Offshore investing companies in Tax Heaven

[maicon]

We have here people from all over the world, and probably some from some Tax Hells like me (Brazil). So, one option to consider is using (legally) an offshore structure for investing internationally. Some benefits are avoiding that printing money organizations (aka irresponsible governments) get their risk-free profit from my efforts, savings and investments, even before I see the money in my accout... Also, over the last decade I saw some weird things happening with some neighbors such as Argentina and Venezuela, that we cannot say it won't happen here. So, sharing with me your information, you won't be helping terrorism or money laundry!

So, anyone using an offshore in any tiny and exotic country? Up to now, from my research, I may open an IBC in Belize, with banking account in Puerto Rico.

I need some suggestions of jurisdicions and services to open an offshore... I'd be glad if you share your experiences!

 

[StuartG]

Nothing beats a Singapore company!

 

[CaptK]

Nothing beats a Singapore company!

We could argue that till the cows come home.

Singapore is a fantastic location and banking is in my opinion the best. But as a total solution you don't gain much with a Singapore structure. It should be used with another structure behind it.

Jurisdiction is not OP's problem it's banking that is stable, accept the jurisdiction of incorporation, accept business model and easy to use/access.

 

[Fred]

We made good experience for Dubai company and local bank account opening with Interactive Brokers.

Interactive Brokers and Saxo both have UAE not considered a classic tax haven like Belize or Seychelles.

Last year many Interactive Brokers accounts with Belize or Seychelles IBC got suspended.

Even customers with BVI company and Singapore bank account got troubles.

Note that we had a call yesterday with OCBC and starting from this year they even don't open for UAE companies bank accounts - last year some lucky people got their accounts with classic tax haven like BVI.

Things changing fast.

 

[Spinat]

The costs to setup a Dubai or Singapore company seems high, but the outcome may be acceptable depending on profits generated in the entity.

For most small business peoples around it will not be an affordable solution. I admit I don't know the exact costs for each setup but it's not going to be cheap.

 

[Fred]

The costs to setup a Dubai or Singapore company seems high, but the outcome may be acceptable depending on profits generated in the entity.

For most small business peoples around it will not be an affordable solution. I admit I don't know the exact costs for each setup but it's not going to be cheap.

I can only speak for Dubai but I think yearly costs of 4.000 EUR is affordable especially for the above mentioned purpose.

Don't think the initial setup is reliable and wonder which broker will open for it.

I mean many people we talking to wondering even that Interactive Brokers is open to work with UAE without any real office or substance.

 

[BlueMist]

I used to have a company in Singapore for few years through one of the top SG CSP (Rikvin):
- registered office fees S$600 p.a.
- secretarial service fees S$700 p.a.
- nominee director S$2000 p.a. (required for non residents)
- accounting fees S$1900 p.a. (book keeping, director's report, AGM & AR, Corporate tax filling).

+7% GST = $4200 or €3500 p.a.
This can obviously be reduced if you reside there and nominee director is not required. Also I am sure there are cheaper companies than Rikvin.

In UAE Fujairah CCFZ annual trade license fees are approx. €4000 p.a. with 3 visas eligibility. We are talking about trade license only. In Dubai you have to add full accounting, audit etc., which will be easily additional €3000, not to mention desk space requirement or small office to satisfy real presence for the banks...

 

[For Free]

- Singapore company with banking there is considered onshore business. You have to pay 17% tax on profit and do auditing annually. Hongkong is similar.
- UAE company LLC/FZ is good choice if you move there to live and enjoy 0% tax. Cost is not cheap.
- Tax-haven companies with Singaporian banks are difficult/impossible to form
- Other formations heavily depend on your business model

 

[StuartG]

My Singapore Companies cost me <US$3,000 per annum each and with monies kept outside Singapore zero tax. Singapore is also outstanding as an acceptable legislation which does not prompt any questions.
As CaptK says the Structure behind the company is what's important.

 

[For Free]

My Singapore Companies cost me <US$3,000 per annum each and with monies kept outside Singapore zero tax. Singapore is also outstanding as an acceptable legislation which does not prompt any questions.
As CaptK says the Structure behind the company is what's important.

Well, that means you incorporated in Singapore but have bank account outside Singapore, then you don't have to pay tax

 

[StuartG]

Yes! Broadly

 

[For Free]

Yes! Broadly

Cheers! Good formation. Do you need to open representative office/branch for your Singapore company at the bank country? Or just to open offshore bank account?

 

[CaptK]

Well, that means you incorporated in Singapore but have bank account outside Singapore, then you don't have to pay tax

Not necessarily, you can have a company behind that in Seychelles or UAE and the Singapore company becomes part of a group.

 

[StuartG]

Cheers! Good formation. Do you need to open representative office/branch for your Singapore company at the bank country? Or just to open offshore bank account?

In theory maybe, but in practice........

 

[StuartG]

Not necessarily, you can have a company behind that in Seychelles or UAE and the Singapore company becomes part of a group.

Correct - multiple complicated options!

 

[bauer340]

For brazilians, an LLC in Delaware is a good idea because is cheap, stealthy and no income tax. You can learn more about that in ytb brazilian channel named Capital Global

 

[Kakarot]

My Singapore Companies cost me <US$3,000 per annum each and with monies kept outside Singapore zero tax. Singapore is also outstanding as an acceptable legislation which does not prompt any questions.
As CaptK says the Structure behind the company is what's important.

where do you bank if running a singapore company offshore? You cannot bank in singapore or else you'll pay tax. And without an address in singapore -- how do you convince banks in other jurisdictions to take you on as a client?

 

[JohnLocke]

As CaptK says the Structure behind the company is what's important.

that's the key to any setup!

where do you bank if running a singapore company offshore?

That's an exceptional question, where do you bank?