Recent content by coromandel

If I have a bank account in the EU in country A and dividends from company in country A are paid into this account then transferred to account country B, will this alter my tax status in country A? (I am resident in country C) I have tried sending dividends direct from company account in...

There have been a few posts here already about nondom status. As I read it your Dom status has less bearing these days especially with new UK tax residency rulings which could mean paying tax even after leaving uk for 4 years. You can wind the company up and pay the exit tax which may be less...

You are posting about the tax liability of retained earnings in your HK corporate account. If that's the case, then I posted about this before but only got a "it depends" response which never helps. I hope we can get some clarity on the issue. AFAIK, the current HMRC CFC (controlled foreign...

If your reason to set up HK company owned by Seychelles is for privacy then think again as new laws are in effect that state HK companies have to have 1 named director. You can bypass this with nominee directors but it appears that most HK OSPs are withdrawing this service in line with the changes.

Why not pay the income as a dividend? Providing your profits are sourced overseas, HK is 0% CTax.

We set up Myukpostbox last year and sent 2 test cards for the service but neither turned up. We contacted their customer service "lady" (the other person in the office) and she was very annoyed that we kept contacting her. So, after we received the waffle about it being a "UK Post Office...

Same here, ended up going with just a HK company on public record (anonymity is no issue for me - as long as we trade under the CFC exceptions we can take advantage of 0% Ctax in HK). If I get involved in Seychelles parent companies I'd need to do it with no public record as it just looks...

Worth noting but most OSPs I've spoken to are phasing out nominee service in HK, if not stopped already. To quote one, "To enhance transparency and accountability of company director, HK Companies Ordinance is amended to restrict Corporate Directorship (this applies to nominee director) in...

OK, with HK out what are the choices left on the table? Country must allow ltd company formed with a single corporate director and it needs to be a reputable jurisdiction for business facing purposes (i.e. not Belize, BVI etc)?

New rules are coming in as of 2014 to increase transparency in HK that will require all HK registered companies to declare 1 human director. Previously you could have corporate directors & shareholders. Needless to say this will have implications for existing HK / Seychelles structures where...

I read with interest today how the Spanish government is introducing new draconian asset reporting rules. Basically, if you have assets overseas you need to report anything in value over 50,000 Euros. Failure to report results in 5000 Euro fines *per asset class* with fines ranging up to...

I've posted 24 times so seems strange that links are blocked.

I'm not allowed to post email addresses until I "post a few times", so you probably have to go first. I don't know enough about CFC to provide any technical advice.

Move to a different jurisdiction?

If your home country deemed that the management of the company took place on home soil (i.e. you, the operations mgr) then I'm assuming they would get you under the CFC rulings regardless of the nominee directorship. To bypass that you'd have to have the nominee actively managing the company...