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phatboy

New member
I run a number of UK Ltd companies and am a UK resident. I have recently been dragged into a frivolous lawsuit from a rival company who tried to sue my UK Ltd Company, and want to avoid this happening to my other companies as it was a costly waste of time.

So I have been thinking about going offshore and trading under an offshore company publicly, but still paying UK tax etc. It's basically for privacy reasons. This should hopefully reduce the chances of any lawsuits if I incorporate somewhere like Belize or St Kitts - where even the Director isn't known if I understand correctly. The latter of these seems expensive to incorporate in though, which is the cheapest place to register?

And is it possible to DIY it i.e. go directly to the equivalent of the St Kitts "Companies House" and register there? I don't really want to spend more than, say, $400 on this a year in fees. Some of these offshore companies are charging $3k a year....

Thanks.
 

Cetme308win

Entrepreneur
I run a number of UK Ltd companies and am a UK resident. I have recently been dragged into a frivolous lawsuit from a rival company who tried to sue my UK Ltd Company, and want to avoid this happening to my other companies as it was a costly waste of time.

So I have been thinking about going offshore and trading under an offshore company publicly, but still paying UK tax etc. It's basically for privacy reasons. This should hopefully reduce the chances of any lawsuits if I incorporate somewhere like Belize or St Kitts - where even the Director isn't known if I understand correctly. The latter of these seems expensive to incorporate in though, which is the cheapest place to register?

And is it possible to DIY it i.e. go directly to the equivalent of the St Kitts "Companies House" and register there? I don't really want to spend more than, say, $400 on this a year in fees. Some of these offshore companies are charging $3k a year....

Thanks.
I would go with a Belize or seychelles company,even an american one.....But you will need to find a registered agent for incorporate your company there
 

phatboy

New member
I would go with a Belize or seychelles company,even an american one.....But you will need to find a registered agent for incorporate your company there
Thanks. What's generally the cheapest place for Belize incorporations online? Best price I've found is £475 / about $550
 

Mark Rucken

Entrepreneur
You want to transfer the whole business offshore, hide the identity of owners/directors and do not want to pay more than 400 USD a year? Try revising your budget.
 

phatboy

New member
You want to transfer the whole business offshore, hide the identity of owners/directors and do not want to pay more than 400 USD a year? Try revising your budget.
Not exactly, I want to register my websites through that offshore company but all trading in terms of accounts, tax will still be done in the UK.

What would you say is a realistic budget here please?
 

Mark Rucken

Entrepreneur
Not exactly, I want to register my websites through that offshore company but all trading in terms of accounts, tax will still be done in the UK.

What would you say is a realistic budget here please?

Well, annual renewal for Belize would indeed be some 400-500 USD, but with you appointed as a Manager and Member. However, if you want to hide behind a Nominee Manager and Member, add 500 on top of that. In case someone requests incorporation documents, your name will not be visible on any official document.
 

user9823671

Entrepreneur
Honestly, $400 to get a setup where privacy is the focus, that is unrealistic. Maybe you will find somewhere that *advertises* they will do it for that, but then you get hit with hidden fees for *everything*. Even more so if you go the nominees route.

But best of luck and if you find a reputably and honest company to do it for you for that much, please let us know.
 

phatboy

New member
On a separate note, will you not have issues trading in the UK with an offshore company? What will use for banking?
No, it'll basically be a front. Publicly, my websites will be registered to Offshore Company Ltd in Belize or whatnot. But I'll still maintain my UK Ltd Company with bank account and carry on as normal. The only difference is, nobody will be able to find out (easily?) that my website is still owned/trading under UK Ltd Company, because it won't be mentioned anywhere.
 

John Andrews

Entrepreneur
Yes this can and will work. The real question here is, which Belize provider is the cheapest?

Realistic budget with nominees is $2k for formation and $1k for renewal. Privacy costs, deal with it.
 

user9823671

Entrepreneur
No, it'll basically be a front. Publicly, my websites will be registered to Offshore Company Ltd in Belize or whatnot. But I'll still maintain my UK Ltd Company with bank account and carry on as normal. The only difference is, nobody will be able to find out (easily?) that my website is still owned/trading under UK Ltd Company, because it won't be mentioned anywhere.

Will that work though? I suppose depends on the business, but if someone purchases something from you, wouldn't your UK business details will appear on the purchase / receipt / statement?
 

Cetme308win

Entrepreneur
No, it'll basically be a front. Publicly, my websites will be registered to Offshore Company Ltd in Belize or whatnot. But I'll still maintain my UK Ltd Company with bank account and carry on as normal. The only difference is, nobody will be able to find out (easily?) that my website is still owned/trading under UK Ltd Company, because it won't be mentioned anywhere.
why not instead register a cheap us company for that? if you don't need a bank account could be great....you even won't need to show them any passport for that.... your US LLC can be owned by "Donald Duck " if you want.... lol
 

James Turner

Business Angel
In my experience trying to create privacy and protect yourself, your wealth, assets etc on an incredibly limited budget and DIY rarely works. You need an expert who knows how to structure something properly and they will charge fees to do this. You will only know this works when a problem arises and at that point it is too late to fix the errors made by cheap providers or through a DIY effort.
 

phatboy

New member
In my experience trying to create privacy and protect yourself, your wealth, assets etc on an incredibly limited budget and DIY rarely works. You need an expert who knows how to structure something properly and they will charge fees to do this. You will only know this works when a problem arises and at that point it is too late to fix the errors made by cheap providers or through a DIY effort.

Often this is true, but by the same token a lot of companies just rip you off with something you can get much cheaper by going direct. So it's hard to know which.

I will check out Wyoming, thanks. I thought that this would show the company ownership though.
 
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