Moving a LTD company overseas


Moving a LTD company overseas

Postby omaplata on Mon Feb 07, 2011 11:18 pm

Hi,

I run an online business and I have a registered UK LTD company as I was advised to set up by my accountant. I am resident in the UK.

However, none of the business actually takes place in the UK, it is all international, even the websites I own are registered and hosted overseas.

My question, how can I organize things to register or transfer the company overseas, into a country with low, or no corporation tax.

As a UK resident director I will or course pay any tax due on salary / dividends paid to me.

Does anyone have any knowledge, or experience of this, my accountant doesn't seem to get it?
omaplata
 
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Re: Moving a LTD company overseas

Postby Incredulum on Tue Feb 08, 2011 4:07 pm

You have a company that belongs 100% to you, and you are UK resident, and you sit in your office in the UK doing things on websites elsewhere in the world?

Any company you set up is likely to be UK tax resident, paying UK tax.

If you don't like it, move abroad. But without moving abroad, I doubt you'll manage to keep a company resident outside the UK.
Incredulum
 
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Re: Moving a LTD company overseas

Postby Generix on Tue Feb 08, 2011 4:38 pm

Incredulum wrote:You have a company that belongs 100% to you, and you are UK resident, and you sit in your office in the UK doing things on websites elsewhere in the world?

Any company you set up is likely to be UK tax resident, paying UK tax.

If you don't like it, move abroad. But without moving abroad, I doubt you'll manage to keep a company resident outside the UK.


Hi incred,

Just for my info, should it be possible in theory at least to be a 100% shareholder in such a co, but employ exec directors (based overseas) who make all management decisions etc. ?
Do you adore to transfer your artistic and inventive qualities to renovate a part type? Perhaps your friends who tour your sanctuary head remarks about want they could levy you to change their premises.
Generix
 
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Re: Moving a LTD company overseas

Postby section 44 on Tue Feb 08, 2011 5:12 pm

Central control and management is at board, not shareholder, level (Wooden v Holden etc). There are plenty of offshore companies out there which are 100% subsids of UK companies.

omaplata wrote:none of the business actually takes place in the UK


I supppose that this depends on what you mean by "business".
section 44
 
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Re: Moving a LTD company overseas

Postby omaplata on Tue Feb 08, 2011 6:53 pm

Hi guys thanks for the replies.

@Incredulum - Yes at the moment I sit in the UK, in my office, with a company that 100% belongs to me, but my point is it doesn't have to be like that. I can employ workers, take on other directors, or set up other registered offices anywhere - I am currently looking at doing this in the Philippines for example. I can even set up online ventures to specifically do business in other countries if that's necessary.

@Generix and section 44 - Do you guys know of any companies that could take me through potential ways to do this, to make sure it is all legit?
omaplata
 
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Re: Moving a LTD company overseas

Postby Incredulum on Tue Feb 08, 2011 7:00 pm

section 44 wrote:Central control and management is at board, not shareholder, level (Wooden v Holden etc). There are plenty of offshore companies out there which are 100% subsids of UK companies.


But vanishingly-few 100%-owned companies where the UK-resident owner is the sole worker of the business.

If you take on other directors they actually have to exist and exert control. Your board meetings have to be in that country. IMO most attempts to offshore a company that isn't really offshore at all will fail.


So yes, I can invest my money as 100% shareholder into a foreign venture without making it UK resident.
Incredulum
 
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Re: Moving a LTD company overseas

Postby omaplata on Wed Feb 09, 2011 12:58 am

Incredulum wrote:
section 44 wrote:IMO most attempts to offshore a company that isn't really offshore at all will fail.


Hi Incredulum, you've hit the nail on the head, my company isn't really offshore - at the moment.

I need someone to help me with the structuring so it would actually become 'offshore'.

Any recommendations would be welcome.
omaplata
 
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Re: Moving a LTD company overseas

Postby section 44 on Wed Feb 09, 2011 10:44 am

Incredulum - agreed. Such a sole individual would likely be a dependent agent and therefore create PE issues even if the company is non-resident.
section 44
 
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Re: Moving a LTD company overseas

Postby Incredulum on Wed Feb 09, 2011 10:56 am

omaplata wrote:I need someone to help me with the structuring so it would actually become 'offshore'.


I don't think it's possible.

You refer to "structuring so it would actually become offshore". i.e. something completely artificial.

Quit trying to con HMRC out of cash to which it is lawfully entitled; nobody here will encourage tax evasion.

If you don't want to pay HMRC, then move abroad. If you like living here then pay the tax you properly owe.
Incredulum
 
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Re: Moving a LTD company overseas

Postby Generix on Wed Feb 09, 2011 11:05 am

What does the 'website business' do exactly?
Do you adore to transfer your artistic and inventive qualities to renovate a part type? Perhaps your friends who tour your sanctuary head remarks about want they could levy you to change their premises.
Generix
 
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