Offshore company formation in tax haven

[Elemia]

Looking to open an offshore entity in a low/0 tax jurisdiction with simple/no annual reporting requirements.
I operate an operating business in Canada and I'm looking to establish an offshore in a tax haven. Entity will be used for wealth transfer/investment as well as used to adjust my operating company's income.

 

[Sols]

Send me a post card from prison.

What you're proposing is not only illegal, it's trivial for the CRA to find you.

Looking to open an offshore entity in a low/0 tax jurisdiction with simple/no annual reporting requirements.

Many options. Most of the well known tax havens fit this. Nevis, Samoa, Seychelles, Belize, Saint Lucia, and so on.

I operate an operating business in Canada

Focus on doing that, especially if it's a growing/profitable business.

and I'm looking to establish an offshore in a tax haven. Entity will be used for wealth transfer/investment as well as used to adjust my operating company's income.

Sounds an awful lot like you want a convenient place to book costs and park profits to avoid paying tax in Canada. The kind of stuff they train CRA officers on day 1.

Look into things like corporate tax residence and BEPS (Base Erosion and Profit Shifting). Any company you form while still controlling from Canada is considered Canadian for tax purposes.

 

[Elemia]

Send me a post card from prison.

What you're proposing is not only illegal, it's trivial for the CRA to find you.


Many options. Most of the well known tax havens fit this. Nevis, Samoa, Seychelles, Belize, Saint Lucia, and so on.


Focus on doing that, especially if it's a growing/profitable business.


Sounds an awful lot like you want a convenient place to book costs and park profits to avoid paying tax in Canada. The kind of stuff they train CRA officers on day 1.

Look into things like corporate tax residence and BEPS (Base Erosion and Profit Shifting). Any company you form while still controlling from Canada is considered Canadian for tax purposes.

Thank you for the tip, I'll let my acquaintances who got audited by the incredibly competent CRA agents know about this. They may have done this for 15+ years but they might send me a postcard from prison next week.
That being said, thank you for the jurisdiction suggestions, I'll look into them.

 

[Tradepass]

Looking to open an offshore entity in a low/0 tax jurisdiction with simple/no annual reporting requirements.
I operate an operating business in Canada and I'm looking to establish an offshore in a tax haven. Entity will be used for wealth transfer/investment as well as used to adjust my operating company's income.

Sure you have to structure your offshore entity in a proper way to obtain some kind of tax benefits. For instance, you need to ensure that your offshore company has some economic substance, because, otherwise, if it is deemed to be "shell company", your company will be reported to the Canadian Revenue. There is no best offshore jurisdiction out there. If you want to use your offshore company just to make investments, it is better to go for Cayman Islands, Bermuda, or The Bahamas. These are the offshore financial centers closer to you and that have a robust financial industry and banking system.