My Scenario

[corkers]

Hello,


New to the forums here today after reading such in depth content. I've asked a few questions on other forums before, but not had quite the responses / insight that I've been looking for. Perhaps it's just me...


Anyway I'm looking for a structure that suits my flexible / differing positions and that can grow with what I decide to pursue.


A little about me:


I'm currently a UK resident, although I have never paid tax in the UK. I have lived / worked in Switzerland on and off over the past few years in a part time capacity and have spent over 183 days out of the UK over the past year (working / on holidays.)


I am currently a director / shareholder in a UK Ltd company (internet based travel website, that acts as 'venue' - taking commission on sales) that has been incorporated for 14 months, although I have not taken any salary or dividends from this.


I also work as a contracted third party on seismic exploration vessels (consultant / services ) and am currently within the requirements to gain seafarers earning deductions on all my offshore income due to my time out of the UK. This is a job that I will do less and less as the others develop. Being contracted by both foreign & UK based companies with all contracts outside of the UK (at sea.)


I am currently working on 3 new business ventures, 2 of which are internet based and 1 is another contracter / services company - although all the operations of the latter will take place outside of the UK (most likely in the CIS nations, Middle East & Asia.)


With these ventures being either web based or outside the UK - I assume there is some scope for tax savings and also to build a solid platform for further future tax savings should I either move abroad or expand further.


My UK company will most likely remain as is, as I do have a partner. However the new ventures could be more flexible with regards to location etc.


Any advice or thoughts for structures would be appreciated...

 

[clemens]

It is advisable to make sure that you build the structure correct from the very beginning if you ask me. So a Offshore holding company could be in the Seychelles, Belize or such a place and from there you build up your company structure to be like 3 trading companies for different business ventures. All businesses involving Internet payment transactions will need to be located in Cyprus or another offshore jurisdiction where you may be able to obtain a merchant account for this purpose. All businesses that don't require a merchant account / Internet payment processing can be located in any offshore jurisdiction that fit your needs.


Cyprus, Seychelles, Belize, Panama, BVI, St. Kiits and such countries may be what you are looking for.

 

[corkers]

Can an admin advise on all the above to find a suitable structure that is flexible to both living either in or outside the UK, and, giving tax savings in both instances across all companies / holdings?

 

[bizman]

As Jpay already say, you need to find a local tax advisor to clarify this question. To get answers on a public forum for your specific case may not be the right thing to do.


In general, I would say, you can use several different Seychelles entities to accomplish what you are looking for, if there is big money involved you may have a Trust or PIF (Seychelles Private Interest Foundation) to hold your Seychelles IBC's for a better privacy and asset protection, otherwise 3 or 4 simple Seychelles companies with bank account in Cyprus or Switzerland will do it.


Other solution may be to look into Cyprus, this will make it much more expensive an complicated because you will need to have a tax advisor in both the UK and Cyprus to look at your business and you will need to make use of the DTA Cyprus has with the UK which again requires you to file tax returns in both countries, this is onyl an otpion if we speak big money. A setup like this can easely cost you 10 or 15k Euro and 2 - 4k euro a year!

 

[orangeye]

So a PIF only if you have large amounts to invest or to protect otherwise a Seychelles IBC is ok?

 

[wonderwilly]

With these ventures being either web based or outside the UK - I assume there is some scope for tax savings and also to build a solid platform for further future tax savings should I either move abroad or expand further.

To move abroad in a tax free country may be the best solution

 

[JohnLocke]

So a PIF only if you have large amounts to invest or to protect otherwise a Seychelles IBC is ok?

Yes is the short answer, it always depends on the individual case what suits best. For some a simple Seychelles IBC with a corporate offshore bank account is sufficient while for others a much larger structure need to be put in place in order to keep creditors and lender's away or to secure privacy and asset protection. a PIF (Private Interest Foundation) in the Seychelles is offering a very high level of protection both in regards to privacy and asset protection and even higher than the Panama PIF!