Our valued sponsor

Opening offshore account

M

mrg1980

New member
Dec 1, 2021
10
1
3
44
uk
#1
Register now
You must login or register to view hidden content on this page.
Hi Guys, I’m looking for some info/help on opening an offshore bank account. I live in the uk but work 90% out the country for a Dutch company as a contractor. Basically I want my invoices paid straight into a offshore account without having it paid into a ltd company in uk?
Any suggestions?
 
  • Like
Reactions: boomy
#2
#3
mrg1980 said:
Hi Guys, I’m looking for some info/help on opening an offshore bank account. I live in the uk but work 90% out the country for a Dutch company as a contractor. Basically I want my invoices paid straight into a offshore account without having it paid into a ltd company in uk?
Any suggestions?
Click to expand...
clemens said:
Open an account with a neobank like Wise, Paysera and what else they are. Search the forum for EMI and Neobank, there are tons of them here.

also check
https://www.offshorecorptalk.com/th...iendly-offshore-bank-account-in-minutes.36708https://www.offshorecorptalk.com/th...or-build-the-whole-corporate-structure.27864/
Click to expand...
Hi, thanks for reply. I’m already using wise business for my ltd company in uk. Reason I was asking was for uk tax purposes
 
#4
Hi - I am of the impression that aince your work ie carries outaide the UK for a non UK client tou could qualify for an exemption to the UK CFC rules. This could allow you to set up somewhere offshore and be employed in that company. You must first agree with your client that he is willing to pay you offshore. Of course the CFC part and your tax position should be properly assessed as you do not want to plqy eith these things.
 
#7
So your effective place of management is UK. That's Corporate Tax then Personal.

If you want to go down the offshore route then you need to set up a real office with workers actually doing something. Then pay yourself a salary and retain profit. Bare in mind the management and day to day running of the business MUST be outside the UK.
Google Controlled Foreign Corporation, Effective Place of Management and Permanent Establishment rules.
 
#8
CaptK said:
So your effective place of management is UK. That's Corporate Tax then Personal.

If you want to go down the offshore route then you need to set up a real office with workers actually doing something. Then pay yourself a salary and retain profit. Bare in mind the management and day to day running of the business MUST be outside the UK.
Google Controlled Foreign Corporation, Effective Place of Management and Permanent Establishment rules.
Click to expand...
Hi, thanks for reply. I’ll google that and find out more.

CaptK said:
So your effective place of management is UK. That's Corporate Tax then Personal.

If you want to go down the offshore route then you need to set up a real office with workers actually doing something. Then pay yourself a salary and retain profit. Bare in mind the management and day to day running of the business MUST be outside the UK.
Google Controlled Foreign Corporation, Effective Place of Management and Permanent Establishment rules.
Click to expand...
Hi, thanks for reply. I’ll google that and find out more
CaptK said:
So your effective place of management is UK. That's Corporate Tax then Personal.

If you want to go down the offshore route then you need to set up a real office with workers actually doing something. Then pay yourself a salary and retain profit. Bare in mind the management and day to day running of the business MUST be outside the UK.
Google Controlled Foreign Corporation, Effective Place of Management and Permanent Establishment rules.
Click to expand...
hi, just checked up on the rules seems a little complicated can you tell me some info on how I could go about setting this up ?
 
Last edited:
#11
Cyprus is a good option but there is accounting costs as well.

UAE is about the same but no accounting and only 1 day in the UAE every 180 days.

US LLC is a lot cheaper but it’s just the US is hard work if they make enquiries. No minimum time required at all in the US.
 
#12
CaptK said:
Cyprus is a good option but there is accounting costs as well.

UAE is about the same but no accounting and only 1 day in the UAE every 180 days.

US LLC is a lot cheaper but it’s just the US is hard work if they make enquiries. No minimum time required at all in the US.
Click to expand...
So as with Cyprus you just switch tax residency to UAE?
 
#13
I’m not sure about obtaining tax residency in Cyprus but for UAE we will be required to stay there for at least 6 months for tax residency. With utility bills and local day to day spending.
 
#14
CaptK said:
I’m not sure about obtaining tax residency in Cyprus but for UAE we will be required to stay there for at least 6 months for tax residency. With utility bills and local day to day spending.
Click to expand...
Ok I couldn’t do 6 months in UAE. Regarding 1 day every 180 days in UAE I could do that no problem. What’s the info for that? Would I need to be there for 6 months initially?
 
#17
mrg1980 said:
Hi Guys, I’m looking for some info/help on opening an offshore bank account. I live in the uk but work 90% out the country for a Dutch company as a contractor. Basically I want my invoices paid straight into a offshore account without having it paid into a ltd company in uk?
Any suggestions?
Click to expand...
what would be the problem doing so... can't get an eye on it?
 
#20
boomy said:
create another offshore company as may be suggested a thousands times here already. The biggest problem will be to hide from the tax auth.
Click to expand...
Yes that’s definitely the main problem
 
Register now
You must login or register to view hidden content on this page.
You must log in or register to reply here.

Forum Announcement

Latest Threads

Offshore Bank Accounts
Top Bottom
Back