I am looking into setting up a company for a business I'm bootstrapping, that I plan to finance by doing consulting/freelancing. So I would like to set up a legal entity to do business.
The main issue is that I don't necessarily want to incorporate in my country of citizenship. I'm currently living abroad and plan on moving around the world in the next years.
The hurdles of incorporating in the origin country have to do with the necessity of having an office space, accounting, and lots of administrative details that I would like to minimize, at least for the beginning, until this actually turns into a profitable business, or there's actually a need to hire people.
Based on my research of incorporating offshore I don't see major disadvantages of following this route, but at the same time offshore companies don't seem to be popular.
I was wondering why this is. I understand that some of the benefits of zero tax are non-existent any more for a lot of the western world (because of new legislation), but other than that, what are the disadvantages of incorporating offshore? Or why should I not incorporate offshore?
Also if anyone has first hand knowledge with this I would be very interested in their experiences.
Momentarily Seychelles seems the most attractive to me.