If your intentions are to put your money offshore and not declare it to the tax authorities, you are doing risky stuff and I would not recommend it!
Being a UK residence you will have to declare the 500k£ in the UK, failing to do so could get you into big problems.
To avoid tax, then move to...
Maybe the rumour is coming from the news that N26 bank is leaving the UK because it will lose it's license and all British accounts of N26 bank will be closed down.
Digital bank N26 to close all accounts and pull out of UK because of Brexit
If you have a residency visa for the UAE and you are living there, then I also see no problem. You are then a tax resident in the UAE and that is the country where you pay your taxes, and so it happens their tax laws say that there is 0% tax on income. Not any different to living in a different...
Thanks for the reply!
But something I don't understand, the company should only hold the IP so no bank account. What has tax got to do with the company then?
Hi Everyone,
What would a good and cheap option be to set up an offshore company that will hold intellectual property (website/trademark). The company does not need a bank account, just so that company will hold the IP.
Thanks!
At least your agency seems to be honest. Many agencies will say that it's no problem to open a bank account for your offshore company, but when you try and it's not possible, they will often offer to introduce you to the bank for a fee, but they already know it's not going to work.
I agree with user9823671, it will be very difficult if not impossible to find a bank that will open an account for your Nevis company. Maybe a virtual bank account, but impossible to link paypal or creditcard payment gateway to it.
It's no problem to run your business without a bank account...
Hi,
I read in a thread that you have a RAK company and you opened a bank account for your company in the UAE? With which bank did you open your account?
I'm planning to inc. a RAK ICC company and looking for a UAE bank to open my account with. Do you have any advice?
Thanks!
Yes, will do. But from what I have understood, it should be absolutely no problem to open a bank account in the UAE for the RAKK IC company. Not sure if you want to open the account in a different country. I will first try in the country of my residence if this will not be possible, then I'll...
I'm setting up a RAK ICC company now, the fees for setup and first year are $3000 Second and subsequent years $2600 via a registered RAK ICC agent.
Features
• 100% Foreign Ownership
RAKICC International Company Regulations require no “local” shareholding.
• Choice of Law
Although all UAE...
Hi Guys,
I had the meeting and this was the advise: (keep in mind, my goal is to run a legitimate company to do fair business and no intentions for tax invasion.
Setup company on the BVI is possible with bank account, but to get a bank account it's not so very easy and many banks will not even...
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