offshore company formation

[marina_m]

Hello ladies & gentlemen,

I'd like to know what kind of benefits I'd have except for lower taxes and less complex structure when running an offshore company.

Another questions would be: How exactly do I pay taxes if I trade within the UK having an IBC registered in British Virgin Islands?

I'm also wondering about Swiss companies. They are not classified as "off-shore", however, taxes are a lot lower there. Does anyone happen to have had any experience with Switzerland?

Thanks for your help in advance.

Marina

[mahutchinson]

Offshore companies seem a great idea but in practice are complicated, expensive and very interesting to the tax man. They are generally only suitable for holding assets rather than trading. If you trade in the UK your company will have to pay tax in the UK and you will have to pay tax on what you take out if you are resident here. The cost is highly variable but will be at least a couple of £1000 to incorporate and the same in yearly fees and can be 10 times this depending on the jurisdiction. You will need to pay for directors in the jurisdiction, yearly administration, a registered office and mail forwarding, government fees and accounts. Profits from a business can certainly be held offshore, e.g. in a family trust but that is a different matter. Either way, you need to speak to a tax accountant or lawyer to confirm what you are proposing is viable and legal. It's not a simple subject.

[midsg]

With regards taxes and simple to use there are many reasons to use a offshore company and banking system. in fact there can be no taxes to be paid 100% privacy on your business and as to having a lot less hassel to cope with. I used a company to set my offshore company up in seychelles they where great to deal with and very helpfull. vist offshore-banking-international and ask for Richard, iam sure they would give you the right advice and find you the right offshore jurisdiction for your business. good luck.

[midsg]

I forgot to say the standard cost was only $695 to set up the company.