Hi Mentor Group,
Following on from my Stern International Bank post here is my current situation that needs some attention...
I presently have an offshore IBC located in Dominica. I had a previous IBC in this jurisdiction approx. 10 years ago and it proved very useful at the time hence setting up a new one this year. However as I'm sure forum members will know some jurisdictions have rolled over to the OECD and are removing the benefits of having a low tax regime.
So I'm on the hunt for a new jurisdiction and I'm seeking advice. In order of preference (but happy to change this if anyone thinks I've got this mixed-up) I'm looking for the following
1: A location that accepts transfer of my company ”“ I believe this to be called re-domicile, this is obviously a must.
2: Privacy where all directors, shareholders, secretaries etc are not disclosed
=: The ability to have nominees for the above positions
=: No requirement to report on accounts, annual returns, audits etc, i.e. no or very low compliance
=: Very low or zero tax for earnings outside of the selected jurisdiction
I could go on but this list is enough for the moment. Now I'll provide some info on my situation. I'm located in the far east and highly unlikely to ever do business in a location where my company might re-domicile with the exception of maybe Hong Kong. My work is also not high risk, its consultancy work, nothing more.
I know that many forum members have said the setting up the business is the easy part and from previous experiences I agree, however it's the bank account part that's difficult, again I agree. I have however had confirmation from my current non-CRS bank (Puerto Rico) that they are flexible on location as long as its not a company formed in some black listed location, the usual places where you wouldn't want to set up a company like North Korea, Syria, Sierra Leone etc. This way they are not restricting my selection of Jurisdiction.
Finally, as I'm now in the Mentor group I'd be keen to hear from others in relation to my set-up and future set-up (depending on jurisdiction) in relation to
Privacy
Tax (I'm a tax non-resident in my home country)
Any CRSAEoI concerns
And the possibility of using alternative methods of money transfer back to my home country (Western Europe) without being detected.
Hope that some of you can share your experiences and advise accordingly and that I can be of assistance to those who have questions about my bank in Puerto Rico. I'm also able to offer an introduction to the bank individuals where you can have a conversation with them on your terms. I do not benefit from this I must add - just happy to assist the group.
Following on from my Stern International Bank post here is my current situation that needs some attention...
I presently have an offshore IBC located in Dominica. I had a previous IBC in this jurisdiction approx. 10 years ago and it proved very useful at the time hence setting up a new one this year. However as I'm sure forum members will know some jurisdictions have rolled over to the OECD and are removing the benefits of having a low tax regime.
So I'm on the hunt for a new jurisdiction and I'm seeking advice. In order of preference (but happy to change this if anyone thinks I've got this mixed-up) I'm looking for the following
1: A location that accepts transfer of my company ”“ I believe this to be called re-domicile, this is obviously a must.
2: Privacy where all directors, shareholders, secretaries etc are not disclosed
=: The ability to have nominees for the above positions
=: No requirement to report on accounts, annual returns, audits etc, i.e. no or very low compliance
=: Very low or zero tax for earnings outside of the selected jurisdiction
I could go on but this list is enough for the moment. Now I'll provide some info on my situation. I'm located in the far east and highly unlikely to ever do business in a location where my company might re-domicile with the exception of maybe Hong Kong. My work is also not high risk, its consultancy work, nothing more.
I know that many forum members have said the setting up the business is the easy part and from previous experiences I agree, however it's the bank account part that's difficult, again I agree. I have however had confirmation from my current non-CRS bank (Puerto Rico) that they are flexible on location as long as its not a company formed in some black listed location, the usual places where you wouldn't want to set up a company like North Korea, Syria, Sierra Leone etc. This way they are not restricting my selection of Jurisdiction.
Finally, as I'm now in the Mentor group I'd be keen to hear from others in relation to my set-up and future set-up (depending on jurisdiction) in relation to
Privacy
Tax (I'm a tax non-resident in my home country)
Any CRSAEoI concerns
And the possibility of using alternative methods of money transfer back to my home country (Western Europe) without being detected.
Hope that some of you can share your experiences and advise accordingly and that I can be of assistance to those who have questions about my bank in Puerto Rico. I'm also able to offer an introduction to the bank individuals where you can have a conversation with them on your terms. I do not benefit from this I must add - just happy to assist the group.
