Offshore Set up help (newbie)

[jackblak]

Hi,

I want to set up an offshore company to collect funds from my services as a crude oil broker - I currently have $325k sitting with a family member from a recent deal.
For future transactions I want my fees to head to a offshore account.
Not sure I need a nominee (nothing illegal, just want to avoid all the nosey questions of banks at home).
I am thinking the seychelles, simply because it appears to be a cheap option.
Ideally target jurisdiction banks will be fine to have people in my line of business (I had a rejection from some BVI agent simply because of the nature of the business..shoot, I thought this is why people go offshore, little chance of rejection). What shall I tell the next agency service I speak to

Please advise, and also recommend a good website to get this set up asap.

 

[negon]

Well, you are looking for the cheapest? what banking do you need? requirements?

 

[jackblak]

auric said:
Well, you are looking for the cheapest? what banking do you need? requirements?
Click to expand...

I don't mind spending more if I avoid a bunch f questions.
I will require USD banking, unlimited movements..Some deals will pay 7 figures (if I get lucky).
I don't mind a withdrawal limit as long as not too heavy. I will end up repatriating most of the funds via dividends, and property investments over time.

From time to time, I will act as trader and buy commodities to resell so I may approach bank for an Letter of Credit now and then, but let's ignore that at first instance. I am expecting a large cheque soon and just need somewhere to deposit it while I get my life in order

 

[jackblak]

btw I am based in EU, if that has any consequences...

 

[Milky Moon]

Well you need a banking relation so that excludes BVI, Seychelles, Belize & co.

Setup a company + office + partime personel in a jurisdiction that only levies territorrial taxes, and has a low or no dividend taxes. The former ensures the company is a real company and is based in that jurisdiction and not just a shell (yes this costs money, but builds your story that the real business take place there). The latter is nice if there is a double taxation treaty in effect. You could build this up to a different jurisdiction that allows for bearer shares, this holds the shares in the trading corp. The holding could then also have a real estate daughter that invest in your local country.

If you have $325k in the bank, consult a real tax lawyer who is able to advise you on legal offshore constructs.

Cheers!

 

[jackblak]

Milky Moon said:
Well you need a banking relation so that excludes BVI, Seychelles, Belize & co.

Setup a company + office + partime personel in a jurisdiction that only levies territorrial taxes, and has a low or no dividend taxes. The former ensures the company is a real company and is based in that jurisdiction and not just a shell (yes this costs money, but builds your story that the real business take place there). The latter is nice if there is a double taxation treaty in effect. You could build this up to a different jurisdiction that allows for bearer shares, this holds the shares in the trading corp. The holding could then also have a real estate daughter that invest in your local country.

If you have $325k in the bank, consult a real tax lawyer who is able to advise you on legal offshore constructs.

Cheers!
Click to expand...

 

[jackblak]

Ok, thanks.
So if i decide to only use this account to collect my fees, and wire them elsewhere, I am fine?

 

[Milky Moon]

It is not an account, but a financial structure. When you setup the structure correctly, you will be fine.

 

[diablo]

Milky Moon said:
just a shell (yes this costs money, but builds your story that the real business take place there).
Click to expand...

you mean we have to rent a office Space and maybe even staff to proof it?

 

[Milky Moon]

diablo said:
you mean we have to rent a office Space and maybe even staff to proof it?
Click to expand...

Yes, this will ensure you are mearly a shareholder. Taxwise the best option.

 

[diablo]

Okay, so it will increase the fee for the total setup of a offshore Company! I already read it on the forum before but there is no one that actually posted if this "model" works in real live with a review from the local tax office!