International Business company for business only and please offshore.

[zack]

I need a International business company just for my online business. If possible I would like to avoid any tax, accounting etc. but don't really mind paying a little. It is complicated to start a company in my country so I want to open one where it is easy and fast.


I have been looking into a Seychelles company as many times suggested on this forum but would like to get more input please.

 

[Zqq]

As always with these types of questions, it depends on what you actually plan to do with the company.


In terms of ease and speed, there is really no difference between any of the major IBC jurisdictions: Seychelles, Belize, BVI, Anguilla, and so on. You are looking at a couple of days at most from payment until the company is registered.

 

[georgegt]

As mentioned on the previous post. It depends what you are looking for. Guatemala is a nice and safe place where you will be able to open your online business system, in fact I can offer you merchant accounts for Guatemalan companies. You will have to pay accounting services and pay a % of your profits to the bank where you are going to open the merchant account.

 

[myhand]

Guatemala is good for offshore company? Why and what makes it good?

 

[georgegt]

Guatemala is one of the most secure offshore jurisdictions to choose from today. It has a number of unique features that make it an ideal choice for several key aspects of any offshore banking strategy. The first is the integrity of its banking secrecy laws. Banking law in Guatemala protects account holders assets and information from unlawful prying, so-called "fishing expeditions" and claims by third-party or foreign entities. Short of criminal financial activity such as money laundering, Guatemalan authorities will not permit the security and confidentiality of their banking clients' accounts to be compromised. Guatemala's banking secrecy laws are some of the toughest in existence.


The banks themselves are reputable institutions, with multi-billion dollar assets and good liquidity. There are a total of 18 banks operating in Guatemala today, including national banks and branches of foreign banks, with assets in excess of $15 billion USD. Banks are backed by the Guatemalan government.


Guatemala is the largest economy in Central America, growing 2.8% in 2010 and more than 3% in 2011, despite unfavorable global economic conditions. Guatemala's economy has long been stable, and inflation has been consistently low for decades. This creates a stable financial environment for foreign investment, which has grown to nearly 40% of GDP.


Foreigners can establish corporations, open bank accounts and conduct business with relative ease. Foreign investors enjoy the same legal protections as nationals, including private property rights and ownership in Guatemala corporations. There are no foreign currency controls or limits on the repatriation of capital. All of these protections and incentives have served to create a very favorable environment for foreign investment.


Guatemala's tax system operates on a territorial principle, so that only income earned on Guatemalan territory is subject to taxes. Offshore profits are not subject to taxation by the Guatemalan tax authority. Nor does Guatemala have any Double Taxation Agreements or Tax Information Exchange Treaties (TIEAs) with any other country; this serves to further reinforce Guatemalan banking secrecy laws. Guatemala is one of the few solid jurisdictions for which this is true; most other offshore jurisdictions have now signed tax agreements with other nations. Because Guatemala has not entered into any tax agreements, there are none of the vulnerabilities associated with the provisions for information sharing that these agreements can force upon signatories.


All of these factors combine to make Guatemala an outstanding offshore jurisdiction, with substantial assurances of privacy and security for offshore investors, a stable economic and legal framework, and some powerful instruments to use as key components of an overall wealth management strategy. So these are the reasons why Guatemala is a great place for an offshore corporation.

 

[Zqq]

Nor does Guatemala have any Double Taxation Agreements or Tax Information Exchange Treaties (TIEAs) with any other country

This is not correct. Guatemala has signed a total of 11 TIEAs. Only two are in force. The rest should enter into force next year.

 

[myhand]

The first is the integrity of its banking secrecy laws. Banking law in Guatemala protects account holders assets and information from unlawful prying, so-called "fishing expeditions" and claims by third-party or foreign entities. Short of criminal financial activity such as money laundering, Guatemalan authorities will not permit the security and confidentiality of their banking clients' accounts to be compromised. Guatemala's banking secrecy laws are some of the toughest in existence.

Same as Cyprus if I'm not wrong :embarassed: What is something goes wrong. Is Guatemala not the same as Africa for legal claims? I think you have no chance if something goes wrong.

 

[georgegt]

This is not correct. Guatemala has signed a total of 11 TIEAs. Only two are in force. The rest should enter into force next year.

Admin can I post some links to show that the information reply here is not acurate?

 

[georgegt]

Same as Cyprus if I'm not wrong :embarassed: What is something goes wrong. Is Guatemala not the same as Africa for legal claims? I think you have no chance if something goes wrong.

What do you mean by "if something goes wrong". ? Could you be more specific so I can give you an answer to your reply. Thank you!!

 

[Zqq]

Admin can I post some links to show that the information reply here is not acurate?

If such a link is provided, could I please be permitted to provide links to OECD and other reputable sources which show that Guatemala has signed TIEAs?

 

[JohnLocke]

You can post links as you like as long as they are relevant and not refer to a page on a competitors page since this would not be neutral information then.


Both of you are "Green" means you should be able to post links

 

[georgegt]

Tax treaties: Has no DTC or TIEA in force. Has ratified multilateral treaty of mutual assistance, exchange of information and technical cooperation with other members of CACM (Costa Rica, El Salvador, Honduras, Nicaragua).


Other regulations: None reported. Guatemala has no mechanisms for exchange of information in tax matters.


Bank information: Bank secrecy reinforced by statutes. No access to bank information for tax purposes.


Ownership: Statutory confidentiality provisions prohibiting disclosure of ownership, identity and accounting information. Guatemala does not currently exchange information in tax matters with any country.


This page

 

[Zqq]

According to EOI-Tax (link below), a website run by the OECD, Guatemala has signed TIEAs with Costa Rica, Denmark, El Salvador, Faeroe Islands, Finland, Greenland, Honduras, Iceland, Nicaragua, Norway, and Sweden.


Exchange of Information Portal


Claiming that Guatemala has not signed any TIEAs is incorrect. It has signed multiple. However, it is debatable how effective these are until the Guatemalan government updates its laws. The OECD even acknowledges this its peer review from earlier this year.


"However, due to restrictions in Guatemala’s domestic law, it has no agreements that provide for effective exchange of information with its partners. The tax authority does not have adequate powers to access information and ownership information is not always available for foreign companies, foreign partnerships or foreign trusts active in Guatemala."


Guatemala:- Tax evasion: Pressure to end tax evasion grows as the Global Forum publishes new reviews - Organisation for Economic Co-operation and Development


It is worth noting that this peer review was written and published before Guatemala signed this year's round of TIEAs. I can only imagine that Deloitte's report, too, was written before these signings took place. Next year's reports will hopefully shed some light on the matter.

 

[georgegt]

It is alway great to have this kind of topics since not only you and me are learning but also others.


If you can translate this page it would show you how things are in Guatemala right now.


This page


Guatemala have signed 12 TIEAs, BUT none of them are active, since the Guatemalan government have not embrace them as internal law.


As stated on the link I provided the Government is not willing to change the internal law, because what the OECD is requesting is too dangerous in Guatemala. For example they want to abolish in Guatemala the bank secrecy so they can have access to all the Guatemalan bank accounts, that is why the Guatemalan government has not update its internal laws and for sure will not do it in a nearby future.


If you have a fresher news or article please share it with us. The link is from the most important newspaper in Guatemala.

 

[dwilson]

Hello noman - welcome to the forum! Everything that you're looking for is pretty standard though I believe that CCLogic don't offer merchant accounts for Seychelles IBCs. Admin please clarify? For merchant accounts, I recommend incorporating your company and maintain your corporate & merchant accounts in the same jurisdiction. It's a little easier to source a merchant account solution that way. If CCLogic are not in a position to assist you, our services are available for a comprehensive Belize option that will cover everything that you are looking for. We would be happy to chat with you!