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I am a UK resident but was born in Malawi. I moved to the UK when I was a kid.
I am director of a UK registered Limited Company and also a Company based in the UAE free trade zone. Both companies trade internationally. We buy from one country and sell to another. Never does the product land in the UK or UAE. None of our clients or customers are based in the UK or UAE. Realistically, we could use any company structure in any jurisdiction to run this business.
Ideally, I would like to remain living in the UK but do not really like the idea of paying UK corporation tax or UK income tax. I have looked at having an IBC in BVI / UAE / Mauritius / Seychelles etc etc and using nominee shareholders and directors.
However, whichever way I look at it, it seems that I am unable to find a legitimate scheme (according to UK tax law) that allows me to live in the UK and continue my business without always being worried that there is some small chance that the UK authorities may investigate me.
There must be a totally legal way of trading internationally whilst living in the UK without being taxed by the UK authorities? There must be a country with a low or zero tax rate that has some sort of double taxation agreement with the UK or where the UK exempts the foreign structure from tax liability in the UK (as per the Foreign Controlled Companies rules).
If anyone has any ideas, please let me know!!
Sepp Bududa
REPLY:
Hi Sepp, It is a very simple process of configuring a corporate structure to enable the profits of an offshore company to avoid taxation in the UK where the would be officers continue to reside in the UK. The problem occurs because of your personal residential status and will continue to occur irrespective of the location of the offshore company. It is essential to utilise an ownership vehicle, such as a Trust (with careful location of Trustees, in order to not breach UK tax laws) to act as Shareholder while using a none EU resident nominee Director and banking for the company being located in a none EU, confidential location. We can put this in place for you within a matter of days. Please feel free to contact us for further discussion on enquiries@turnerlittle.com or via our web site at www.turnerlittle.com Advisor - Turner Little
REPLY:
Hello Sepp,
My name is Zaccheus Jules of BESPOKE Corporate & Fiduciary Services Ltd. in Saint Lucia. Saint Lucia offers a low to no tax on IBC incorporation and does have a signed agreement with the UK Authorities. The key thing is to have the main decision making of the company out of the UK. The fact that you are UK RESIDENT and have business outside and continue to make key decisions there for the companies it will affect your tax.
REPLY:
Malta has a double taxation agreement with the UK and it is very attractive to set up a acompany in Malta that trades internationally. Please contact me at pbt@maltanet.net
REPLY:
Dear Sirs
After reading your post on Lowtax.com please note that from our 92 Jurisdictions which we service the most appropriate in your particular case is either Gibraltar or UAE as they both address your particular concerns. Please note that the recommendation is based on the information at hand however once we further progress there is a possibility that the recommended jurisdiction may need to be changed to address your particular needs.
We are able to offer complete corporate services in all Jurisdictions directly via our own offices.
There are 27 Free zones available in UAE and within these aprox 20 different structures that may be used, therefore we have 540 options available as a starting point and then these need to be adapted to the needs of the customer in relation to their specific requirements for employees, operating areas and licences. However there is also the normal IBC structure in which we are able to deliver in aprox 3 working days.
In relation to Gibraltar there are various options which are attractive especially with the Cat 2 highly tax efficient Immigration programmes.
The two jurisdictions offer spectacular value especially when coupled to multi jurisdictional structures or trusts. Additionally we are able to structure your online multicurrency bank account without the need to visit.
Please see our website www.uae-eu.com for more information on our Company and products.
In order to download our UAE Corporate Offshore Brochure please visit http://www.uae-eu.com/pdf/rak_offshorebrochure.pdf
I look forward to hearing from you, should you wish to take the matter further please send me an email to adrian@uae-eu.com for a free no obligation initial consultancy.
REPLY:
Sepp, Malta does have some attractive schEmes that could be of help. However, you will always have to pay some taxes. There is no such thing as tax free, unless you want to have sleepless nights dreaming about HMRC being after you. On the other hand, if you would consider changing your place of residency to Malta, you would better yourself considerably. info (at) eu-hub.com Eu-Hub Malta Limited A Hilton
REPLY:
Here's an idea. Since you live in the UK and enjoy the benefits which that brings, maybe you should consider contributing your fair share so the rest of us in the UK can pay a little less.. Dave, UK
REPLY:
@Dave "fair share" is a good point. But how do we determine what a fair share is? info (at) eu-hub.com A Hilton
REPLY:
Dear Sepp Bududa,
You are right, nominees won't be of any help since you are a UK-resident, thus falling of section 749(5) of the ICTA: http://tinyurl.com/yyqen4a
We may analyze your complete situation and give you a _business_ suggestion for 250 GBP (we aren't a company formation business, thus not biased). A business suggestion is not a tax advice, but only a detailed suggestion on how to conduct your affairs properly and where.
5 years of experience, www.prominee.com
REPLY:
Where you said: There must be a totally legal way of trading internationally whilst living in the UK without being taxed by the UK authorities?
According to our information, as long as you live in UK and have your central business in UK, you are liable for world wide income tax.
Using nominees is hiding the true business situation and it increases risks of getting discovered and fined.
We do not recommend for you any strategy of hiding, but strategy which is based on UK law, permitting you to have an outside business structure accumulating some parts of your income, while you receive smaller part in UK for your living expenses.
Once the time comes that you wish to pay out your accumulated income, you would temporarily move your residency (for more than 6 months) into a country such as Malta, to pay out completely legally your accumulated income.
An outside structure has to be setup in the manner that it has an active director working for your outside company and that you get a basic contract as advisor. All your income as advisor would be taxed in UK, after expenses.
While the active outside company, which can be located in Europe, can accumulate, tax free, the income with your non-UK operations.
Maintaining such an outside company asks for monthly expenses, not less than GBP 500, but it does offer tax free income accumulation within Europe, but not EU.
We are well versed in setting up such business structures which are in accordance with UK law, and which do help you accumulate income outside of UK, until you move your residency to pay it yourself tax free.
http://www.offshore-services.biz http://thetabiz.tel Mr. Jean Louis
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