Hello,
I registered to the mentor forum after reading a lot in the public forum, to get some more specific advice. Thanks to this mentor forum I got to know a whole new world of information.
So my nationality is Japanese, I have a Japanese company doing totally legal business. My setup to avoid tax up to now was that my Japanese friend create a company in Labuan, and was living in Malaysia half a year, so that he doesn't have to pay taxes in Japan. My Japanese company would buy stuffs from his company, at a price that would not allow my company to have benefits. Some transactions are made by cash, some are made by bank transfer. No problem at all. Simple as it can get. Labuan was tax free.
Until this year, when Malaysia decided that it would take 3% on the benefits. So it's 3% plus the cost of living in Malaysia half a year, with the trust company fees etc.
So my question to keep it simple, how do I make my Labuan company benefit null?
What I thought about:
- Same thing I did between Japan an Labuan -> Creating an offshore company with his name and using nominee: I discovered here that I could use darks instead of nominee, but anyway it would be difficult to open an bank account for a Seychelles company (Even if the business is legal?). My main concern is Malaysia government seeing this Seychelles company on the Labuan company annual report, and trying to know who own it. I know I can achieve anonymity but not if I create a bank account because he would be filled as the UBO. Do I even need a bank account?!
So maybe I got it all wrong, or there is a simpler or better solution, just let me know what you think about it and how you would handle this. Any advice would be greatly appreciated.
I registered to the mentor forum after reading a lot in the public forum, to get some more specific advice. Thanks to this mentor forum I got to know a whole new world of information.
So my nationality is Japanese, I have a Japanese company doing totally legal business. My setup to avoid tax up to now was that my Japanese friend create a company in Labuan, and was living in Malaysia half a year, so that he doesn't have to pay taxes in Japan. My Japanese company would buy stuffs from his company, at a price that would not allow my company to have benefits. Some transactions are made by cash, some are made by bank transfer. No problem at all. Simple as it can get. Labuan was tax free.
Until this year, when Malaysia decided that it would take 3% on the benefits. So it's 3% plus the cost of living in Malaysia half a year, with the trust company fees etc.
So my question to keep it simple, how do I make my Labuan company benefit null?
What I thought about:
- Same thing I did between Japan an Labuan -> Creating an offshore company with his name and using nominee: I discovered here that I could use darks instead of nominee, but anyway it would be difficult to open an bank account for a Seychelles company (Even if the business is legal?). My main concern is Malaysia government seeing this Seychelles company on the Labuan company annual report, and trying to know who own it. I know I can achieve anonymity but not if I create a bank account because he would be filled as the UBO. Do I even need a bank account?!
So maybe I got it all wrong, or there is a simpler or better solution, just let me know what you think about it and how you would handle this. Any advice would be greatly appreciated.
