JOHNNY DOETHE LIFE WHISPERER

Advice on Company Location & Bank

uk29

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uk29New MemberAuthor
Joined
Jun 2017
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55

#1

Hello!

I have just signed up for mentor access so I hope you can help point me in the right direction.

Im a British citizen and a UK resident and I have an online marketing company.

We spend approximately £20,000 per week/£80,000 per month on Google Adwords advertising and receive approx £25,000 per week/£100,000 per month but the problem I have is that in the UK, we should pay "Reverse Charge VAT" to UK government at 20%. The fix for this is for us to move the company to an offshore location where there is no VAT applicable.

The advertising is currently paid on my personal credit card and the UK business then pays my credit card company directly.

Can you please recomend me:

- Where to form the company, where there is no public register.
- A REPUTABLE bank that offers fast transfers to and from the UK.

Also...How do should I get around CRS/AEOI? I dont want UK government to know I have this setup.

Hope you can help!!!

uk29New MemberAuthor
Joined
Jun 2017
Messages
55

#2

Just to add to this, clients are UK based.

Hope someone can help!!

JohnLockeOffshoreCorpTalk owner
Joined
Dec 2008
Messages
15,888

#3

It's going to be complicated to setup a company that fits your requirements!

First of all you will need to find out what countries Google accept if you want to pay the Adwords directly from the corporate account.

Almost any bank (if not all banks) will report you as soon as you setup a company with your documents and information, they have obligations to do so, there is no way around it.

When you ask the banks in Cyprus they say that they won't report accounts which are hold by foreign companies outside of Europe i.e. Belize, Seychelles etc. however, I would not trust that statement!

There are ways to setup a company anonymous, but it is complicated and also risky if you read some of the other forum users replies to threads about DARKS. Darks is the only way around it and has helped many to find a way around the reporting and public records.

uk29New MemberAuthor
Joined
Jun 2017
Messages
55

#4

The Google side of things is fine, I can simply update my existing address with my account manager, I don't need to signup a new account etc.

Due to the spend we have with Google, our account manager has said they will ensure what ever location we choose will get accepted.

As I understand it, the USA will not share information with the UK tax authorities. Therefore, is opening a company in Delware and having a US bank account with GBP currency an option? Or would they still report back?

JohnLockeOffshoreCorpTalk owner
Joined
Dec 2008
Messages
15,888

#5

There is somewhere on the forum a great report about CRS and AEOI which also list the countries reporting, I can't just find it right now! As far as I remember the US has to report UK citizens too, but I'm not 100% sure if that is true.

Anyway, you will get problems to get a US bank account for your company. To setup a corp in the USA for instant in Delaware is no problem at all but the bank account will require a SNN or someone that is doing the underwriting. I know that there are users here on the forum that claim to be able to open valid US bank account, price is roughly $1500 - $2000 - you may search ad read a little around on the forum.

maxmoneyActive Recruit
Joined
Jan 2017
Messages
480

#6

uk29 said:

As I understand it, the USA will not share information with the UK tax authorities.

They will share your information as much as any other country will share with the USA! it's printed in the CRS ! just read it...

diabloRecognized Voice
Joined
Feb 2017
Messages
881

#7

This is not true if you are going with an EMI provider and keep your account balance below the 100K EURO a year they will not report you as far as I understand from the user mnschwarz here on the forum! I have not found anything public but it seems it is true with the information I found so far! This is great news :)

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