We are UK based events company, 85% of our business is UK based, we then have random one off events globally often for HNWI's therefore payment is from offshore locations. We also have a branch office in Cannes and another separate company which provides F1 hospitality in Monaco (still a UK registered company).
We are looking at setting up an offshore company which will be used for our international work in addition we would like to move as much profit from our UK operation offshore. Our events have two distinct sections, we design the event and then manage the event supplying technical equipment from a third party supplier on which we make a margin.
Is it possible to form a company in a offshore location which will essentially be a 'design house'. The company could (if required) purchase designs from freelancers then sell them to our company for a large profit. We have family in South Africa who would be trusted to own the company therefore removing management and control from the UK. We would still generate a profit from our UK company just a much smaller profit.... Most of the profit would be moved offshore therefore massively cutting our corporation tax bill. Currently all directors are UK tax resident. We appreciate any funds brought onshore would be taxable (maybe apart from money withdrawn on a debit card).
Happy to pay for professional advice, however was looking for an overview of whats possible at this point and any recommendations of good tax / offshore formation company (spoken to a few who all tell me different things and massively different fees)
Thanks in advance
We are looking at setting up an offshore company which will be used for our international work in addition we would like to move as much profit from our UK operation offshore. Our events have two distinct sections, we design the event and then manage the event supplying technical equipment from a third party supplier on which we make a margin.
Is it possible to form a company in a offshore location which will essentially be a 'design house'. The company could (if required) purchase designs from freelancers then sell them to our company for a large profit. We have family in South Africa who would be trusted to own the company therefore removing management and control from the UK. We would still generate a profit from our UK company just a much smaller profit.... Most of the profit would be moved offshore therefore massively cutting our corporation tax bill. Currently all directors are UK tax resident. We appreciate any funds brought onshore would be taxable (maybe apart from money withdrawn on a debit card).
Happy to pay for professional advice, however was looking for an overview of whats possible at this point and any recommendations of good tax / offshore formation company (spoken to a few who all tell me different things and massively different fees)
Thanks in advance
