Can the offshore company help to solve my situation?

[clooner]

Good Day,


I will keep this brief because its complicated. I went into business as a shareholder of a furniture company with my business partner. I only have 10% of the shares of the business and he has the rest. We take equal pay monthly but the business has not made any profit so we could not take dividends.


The company owes me over 15000 that I paid out to business for office refurbishment and I have now been told I can not take that back till the company is in profit. Is that correct as I was told I could withdraw the money the next month but now our accountant says I can not.


He also advised us that we should invoice our Ltd company under separate business's because of no profit. This has now lead to me owing the tax man 3000. Can the 15000 I leant the business be taken from my tax I owe?


Also as we made no profit for the ltd company, could the loss be used against my personal tax bill. Who can use this loss, can my business partner or the company?


I do feel that something is not right with the situation I was not involved in the talk about tax/loss of profit with the accountant and was told this after they had the meeting. I can not swear on this but I get the feeling I seem to be the only one paying tax!


Now I wonder if a offshore company in some tax haven can help me to reduce the tax (who seems I to be the only one to pay) I literally know nothing about the incorporation of a Offshore company so where to start and how to get through the process without any strings attached?

 

[JohnLocke]

One approach would be to incorporate a offshore company and have it invoice the LTD! That would be the simplest and done correctly you won't be taxed personally.

He also advised us that we should invoice our Ltd company under separate business's because of no profit.

But I find it strange why that will help you because if there is no money in the LTD you can't get the invoices you may send from the offshore company paid.

 

[EliasIT]

Now I wonder if a offshore company in some tax haven can help me to reduce the tax (who seems I to be the only one to pay) I literally know nothing about the incorporation of a Offshore company so where to start and how to get through the process without any strings attached?

Done currectly it actually can, you will need to ensure that the company has nominees and that you can prove hte company is managed abroad which is the most difficult part now a days! If it is a lot of money it would be beneficial to make a large structure of offshore companies for such transactions but for the figure you mentioned here it ins't! A tight cocoperation with your tax advisor would as well be of great help to avoid troubles.

 

[megamath]

Just go a head incorporate a Offshore company in some of the last jurisdictions available which have 100% privacy and you are good to go, now your next problem, where do you want the money to go to?

 

[JohnLocke]

It dosen't need to be illegal to set up such an establishment, one just need to make it the right way. For instant the bank account issue, you will need to find a bank account in an offshore jurisdiction or in the Switzerland where you have 100% anonymity! But with the changing regulations and the introduction of one TIEA and similar regulations after the other the options are getting slim.

 

[clooner]

Thank you admin! To be honest I haven't made any progress yet and need some additional advise from you or forum users here.


1. What offshore jurisdiction is offering the best privacy protection?


2. Is it required to pay VAT if we open a Cyprus bank account?


3. What protection (in regards to bankruptcy and creditors accessing our assets) does the Seychelles offer?