Way off topic, but I realised that there might be a few people who would know about this.
I'm looking to set up a company outside of Canada. No, I'm not trying to avoid taxes, but I need to set it up outside of the country.
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That being said, a couple of people have suggested I go to Costa Rica, or maybe Belize.
Would any of you know any lawyers who would be able to advise, or places I could go to get advice?
thx!
Gibralter........british banking system but offshore and tax free
You may want to look at Cyprus. Low cost setup, reasonable admin, EU and no withholding.
For the masochist? Flying to Guernsey is much more convenient than Gibraltar. Short hop from LHR.
A friend of mine just got a job in Guernsey and found that the only direct flights are from LGW. This makes connections from Canada a little more tedious as you must either fly into Gatwick or transfer from Heathrow.
Way off topic, but I realised that there might be a few people who would know about this.
I'm looking to set up a company outside of Canada. No, I'm not trying to avoid taxes, but I need to set it up outside of the country.
That being said, a couple of people have suggested I go to Costa Rica, or maybe Belize.
Would any of you know any lawyers who would be able to advise, or places I could go to get advice?
thx!
Just a side note, if you plan on keeping money offshore to defer tax, as long as you are running an active business you should generally be ok. However, once the money comes back to Canada you'll be taxed. If you ship money offshore just to earn interest and pay a low rate of tax, you won't achieve anything. Mention FAPI to your tax advisor and they can help you out.
Doesn't Aftof245 reside in the Caymans?
I used to, I got voted off the Island :D :cool:
Gibralter........british banking system but offshore and tax free
For the masochist? Flying to Guernsey is much more convenient than Gibraltar. Short hop from LHR.
Guernsey?
Doesn't Aftof245 reside in the Caymans?
It all depends as to why you need to go offshore.
Some of the more obscure islands attract a lot of offshore accounts because they have tax advatages and secrecy laws that make it hard for prying eyes to detect. Although it is getting harder and harder to do, it is still possible to maintain secrecy should you require. Simply establish and offshore IBC with Barer shares and administer it through a trust and if you have done your homework on the right juristiction, you will be fine. Sort of. There are many other issues to keep you awake at night.
On the other hand, should you simply require an offshore company, I would probably choose a sunny place not to far from home. Islands like the Bahamas offer little secrecy but is a nice place to go and you can deal with the RBC and most other Canadian Banks should you require.
MCM.
CRA has been moving towards better understanding how and where things are being done and now intends to move agressively: www.cra-arc.gc.ca/newsroom/releases/2005/aug/nr050809-e.html
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No doubt.
Mais on peut toujours aller en vacances à Aurigny, non?
Interesting places that I have visited for work (and where I've done a bit of banking) include Provo, Turks & Caicos and Georgetown, Caymen Islands.... :cool: ;)
Would any of you know any lawyers who would be able to advise, or places I could go to get advice?
thx!
Deefz:
Drop me a note and I would be happy to refer you to a couple of colleagues who can assist you.
MBALLB
A few things need to be considered when discussing international tax issues and offshore structures in particular. First off, it is an EXTREMELY complex field that requires far more consideration than we can probably give the OP on this board in order for him to meet his business objectives.
Secondly, the past decade's boom in the offshore industry, especially structures sold to "ordinary" Canadians, has been going through a rather tumultuous period in the past 2 to 3 years. CRA has been moving towards better understanding how and where things are being done and now intends to move agressively: www.cra-arc.gc.ca/newsroom/releases/2005/aug/nr050809-e.html
The motivations behind CRA's stance are varied, parts of which can be found in recent Auditor General of Canada reports. Also, do not underestimate the fact that the Opposition is going to spin the "offshore question" (rightly or wrongly, but certainly with some very twisted presentations of the facts and the law) in the coming parliamentary session to go after the PM. The BQ has already announced that Martin's sons (now the titular owners of CSL) will be called to testify before the Commons Finance Committee this fall. As with all things political, it's going to get rather nasty.
If you are looking for privacy, then Costa Rica is not the place.
I recommend Panama for several reasons:
Stability - Panama is the banking center of Latin America and its currency is the US Dollar (called a Balboa but is pegged to the US Dollar). Costa Rica is constantly devaluing its currency. Someday, it will have an Argentine style meltdown. It is just a matter of time. When that happens, it will be almost impossible to get foreign currencies out of the banks.
Flexible Corporation laws - Setting up an offshore corporation in Panama is one of the more expensive places in Latin America but they have excellent Trust laws that give some of the best privacy protection in the world.
Less US Intervention - For the most part, the people of Panama hate the United States. They will be less likely to cooperate with Big Brother. (I know you mentioned Canada but be assured, anything the US finds out regarding a Canadian citizen will be passed on)
Easy Access - While Gibraltar, Jersey, Nevis are good choices, it can be very hard to get to those places compared to Panama. Especially if you remain in Canada. If you need to get your money out in a hurry, it is nice to be able to do it quickly, and in person.
Tax Avoidance? - I know you said this was not your goal and that is a good thing because it is very risky trying to avoid taxes with offshore entities. If the US wants your money, there is no place in the world where you can hide it. Even the Swiss have bowed to US demands and ruined their reputations as private bankers.
I'm looking to set up a company outside of Canada. No, I'm not trying to avoid taxes, but I need to set it up outside of the country.
Hey, what's wrong with trying to avoid taxes? :D One website I like which has good articles and links on moving offshore is www.escapeartist.com. It piqued my interest while reading an article on setting up an e-commerce operation in Panama, which has a free trade zone and modern banking system.
A friend of mine just got a job in Guernsey and found that the only direct flights are from LGW. This makes connections from Canada a little more tedious as you must either fly into Gatwick or transfer from Heathrow.
I stand corrected then. Anyway, a nice ferry trip from either Cherbourg or St Malo in France, or Weymouth and Poole. Or fly from Bristol, MAN or BHX?
Working for a bank eh?
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