Offshore company for e-com site

[Block]

Hi guys,

long time readers, first time poster.

I have a question, I have searched but not found anything to answer my specific questions, hope someone can help.

We have a e-com website, its going well, we are based in the UK, but we need to "relocate" due to incoming legislation which our competitors who are registered offshore will not have to deal with.

We are not trying to actively reduce our tax bill, however it would be a bonus.

Can we simply open a company in say RAK, or HK or jersery and open a new bank account for this offshore company in the UK and continue trading?

 

[Billy the gambler]

Hello folks,
Similar question for me (btw this is my first post 🙂 I'm going to open an ecommerce (fashion)store using shopify platform and would like to set up in such a way that we can legally avoid taxes and have a easy access bank account to pay suppliers, apps, receive and so on.

What would be the good way to get going?

Looking forward to some input. Now I'm looking at Euro pacific Bank as it is advertised her on site. Does this work for me?

PS Block I'm not trying to hijack your question, but it seems to me that any answer would work in our mutual favor.

PPS I've looked into HK Ltd, but issues are opening a bank account.

 

[Milky Moon]

Billy the gambler said:
Looking forward to some input. Now I'm looking at Euro pacific Bank as it is advertised her on site. Does this work for me?
Click to expand...

Don't use EPB. If that is your only option, review your structures again.

Billy the gambler said:
PPS I've looked into HK Ltd, but issues are opening a bank account.
Click to expand...

Neat Business seems promissing. (their personal accounts work)

 

[Billy the gambler]

Milky Moon said:
Don't use EPB. If that is your only option, review your structures again.



Neat Business seems promissing. (their personal accounts work)
Click to expand...

Thanks!

Wondering if anybody has used neat business combined with an HK Ltd. ?
That would be a great solution for many... I think!

 

[Billy the gambler]

additionally here you can read more about Neat Business Banking. I found it interesting even though they are somewhat still in a Beta fase.
A Solution for the Hong Kong Banking Nightmare? Introducing Neat - Online HK Business Banking & Connect Your Paypal/Stripe - Global From Asia

 

[JohnLocke]

Milky Moon said:
Don't use EPB. If that is your only option, review your structures again.



Neat Business seems promissing. (their personal accounts work)
Click to expand...

did you tested the personal account yourself? are they real accounts and is this a bank?

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[Billy the gambler]

Thanks Admin. I'm also hoping to get some in dept feedback about Neat business Banking. If they can really do what is displayed this will be very promising, but maybe it sounds to good to be true? 😉
PS According to their info a real bank and real bank account is opened/attached to their system. I've read some of their info and have not found the licence (number?) etc. where one can check if they have one.

 

[Juoffshore]

Block said:
Hi guys,

long time readers, first time poster.

I have a question, I have searched but not found anything to answer my specific questions, hope someone can help.

We have a e-com website, its going well, we are based in the UK, but we need to "relocate" due to incoming legislation which our competitors who are registered offshore will not have to deal with.

We are not trying to actively reduce our tax bill, however it would be a bonus.

Can we simply open a company in say RAK, or HK or jersery and open a new bank account for this offshore company in the UK and continue trading?
Click to expand...

If you manage your new offshore company from the UK, and if all the decision are taken in the UK your offshore company will be tax as a UK company. A very important thing is to decide from where your offshore company will be managed. Create an offshore company is not enough to avoid to pay tax in the country where you reside.

 

[Billy the gambler]

Juoffshore said:
If you manage your new offshore company from the UK, and if all the decision are taken in the UK your offshore company will be tax as a UK company. A very important thing is to decide from where your offshore company will be managed. Create an offshore company is not enough to avoid to pay tax in the country where you reside.
Click to expand...

unless you are not registered (or anywhere else)

 

[Milky Moon]

Admin said:
did you tested the personal account yourself? are they real accounts and is this a bank?
Click to expand...

Yes I tested their personal account.

* Not a individual bank account (yet)
* Stored Value Facility (sub)licencse in Hong Kong (EMI like)(via ePaylinks Ltd).
* You get a debit master card in HKD (which worked as expected, you can pay for a HK simcard using the card)

 

[fshore]

Block said:
due to incoming legislation
Click to expand...

What is the new legislation about?

 

[undercover]

fshore said:
What is the new legislation about?
Click to expand...

would like to know that too?

 

[diablo]

Block said:
Can we simply open a company in say RAK, or HK or jersery and open a new bank account for this offshore company in the UK and continue trading?
Click to expand...

that should be possible, question is if the UK tax auth. will ask you to pay tax from the income offshore?!

 

[Edge]

Billy the gambler said:
Now I'm looking at Euro pacific Bank as it is advertised her on site. Does this work for me?
Click to expand...

Run away, run away!

 

[negon]

They suck big times.. use Mr. T , Cyprus bank or other similar service.

 

[Spinat]

OP what's the outcome so far, mind to share?

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