Cannot take my profits back to home country

[sparco]

I'm an Indian residing in USA. Forex trading in banned in both the countries. So I opened a personal offshore bank account in Mauritius to fund my fx account and traded. Now the problem arises to collect the profits.
I cannot take the profits back to my home country and pay tax because it's illegal. Mauritius doesn't tax on profits made outside the country( broker is british and fx is not taxed in U.K. Either)

I have decided to register a LLC and trade on its name. Then route my profits no my home country as overseas business profits. As the llc is not registered in India they can't do anything about it than just collect tax on my profits. This is just my theory.
Now can do as I mentioned above?
Can I open a LLC in a different country and it's bank account in another? ( because registering llc in Mauritius needs a directior in that country I heard and theirs the annual fee ,taxes and everything so it's easier to just register one in Saint Vincent but the banks are really bad).

 

[negon]

I have decided to register a LLC and trade on its name. Then route my profits no my home country as overseas business profits. As the llc is not registered in India they can't do anything about it than just collect tax on my profits. This is just my theory.

That should be true and the way it usually is.

Regardless where you register the offshore company you will have troubles to find a bank that will accept your FX business if it is a company / business the money comes from since the bank will require a license if you can't convience them that this is personal fx trading.

If you have lot's of money and you don't mind, go for a Delaware LLC and open a business account for the entity where it feels best for you. I would still and as mentioned already in your other posts, use leupay inbetween and get the money to mauritius.

 

[sparco]

If you have lot's of money and you don't mind, go for a Delaware LLC and open a business account for the entity where it feels best for you

Any specific reason for Delaware LLC?
I was planning on trading fx in future on the corporate trading account provided by the broker so all profits would be directed to LLC's bank account. I'll register th LLC as a financial service tag . And as the profit is made outside Mauritius I think it really doesn't matter to the bank how it's made rite?

 

[negon]

I just mentioned Delaware because you are in the US so it may be easy for you to register a LLC there or anywhere else in the USA! It doesn't really matter, however, I don't know about US corps at all. I have a Delware company which I never used, it doesn't pay tax and accounting and filing of tax goes under administration by the service provider, total charge each year roughly €1000

Otherwise the idea sounds doable.

 

[HeartyHandshakes]

Forex trading is not banned in both countries. You can trade forex in the US but the leverage is much lower. I don't know about India but they are so strict on capital controls I understand your concern. My friend works for a forex brokerage in India so he told me how bad it is.