Where can offshore companies have bank accounts?

Question

Hi

I'm contemplating forming an offshore company to save tax. Can the offshore comapny have a bank account in UK? or do I need a offshore bank account as well?
If I can have it in UK then is the money become taxable? Even thought comapny is in offshore?


Thanks

Vishy

Answer 1

You can open a bank account almost anywhere including in the UK. If you use a bearer share corporation you will have the highest degree of privacy. Many banks/countries don't recognize bearer share corporations so getting a bank account is difficult onshore. The money would not be taxable if it was the property of the offshore corporation. The problem is becomes this. Who will benefit from this money? How will it be spent? If effectively this money is used for your own benefit then this will likely not hold up. There are ways to get what you want done. I recommend you visit http://www.searchallinone.com/offshore-banking or better call us at 44 20 300-27962 for details beyond what you will find by browsing the web.

Answer 2

Generally the offshore corporation banks in the jurisdiction they were incorporated in which is typically a privacy and tax haven. Banks are more comfortable with corporations formed in their own jurisdiction. Panama is a great jurisdiction to form an offshore company in and also to bank in. Panama does not tax offshore derived income and has no capital gains tax. These web pages may be helpful regarding offshore corporations and bank accounts:
http://www.panamalaw.org/bearer_share_corperation.html
http://www.panamalaw.org/offshore_bank_account.html
http://www.panamalaw.org/offshore_company_uses.html

Answer 3

Companies can have accounts in most places. The point is where the money is earned. If you earn it in the UK and have the bank account in the UK, having an offshore company won't help.

Answer 4

You must be well into your second million ££ profit if you need to start hiding your business deals offshore !