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Can somebody please give me contact information for a company that is founding an off shore business for gambling webmasters?
I read of some but don’t know them.
I’d be happy to hear about postive experiences.
Please post or pm me.
I set up several via private attornies and my one observation has been:
EXPENSIVE
Not only do you pay a large amount of fees to PROPERLY set up the corporation, but each year you are billed again for maintaining the business and this is a significant expense.
To do an offshore, where it can’t be traced back to you easily is pretty expensive.
To setup an offshore in place like Belize, in your own name, is about $2k a year. That might be enough to get banking, but the banks in belize will likely turn you down because of you getting money from gambling.
When you do set up offshore banking, the bank will want to know how much money you are going to receive a year and from who will you receive it from.
In general, it’s not easy or cheap to get everything set up, but if you’re making 100s of thousand a year, it’s probably worth it.
If you’re just looking for banking outsite US, check out Affiliate Speed Pay
Thank you.:hattip:
Please post or pm company names I could check out.@AmCan 156202 wrote:
…but the banks in belize will likely turn you down because of you getting money from gambling.
What about Cyprus, Gibraltar, Costa Rica, etc.? If these jurisdictions allow gambling sites to operate from there won’t the banks allow affiliates to operate from there as well?
pm send
i will assume quite a bit in your motivations for setting up offshore.
you are in the US, so any legality protection.
if you are in the US and running your company that is domiciled outside the US, you have no protection. you are still running the organization. yes, there can be shell companies setup to remove you from control, but if the doj is trying to find out who is at the helm, you can be uncovered. in order to really have it managed by an offshore organization, they have to physically run the day to day tasks of the business. it is far more intricate and cumbersome to be done properly and in most cases is not feasible.
if you are doing it for tax reasons, it cant be avoided unless you yourself are moving out of the US as well. again, if you are calling the shots from the states, you are responsible to pay federal taxes here regardless of where your organization is domiciled.
you really need to elaborate on your specific circumstances, and what you are trying to accomplish in order to get relevant advice for your decision making process. you should also find competent attorneys who have experience in this matter to see if its even a sensible avenue for you to explore. i have been down this road a dozen times in my 5 years of this industry. i have a company in nevis, and costa rica. i spent tens of thousands of dollars and never used them for anything. i have banking outside the country, that i use everyday, but i dont need a foreign entity in order to use international banking…….
a main reason i hear people exploring the holy ‘offshore’ grail is for legality reasons. in my experience, setting up offshore to alleviate that risk, is in and of itself admitting that what you are doing is illegal. the other reason is tax liabilities, and again from what i have found, outside of leaving the country, this cant be legally avoided by going offshore……….this is what i have found after working with a handful of top tier and mid tier law firms. i am not saying its 100% accurate, as i know of a few who have spent well into the 6 figures to develop ironclad offshore entities(which also entailed moving out of the US). but if you find different, please let me know, as i would love the benefits people usually associate with ‘setting up offshore’
thks
RL@rogerlodge 157117 wrote:
if you are in the US and running your company that is domiciled outside the US, you have no protection. you are still running the organization. yes, there can be shell companies setup to remove you from control, but if the doj is trying to find out who is at the helm, you can be uncovered. in order to really have it managed by an offshore organization, they have to physically run the day to day tasks of the business. it is far more intricate and cumbersome to be done properly and in most cases is not feasible.
I think that is the point.
I am not pysically off shore and am not working on my websites from off shore.I found a local attorney and CPA that specializes in setting up offshore companies and asset protection. For about $4,000 I had an offshore company set up with banking. Very discreet!
I simply put internet marketing as source of earnings. So far everything has been fine! I did this and moved my site offshore with domain privacy after Oct. 13th 2006.
So far all is well!
Magician
Stay away from any bank in Grenada. Terrible history of theft and corruption within the banking system and government.
if you are doing it for tax reasons, it cant be avoided unless you yourself are moving out of the US as well. again, if you are calling the shots from the states, you are responsible to pay federal taxes here regardless of where your organization is domiciled.
This is basically true for UK citizens setting up offshore accountants as well. If your company is controlled from the UK, you are liable to pay tax in the UK.
I think rogerlodge is pretty accurate in his statement. My attorney told me the only real benefit if you’re in the US is protecting your assets from lawsuits. My CPA told me getting money back into the US can raise a red flag. Plus the government is much stricter on these transaction since 911. You can’t avoid taxes if you live in the US. However, if you’re not residing in the US, and you set up a corp in a country that doesn’t tax, its gravy.
This is not intended to be tax advice. Please consult your tax professional about anything I write here.
As a US citizen, your worldwide income is subject to US income tax, regardless of where you are living. You are also subject to the same income tax filing requirements whether you live abroad or live in the US.
I do a number of tax returns for clients living abroad. There is a partial exemption for income earned abroad and a deduction available for foreign income taxes paid. But each individual has their own unique set of circumstances. You can refer to IRS Publication 54 for more information:
http://www.irs.gov/pub/irs-pdf/p54.pdf
There are a number of Attorneys and CPA’s that promote seminars about how to escape US federal income taxes thru the use of foreign corporations. I have also seen the seminars on how to avoid income tax thru domestic and international trusts. Please be extremely careful when venturing down this road. Many of these will not hold up in the end and you may rue the day that these thoughts ever entered your head in the first place as the penalties for tax cheats can be severe.
If you think you have something ironclad, please review with your tax adviser the rules on controlled foreign corporations and other entities. Be aware that this is a very hot button with the IRS right now.
There are legitimate ways that US affiliates can reduce or eliminate their tax obligation. I have discussed these with several of you. Many of you may want to check past tax returns and see if you have ever taken the extraterritorial income exclusion.
My advice is to be very wary of those recommending these convoluted ownership structures unless you have a valid business purpose for pursuing them.
