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Old 25-10-2010, 06:43   #16
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If you want to research setting up an offshore corporation, here's a link to the website of a company that provides that service here in Nevis. They have links to some articles on relevant topics.

If you ultimately decide to go in that direction, this firm has a sterling reputation for handling situations like yours.

Nevis Office - International business services - Dixcart.com
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Old 27-10-2010, 08:12   #17
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If you want to research setting up an offshore corporation, here's a link to the website of a company that provides that service here in Nevis. They have links to some articles on relevant topics.

If you ultimately decide to go in that direction, this firm has a sterling reputation for handling situations like yours.

Nevis Office - International business services - Dixcart.com
Many thanks for the link. Am I to understand that with an "offshore business" you are not allowed to conduct any business in the country your business is registered?
If that is the case then I better choose carefully make sure it is a place I have absolutely no interest in going to!
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Old 27-10-2010, 12:34   #18
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I've never researched the issues surrounding offshore incorporation, having had no reason to, but I think you're correct when referring to a country like Nevis. On the other hand, you could incorporate in Delaware, USA, and do business in the state with no problem.
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Old 27-10-2010, 13:31   #19
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I think the OP is attempting to find a place to do business to earn money along with having his boat there. That eliminates most 1st World countries and leaves him with the smaller countries.
- - Finding a country to work in is not difficult. Finding a country that needs his business and has sufficient customers to keep him going is quite difficult. There just isn't enough marine related business these days for the existing companies and they are shutting down, pulling back or going dormant. It is projected to get even worse this upcoming year as unemployed boat owners do not have the funds to set sail for the islands. There is a significant delay factor between primary financial world collapse and its effects "down stream." It snowballs through the business/job markets for years before reversing itself.
- - In other words the grass out here gets browner, not greener, later and stays brown longer than the grass back home in a 1st world country. Unless you have something "new under the sun" that everybody feels that they must have, starting a new marine related business is not going to be such a good idea.
- - As to finding a cheaper, less restrictive place to "flag" your boat and live than Ireland, there are numerous countries as mentioned by others and in other threads on CF.
- - I don't know what he is asking by the question: "Am I to understand that with an "offshore business" you are not allowed to conduct any business in the country your business is registered?" If you start/register a business in a country you are operating a business in that country. Be it doing business purely in the "computer cloud" or by a physical presence of storefront/offices, you will have to comply with local work permits/regulations/banking requirements. And as a citizen of your "home" country you are potentially liable for taxes on your earnings anywhere in the world. Doing international / cross border business requires permits, etc. from each country. The world is not a simple place anymore - too many lawyers/politicians and too few workers/customers.
- - I get the feeling that when things get difficult in the home country folks think they can sail off to XX island/country and free-lance work without any rules and regulations. It ain't so anymore. . .
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Old 27-10-2010, 14:15   #20
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I'm too well aware of the depth of bureaucracy involved in running a business as I have done so for years to the extent that for every four days I spent on the boats I spent one on paperwork, boats pay the bills, form filling dosen't.
Then it went to one and a half and with each piece of EU and local legislation it gets worse and in order to recover from the recent recession and to fabricate more jobs it will get a hell of a lot worse.
With the budget due and tax hikes a certainty and the current national debt at Ä90,513,888,884 and rising, for a population of 3.5million I don't think you can call this a 1st country anymore.
Furthermore you have to admit that not all third countries are going to remain that way as the flow of the worlds wealth is heading east.

An IBC as an offshore business depending on which country you set it up in all come with their own conditions as one of the conditions in some countries, for a legal entity of an "Offshore Business" is it operates offshore as in not the country in which it is registered.
What if I was to register my business in the BVI's and then get a contract to assist in the pre and post repair survey of a boat that just happens to be there? Hence I have to choose carefully.
Just because I register a business in one of the small islands it dose not mean I'm looking at that as a customer base but it dose mean that if I am to undertake a survey or a major repair in the UK, US, New Zealand or Austrailia at least I have some sort of legal status and a trading history behind me.
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Old 27-10-2010, 16:14   #21
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Just for the sake of discussion amongst friends - I would suggest that the bureaucratic burden of operating a (for example) a BVI registered business inside the territorial limits of the U.K. or some other country, you have not only the rules and regulations of the B.V.I.'s but also you must comply with the ISO standards or regulations of the U.K., E.U., or any other country. Now you have the potential of two sets of bureaucratic standards and paperwork to deal with. If you are only operating inside the primary country you have only one set of hassles.
- - Take B.P. oil for example, their operations all over the world must meet the standards and reg's of each place they operate drilling rig's, gas stations, etc. They cannot ignore the local laws and regulations, nor the standards and social costs of "selling something" in a particular country. Taxes, etc. are paid on business done in each country according to the tax laws of each country and - then you may be liable for additional taxes in the business's home of record. Double trouble.
- - Marine businesses are generally hands-on, face to face transactions as opposed to FOREX or securities trading. So each transaction in a country is subject to paperwork and taxes for the person doing the work. Liability is not averted or avoided if the work is not done according to the standards of the country where the work was actually performed.
- - In the specific case of marine surveys there are standards and registrations and liability insurance in the country where the work was performed along with possible taxes and liability considerations in the corporations country of registry.
- - It is my personal opinion that you are not going to avoid the hassles of rules and reg's in the original country but instead adding another level of hassles from the offshore business operation. And - offshore operating companies usually have a whole new layer of paperwork and reporting requirements in the original country relating to your "offshore income" sources, activities and disbursements - It's a new thing grown out of the Terrorist situation and the possible funding or money laundering of Terrorist money by your "offshore business."
- - That all drives my opinion that you will doubling the trouble and not actually avoiding any paperwork or taxation. I see the only solution to decreasing the hassles and burdens of the home country to be moving to a 3rd world country, lock, stock, and barrel. And then operating the business inside that new country. In Grenada for example, pollution, health standards, worker safety is all a variable based on who you "grease." Even without the "grease" these country have just never gotten around to passing all the "hassle" rules that larger countries with larger bureaucratic institutions. So things are fairly simple in comparison. So long as you do not piss off or infringe on a local's turf, financially or politically, live is a lot simpler.
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Old 28-10-2010, 04:22   #22
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Many thanks for the link. Am I to understand that with an "offshore business" you are not allowed to conduct any business in the country your business is registered?
If that is the case then I better choose carefully make sure it is a place I have absolutely no interest in going to!
That is normally the case with IBC's as they are for offshore business not onshore business.

If you are going to mainly be in the western hemisphere look to the eastern hemisphere for your IBC there is the pacific islands of Samoa / Vanuatu / The marshall Islands etc.

More info on IBC's, this is not a bad website to start at: lowtax.net
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Old 11-07-2012, 13:15   #23
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Question Re: Liveaboard and an IBC

Quote:
Originally Posted by Geminidawn View Post
An IBC as an offshore business depending on which country you set it up in all come with their own conditions as one of the conditions in some countries, for a legal entity of an "Offshore Business" is it operates offshore as in not the country in which it is registered.
What if I was to register my business in the BVI's and then get a contract to assist in the pre and post repair survey of a boat that just happens to be there? Hence I have to choose carefully.
Just because I register a business in one of the small islands it dose not mean I'm looking at that as a customer base but it dose mean that if I am to undertake a survey or a major repair in the UK, US, New Zealand or Austrailia at least I have some sort of legal status and a trading history behind me.
I've been asking the same question, that is, does an IBC formed outside of BVI for example, negate the on-land business restrictions and real estate restrictions that are in place for BVI IBCs?

Arrrr,
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Old 11-07-2012, 14:11   #24
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Re: Liveaboard and an IBC

I had a friend in Antigua. He was a US citizen and ran a business. He charged people they payed the business. The business didn't pay him a salary, but he charged all his expenses to the business. He also hired locals to help out. They had to either be citizens or have work permits. I believe he had a local lawyer on retainer.
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Old 11-07-2012, 14:35   #25
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Re: Liveaboard and an IBC

@Geminidawn ... IBC can't do business locally. If you want to make business inside those tax heavens you need a work permit there which will be extremely hard to get. Also be aware ... if you are US citizen, you might still need to pay taxes to the IRS. Doubt if these tax heavens all have Double Taxation Agreement with US. Unless you are hiding your involvement by putting some nominees up front (that is basically avoiding tax) its pay day for IRS.

Bottom line ... IBC is NOT what you want for your business case.

PS : IBC is good if you do business elsewhere ... for ex. securities trading is a good one. You dont need a work permit but you can do it everywhere.
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Old 11-07-2012, 14:46   #26
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Re: Liveaboard and an IBC

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Originally Posted by capn_cranky View Post
I've been asking the same question, that is, does an IBC formed outside of BVI for example, negate the on-land business restrictions and real estate restrictions that are in place for BVI IBCs?

Arrrr,
capn_cranky
The issue is - the XY-formed IBC might get permit to operate in BVI. But you as a employee of the XY-IBC need still a work permit in BVI.

Doesnt help at all - may be it would be easier to directly apply for a work permit in BVI.
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Old 11-07-2012, 15:11   #27
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Well I hope it works for you, people that run down their native country, should leave. Of course the grass is greener elsewhere

I've set these companies up, funnily you are leaving a country that is defined as a tax haven, and in my experience has very light touch business bureaucracy ( almost everything can be done online and you can form and register companies for virtually nothing without any legal costs ) it has the advantage go being inside the EU and 12.5 percent corporate tax, and now actually no tax for the first three years

In my experience other jurisdictions are not simpler. Also be aware that if you intend to work in any of the EU countries, you need to have a EU business. Otherwise it gets complicated fast.

It's funny that people think other places are simpler then their own.

But sure, sailing over the horizon is a sure way of fixing you problems, proven even !!!

Dave
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