Integrated Corporate Systems Management in the Conditions of Offshorization of the Economy

Abstract

The development of international financial mobility has led to the creation of a competitive interstate capital market and, as a consequence, the formation of a global market for offshore services. It is obvious, that offshore centers, their role, prospects and consequences in the context of international economic processes are among the most complex and controversial in the world economy. The purpose of the article is to study the features of the functioning of integrated corporate structures in offshore centers. The main criteria of offshore classification are analyzed in the article: by the conditions created for business; by prestige; by international legal status. The results of the ranking of offshore jurisdictions in 2020 conducted by the non-governmental organization Tax Justice Network according to the level of financial secrecy are presented. The impact of offshore on the world economy is assessed according to the Corporate Tax Haven Index. International legal regulation of offshore business is carried out by the Organization for Economic Cooperation and Development (OECD) and the Financial Action Task Force (FATF). The main provisions of the global project of combating tax evasion and offshore withdrawal (BEPS plan – Base Erosion and Profit Shifting) are described. The key requirements for the registration of an offshore company in the form of registration of a ready-made company or registration of a new company are defined. Features of management of integrated corporate systems in the conditions of offshorization of economy are analyzed. Regulatory and legal innovations in terms of ensuring the transparency of cross-border agreements and combating aggressive tax planning have been identified. Prospects for further offshoring of business activities are substantiated. Offshore business is constantly changing and becoming more complex, adapting to new requirements and conditions due to changes in the legal framework and, as a result, the schemes of using offshore zones are becoming increasingly complicated. Alternatives to offshore companies, in particular limited liability companies with subsistence are identified.