Seychelles company - Returning to EU

[leeku88]

I need advice on the following;

I've had a Seychelles company for the passed 6 years in my name with bank accounts set up in the Isle of Man and I live in Asia. I plan to return to my EU country soon and start a business there. The Seychelles company will still receive income to the Isle of Man bank account, which I don't need to touch and I plan to keep the address in Asia. Obviously, I do not wish to pay tax on this income in my EU country, so what should I do before I return to the EU?

Keep everything still the same?
Change to a nominee director?
Also change to a nominee shareholder?
Since my name will still be on the bank accounts would it be pointless to change to a nominee?

Thanks for your advice

 

[Martin Everson]

Well if you keep everything the same then there is no issue, however I would not advise this.

You can use a nominee director, shareholder but you need a real operational presence outside your EU country to make this work. The corporate bank account will still be reported to your EU country as you are the UBO and remain on their records of the bank I guess along with nominees. If you go with the full management and operations outside your EU country and do not derive any income from the company then their is no tax liability. You will still however have to declare beneficial ownership depending on your country to the taxman.

 

[Spinat]

Well, most often the bank won't check if you have moved, so they will believe that you still live where you do now even you moved within the EU. That said, nothing will happen you won't even get reported anywhere!

Even with nominees you will be taxed in the EU unless you setup a real office in the Seychelles where you can proof the management and control is!

 

[leeku88]

Well, most often the bank won't check if you have moved, so they will believe that you still live where you do now even you moved within the EU. That said, nothing will happen you won't even get reported anywhere!

Even with nominees you will be taxed in the EU unless you setup a real office in the Seychelles where you can proof the management and control is!

Thanks for the reply, so it doesn't seem much point paying the extra for a nominee director then.

 

[JohnLocke]

Thanks for the reply, so it doesn't seem much point paying the extra for a nominee director then.

You want to make sure the Seychelles agent is able to provide you with some sort of real office proof in case your local tax auth. will come after you. Today it's difficult to avoid taxes within the EU borders even though you appoint nominees!