Churn offshore companies to dodge detection in eu home country

[bendon]

Starting an offshore company with me as public shareholder, use it for one year and then close the company.
I figure that there will not be any requests from my home country to the offshore location for at least one or two years after the incorporation date.
Is the risk of getting detected/audited in my home country less for the offshore company because the company is closed?

If true then the idea is to open up a new company (same offshore country) and do the same all over again. Open company, run it for one year, close the company and then open up a new. Rinse repeat.

Too good to be true?

 

[John Andrews]

I guess it can work on paper but what about the bank account?

 

[JohnLocke]

This can work but your problem will be the banking part because it is not easy any longer to open bank account for a offshore company!

 

[fshore]

Every year your home country would get automatic reports of a bank balance for a new company. They will probably not even know or care that the companies is closed when they send requests for more information.

 

[bendon]

The plan is to open a new bank account for each company. When the company terminates then the bank account terminates.

Is it hard to open bank account even if the bank and company are in the same country? Example Cyprus company + cyprus bank?

 

[bendon]

Every year your home country would get automatic reports of a bank balance for a new company. They will probably not even know or care that the companies is closed when they send requests for more information.

The reason they will get automatic reports from the bank is because I am the ultimate beneficial owner (public shareholder)? Director is physical nominee.

 

[Spinat]

Is it hard to open bank account even if the bank and company are in the same country? Example Cyprus company + cyprus bank?

Forget about that if the owner will be the same always. We talk about UBO - the bank don't care if you put a dummy director and shareholder into such setups if they can match your name a few times with terminated companies your model is gone and you will proparly be black listed in that country.