How safe is it to invoice between offshore and onshore?

[Yaneek]

Some of you probably know my situation (bank account frozen - I have to send all money to another account).
I am thinking about sending all of the money onshore and create an invoice for services or goods.

How safe is this? What should I take into consideration to do this the right way?
I will create a contract that my nominee director will sign and an invoice.

 

[JohnLocke]

Well, if you know your local / onshore bank and they know you then there should not be any problem to invoice your offshore corp and transfer the money to your local account.

I have done that many times without the bank asking any questions, but I have also a good relation to the bank.

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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.​

 

[Martin Everson]

Yes should not be an issue as Admin says. A legit invoice to a offshore company for services or goods is fine.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Yaneek]

The only issue I see in this is: "Offshore company buys some goods for a lot of money, then it closes next month" . isn't this a bit weird? I mean if someone was ever to check my offshore company, they will know what's up.
Also that big amount I receive onshore may be a red flag if somebody checks that. They may look after it and find my offshore company?

 

[Martin Everson]

Taxman is interested in whether the onshore company pays taxes on the income it just received from offshore company. If a deep audit is done of your onshore company then yes it will be discovered. Normally taxman has years to chase you on this so your not in the clear if the transaction goes through ok.

It maybe wise to see if there is an amnesty program in your country. You can then pay taxes and sleep at night.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Yaneek]

Martin Everson said:
Taxman is interested in whether the onshore company pays taxes on the income it just received from offshore company. If a deep audit is done of your onshore company then yes it will be discovered. Normally taxman has years to chase you on this so your not in the clear if the transaction goes through ok.

It maybe wise to see if there is an amnesty program in your country. You can then pay taxes and sleep at night.
Click to expand...

Unfortunately there isn't.