Move Business & Stay Anonymous to Avoid Lawsuits?

[DCble]

I've been trading as a UK limited company for my online business for 18 months. Money is made via patreon, Substack and affiliate links.

I'm based in Wales but have been in Thailand for the last year. Currently have a 10 year visa but on their program where you have to report every 90 continuous days.

The nature of my business leads me open to lawsuits from people with deep pockets. Nothing other than threats at the moment, but they're currently applying via patreon for my personal details to sue me/my company for more than my net worth for defamation. I believe it to be spurious, but someone with way more money and resources than me under the laws in the UK could still waste my time and all of my money.

Any advice on where to look into moving myself and my company to in order to be mitigated against this?

 

[bibing]

Just move abroad and close down the old company.

Most affiliate networks would pay you even if you use a Seychelles or BVI company. Open an new email account with a fake name and ask the networks directly if they will pay your Seychelles or BVI company. Check if Substack or Patreon would do.

Apply for residency officially abroad, not just move. That means you need to tell Wales you are gone and not living there anymore.

This is my 2 cents and what I would do.

I have been in that situation (lawsuit for defamation in EU). At the end the person was looking for money and we settled out of court but it was an expensive lessons for when I was a dumb 25yo kid. After that all my business was moved abroad.

 

[JohnLocke]

Just move abroad and close down the old company.

Apply for residency officially abroad, not just move. That means you need to tell Wales you are gone and not living there anymore.

That's absolutely the best advice you can get. Make sure that your trading company is not registered in the same country you live in; this way, you add another barrier between you, the company, and any potential litigants. And, as already mentioned here, if you place your company in the Seychelles, BVI, Belize, Panama, and places like that (provided it's possible), then that's even better.

 

[DCble]

Just move abroad and close down the old company.

Most affiliate networks would pay you even if you use a Seychelles or BVI company. Open an new email account with a fake name and ask the networks directly if they will pay your Seychelles or BVI company. Check if Substack or Patreon would do.

Apply for residency officially abroad, not just move. That means you need to tell Wales you are gone and not living there anymore.

This is my 2 cents and what I would do.

I have been in that situation (lawsuit for defamation in EU). At the end the person was looking for money and we settled out of court but it was an expensive lessons for when I was a dumb 25yo kid. After that all my business was moved abroad.

Thank you sounds like great advice.

This person is not about money but about silencing some dodgy dealings and they want stuff deleted and information on my subscribers that have commented. Which would affect my credibility and subscribers if they think their details are being passed on. Then would open the flood doors to other people, so would rather protect myself. I think they're on very dodgy grounds with the whole claim and there's genuine public interest, but as the onus in the UK is on me to prove it's true defamation is a cumbersome thing.

Is there any country that's the best / easiest to start the company and get a bank account? I've opened a limited company in singapore as that seems a stable place that I won't live in but with all their previous fines it's it a lot of hoops to actually get a bank account and I wouldn't have much privacy unlike other places.

This person says that they're filling it with the court and will seak a default judgment of over 2000% of my net worth if they don't receive a response. If they file that in a Welsh court and I'm still a UK citizen despite residing elsewhere could I be forced to comply with it?

What should I do with the bank accounts I have in the UK? Move the money to a foreign account or change the address of the UK bank accounts to my one abroad?

I'm updating my patreon, substack etc to say I'm now in another country (along with the tax authorities knowing this) but they probably still have records of the old data which they may hand over if they get a court order.

If I'd of known it would have been "successful" I'd of started it differently, but I am where I am.

thank you

 

[jafo]

Panama

Great stuff as Panama has NO mail delivery!

 

[bibing]

Nothing they can do if:
1. You move your life abroad;
2. You move your assets abroad.
3. Make effectively your net worth in UK = 0. What is the 2000% of 0 they want to get? 0

 

[DCble]

Nothing they can do if:
1. You move your life abroad;
2. You move your assets abroad.
3. Make effectively your net worth in UK = 0. What is the 2000% of 0 they want to get? 0

Thanks, apart from my pension that's what I'm doing.

If I return back to Wales in 5 years with 0 assets is the worst they can do is make me bankrupt?

 

[daniels27]

Do you know if he is actually legally entitled to what he asks for? If not, I would just ignore it for a while and then try to settle it by giving him part.

Any claim to sue for 2000% of the net worth is bulls. It is like the principle of this forum: earn nothing, control everything. As @JohnLocke put it, what can you do if a homeless guy destroys your car? Nothing. Same goes for you. What is the point of suing 2000% of your net worth? They will only get about 75%, maximum. But you know what? They court and the lawyers are much more expensive as the disputed amount is higher.

Have you ever wondered by debt collectors don't file for bankruptcy? Because it is not worth the lousy 100 EUR/GBP/CHF for the administrative court. Most people that have not paid after 6 reminders simply do not have the money.

Of course in case he wins the case, he will ask for money and then file you for bankruptcy. But he won't get much out of it.

 

[DCble]

What is the point of suing 2000% of your net worth?

I think it's because he's uber wealthy and he has no idea how much I'm worth.

Of course in case he wins the case, he will ask for money and then file you for bankruptcy. But he won't get much out of it.

You mean he won't get much because I'm not worth much or that he won't get much because all my accets will be out of the country of the judgment if it does go that far?

 

[houston7]

I see people suggesting the Seychelles and the BVI, which for anonymity is great, What about the banking?

 

[bigdaddyleon]

a company construct on St. Kitts and Nevis could be an attractive option

 

[daniels27]

You mean he won't get much because I'm not worth much or that he won't get much because all my accets will be out of the country of the judgment if it does go that far?

Both, because there is not much. What there is, it mostly out of the country. How can he get your money in a St. Kitts Bank account? He would probably have to sue you there. And then, what there is that he can get, he won't get all of it. In the end a lot of expenses for nothing. He will probably figure out sooner or later. Maybe just send him a nice email how much you actually have and that you can offer him to post less in future.

 

[GPT]

Stay away from Seychelles people. Please do yourself that much of a favour. They comply faster with disclosing details than you can blink your eyes. Likely already at the first email request.

Panama however, solid recommendation in that sense. And if you really want to go far... make sure that you do not hold the shares in person but let it end in a trust or foundation somewhere. Use an agent to help you set it up with bankaccounts. Use jurisdictions that require a deposit before even considering any legal proceedings.

 

[daniels27]

Stay away from Seychelles people. Please do yourself that much of a favour. They comply faster with disclosing details than you can blink your eyes. Likely already at the first email request.

Panama however, solid recommendation in that sense. And if you really want to go far... make sure that you do not hold the shares in person but let it end in a trust or foundation somewhere. Use an agent to help you set it up with bankaccounts. Use jurisdictions that require a deposit before even considering any legal proceedings.

What would be your recommended setup?

 

[GPT]

What would be your recommended setup?

There is not a one setup for everyone. It depends on many factors that weigh in.

Many service providers come across as if they sell the same solution to everyone. A proper provider will come with a set of questions. Below you find a non-exhaustive list.

Which passports do you have?
Where do you reside now?
Are you in a committed relationship?
Is your partner bound to a certain country?
Do you have kids?
Do you have real estate or other tangible assets which connect you to a jurisdiction?
What work are you involved in?
Can it be done somewhere else?
Do you work with crypto?
What currencies do you use regularly?
Where is the majority of your clients located?
Where do you want or prefer to live?
Have you spend considerable amount of time there in different seasons?

Based on the above I would be able to suggest some jurisdictions for the active company and the trust/foundation and perhaps bank accounts.

 

[daniels27]

Which passports do you have?

European Passport, one of the "good" ones.

Where do you reside now?

Airlines

Are you in a committed relationship?

Is your partner bound to a certain country?
Do you have kids?
Do you have real estate or other tangible assets which connect you to a jurisdiction?

No anything that holds me.

What work are you involved in?

Can it be done somewhere else?

I am preferably working in airplanes. Running webshops. Clients all over the globe.

Do you work with crypto?
What currencies do you use regularly?

No cryptos, only cash. Broad mix of almost everything. Have bank accounts in any country which could ever be useful.

Where is the majority of your clients located?

Globally.

Where do you want or prefer to live?
Have you spend considerable amount of time there in different seasons?

I am still thinking a lot about it and have not yet come to an answer. As it does not matter to me, I would follow jafo who recently wrote:

Nomad Capitalist has one that says: "Go where you are treated best."I improved mine many decades ago to:"Go where you are forgotten and left the f*ck alone."

 

[DCble]

Which passports do you have?
Where do you reside now?
Are you in a committed relationship?
Is your partner bound to a certain country?
Do you have kids?
Do you have real estate or other tangible assets which connect you to a jurisdiction?
What work are you involved in?
Can it be done somewhere else?
Do you work with crypto?
What currencies do you use regularly?
Where is the majority of your clients located?
Where do you want or prefer to live?
Have you spend considerable amount of time there in different seasons?

thank you very much, really useful.

UK
reside in bangkok but on their glorified tourist visa but paying thai tax.
no partner, no children, no tangible assets
online work and can be done anywhere
minor crypto holdings
usd
usa
Asia

 

[GPT]

European Passport, one of the "good" ones.

Airlines

Based on these two answers you are a nightmare to work with

A good EU passport means imo a high tax country which isnt easily going to let you go.
Living in, on Airlines isn't going to fly and makes a setup not easy.

Explanation with the above is that the high tax EU country will treat you as a resident and therefore tax you because you do not formally live somewhere else. You also do not fall in the accepted exceptions such as sea farers. For me to be able to suggest something with regards to a structure you first would have to establish a residency flag. Until then everything is likely going to be treated as transparent which renders the use of almost all structures useless.

The above will be disputed by many providers. Keep in mind that most of them are just in it for the money and want to sell you the entities and some extra services. When you start to encounter problems, they wash their hands in innocence and hide behind their small print.

 

[JohnLocke]

A good EU passport means imo a high tax country which isnt easily going to let you go.

Why do you think so? I did it without the slightest troubles a few years ago. And I lived in one of the highest tax paying countries in the world.

 

[GPT]

thank you very much, really useful.

UK
reside in bangkok but on their glorified tourist visa but paying thai tax.
no partner, no children, no tangible assets
online work and can be done anywhere
minor crypto holdings
usd
usa
Asia

In your case; have you cut ties permanently with the UK and is your tax residency in Thailand kind of recognised and accepted by the UK?
If so then your story starts with a Thai tax base and continues from there.

I am not familiar with Thailand as a jurisdiction so I won't go further.