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VGMC Panama
VGMC Shareholders

Created on: 13/10/2012
Last post: 08/10/2013

Replies: 3
We are shareholders of VGMC Virgin Gold Mining Corporation (Panama). VGMC has announced to all the shareholders lately that, effective from 1st October 2012 VGMC Panama is under process of transferring all our shares to Professional Closed End Funds under BVI for the company to be listed in 2013 purpose; accordingly, all the shareholders’ shares will be managed under Professional Closed End Funds under BVI effective from December 2012.

We are all very anxious to clarify if the announcement is true. Many thanks,

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Panamanian company opening a US business bank account without Nexus
Anonymous

Created on: 27/06/2012
Last post: 24/10/2012

Replies: 1
The owner of my Panamanian company, myself and a few independent contractors perform international business services on behalf of global clients, some of which are US businesses.

We're considering opening a US HSBC business account in order to receive payment from these US clients. Our Panamanian company performs the "work" (services) outside the USA although one of my newest independent contractors will be located in the USA (Colorado) but his relationship is to the Panamanian company and not to the US client directly.

The idea is to accept payment to the US account and then transfer this money (or not) to the Panamanian business account. What we're mostly concerned with is the avoidance of creating a 'nexus' with the USA since, according to the IRS, payment for 'services' to non-resident alien companies does not create a nexus and can be made without withholding 30% even without a tax treaty in place if payment is for services. Why pay additional US taxes on these earning if not legally obligated to, right?

HSBC seems to say that their non US based "Business Relationship Managers" can open a US account on behalf of a foreign corporation without a TIN. They're not explicit about this but strongly suggest this is possible.

So if anyone can clarify whether this will work or the problems we would face, I'd greatly appreciate it. By the way, no one is trying to avoid legitimate US taxes. The owners of the company are not US residents nor citizens, company is not a US company and any independent contractors are liable for their own taxes and tax reporting. We're considering opening this account only as a convenience to the US clients.

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Panamanian company opening a US business bank account without Nexus
Anonymous

Created on: 27/06/2012
Last post: 03/07/2012

Replies: 1
The owner of my Panamanian company, myself and a few independent contractors perform international business services on behalf of global clients, some of which are US businesses.

We're considering opening a US HSBC business account in order to receive payment from these US clients. Our Panamanian company performs the "work" (services) outside the USA although one of my newest independent contractors will be located in the USA (Colorado) but his relationship is to the Panamanian company and not to the US client directly.

The idea is to accept payment to the US account and then transfer this money (or not) to the Panamanian business account. What we're mostly concerned with is the avoidance of creating a 'nexus' with the USA since, according to the IRS, payment for 'services' to non-resident alien companies does not create a nexus and can be made without withholding 30% even without a tax treaty in place if payment is for services. Why pay additional US taxes on these earning if not legally obligated to, right?

HSBC seems to say that their non US based "Business Relationship Managers" can open a US account on behalf of a foreign corporation without a TIN. They're not explicit about this but strongly suggest this is possible.

So if anyone can clarify whether this will work or the problems we would face, I'd greatly appreciate it. By the way, no one is trying to avoid legitimate US taxes. The owners of the company are not US residents nor citizens, company is not a US company and any independent contractors are liable for their own taxes and tax reporting. We're considering opening this account only as a convenience to the US clients.

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low tax
Anonymous

Created on: 11/03/2010
Last post: 07/04/2012

Replies: 5
I live in uk I am starting to trade the forex market can I have the profit paid directly to an offshore acount without incuring uk tax. thanks

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