Recommendations for Off Shore Company Estab

[Fandango]

Hello All,

New member here ✋

I am hoping to get a recommendation on offshore company establishment and banking.

My situation;

- Resident of Thailand
- Australian nationality
- Work permit locally

I trade forex and crypto and want to establish a company that allows me to trade and manage earnings.

I also provide consulting services to crypto projects and proceeds are paid in crypto.

I want to be able to extract earnings over the following few years and diversify into other investments.

I am looking for an efficient and safe company set up that helps us to manage tax efficiently. I also have an existing company in Singapore.

I am aware that income earned outside Thailand can be sent into the country the following year after it was earned.

I am trying to research which countries would be most attractive;

- safe and reliable company structure
- straight forward banking set up (visa etc)

I've read that in some countries such as Seychelles we may encounter some issues with banking - where our regular banks might reject funds received from the off shore company.

Separately, I've also heard Gibraltar might be a good option?

Hoping to get some advice on best countries that would be ideal for our needs and and recommended companies that are well positioned to help us. I am a bit confused about where to start.

Thanks in advance

 

[Sols]

Gibraltar and Isle of Man are popular for these types of arrangements, and Jersey and Guernsey to a lesser degree. You normally appoint local directors to establish true tax residence in that jurisdiction. While those directors normally insist on being signatories on the company's bank accounts, you can negotiate with those directors when it comes to access to trade if we're talking about investments and buying/selling securities, currencies, commodities, and so on.

The reason they insist on being bank account signatories is because it shows decisions and economic substance take place in the jurisdiction of incorporation, and not where the UBO (you) are resident.

Speak with someone like Dixcart, Vistra, Trident Trust, and Appleby and see what they say.

Cyprus and Malta could also work but sometimes being outside of EU has its advantages.

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This is the probably the answer to your question.

 

[CaptK]

Anything Crypto is deemed as onshore income in Thailand. The FX part I'm not sure.

 

[Fandango]

Sols said:
Gibraltar and Isle of Man are popular for these types of arrangements, and Jersey and Guernsey to a lesser degree. You normally appoint local directors to establish true tax residence in that jurisdiction. While those directors normally insist on being signatories on the company's bank accounts, you can negotiate with those directors when it comes to access to trade if we're talking about investments and buying/selling securities, currencies, commodities, and so on.

The reason they insist on being bank account signatories is because it shows decisions and economic substance take place in the jurisdiction of incorporation, and not where the UBO (you) are resident.

Speak with someone like Dixcart, Vistra, Trident Trust, and Appleby and see what they say.

Cyprus and Malta could also work but sometimes being outside of EU has its advantages.
Click to expand...

Thanks for the advice, and suggestions on people to talk too. Will look up some of the companies suggested

 

[Fandango]

CaptK said:
Anything Crypto is deemed as onshore income in Thailand. The FX part I'm not sure.
Click to expand...

Thanks @CaptK - we spoke to a tax advisor that said we shouldn't have an issue provided the revenue is only bought into Thailand the following year.

We are only using Global Exchanges such as Binance or Decentralised Exchanges for Crypto trading. Do you expect we are likely to encounter issues?

We had toyed with the idea of relocating to somewhere else (Dubai) on a residence visa, but our tax advisor (Global Firm) felt it was not necessary and an offshore company structure would suffice.

 

[CaptK]

Fandango said:
Thanks @CaptK - we spoke to a tax advisor that said we shouldn't have an issue provided the revenue is only bought into Thailand the following year.

We are only using Global Exchanges such as Binance or Decentralised Exchanges for Crypto trading. Do you expect we are likely to encounter issues?

We had toyed with the idea of relocating to somewhere else (Dubai) on a residence visa, but our tax advisor (Global Firm) felt it was not necessary and an offshore company structure would suffice.
Click to expand...

Thailand, deem Blockchain as in Thailand therefore liable regardless of where your CEX is registered.