Can I take money out for personal use from the company?

[granate]

I need to know if it is legal and possible to take out money from the company (Belize or Seychelles) and spend for personal use?

How can I do that also in matters of accounting?

 

[JohnLocke]

For most offshore company's it apply that you simply take out the money as you like, no accounting no one to ask.

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[granate]

No need to make any invoice or other document, are you sure?

 

[JohnLocke]

Yes I'm sure, you can avoid it, just make a spreadsheet and you will be fine.

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[MisterFree]

I don't think nothing bad will happen to your offshore company if ever you decide to take off money from it. But always be wise with your decisions because it will surely affect your company 🙂 just a tip though.

 

[negon]

Nothing will happen you can do as you like with the money there!

 

[Emirates]

Don't you need to have any invoice or something in order to take out the money?

 

[zohoman]

Emirates said:
Don't you need to have any invoice or something in order to take out the money?
Click to expand...

Very good question, I just repeat the question please some can help?

 

[Mohd]

Hello,

Is this applied for all banks and countries?

 

[JohnLocke]

Emirates said:
Don't you need to have any invoice or something in order to take out the money?
Click to expand...

No there is no need for that, it apply for most banks. I know there are some 3rd world banks that require a lot of documents to take out money, that's defiantly not the case with the majority of offshore banks.

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[negon]

I take money out everyday without a single piece of paper 😀

 

[zohoman]

auric said:
I take money out everyday without a single piece of paper 😀
Click to expand...

You ever got asked for any documents with any bank?

 

[SirTycoon]

No one is forbidden to take money from their own assets or company. I mean even your family couldn't forced you from not taking any money from your bank account. As long as the business is good and will still be running after you got your money, its all good.

 

[Emirates]

Admin said:
No there is no need for that, it apply for most banks. I know there are some 3rd world banks that require a lot of documents to take out money, that's defiantly not the case with the majority of offshore banks.
Click to expand...

Thank you Admin. Some banks require documents, invoices and stuff to take money out!

 

[Emirates]

zohoman said:
You ever got asked for any documents with any bank?
Click to expand...

There was a bank in thep ast asking for invoice all the time I wanted to transfer money out. I read Cyprus banks did the same in the past 2009 / 2011!

 

[lastchance]

No anymore, only if you move really high amounts they do +500k euro.

 

[happyjohn]

It's not a problem at all, confirm!

 

[stevy777]

granate said:
No need to make any invoice or other document, are you sure?
Click to expand...

I don't understand why people think it's fine just to take money out of an offshore company with no accounting - what offshore companies are being referred to here?

We can take money out of our company but depending where you live there could be withholding tax or tax to the individual it is distributed to.

To issue a dividend usually:
- meeting minutes
- dividend voucher

 

[cangarooo]

Depending on your company settings, also in in some European countries you can take out money from your company for personal use without any justification to be provided.

 

[Willie Vanauken]

Very good question, I just repeat the question please some can help?