offshore setup validation

[symon]

Hi,


I'd like to setup a new company and I'll invoice only EU business customers.


What I have in mind is to:

Create a PLC in the UK I'm UBO officially. (Use of registered address + director address in the UK)

Invoice my EU customers (no VAT registered under 99k)

Money will be wired to a *business* EMI account (eg. revolut, transferwise - uk based) opened under the PLC - I'm also person of contact here.

Then I just use the company credit card to spend the money or withdraw cash.


HRMC will not check/care because:

1/ I'm non-resident

2/ business is done 100% outside of the UK so transparent on the balance account (micro company): basically I will not report anything.


My local taxman will not care because:

I have a legit business with existing customers in my country where I pay taxes

There is no law forcing me to declare any offshore *business* account.

no link between offshore business and onshore business.

Do you see any risks?

 

[JohnLocke]

This seems very valid. However, are you sure that you don't have any obligations to report offshore accounts that are direct or indirect connected with you?

Toggle signature

>> Unlock the Power of OffshoreCorpTalk: Become a Member of the Mentor Group Gold <<​

Latest Video Interviews, Offshore Company Resources, Payment Processing Tips & Tricks, Articles and Anonymity Hints only a click away!
Support the Freedom of Speech of our Community

Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.​

 

[symon]

well technically speaking the account is owned by the company so?
don't know if transferwise will report to my local taxman or to the UK...

anyway there will be no transfer between this account and my personal one.

we re talking about 10-30k€/year, personal expense, travel,...

 

[JohnLocke]

I would not worry too much with the amount you mention. It can work yes, make sure to choose a EMI that won't report any accounts. Like AdvCash (if possible) or services like worldcore, they have a lot of troubles at the moment so don't use them, but similar services.

Toggle signature

>> Unlock the Power of OffshoreCorpTalk: Become a Member of the Mentor Group Gold <<​

Latest Video Interviews, Offshore Company Resources, Payment Processing Tips & Tricks, Articles and Anonymity Hints only a click away!
Support the Freedom of Speech of our Community

Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.​

 

[symon]

AdvCash looks promising but business account top up cannot be done using SEPA/SWIFT
what kind of payment method can I offer to my business customers?

I've just opened a mistertango account (not verified yet) , want to switch to business account afterwards

Do you think it's quite safe to use my business card linked to my offshore account within my own country? or shall I use it only abroad?

 

[negon]

well, if you are using your real name it doesn't matter you most properly get reported anyway.

 

[symon]

indeed you're right I'll be reported sooner or later - after 2y I read somewhere?

...but that would be seen as business expenses...I just need to show few invoices...