Which offshore jurisdiction allows a UK LTD to be UBO?

[Arugula Brown]

Hi all,
I have a question and hope to find some help🙂

”¢ I have 1800£ and would like to set up an offshore company with nominee director, one bank account and mail forwarding service. The Offshore company would have a UK-based LTD as Ultimate beneficial owner.

”¢ The UK-based LTD will have two directors at first. I have a safe address in the UK where the set-up documents are received and collected for me. All other docs can be filed online. It costs 1£ and it can be done online.

Ӣ I will incorporate this LTD first. Later on I will add shareholders to it, for which I have to provide documents to UK tax authority.

Do you guys know any offshore jurisdictions which would allow a UK-based LTD to be the one and only UBO of my new company?

Thank you
Arugula

 

[uplana]

Almost any jurisdiction will work for that! For instant Seychelles and Belize both allow corporate director and shareholder.

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[haslan]

Seychelles and Belize can work for this! Have you asked your UK agent what options you have?

 

[Arugula Brown]

Thanks both. Do you know by looking at laws of those jurisdiction or from direct experience? I cannot find any info on Corporate UBOs”¦

Belize is problematic at this point (forced reneweal in January). Seychelles, BVI and Anguilla seem to be cheap quick and good options.

I am looking at a four providers to set up the offshore company. I asked them all the same question (wether my company can be named as ultimate beneficial owner rather than me as an individual) and waiting to hear.

These are in the range of 1400””2000£: SFM, CFSformation, OneOffshoreCompany and Turner Little. Any suggestions welcome.

 

[Arugula Brown]

In other words, I fear the beneficial owner needs to be a "natural person" rather than a legal one (i.e. corporation).

 

[Arugula Brown]

SFM answer is no: individual not corporation can be UBO.

A nominee director could then be that, but this adds the extra costs of an extra step? and extra money”¦ I'd be UBO of the company who's nominee director is beneficial owner of the first company?

Am I missing something?

 

[negon]

Not sure, but a Seychelles company can have director and shareholder to be corporate! I don't think that the beneficial owner can be a company but must be a individual person.

What about banking what do you consider to use there?

 

[Arugula Brown]

auric said:
Not sure, but a Seychelles company can have director and shareholder to be corporate! I don't think that the beneficial owner can be a company but must be a individual person.

What about banking what do you consider to use there?
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Thanks.

SFM's bank account (BVI company) is in Cyprus, not sure which bank ”” I asked. OneOffshoreCompany uses ABC Banking Corporation, not sure where, but I believe in Mauritius where they are based. This is their set up with a Seychelles company.

I have not looked at the banks yet, I am trying to pre-empt this UBO problem.

 

[Arugula Brown]

Answer from most of my research. The UBO is always a natural person.

 

[goldmann]

Arugula Brown said:
Answer from most of my research. The UBO is always a natural person.
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do you asked if a Trust or Foundation could be UBO?

 

[bountymounty]

goldmann said:
do you asked if a Trust or Foundation could be UBO?
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that could be a possible solution.

another option would be to use EMI and darks for the entire setup rather than a real bank account.

 

[Arugula Brown]

goldmann said:
do you asked if a Trust or Foundation could be UBO?
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I did not. Interesting. It would be pricey to have to be assisted in setting up a trust too.

 

[Arugula Brown]

bountymounty said:
that could be a possible solution.

another option would be to use EMI and darks for the entire setup rather than a real bank account.
Click to expand...

Darks meaning fake documents? I wanted it to be as legal as possible.

 

[negon]

Arugula Brown said:
Darks meaning fake documents? I wanted it to be as legal as possible.
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Legal as possible but you don't want to pay any tax? or do you don't mind to pay the tax?

 

[Arugula Brown]

auric said:
Legal as possible but you don't want to pay any tax? or do you don't mind to pay the tax?
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I do not mind paying a bit of tax. The art is to have it "as legal as possible" and minimise the tax as much as possible.

 

[negon]

If you are looking for a legal setup I would highly recommend you to consult a CPA or Tax lawyer they are able to help you, however, as you already may know, it's not going to be cheap! But that would give you a stable setup!

 

[bountymounty]

Arugula Brown said:
I do not mind paying a bit of tax. The art is to have it "as legal as possible" and minimise the tax as much as possible.
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Why don't you setup a company for instant in Cyprus and pay the 12,5% corporate tax there. You will still have a high level of protection in regards to privacy and assets.