Scottish LLP need more information and fees please?

[busdriver]

if you look at the Apple case in Ireland ... what seemed to be legal can be challenged by a government (or the EU).
Than legal becomes illegal unexpectedly.

Maybe it's more about how likely it is to be caught and punished severely. And this is regardless if it was/seemed legal when one came up with the plan.

Something can be declared by a government to be illegal, just like that. That's the power any government has. If it actually affects you is a different question.

Just face the fact, that there is no certainty, just likelihood.

Does that make sense?

 

[cosmo]

This make sense, but it is not a way to go for long time business. We need to keep focus on our business and not to worry about when any government will change something and turn it to be illegal.

 

[busdriver]

Well @cosmo , than you set up your company in the country of your residence and passport (should be same), pay tax as they demand and obey all there licensing and other rules.
Many on this forum do not like to do it that way ... And even than the government (or the people of a country) can just change the rules, the market ...

 

[cosmo]

@busdriver - I agree it seems that's the way of doing it

 

[dirtyharry]

You might want to look into
2.3 (Legal entities which cannot be entered on the PSC register ...)
of https://www.gov.uk/government/uploa...hment_data/file/515721/Guidance_for_PSCv2.pdf - sorry - I did not have the time yet. Let me know what you find.

You seem to be very knowledge about this topic! Do you know if it makes sense to open a LLP in Scotland for the only purpose to protect say 100k in BitCoins from some pople I owe money ?

 

[busdriver]

Hmm,
I think is first depends on who you owe to and why - the tax man (which one?) or a private person or entity (bank)...
Also if you might be watched regarding possible money laundering.

The is Common Reporting Standard (CRS) in the making. Meaning banks have to report all accounts (including account holder information and balance) automatically (not on demand as it is right now) to their national authorities and they forward that to the country of tax residence. The register of people with significant control (applies to Scottish LLPs) has to be seen related to that.

But if you owe someone money, let's say because you did not pay your bill in the US, I'd say the risk of them find out out is pretty low.

Funny thing - all tax havens (like Belize) will take part in CRS. Other not so well-known tax optimising jurisdictions would not (as soon) as Panama or will have many legal difficulties (Germany) or technical difficulties (Philippines). But this last aspect only applies in regards of taxation.

 

[busdriver]

Sorry, that was wrong ... Panama will comply with CRS (according to Wikipedia).
It's actually difficult to get an accurate and up-to-date list of non-complying countries. (Only one is currently clear: the USA prefers to stick to FACTA instead which is the old standard)

 

[CoinMaster]

Well, I did not check the fines / penalties for not complying, but I could imagine some people might find them tolerable

I am afraid, if one wants to play by all rules, that will be tricky.

You think it can be possible to stay anonymous if we not play by rules?

 

[CoinMaster]

Hmm,
I think is first depends on who you owe to and why - the tax man (which one?) or a private person or entity (bank)...
Also if you might be watched regarding possible money laundering.

The is Common Reporting Standard (CRS) in the making. Meaning banks have to report all accounts (including account holder information and balance) automatically (not on demand as it is right now) to their national authorities and they forward that to the country of tax residence. The register of people with significant control (applies to Scottish LLPs) has to be seen related to that.

But if you owe someone money, let's say because you did not pay your bill in the US, I'd say the risk of them find out out is pretty low.

Funny thing - all tax havens (like Belize) will take part in CRS. Other not so well-known tax optimising jurisdictions would not (as soon) as Panama or will have many legal difficulties (Germany) or technical difficulties (Philippines). But this last aspect only applies in regards of taxation.

Do you know if creditors can get access to money on digital currency if I own a LLP?

 

[busdriver]

yes, I think one can stay anonymous, if one doesn't play by rules.

 

[Alpha P]

As a UK and Scottish corporate & accountancy service, I would like to point out that not all limited companies, LLPs and
Scottish Limited Partnerships (SLPs) will have owners disclosed on the PSC register. A SLP can even open a UK or Cyprus
bank account!

I would also like to point out that there is a difference between an LLP registered in Scotland and a SLP.

We have been communicating with the UK government's PSC team and have received confirmation about various (legal)
situations and structures where companies, LLPs and SLPs will and will not have to disclose PSCs. This along with our
years of experience with UK legal entities put us in the best place to assist you.

If anyone will like more information please contact me.

 

[busdriver]

I think anyone here would like to know more

 

[Nomad]

@Alpha P, can you you give some URLs where I can find that LLPs and SLPs don't have to disclose PSCs.

 

[BC0312]

Can you open a bank account in other countries outside EU for that Scottish LP ? Says Singapore, Hongkong... ?

 

[Alpha P]

Can you open a bank account in other countries outside EU for that Scottish LP ? Says Singapore, Hongkong... ?

Yes this is possible however it depends on many factors such as what the activities are, who the partners are, if the SLP can meet the banks due diligence requirements, etc.
Bank account opening Edinburgh : Alpha P Consulting

 

[Yaroslav]

Can you open a bank account in other countries outside EU for that Scottish LP ? Says Singapore, Hongkong... ?

To be honest, it would be really difficult to open the account in Singapore, Hong Kong etc. even if you have a transparent corporate structure.
Many banks treat partnerships as offshores.
I would rather take a look at some European EMIs.