Withdrawing profits

[ritsons]

Hi

I have an offshore company set up using nominee directors/shareholders and a bank account set up for this company too. The income is all legitimate, however, I was wondering on what is the best method to withdraw or use these funds in the UK? At the moment, all I can think of is using an ATM to withdraw in cash, however I imagine there must be some better methods to make use of the profit from the offshore company?

 

[Sols]

ritsons said:
I have an offshore company set up using nominee directors/shareholders and a bank account set up for this company too. The income is all legitimate
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Only if it's been duly declared and taxed. Otherwise, in the eyes of the law, it's not legitimate.

ritsons said:
however, I was wondering on what is the best method to withdraw or use these funds in the UK? At the moment, all I can think of is using an ATM to withdraw in cash, however I imagine there must be some better methods to make use of the profit from the offshore company?
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Chances are that the company is tax resident in the UK, so just pay the standard UK corporate tax and then pay yourself dividends.

Unless you plan to also leave the UK, there's really no legal way to avoid paying UK tax.

If your setup is solid, your nominees (or the company providing them) should be able to pay you dividends from the company, provided that the company is profitable and has reserves. You'll have to declare and possibly pay tax on those but you might not have to worry about corporate income tax if it's all done correctly.

If you're the tax evasion/money laundering type, then withdrawing small amounts in cash and/or paying yourself through crypto are some of the most popular methods nowadays. You can open a corporate account with a crypto exchange, dump fiat into that, convert to some crypto, and then pay yourself in crypto. Harder to trace if you take all the necessary precautions (see How To Make Sure Your Cryptocurrency Transactions Are 100% Anonymous ”“ Step By Step Guidance). Probably aggravates the circumstances, so you'll really upset the tax man or the law if they ever come for you.

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This is the probably the answer to your question.

 

[ritsons]

Thanks, I had a read through the post which you linked to about cryptocurrency. If I did go down this route then would I basically be storing my money in cryptocurrency then spending it online as and when I needed?

 

[Sols]

The crimes are already committed (tax evasion, money laundering, possibly fraud) so it doesn't matter much. You can exchange crypto to fiat and/or make purchases in crypto.

EU, FATF, and OECD all want crypto exchanges to perform KYC to the same degree as other financial institutions, which can end up making fiat on and off ramps difficult/risky.

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This is the probably the answer to your question.

 

[CaptK]

ritsons said:
Hi

I have an offshore company set up using nominee directors/shareholders and a bank account set up for this company too. The income is all legitimate, however, I was wondering on what is the best method to withdraw or use these funds in the UK? At the moment, all I can think of is using an ATM to withdraw in cash, however I imagine there must be some better methods to make use of the profit from the offshore company?
Click to expand...

What are your intention with the funds after you get them.

Savings

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