EMI who accept Taiwan New Dollar

[bigladsmith]

As per the title, does anyone have experience of an EMI who will accept payments into the EMI in Taiwan New Dollar then transfer out into either Euro or GBP?

Also, need the EMI to accept a business set up in Seychelles, Marshall Islands etc

TIA

 

[Martin Everson]

What activity?

 

[bigladsmith]

Engineering consultant (genuinely!) I’ve landed a contract in Taiwan and the company I’m contracting into will pay me in Taiwan New Dollar. They have confirmed they can pay an IBC in almost any location but I need a bank and/or IBC that can work with a a company set-up in somewhere like Marshall Islands, Seychelles etc.

 

[Martin Everson]

Before going down that route please answer two obvious questions, else you may find you just wasted time and money setting up an offshore structure that is pointless:

1. Why are you looking to use an offshore company and not local?
2. What country are you based in?

 

[bigladsmith]

U.K. based at present but will be spending 183+ days in Taiwan each year.

Local Taiwan company is not so easy to set-up and the tax is typically similar to the U.K.

My want to use an offshore company is to have a degree of anonymity

 

[fshore]

Did you ask the client if they can wire the money to a bank in another country

 

[JohnLocke]

From the replies you get here it seems there is not a valid solution so I would reconsider my options and visit an agent or lawyer in Taiwan that may be able to help to setup a company and bank account there.

 

[bigladsmith]

Did you ask the client if they can wire the money to a bank in another country

The client can wire the funds anywhere, no real restrictions in that regard.

 

[negon]

EMI who will accept payments into the EMI in Taiwan New Dollar

Why that then?

 

[bigladsmith]

Well if they pay directly into my U.K. LTD company bank they I have two factors to consider...

Poor bank exchange rate to I’ll loose a few % just in the transfer and....

It will all be subject to U.K. corporation tax etc etc. Which is hurting me at the moment.

Paying the money from Taiwan to another location via an EMI is surely the right way? Or am I misunderstanding this in some way?

 

[fshore]

Wire it to any bank account in usd then, or emi in usd. Very few emi would support ntw, maybe some in taiwan

 

[bigladsmith]

Okay, so it’s a possibility to be paid in another currency by my new employer, they say GBP should be okay and also USD.

Does that open my options?

 

[Martin Everson]

U.K. based at present but will be spending 183+ days in Taiwan each year.

Local Taiwan company is not so easy to set-up and the tax is typically similar to the U.K.

My want to use an offshore company is to have a degree of anonymity

Pointless to form an offshore company. You are tax resident in UK and with CFC any offshore company will be transparent for tax purposes.

Please read carefully the guidance on UK Statutory Residence Test. Spending 183+ days in Taiwan is meaningless.

RDR3: Statutory Residence Test

 

[bigladsmith]

Good little guide there from our friends at HMRC

Having looked through it it certainly looks like I have to be in the UK <91 days which by my reckoning I can achieve.....

Therefore an offshore company will work for me!

 

[Martin Everson]

Good little guide there from our friends at HMRC

Having looked through it it certainly looks like I have to be in the UK <91 days which by my reckoning I can achieve.....

Therefore an offshore company will work for me!

Cool

Also make sure you don't have property in UK that you spend more than 30 days in in any tax year else you are considered tax resident automatically by just spending 30 day in your home in UK after leaving UK . However I guess you factored this in already or have no property in UK .

Have a read of this thread

How do they verify tax residency?

 

[countryfree]

Well if they pay directly into my U.K. LTD company bank they I have two factors to consider...

Poor bank exchange rate to I’ll loose a few % just in the transfer and....

EMis only deal with € or $. I advise to look for a real bank with branches in Taiwan and the UK.

 

[fshore]

EMis only deal with € or $. I advise to look for a real bank with branches in Taiwan and the UK.

False. There is Neat in HK for example that is HKD. Transferwise also does many.

For OP I'd recommend USD over GBP as the Taiwan banks will probably give you a better exchange rate for USD.

It might be possible to open a bank account in Taiwan for a Seychelles etc IBC.

If you're staying more than 183 days in Taiwan you'd probably technically be liable for taxes there. And if your working in Taiwan for a Taiwanese client and they'll pay to your offshore IBC then that would be tax evasion.

 

[bigladsmith]

I’ll be paying Taiwan WHT so no issue with evasion!

 

[countryfree]

I’ll be paying Taiwan WHT so no issue with evasion!

So go for a real bank, there must be at least one with branches in TW and UK. And I'm nearly sure you won't find an EMI which accepts Taiwan currency. You may also consider at what rate the company's bank will make the currency conversion, if you ask to be paid in a foreign currency.

 

[fshore]

I’ll be paying Taiwan WHT so no issue with evasion!

Is that your impression of how taxes works?