Moving part of a UK company offshore

[cariboo]

Hi guys,

I am a UK resident with a UK company that sells courses online.

I am progressively moving out from the country. The destination is unsure, but it is likely to be a low tax country, that doesn't tax foreign based income.

My thinking is to keep the UK company because I need a proper payment processor. I currently have Paypal Pro and Stripe (always safer with 2 options!).

What I would like to do is:

• - Transfer a company asset (the website and its clients) offshore in an offshore company, in a zero tax country with a proper anonymity.

I need do do that to protect the asset, and make sure I can transfer it to whatever country I want later on, without annoying capital gains taxes or similar.

• Lease it to the UK company in some form or another, to reduce the UK corporation tax. Maybe I'll use the UK company as an agent that takes a commission.

I understood that is only feasible if the UK company and the offshore one are not related i.e. not the same directors.

My questions:
1/ Do you have any suggestions for the offshore company's country?
I'd like a jurisdiction that's
- fairly reputable (or not totally dodgy),
- not part of the UK overseas territories,
- can deliver decent banking,
- appropriate to open a legit company Paypal account to process some transactions later on,
- and appropriate for asset protection and privacy.

2/ To transfer the company asset, I need to buy it with funds that will leave my personal bank account and land in the offshore company's bank account. Any suggestions on how to achieve a level of anonymity in this transaction?

3/ I also need a decent UK accountant/advisor with experience in moving companies offshore. If somebody can recommend me one via pm that would be top cool, otherwise I'll find one 🙂

Thanks a lot!

 

[diablo]

For a UK Company the only possible place would be BVI however, KYC requirements for a BVI Company are enourmous and I believe this will soon not be at any point anonymous any longer 🙁

There are agent claim they can register a BVI Company without much KYC if it is possible to find such an agent you may have a good solution.

Otherwise you may go for St. Kitts or Cyprus both jurisdictions are not within the UK overseas territories which may (or may not) be a problem.

PayPal will be your biggest issue I have only seen a Cyprus complete setup working with PayPal.

You could claim to make the payment for the asset move with bitcoins or other crypto currency total anonymous no ling.

 

[cariboo]

Thanks for that Diablo. Yep I'm starting to think of the bitcoin for the assets.

I am starting to think of Cyprus if I really want to trade with the company, other options seem to be a mess. Especially if I want a proper payment gateway and merchant account 🙁

 

[JohnLocke]

Alternatives to Cyprus may be BVI, Malta and Gibraltar. Anyway I doubt they offer any privacy long term unless you protect such entities with a trust.

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