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My wife has been offered a job in the Cayman Islands for 2 years - we'll both be moving there in September. I will be her dependent. We are letting our UK house and will return to the UK rarely (if at all). I expect to satisfy HMRC that we are both non-resident.
I've handed my notice in with my employer as an IT worker - and my employment will cease before I move, however they have asked me to do some consultancy work from the Caymans. (I will physically reside in the caymans throughout).
What is the best way to set this up - tax wise? I've considered UK Company, LLP and/or cayman company... UK is best for setup costs - but I think a decisive break with the UK is best?
Am I right in thinking that a cayman company - which offers services to UK organisations - would be liable for UK tax on UK earnings?
Considering I'll be non-resident - what tax would I pay on this if me and my wife were setup as an LLP? (Would an LLP be any use at all??). Nearly in Cayman
I am a UK resident and I want to setup a company that manufactures physical goods in Korea and sells/distributes them in Western and Eastern Europe and North America. The turnover would be in usd 1-2m region annually with profit at ~40%. Can this type of activity be classified as e-commerce (if we setup website)? What is the best place to setup such a company as well as offshore bank account for the partners so that the dividend is not repatriated to the UK. Kristina
Intend to establish a domiciliary company in CH. The company will fullfil all the basic requirements: • will be both foreign-controlled and managed from abroad; • will have a registered office in Switzerland (i.e. at a lawyer's premises); • will have neither a physical presence nor staff in Switzerland; • will carry out all of business abroad; • receive only foreign source income. What federal / cantonal / municipal level of the corporate income tax rate may be expected? Thanks.
I own three residentail properties which are being rented and gennerated positive cash flow which I claim personnally. Is there a better way to shelter this investment against taxes. Should I be starting a Property Management business or Holding Company ???? Bob Needs Help
I am a US citizen who formed a HK limited company as my home base for a publishing company. All of the company income comes from the US and the UK directly from distributors. I do not directly sell to bookstores or customers-I let the distributors do all of the legwork. I do not have residence in any one country and move about Asia regularly. The money is usually put directly into my company account in another country where I have established a branch office. I pay myself a (small) salary as the company rep in that other country. Local accountants have advised me on my tax responsibilities in these two Asian countries. I basically pay income tax in the second country (none in HK).
I have been operating under the assumption that my US tax responsibilities are limited to the small salary I am paid. I only own 10% of the HK company shares, and the rest are not claimed by anyone. Whatever extra money there is sits in the company account and I have not taken out any extra over what I am paid in salary.
Is what I am doing illegal in any way? It's not my intention to be breaking any laws, but one strange accountant recently told me that in her opinion my company should technically be paying 30% tax to the US because one distributor is there and HK has not tax treaty. The distributor does not give me any tax forms and says only that they interpret the law differently. I thought that sounded crazy, but I thought it best to get other opinions. Thomas Leary
Witholding tax, someone explain? A UK based business can't just pay a fee to a Seychelles or BVI company...they have to withold tax?
To elaborate a Seychelles based company owns a 20% stake in a UK start up. Instead of investing money th Seychelles company is providing advice and research and for this charges a 20% profit sharing agreement? The UK company has to write this down as a cost and the Seychelles company is based in a tax free environment. What are the problems with this?
Please feel free to comment or email timcarling@gmail.com if you feel you can provide a solution here.
Could a doctor who is practising in a EU country, transfer his tax duties in Cyprys, while he continues to practise in the other EU country? JULES PASCAL
Can any one tell me if it either a labour law or common practice among finance companies in the Netherlands Antilles to pay a month's salary as bonus at Christmas time? D. Wyatt
Hi evbody, in few mounths I have to base my activity of software saling somewhere. My activity will be e-commerce and my market will be mainly german and english language area. My collaborator lives in Swiss and he has another employ there but he is not citizens of that country. Could I use his Swiss residence to base the company in his flat?
Anyway how I could do that in other countryes like Hong Kong? I have friends working there and I went there.
For companies that transfer their domicile into the Marshall Islands, is it a must to have a new set of Marshall Islands constitutional documentation, like Certificate of Incorporation and bye-law/Articles of Incorporation/Articles of Association? or can the company use it original place of domicile's Certificate of Incorporation & M&AA after they obtain the Articles of Domestication?
Hello, is there any publicly available (internet) source where I could get basic information about cypriot companies (like address and business activity) and which includes all (also offshore) Cyprys-registered companies? I have some links (i.e. www.ccci.org.cy, www.mcit.gov.cy) but no info about the companies I am looking for. Thanks in advance. Izabela
I own a design firm in Australia - All my clients are Australian based and they just simply would not deal with a cyprus/panama company. Basically I make around 250k a year and see a very large chunk of this go to the government to be squandered on free flights for politicians and dole bludgers.
I am currently setting up an internet site selling bits and pieces. I plan to start a bank account in Hong Kong (under a Seychelles based IBC )
I have looked at banks over there and found one that I like (1% visa fee on atm withdrawals as well as reasonable priced money transfers to china (my supplier))
I have been reading the ATO's blog that they monitor the use of ATM cards aswell as EVERY wire transfer going out (Its hard to believe as they would need 500000 employees)
Basically my question is this. Is there any way to lessen my tax burden in Australia with an offshore solution. Say I buy an IBC in Seychelles is there anything stopping me from opening a bank account then shut the IBC down saving me 500-1000 dollars a year?
I have looked at dumping money into super however this still has kevin rudds finger in the pie at 15% on earnings each and every year (You cannot get ahead that way.)
I want to form a UK LLP with 2 non-UK company partners (90% Malta and 10% Switzerland). All decisions about the UK LLP will be taken in Malta (not the UK and not Switzerland). The fact that the LLP will be a UK one is for UK prestige and to avoid any perceived tax haven "taint".
The UK LLP will have a UK address, but only as a convenience - no significant activity will take place there, other than to accept formal documents.
The UK LLP will sell software on a rental basis wholly to clients outside the UK. Clients will "rent" the software which will physically sit on servers in France and Switzlerand. In other words the UK LLP has foreign source income and foreign owners, so no UK taxes involved.
My questions is: I understand (wrongly?) that the EU VAT registration must take place in the jurisdiction of the "permanent establishment" of the business.
Where is the formal "permanent establishment" for a UK LLP (specifically, "my LLP")? UK, Malta, or (heaven forbid) where the servers are based - i.e. France & Switzerland?
Where can the UK LLP register for VAT? The UK? Malta?
Apologies for the long question! Any help & advice appreciated. DH
I am thinking about starting a business. I am a student and as such don't have much money laying around for all the advice. I think my business idea would be highly profitable and would like some advice on incorporating it offshore or onshore. I will probably make a few million ZAR a year which will then rise, if I am right about my idea.:-) With the new tax-avoidance law it doesn't look good to start offshore. At the beginning of the business's life, it will be just me, where I will then later expand in terms of HR. The business will mostly generate income worldwide, not just from South Africa.
Is their tax efficient (tax avoidance - the legal way of avoiding paying too much tax) options for starting my business offshore? (I am a South African citizen, South Africa is my place of residence). Are their options that are tax efficient to starting a business offshore? Will it be possible to remain in RSA and run the business?
Any opinions, websites, books, etc and advice will be welcomed. IsOffshorePossible
I have a Seychelles IBC managed and controlled from a jurisdicition outside Seychelles. I live in Switzerland. No business is transacted in, from, or with the Seychelles. I never visit Seychelles.
Can a Seychelles IBC pay me a salary for my services without having to account to the Seychelles government for Seychelles income taxes and social security contributions?
"Nobody would know", whilst true, is not a valid answer! CH resident
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