Only possible purpose of offshore company is Internet Privacy?

[bonox]

Is the only purpose to register a offshore company and to open an offshore account PRIVAY now?

With all the reporting by the banks and the tax offices around the globe to cooperate in the effort to fight money laundering and all other reasons they have to make it impossible to hide money in the banks, then would you think that the only reason to either register a new company with bank account, or to keep your existing setup to be Internet privacy?

What else could be a reason you think?

 

[negon]

Not to offend you, but there have been similar threads here already 🙂

 

[Flycatcher]

• No taxes
• Simpler accounting
• No audit requirements
• No annual obligations
• Possibly streamlined process to residency
• No permits
• No consumer laws and other laws which generally work into your favor
• Many are familiar with high-risk businesses like gambling
  
• Poorly resourced judicial system means that even if someone did sue you, their case will proceed slowly or in some cases not even be accepted
• Protection from unstable western governments from taking your company/bank account away

This is the ideal, the real benefits depend on the country so please do your research carefully.

Privacy is hardly the only reason. 😉

 

[realcat]

From my own research 'no taxes' is only applicable if you actually live in one of those tax heavens, otherwise you still owe tax to country where you reside.

 

[negon]

You are good @Flycatcher you had more points than what I could imagine to use a offshore corp. for 🙂

What I find the best is that despite the fact that we have to pay some tax in our own country than it still makes it very complicated and expensive to sue a offshore company as well as it is almost impossible for lenders and creditors to take the pledge in shares or similar in an offshore company.

 

[hungryit]

It's easy to register a offshore Company and you don't need to worry about filing tax, accounting and administration. Everyone can register a offshore Company even people with bad credit in their own country or people who are not allowed to register Companies locally from the authorities. I consider it to be a live line and the perfect setup for an online business.

 

[bonox]

realcat said:
From my own research 'no taxes' is only applicable if you actually live in one of those tax heavens, otherwise you still owe tax to country where you reside.
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What they mean is that the company has no tax to pay locally. If you take out the money you will be taxed from the income.

 

[bonox]

hungryit said:
It's easy to register a offshore Company and you don't need to worry about filing tax, accounting and administration. Everyone can register a offshore Company even people with bad credit in their own country or people who are not allowed to register Companies locally from the authorities. I consider it to be a live line and the perfect setup for an online business.
Click to expand...

This is new to me. Have you ever read or heard about a person that was disallowed to register a company in his own country?

 

[hungryit]

bonox said:
This is new to me. Have you ever read or heard about a person that was disallowed to register a company in his own country?
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Yes it my country it is very common when people have done business activity that was not allowed or they have gone bankcrupt several times!

 

[bonox]

Thank you for your answer I wasn't aware of that.

 

[bastard]

bonox said:
Is the only purpose to register a offshore company and to open an offshore account PRIVAY now?

With all the reporting by the banks and the tax offices around the globe to cooperate in the effort to fight money laundering and all other reasons they have to make it impossible to hide money in the banks, then would you think that the only reason to either register a new company with bank account, or to keep your existing setup to be Internet privacy?

What else could be a reason you think?
Click to expand...

Primary for me and for VAT registration!

 

[bastard]

Flycatcher said:

• No taxes
• Simpler accounting
• No audit requirements
• No annual obligations
• Possibly streamlined process to residency
• No permits
• No consumer laws and other laws which generally work into your favor
• Many are familiar with high-risk businesses like gambling
  
• Poorly resourced judicial system means that even if someone did sue you, their case will proceed slowly or in some cases not even be accepted
• Protection from unstable western governments from taking your company/bank account away

This is the ideal, the real benefits depend on the country so please do your research carefully.

Privacy is hardly the only reason. 😉
Click to expand...

Great list of reasons. Agree to most of them when I start considering it.

 

[crownblown]

Easy company registration could be one reason for many to register a offshore company! Also if you are 3 or more people for found a company it can be much easier doing it offshore!

 

[lostman]

After all the changes you think "easy" is the right word? I know it could be more complicated but still!

 

[bastard]

You should try to register a company here in Portugal so you would learn what is complicated 🙁

 

[JohnLocke]

When I speak with people here on the forum and also other places I most often hear them ask how they can reduce tax and how they can sta anonymous. But there are so many other reasons if you think about it.. 🙂

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[crownblown]

yes there is the ultimate reason to stay under the radar and keep the ball low in regards to privacy, business, money and taxes. I feel very comfortable with my setups and it has been worth all the money I spend on it. I will make 10 times the amount I spend in less than a year!

 

[diablo]

bonox said:
Is the only purpose to register a offshore company and to open an offshore account PRIVAY now?
Click to expand...

Privacy over Privacy