Hi everyone so my situation is that I have an Amazon account with a family member of mine, we are making around £12-15000 per month profit at the moment, the Amazon account / business is based solely in their name. I am a UK citizen from birth and hold a British passport.
So I am looking to open an offshore business that has 0% tax and no financial reporting requirements, one that is moderately priced as I don't want to spend too much as I am not experienced with it and don't want to be throwing money down the drain.
So my main questions are:
1. Would it be better to register an offshore business as a marketing/consultancy company and bill the business a monthly sum, or would it be better to register it as a middle man in buying the goods from say China for example and then selling them to the UK company at a high price leaving the UK company with a low profit? And would this cause any problems on my family members UK tax return?
2. What is the best / easiest / most cost effective place to base the offshore company? And if anyone knows any benefits or drawbacks of each?
3. What is the best country / bank / EMI to have with the offshore company, my main requirements are that it must be non CRS and be able to receive and hold funds in GBP, and another big priority for me is that I need to be able to have a debit card for the account that I am able to withdraw from in the UK at an ATM at say around £500 per day, also something that doesn't have ridiculous fees (anything under 2% would be great!)
4. As a British citizen, based in the UK, would this have any implications on me? Or is this feasible for a period of around 2 years?
5. Should I use a nominee shareholder/ director and if so how does this work with the bank account?
I am aware that this is not the best strategy and after speaking with many companies and hearing so many different things it would be nice to get the opinions of other individuals rather than sales companies!
And also I am only planning on utilizing this strategy until April 2023, at this point I am planning on opening a freezone company in a uae district and registering as a tax resident there, meaning I will have to visit every 6 months and based in my circumstances won't be able to be present in the UK for more than 120 days otherwise I would be liable to pay UK tax, is this about right?
Any information and comparisons are greatly appreciated!
Last edited: Jun 30, 2021
So I am looking to open an offshore business that has 0% tax and no financial reporting requirements, one that is moderately priced as I don't want to spend too much as I am not experienced with it and don't want to be throwing money down the drain.
So my main questions are:
1. Would it be better to register an offshore business as a marketing/consultancy company and bill the business a monthly sum, or would it be better to register it as a middle man in buying the goods from say China for example and then selling them to the UK company at a high price leaving the UK company with a low profit? And would this cause any problems on my family members UK tax return?
2. What is the best / easiest / most cost effective place to base the offshore company? And if anyone knows any benefits or drawbacks of each?
3. What is the best country / bank / EMI to have with the offshore company, my main requirements are that it must be non CRS and be able to receive and hold funds in GBP, and another big priority for me is that I need to be able to have a debit card for the account that I am able to withdraw from in the UK at an ATM at say around £500 per day, also something that doesn't have ridiculous fees (anything under 2% would be great!)
4. As a British citizen, based in the UK, would this have any implications on me? Or is this feasible for a period of around 2 years?
5. Should I use a nominee shareholder/ director and if so how does this work with the bank account?
I am aware that this is not the best strategy and after speaking with many companies and hearing so many different things it would be nice to get the opinions of other individuals rather than sales companies!
And also I am only planning on utilizing this strategy until April 2023, at this point I am planning on opening a freezone company in a uae district and registering as a tax resident there, meaning I will have to visit every 6 months and based in my circumstances won't be able to be present in the UK for more than 120 days otherwise I would be liable to pay UK tax, is this about right?
Any information and comparisons are greatly appreciated!
Last edited: Jun 30, 2021
