Tuesday, 27 March 2012

Saving money in offshore

saving money offshore

If you are running a small scale business may be you are thinking offshore is not for you it is only for big corporations. The reality is everyone can get benefits from offshore even if you are self employed or work on permanent job. You can create a saving offshore account for your salary payments, so no more tax on dividends. This is the smallest thing offshore can offer you. Plenty of people spends hours, days, pay to lawyers to fill complicated tax declarations and loose their money and time. If you have an offshore bank account or company, you can spend your time and money on what you really enjoy like playing tennis or golf.
The term "offshore" was emerged around the fifties of last century. It all started with the Americans, they began to withdraw their companies in regions that were more favorable in terms of tax climate. But the story is as old as the world of offshore, as well as the desire to save money.

Here are some facts that indicate that both the starting stage of international trade, and in more recent times, traders were looking for optimal ways to reduce costs.

In ancient Athens (about V century BC) was introduced by two-percent tax on imports and exports of goods, merchants of Greece and Phoenicia began to bypass the city to avoid paying it. As a result, a small neighboring islands have become, in essence, in the offshore zone.

In the XV century, Flanders was considered as an international commercial center, where virtually no taxes existed on products, both at the local and the foreign. At the same time in England, the tax laws were very severe, it is not surprising that the English traders quickly chose Flanders for the marketing of their products.
In the XVIII century the colonists in the U.S. traded through Latin America to avoid the English of import tax.

offshore account

So what is still offshore? This notion refers to two different phenomena.
First, the offshore can mean the state - an international financial center, which offers favorable conditions for the deposit, low interest rates and discounted (and sometimes zero) taxation. Most of these jurisdictions - these are small countries that do not have other competitive advantages, besides the ability to provide the conditions for business as tax shelters.

Also referred to as offshore companies that do not conduct activities in the territory of the country where they are registered and their owners are not residents of those countries.

As offshore were not only outside the shore, but also outside the law

Registration offshore very quickly became a win-win business for themselves jurisdictions offering offshore registration services and, of course, businessmen. It is not hard to guess that this situation is not long suit the tax authorities of countries of residence of the owner of the company, and not only them.

In April 1999, an international organization, "The Financial Stability Forum" (from April 2009 - Council for Financial Stability, Financial Stability Board) published the first list of countries in which it was necessary, in its opinion, to tighten the legal and financial control. Publication of this list was of information and guidance only and does not carrying any penalties for a low-tax jurisdictions in the address and owners of offshore companies.

But after a few months, a new blacklist of offshore, this time - on the version of the Financial Action against Money Laundering (FATF). The list includes almost all the countries that are engaged in the registration of offshore companies and their support. The organization stated that all financial institutions of developed countries should exercise increased vigilance in relation to companies that are registered in the jurisdictions listed in the list. After another such list was compiled by the Organization for Economic Cooperation and Development (OECD), offshore registration by conventional standards, the action was considered suspicious. At present, offshore blacklists are available for almost all financial institutions in developed countries.

But offshore, after all these attacks have not gone away. Today, many jurisdictions have "retrained": become more transparent, began to actively cooperate with law enforcement authorities, and instead began offering zero tax breaks.

The requirement to provide information about the final beneficiary in the offshore company incorporation, established OECD, most countries have successfully bypass: often enough to provide this information to the registration agent. Many jurisdictions offer a nominee service through which you can run your business remotely and anonymously. Despite the fact that the impediments on the part of developed countries is becoming more and more, the registration of companies in jurisdictions with preferential tax treatment is an effective solution for integration into the global economy and to optimize the tax burden. You can also avoid taxes legally without creating offshore company.

Nowadays we have pretty competitive list of offshore countries: Andorra, Bahamas, Brunei, Kuwait, Maldives, Monaco, Nauru, Oman, Qatar, United Arab Emirates, Vanuatu.

offshore company
Easy steps to start your offshore savings.
1. Open an offshore company in any of the countries listed above.
2. Open a bank account in the same country for the name of your company.
3. Employ yourself in your newly created company for minimum wage, it will be your official income, make it the less as possible to be under free tax limit and not taxable.
4. Now you are legally working for your company. At any contract job make contracts between your company and customer and receive money on your company offshore account.
5. You are free to use your offshore account anywhere in the world for spending. You can buy house using that account, of course this house will be owned not buy you but by your company, but you can freely live in it. Be careful do not transfer money from your offshore company account to your local bank account - it will be taxed and will be considered as your income.


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