Besides time- and cost-saving offshore incorporation, most offshore financial centres offer vast business supportfacilities, including well developed offshore banking sector, offshore infrastructure, modern business legislation providing forstrict confidentiality, and highest telecommunication capabilities. The most important drawback of incorporatingoffshore is negative perception of the offshore concept, because of the media reporting bad cases only.For Belize offshore business companies, there is no minimum capital requirement. Minimum one shareholder and onedirector is needed. Shareholders, directors and officers need not be residents in Belize. Low record requirements provide forthe highest level of confidentiality.The main advantages of Belize offshore jurisdiction are the fastest offshore company registry which provides fortime-saving incorporation of new company, reduced taxation only with few conditions, and no reporting requirements.Offshore corporations may be registered in a jurisdiction, with which they have no or minimal business contacts, in order tominimize taxes and liabilities. The best tax minimisation result may be achieved when one or more offshore corporations andtrusts are used in conjunction with, or as part, of an international tax plan.One of the disadvantages of setting up an offshore company is that generally they can not carry on any business or have anoffice with staff employed within the jurisdiction of incorporation. There are certain restrictions on the types of business,mostly in the banking and insurance industries, that have the right to operate as an offshore company.