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Opening offshore account

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mrg1980

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Dec 1, 2021
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Hi Guys, I'm looking for some info/help on opening an offshore bank account. I live in the uk but work 90% out the country for a Dutch company as a contractor. Basically I want my invoices paid straight into a offshore account without having it paid into a ltd company in uk?
Any suggestions?
 
Hi, thanks for reply. I’m already using wise business for⁢ my ltd company in uk. Reason I was asking was for uk tax purposes
 
Hi - I am of the impression that aince your work ie carries outaide the‌ UK for a non UK client tou could qualify for an exemption to the UK‍ CFC rules. This could allow you to set up somewhere offshore and be employed in⁠ that company. You must first agree with your client that he is willing to pay⁤ you offshore. Of course the CFC part and your tax position should be properly assessed⁣ as you do not want to plqy eith these things.
 
Based in uk , work as a freelancer for a NL company 99% of my work‌ is outside uk

I emailed earlier on today not sure you’ve received it
 
So your effective place of management is UK. That's Corporate Tax then Personal.

If you‌ want to go down the offshore route then you need to set up a real‍ office with workers actually doing something. Then pay yourself a salary and retain profit. Bare⁠ in mind the management and day to day running of the business MUST be outside⁤ the UK.
Google Controlled Foreign Corporation, Effective Place of Management and Permanent Establishment rules.
 
Hi, thanks for reply. I’ll google that and find out more.⁢

Hi, thanks for reply. I’ll google that and find out more︅
hi, just checked up on the rules seems a little complicated︋ can you tell me some info on how I could go about setting this up︌ ?
 
Hi, depends on frequency of work. £50k-90k. I think the route of doing the 60‍ day rule in Cyprus is very appealing. I would like to know more on the⁠ costs of setting up and also annual fees to keep the company operating.
 
Cyprus is a good option but there is accounting costs as well.

UAE is about‌ the same but no accounting and only 1 day in the UAE every 180 days.‍

US LLC is a lot cheaper but it’s just the US is hard work if⁠ they make enquiries. No minimum time required at all in the US.
 
I’m not sure about obtaining tax residency in Cyprus but for UAE we will be‌ required to stay there for at least 6 months for tax residency. With utility bills‍ and local day to day spending.
 
Ok I couldn’t do⁠ 6 months in UAE. Regarding 1 day every 180 days in UAE I could do⁤ that no problem. What’s the info for that? Would I need to be there for⁣ 6 months initially?
 
Ideally yes until you get the certificate.

But as you spend 90% of your time‌ outside the UK you can try and be in the UAE as much as you‍ can.
 
Thanks for the advice, I also checked out form-a-co⁠ about Gibraltar any thoughts on that?
 
I don’t really want to give up my tax residency in uk.‍ Also keep my ltd company running in uk only putting 50% of invoices in
 
create another offshore company as may be suggested a thousands times here already. The biggest‌ problem will be to hide from the tax auth.
 
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