Offshore Questions

[norwichmuscles]

So I am looking to incept a company overseas for privacy and less stringent regulations/less red tape etc. Basically I am looking to copy trading. I am good at financial trading (currencies) and want to fast track my income by letting people copy my trades

The FCA has specifically stated that it doesnt permit copy trading without a licence - whereas other countries you can. I'm not planning on fleecing people, I have a track record and will get people to sign contracts and confirm the risks etc.

I have identified countries where copy trading is fine.

I plan on setting up a company offshore, and use this companies name/address with customers.

My questions are:

1. I assume I need to pay any tax on income I bring into the UK?
2. Is it OK if the actual work is done by me in the UK? E.g. Trading and conversing with customers - I don't have to do this via presence offshore?
3. I assume I need to have income initially going into an offshore account, to then be sent to my personal UK account?
   • I can't have monies paid into a UK based account or online based wallet service with a linked UK account e.g. Paypal

N.B. I won't specifically advertise to UK customers, and can even exclude them if required.

Advices appreciated.

Thanks

 

[SteveHa]

You need to speak to a professional. Regardless of where in the world a company is incorporated, if management and control of the company is from the UK, then the company will likely be UK resident for tax purposes, and so will be liable to tax on all profits in the UK.

Depending on where it's incorporated and subject to local laws and double taxation agreements, it may also be taxable in that country, too.

This is not a simple subject for a forum post.