Having an offshore company has lots of reasons other than tax avoidance, here are some examples:
- Political and economic stability;
- Global clientele;
- Geographical location;
- Lower overhead, accounting costs;
- Better or cheaper communications;
- Easier special licensing if needed.
As we already know, setting up offshore company is quiet straight forward and actually easy thing to do, BUT running the company in a safe, proper and smart manner is not that easy at all.
There are several aspects that one should consider when setting the company up, furthermore when running the company. Now, this is not something new, and I have mentioned this in few other blogs, however I want to point the importance out once again, deeper and this time shift to some even more, and lately proven to be important aspect - business address and account records place.
In one of my previous blogs you may have familiarized yourself with the VAT rules for e-services delivered form offshore into EU (European VAT on Digital Sales delivered from non-EU businesses). However there are some changes due, and this conference is designed to help you to understand the new European rules which will apply from 1 January 2015 regarding telecommunication services, television and radio broadcasting services and electronically supplied services and also will explain the Mini One Stop Shop scheme, a web portal providing a point of single contact for businesses in the EU.
Airports already charge so many different fees, like passenger taxes, departure taxes, fuel taxes, etc., but this I must say is one of the most interesting taxes I have heard so far – WAIT FOR IT ... - the air tax!
There are many pros, who have gone through the process of incorporating their offshore companies, as well as established several bank accounts offshore, so are there many newbies, those who worry and wonder: „If I pay for the company, will it be established? Will it be real? If I open offshore account, will I be able to access the funds? Will I get my money? How will I get it?” Ther are many options and many choices of banks all around the world, in the same time, there are many considerations that each has to look into before starting the process.
I decided to write this blog, as I believe it may come handy. I will outline some key points that need to be considered before opening bank account and I am more than sure that this will help you when making the decision. Nevertheless, as always we only give supportive advise, and each client has to turn to local, legal advisors for professional advise.
Purpose Trusts and Foundations
In physics, it is known as escape speed, it is the speed needed to `break free` from the gravitational attraction of a massive body, without further propulsion.
In offshore world, it is known as `beneficiary-less` bank account, it is the option to `keep low`.
As the name `Purpose` suggests, it is clear that purpose Trusts and Foundations are created in favour of a specified purpose rather than individual human beneficiary or beneficiaries.
Generally common law used to not recognize purpose Trusts established for purposes other than charitable purposes, such as for the relief of poverty, the advancement of religion, the advancement of education, or any other purposes beneficial to the community. English and other common law countries courts have over gone some changes over the years, and now permits for Trusts to be established for non-charitable purposes as well. However the main and real changes are mostly introduced offshore.
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