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Hi all,
I am trying to figure out what would be involved in setting up an “offshore” company in order to remain in business, if worse comes to worst. Is there anyone here who could outline how this works?
Here is my limited understanding of how it would work.
- Set up an offshore company.
- “Sell” all of your sites to the offshore company.
- Set up a new NETeller account (or modify an existing account) so that payments go to the offshore company’s NETeller account.
- Issue payments to yourself from the offshore company.
Does this sound about right? What else is necessary?
Also, how do you choose an offshore country? There are quite a few to choose from.
Can something like this be done without actually visiting the country, i.e. can one do it purely over the phone or on the internet?
I have no interest in tax evasion. I am mainly looking at the offshore idea so that I can continue operating as an international entity, if indeed the government cracks down on affiliates who live in the U.S. Where I live should have nothing to do with where I can legally do business, IMO.
I registered all of my domains anonymously through Domains by Proxy, but I don’t think they would protect my identity if the Feds asked to search through their files. I think offshore protection might be more secure; i.e. the country where the company is based may be more likely to tell the U.S. to go F itself if the U.S. demanded they reveal the owner’s identity.
Thoughts and input here would be greatly appreciated.
I am considering a physical move to Canada. I gather it takes 3 years to apply for citizenship. Any thoughts on Canada?
BJF wrote:Any thoughts on Canada?BBBRRRRRRRRRRRRRR!!!
My residence is Canada, but I also have a residence in Greece as well. A complicated issue indeed. I could easily operate from Greece but reside in Canada if the need arises. Canada has four very distinct seasons, the winters are horrible, summers are very good. Politics I would say are a little more liberal.
Another plus being Canadian you are respected accross the Globe.
greek39
I have chosen Gibraltar for this purpose. I am based in Europe and pretty much the only jurisdictions that allow and regulate online gambling (UK is about to introduce its new Gambling Bill in Sept 2007) are: Gibraltar and Malta.
I cant be speaking of Malta, but i do have some experience with Gibraltar, so let me share it with you:
– Your physical presence is not required on Gibraltar to set up a company, all you need to do is to send certified copies of the required documents (passport, utility bill to prove address, etc.)
– Best thing to do is a non-resident company ( 0% tax), this is what most people do. Once you want to come down and live there you are becoming resident and so is your company – and the rate of 30% corporate tax applies.This is as far as my experience goes – i own two companies and they own my gambling assets. I have never run into any legal trouble and i dont plan to – even since i have entered this biz i have been focusing on europe, US is not even 1% of my revenue. I obviously cant advice on matters such as: what happens if DOJ decides to go after you to Gibraltar.
What i know for sure is that online gambling is legal there – and thats why im in the process of obtaining residency permit there.
And dont forget – even if you do set it up like that in any of the offshore locations, you still have to pay the taxes somewhere (most likely where you are located). So if you want to disclose your offshore revenue at your place of residence (be it the US or whatever) – you might end up having to explain what the company does and how it earns money…
