Best Finance Network
Get the best connectivity about finance.

Every entrepreneur needs to save money for further investment. Even if you are getting lucrative profit in your business, you can’t predict the future. There are several factors responsible for growth of all types of businesses, either a consultancy in Dubai or firm in Nevada, and an abrupt change can suddenly make things difficult for them. There are multiple ways available for people to save their hard-earned money. All these methods have several advantages and shortcomings. After analyzing all these methods, one can say that the ideal one is offshore investment.

In offshore investment, an entrepreneur or any other person keeps the wealth in a country other than country of his/her residence. But not every other country is known as offshore location. There are several countries that provide tax exemptions and other benefits for investors that are not present in most of other places. These offshore jurisdictions get this name due to their location, geography and other legal and monetary benefits that they provide to foreign investors.

Following are main advantages of offshore investment that will make it clear that it is the best way to save your money. You will not get most of these advantages in any other money saving technique.

Tax Exemption/Reduction

It is the primary and one of the most unique advantages that is provided by offshore jurisdictions. These places are usually known as tax havens as they provide either complete exemption from all types of taxes or their tax rate is very low as compared to most of other countries. This is really important for most of businesses. They can easily avoid hefty amount of tax only by paying a fix annual fee for their investment in offshore jurisdictions.

This is really important for large businesses that are also growing rapidly. In most of countries, these businesses can lose even 40% or above of their profits through different types of taxes. But these businesses can save millions of dollars every year by adopting offshore investment. Therefore, if you are growing your business or otherwise facing tax issues in your home country, then the best place to save your money is by investing in offshore jurisdiction.

Confidentiality

In most of countries, it is mandatory for entrepreneurs and individuals to disclose their total wealth and source of income. This information is also available to public. On several occasions, this publically available information creates legal and monetary problems for entrepreneurs and wealthy persons.

It happens as their competitors or relatives would use this information to sue and start legal battles against them. On most of occasions, these legal claims are baseless and its purpose is to harm the business opponent. It is not only stressful but also proves financially harmful for the receiving person.

In order to avoid this situation, the best way is offshore investment. In fact, confidentiality of assets is the second most important factor that attracts investors towards offshore dominions. Offshore jurisdictions don’t disclose details of foreign investors and their businesses. This is really helpful in protecting your money from unnecessary and unethical claims that can ruin ones wealth.

These two factors clearly highlights the importance of offshore investment provides for protection of wealth for entrepreneurs and wealthy individuals. There is no doubt offshore investment is the best way to save your money.

Author Bio: Mona is an experienced content writer working for Dubai-based consultancy firm Riz& Mona Consultancy. She has 6 years of experience in the fields of offshore business, investment, finance, taxation and insurance.

Banks and a limited number of high street forex brokers ruled the remittance market until the turn of the last century, giving individuals and small businesses little to no value for money. Now, just about everyone can get access to competitive exchange rates, mainly because a number of companies specialize in this realm alone. How, though, do you select the right money transfer company?

Supported Currencies and Countries

What good is a money transfer company if it does not support your desired currencies or countries? Start by determining if the company you shortlist supports both the countries and currencies in question. For example, while Transfer Wise and World First support most countries and currencies, Azimo lets you register only from a European country, and InstaReM operates mainly in Australasia.

Cost Effectiveness

Do not get carried away by great exchange rates because how much you pay as fees also requires your attention. An easy way to determine the most cost-effective alternative is to look at how much money the recipient will receive at the end of the transfer.

Transfer Methods and Speed

Transfers to bank accounts can take one to seven working days, depending on where you live, the destination country, and the company you select. If you’re in a hurry to send money overseas, a better bet is to look for companies that operate out of physical locations or have tie-ups with agents. Some companies that allow transfers to cash pickup locations include Azimo, Western Union, and MoneyGram. Bear in mind that these transfers tend to cost more than transfers to bank accounts.

Payment Methods

Just about every overseas money transfer company lets you pay through bank account transfers. Some let you pay using debit and credit cards. You can also find companies that accept payments via region specific methods such as ACH, SOFORT, and POLi.

Trustworthiness

An easy way to determine if a company is trustworthy is to check if it is registered with and regulated by relevant regulatory bodies. Depending on where the company is based out of, it may be registered with the UK Financial Conduct Authority (FCA), the U.S. Financial Crimes Enforcement Network (FinCEN), the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), or the Australian Securities and Investments Commission (ASIC).

Keeping Track

Once you initiate a transfer, keeping track of its progress should be simple. Good money transfer companies let you track your transfers through their websites or through apps designed for mobile devices.

Customer Service

The top players provide local phone support in different countries. Online support is easier to find, through email or chat. Since you might need to contact customer service now and again, select a company that rates well on this front. Turning to platforms such as Trustpilot and Feefo gives you easy means to determine how previous customers feel about the companies you shortlist.

Conclusion

There is no single overseas money transfer company that works equally well for everyone, given the varied requirements. To narrow down on one that suits your best, pay attention to aspects such as cost and speed as well as transfer and payment methods.

Equity-linked saving schemes, or ELSS, are essentially close ended mutual fund schemes that offer tax benefits under the section 80C of the Income Tax Act, which means that you can reduce your tax liability. Such funds do not have any restriction on number of shares issued. They are diversified thereby allocating capital in a variety of assets in a way that reduces exposure to risk thereby mitigating loss schemes offered through mutual funds.

The unique feature of this scheme is that one can avail a maximum deduction of Rs. 1.5 lakh invested into these funds from his/her income during a financial year. This in turn, would help in saving tax of up to Rs. 46,350/- (if one falls in the highest income slab) during a financial year. ELSS also offers greater liquidity as the lock in period in these funds is only 3 years in comparison to PPF which has lock in period of 15 years. Further, by choosing for the ‘Dividend Payout’ option in the ELSS, investors can receive tax free dividends from their investment prior to the maturity of the scheme. Thus, these funds are efficient tax saving investments with the least lock in period and a superior performance track record.

This is a hugely underappreciated advantage of investing in an equity-linked saving schemes. Many prefer instruments such as Public Provident Fund, life insurance policies that are comparatively long term instruments where the primary goal of investing is either safeguarding your loved ones after you are no more or in the case of PPF whereby the idea to save for retirement.

While one can look at ELSS purely from a tax saving perspective of saving taxes, they can also serve as investments towards long term goals. The equity element in ELSS allows investors to systematically create wealth in the long run.

If you are financially stable and successful in your life then you can go ahead and gamble some money away. Below are some ideas where can you wager your money on, as well as some top ways of earning more money. However, people always argue that these are not the right ways of obtaining more cash.

Different countries do have different tax structures for this income and your service charges will be more than your normal earnings taxes, so the deductions will take a higher portion of your total profit. The reason behind this taxation is that you have put less effort & thus got more money. But also here there is a high chance of losing everything. Means this is a game of no risk no gain.

Below I have listed 3 ways you can do this:

Earning money from lottery: If you are a huge fan of winning the lottery, that means you want to earn big. However, there is no assurance whether you will definitely get the money or not. Many people have lost their entire savings by investing in lottery tickets and yet they didn’t get anything.

Earning scope in casinos: Many night clubs do have casinos inside them & youngsters are very interested in clubbing, roulette and poker. This is nowadays one of the best & most popular mediums for refreshments. In casinos the winning stake can be huge if you know what are you doing, otherwise you might end as a big looser.

Earning by involving in sports betting: Many people in this world are into betting and there are many renowned betting sites like the ones listed on BettingTop10, where people can indulge in their favorite sports odds. Some are even earning few extra bucks but you have to be aware of the fact that there are many scammers all around, so you need to go for the correct one after doing your home research.

For me I am a simple family guy who doesn’t like clubbing a lot & I am always finding my refreshments in my family. I am not very rich, but yet I feel financially established. I have never tried the above mentioned ways of making money so I can’t be of much help if you would like to give them a go, but as a financial blogger I like to cover all sides of financing and all alternative ways of earning money.

I am very proud that you all are loving my blog & also sharing your valuable feedback. So, I’m looking forward to seeing your feedback for this post also. Finally, these money earning ideas in 2017 have included few nontraditional ways of earning money. But ultimately remember to work hard & then expect higher gains.

Holiday plans are often spontaneous and happen when you’re desperately in need of a break from the monotony of your life. Suppose you are planning a family vacation when your spouse or kids have holidays but your funds are a bit tied up. Should you postpone your vacation till you have the money? Absolutely not! Instead of being disheartened by thinking that you do not have sufficient funds at the moment, you can simply plan a vacation with a personal loan.

You can finance your travel smartly by availing a personal loan. Based on your credit history& income source, the eligibility and amount will be determined and accordingly the tenure and repayment conditions for the loan will be laid out. Salaried individuals find it easier to avail personal loans as compared to self-employed businessmen. However, if you have filed tax returns & all company documents are in place, even self-employed individuals can avail a personal loan without providing collateral.

An online personal loan is extremely easy to avail and rarely require any form of collateral. If you meet the eligibility criteria set by the lending institutions and have the necessary documentation in place, there is a definite chance your application will get an approval. In fact, these days online personal loans can be completely paperless with online submission of scanned id and residence proof.

How do personal loans compare with credit card EMIs? There are tax benefits for personal loans. You can claim income tax benefit under Section 24 on personal loan which offers an overall interest benefit of 1.5 lacs for tax exemption. In addition, extending your credit card to finance your travel is not a good idea as they have predefined credit limits that may not suffice the amount you need for your travel.