success to gain business momentum. Massive cost savings is another reason. And then, there are several other reasons as well. Below are those reasons that motivate businesses all over the world to consider offshore staffing in India as an option.It help businesses accomplish their goals: Most organizations have business goals. They hire offshore companies to accomplish those objectives. Offshore staffing companies in India have over the years built a reputation of helping companies worldwide accomplish whatever business related objectives they have, that benefit their employees, investors and shareholders. They have had a massive impact on the long-term financial health of their clients. In a highly competitive business environment, they seem to have learnt the art of delivering early-stage startup success. Companies save on costs: There can never be a bigger factor to motivate businesses than money. Businesses based in the United States and United Kingdom save huge sums of money when they relocate their businesses to relatively cheaper destinations such as the Philippines and India. Some of the areas where they save money include labor costs, operations expenses, lower taxes and others costs that come into the picture while running a business such as employee taxes, social security, health insurance, medical care etc. As they get their financial resources freed, they get to divert the same towards strengthening their local operations and further research and development. Offshore Staffing in India helps businesses make most of tax incentives: Another big factor motivating businesses to choose an offshore vendor is tax incentive. This comes in various forms such as tax holidays, duty-free importation of equipment and spare parts, exemption from national and local taxes etc. A prime example of tax incentives is the Philippines, where the government through the Philippine Economic Zone Authority and the Board of Investments offers generous tax incentives for foreign companies establishing new businesses on Philippine territory. Companies qualifying for incentives get 100% exemption from corporate income taxes for up to 6 years and upon expiration of the period, get a 5% special tax rate on gross income and exemption from paying all national and local taxes. The issue of shortage of skilled labor is addressed: A lot of companies, especially the ones in the US, have been very vocal about shortage of labor with necessary skills. Offshore Staffing Companies in India have been very successful in addressing this issue, with an abundant talent pool of workers who are employment-ready, with necessary technical expertise, relevant work experience and desirable skills sought by such companies outsourcing business processes. Operational and production costs are kept low: Manufacturing companies benefit from lower operating costs in developing countries. Some of the benefits best felt by companies include low cost of labor, cheap raw material, less cost of equipment, part and other supplies. Other benefits enjoyed by companies include improved efficiency and faster turnaround in production and timely completion of projects. Businesses are assured of financial privacy and safety: Financial privacy might sound a very inexplicable term, but there are entrepreneurs and promoters of businesses who wish to keep their identity a secret and refuse to divulge details regarding their wealth and investments to the outside world. Hence, they seek discreet locations to outsource and vendors who quietly go about doing their work. Setting up an office in India helps them achieve this goal of ensuring ‘financial privacy’where the government is not that fidgety about foreign investors making their investments public. Offshore staffing companies in India help meet majority legal requirements: Most companies from the United States and United Kingdom have found India to be very law friendly in terms of outsourcing business to a company and getting their work done here. In terms of documentation, taxes and licenses, India has been very friendly to organizations across the world. Being a destination that meets majority of the legal requirements, India has become very sought after.