Offshore for Forex operation

[msgr]

I have a successful Forex operation (for myself, not third party funds) running under a UK ltd with UK business banking (Revolut mainly, for ease of virtual cards and multi currency for funds in and out and operating expenses e.g. mql5 and otherwise, and a high steet bank account that is entirely dormant but in place as a backup, and yes Revolut's compliance is really annoying) and an SC based Forex business (a corporate trading account). Operation was bootstrapped with personal funds via. Directors loan that I will back out in the coming months. Numbers are in the 5 and 6 digit ranges. I want to shift this offshore to move out of UK ltd tax, and it seems an SC based company could do that. I would loan all the UK funds to SC co and ultimately back out again. Would like to hear here or in private any one who has experience or recommendations in this arrangements,.particularly using a zero tax offshore entity for Forex, preferably IC markets. Ultimately I would consider professional advice but for now I am bootstrapping to get to self sustainable income generation (once i exhaust my repaid loan). Thanks!

 

[sonato]

@Fred and @Gediminas can assist with both company and banking solution for your business. Not in UK but Dubai and other places. Bankera may be an option for the financial biz.

 

[CaptK]

Bankera would be your best option. They will ask for a lot of paperwork but since you have it, it should not be a problem.

 

[msgr]

Thanks, I will open with Bankera against my current UK co and build a track record prior to a future non-UK co. I am also aware of CFC regulations, and it appears at £200K profit allowance on offshore profits, so I can safely operate up to that level. It looks like, from my interpretation, that this £200K de minimis threshold is applied per comapny. That seems like a bit of a loophole though, as simply if I reach that level (I'm not there yet ...), I just parallel my activities across multiple companies ... however, I suspect HMRC would see that as a purposeful attempt to avoid taxation.