A few offshore questions

[mightymarcoose]

So I am an affiliate marketer in the finance/betting game. My UK company's tax year ends in Nov and I'm considering registering offshore - I have my eye on Gibralter. I'm thinking the government is less likely to move the goalpost than Cyprus and it's legal system is sound.


I expect next years earnings to be conservatively 120k GBP although the way things are going they could be much more than that. It seems a bit silly to be in the UK paying 20% tax before personal tax is even considered especially seeing I have no staff and no business premises.


That's a quick summary of my circumstances, now for the questions!


1. If I reside in the UK, is it OK for the company to be registered offshore? I understand I will still be liable to pay tax on any money I receive from the company.


2. What are the pros and cons of Gibralter as an offshore destination?


2. Does it matter where I have my business's bank account? I currently bank with HSBC in the UK - will I need to change this, if so, why, and where would be the best place for me to bank?


I really appreciate any impartial comments or feedback. I'm due to meet with a financial adviser when I get back to the UK in a couple of weeks but would like to have everything sorted in my head before hand.


M

 

[provider]

What are the pros and cons of Gibralter as an offshore destination?

I hope someone can answer I look in Gibraltar also.

 

[adjust]

So I am an affiliate marketer in the finance/betting game. My UK company's tax year ends in Nov and I'm considering registering offshore - I have my eye on Gibralter. I'm thinking the government is less likely to move the goalpost than Cyprus and it's legal system is sound.

Please check the laws in Gibraltar and Jersey before you consider to proceed, such activity is not allowed !!

 

[JohnLocke]

@nerckerisland, this is affilaite marketing as far as I understand so it shouldn't be complicated to proceed with in Gibraltar.

 

[dwilson]

1. It does not matter where you are situated. Anyone can own an offshore company and from personal experience, I can assure you that UK citizens own a substantial number of offshore companies. (I'm an ex senior compliance person from a Caribbean offshore jurisdiction)


2. I'm not familiar with Gibraltar. My expertise is Caribbean offshore jurisdictions...


3. An offshore company can have a bank account anywhere in the world that a local bank would service the account. The purpose of offshore operations is to "create" some differentiation between you and the company and revenue. On a basic consideration, I would not recommend going to great lengths to incorporate offshore and then to have the company account onshore.


I hope my comments have helped you some.

 

[blainchain]

The purpose of offshore operations is to "create" some differentiation between you and the company and revenue. On a basic consideration, I would not recommend going to great lengths to incorporate offshore and then to have the company account onshore.

According to the above, where is the best offshore jurisdiction for maximal protection?

 

[dwilson]

Hi there,


Each jurisdiction will offer individual pros and cons. Your choice should depend on which jurisdiction best matches your needs. Consider as well utilizing nominee services to reinforce your confidentiality. You should also employ tactics such as having your company in one jurisdiction, using nominee services from another jurisdiction and having a company account in a separate jurisdiction. This is a simple offshore structure that is extremely effective.

 

[JohnLocke]

You will need to make up for yourself what offshore jurisdiction will fit into your needs.