Very small crypto co; Isle of Man, Guernsey, or convenient for north UK

[FingerBob]

Hi,

New here. I've been reading various threads and comments, but there's a lot of contradictory circumstantial info so thought I would start my own thread.

I'm a UK citizen (not EU) exploring the possibility of setting up a non-resident/off-shore company nearby; Isle of Man, Guernsey, or somewhere a UK (non EU) citizen can relocate to, that's got frequent/quick travel links back to Carlisle/Newcastle/Glasgow/Edinburgh.

Year one non-resident, year two onwards resident.

I probably need a company bank account in year one, but don't expect many transactions in/out in year one - less than 50/year. Not keen on access to that bank account being outwith my control.

The company will be crypto-related (crypto/fiat, in/out), with no real need for staffing other than company compliance (CSP etc).

My aim would be to reduce corporation tax (30%), and from year two reduce personal income tax (45%).

Any first-hand experience out there?

Thanks in advance! 🙂

 

[Konstanz]

I have seen some people do have residency in︄ Sark at this forum.
It''s all zero tax as I understand

 

[Marshal]

It's an island of boredom‍ with literally nothing to do. Just getting there from Newcastle, Glasgow, or Edinburgh will take⁠ days. If OP wants frequent/quick travel links from/back to mainland UK his best option will⁤ be Isle of Man.

 

[FingerBob]

Thanks very much for your replies @Konstanz & @Marshal

I looked at Sark and Alderney‌ briefly, but they're a bit on the small side to live on for our lifestyles.‍ The Isle of Man and Guernsey both have airports, although flights aren't necessarily direct or⁠ all that frequent.

The Isle of Man is a contender, but I've read about it⁤ (on this forum) getting more difficult to open a bank account, and like the Channel⁣ Islands they're tightening up their substance requirements for non-resident companies. I'd be non-resident in year⁢ 1 and resident from year 2 onwards.

Thanks again!

 

[CyprusLawyer101]

You could settle in the Isle of Man, incorporate there, but bank abroad.

 

[FingerBob]

Hi @CyprusLawyer101 ...thanks for your response. Could that work? ...I guess so. I don't really‌ need a bank on my doorstep as I'm not going to have cheques or other‍ physical reasons for going into a branch.

Thanks again!

 

[Barney2201]

I am Sark resident, PM‍ me if you would like some info. Possibly no need for a company if you⁠ become resident as zero income tax. Summer is great, winter is not so great but⁤ travel on the winter avd it works well

 

[FingerBob]

Hi @Barney2201 ...thanks for your response. Sark looks beautiful, but with no direct transport links‌ it's not somewhere that meets our requirements. Guernsey and the IOM both have airports if‍ we need to get somewhere in a hurry. Thanks again!

 

[JohnLocke]

Interesting, you have bank connection that would open a bank account for‍ such an setup?

 

[CyprusLawyer101]

I recall Barclays Bank London have been participating in such‍ set ups, but I would guess other banking institutions would be willing to. Do you⁠ have any info to the contrary?

 

[Billybob69]

Isle of Man, guernsey, Sark, all have strict crypto regulations so it depends what your‌ business does

 

[FingerBob]

Hi BillyBob, I'd better check this out -‍ thanks for the heads-up!!

 

[CyprusLawyer101]

How do fingerbob and billybob get along?

 

[Billybob69]

And to be clear, all financial services and activities on Sark are regulated‌ by the Guernsey Financial Services Commission, some may have you believe Sark is a utopia‍ where you are free to conduct whatever business you want, free from regulation and government⁠ interference - unfortunately not!

 

[FingerBob]

Thanks Billybob, I wasn't aware of that, but⁤ reckon that Sark is too remote for us. I need to have direct transport links⁣ and Sark just doesn't have those. Thanks again!