Seychelles company incorporation for UK citizens, personal benefit?

[sebastian]

I run an online business and i am a registered tax payer in the uk since April this year. I havent even filed my first tax return yet.


Myself and my associates want to register our business in the seychelles and open up a barclays business and merchant account for online payment procesing. We also use paypal so any money being earnt by the company will go from paypal to our acounts. We would need debit card for these acounts also. I understand seychelles is a 100% tax haven?


Now I trade online and sell to the world mostly digital information and downloads but i obviously live in the uk. Id say 50% of my customers are british. Does this matter? Can this all be set up legally still?


Please let me know if this is viable and what would be the costs upfront and monthly/yearly charges.

 

[JohnLocke]

We can Incorporate a Seychelles company for you and as well open a business bank account for the company with Barclays in the Seychelles, however, we can't open any merchant account for the company also not with Barclays in the Seychelles since they simply are not offering this.


Also we can order a Debit card for the above which can be used at any ATM worldwide.


The Seychelles are indeed a real offshore jurisdiction, we have published some information at the below link:


Why Seychelles? - Blogs - Offshore Company Forum

Last edited: May 29, 2016
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[sebastian]

The reason i wish to incorperate my busness offshore is so that my company doesnt need to pay tax anymore.


Will i still have to pay some kind of tax if i move eveyrthing to the seychelles? If so why? Kind iof defeats the object of moving my businesss to an offshore incorperation doesnt it?


Yes please also send me a proposal and quote im very interested. Just confused at how this tax works and the legalities.

 

[JohnLocke]

We just send you a proposal, let me know if you have received it and how to proceed.

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[sebastian]

I am struggling to understand how this all works. My business is sole trader. I pay 17.5% of my earnings to the tax man. I am not a registered business and i am not a ltd company or anything like this. When i earn £100 i put £20 away for tax. What i dont understand is if i register my business in the seychelles, what benefit does this give me because when i need to spend cash i have to pay income tax. Im just finding it hard to understand how this is supposed to benefit me.

 

[JohnLocke]

The question you have is to broad, so this I can't answer you!


The problem is that you wil have to make different agreements like Loan's or take the money out as dividends, however the last part will still need you to pay tax.


Most form a Seychelles or other Offshore Company because they want to safe corporate tax which is the best way to grow an existing business since if brings a way better cash flow in the company which can be used for re investments or other business related purpose.


At the end of the day once you have several millions or thousands in your company's corporate bank account you will have to pay personal income tax if you take the money out, thats normal and how it works all around the world, if you think you can get the money out without paying any tax you are wrong also not a nonymous bank account will help you. There are set ups which may/may not be able to help you solve this particular issue, but still there remains a risk, regardless how professional you are doing it.


I would recommend to make some research on the Internet or maybe get in touch with some professionals locally that can help you.

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[sebastian]

Can you help with the "agreements" I'm still not getting this I don't have any locally to help!

 

[fxstarter]

sebastian said:
Can you help with the "agreements" I'm still not getting this I don't have any locally to help!
Click to expand...

Why don't you get it, seems Admin answered all your questions.. actually it seems that you don't want to pay income tax but want the money without to pay any tax, you should move to the Seychelles then or any other offshore country where people don't pay personal income tax, try Dubai or other..


Dubai Taxes


Individuals living in Dubai and the United Arab Emirates (UAE) are not subject to income tax. Like most other countries in the Middle East most government expenditure is funded by revenues from the oil industry. There is also no tax on rental income, capital gains, inheritances, or property transfers (stamp duty).


source: More...

 

[sebastian]

I figured out that I can take out the money from the offshore company's bank account just by using a legit trick which I ofcourse not will publish here 🙂

 

[JohnLocke]

I'm glad to hear that you figured out how to do that, whish you good look with your business and your Seychelles company.

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[undercover]

sebastian said:
I figured out that I can take out the money from the offshore company's bank account just by using a legit trick which I ofcourse not will publish here 🙂
Click to expand...

That's good, we should have a forum here where only trusted members can join. By trusted I mean people who have identified them self to Admin and his team and who have something to contribute.

 

[GeorgeSmiley]

I'm in a slightly almost the same situation such as yours


but I have a whole new and different game plan as my income isnt coming from UK


I will try to ask it in a simple and direct way to the Mods.

 

[nastathin]

Simple loan agreement can be used to take out money to you personally without to be taxed. Don't overdo it otherwise it isn't possible. I have been doing so for at least 2 years no questions asked at all 😉

 

[sebastian]

I ended up with a Seychelles holding + Cyprus company + Cyprus banking and merchant accounr payment processing in Germany / Wire Card + PayPal, 2co and moneybookers/skrill.


All this works great.Thanks to all the great input from this fabulous forum, keep the good workthumbups

 

[JohnLocke]

Did you applied for the merchant account with the Cyprus company only or did they accept the entire structure from the very beginning?

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[kraula]

Good to know please answer to help me?