setting up a business in BVI.
Discussion
Does anyone have any experience of doing this.
Google is full of ‘advisors’ giving you half the story. I would be interested in knowing some of the day-to-day realities.
How do you fare when you still live in the uk and the business operates from the uk.
Things like issuing invoices, banking, what taxes are payable where etc...
Are you burnt by setup and company ‘fees’
Is it something you’d do again?
Google is full of ‘advisors’ giving you half the story. I would be interested in knowing some of the day-to-day realities.
How do you fare when you still live in the uk and the business operates from the uk.
Things like issuing invoices, banking, what taxes are payable where etc...
Are you burnt by setup and company ‘fees’
Is it something you’d do again?
Did it years ago for a specific project, the goods never came near the UK, sellers and buyers were not in the UK and at the time neither was I.
Worked out Ok but these guys know how to charge and they charge for everything, it is relentless!
No way would I consider it living here unless it was totally transparent and legitimate in so far as HMRC were concerned, there are lots of reasons for a BVI company and not all attract unwanted attention but be prepared to be asked and spent a shed load of money clarifying.
Big ticket stuff as the costs start hurting ( a short email on a simple matter ranged from $150 with the liaison to $400 with a Partner)
Worked out Ok but these guys know how to charge and they charge for everything, it is relentless!
No way would I consider it living here unless it was totally transparent and legitimate in so far as HMRC were concerned, there are lots of reasons for a BVI company and not all attract unwanted attention but be prepared to be asked and spent a shed load of money clarifying.
Big ticket stuff as the costs start hurting ( a short email on a simple matter ranged from $150 with the liaison to $400 with a Partner)
DaveA8 said:
No way would I consider it living here unless it was totally transparent and legitimate in so far as HMRC were concerned, there are lots of reasons for a BVI company and not all attract unwanted attention but be prepared to be asked and spent a shed load of money clarifying.
This. If you personally could get non dom status it would help but otherwise it’s not worthwhile even considering until you are into the £millions for tax liability.I think you need to think about why you are setting up a BVI. Is it to avoid tax, or is it secrecy. If it is to avoid tax, you should take some proper advice on this. The BVI company cannot be managed from the UK, hence the overseas directors etc and the charges they incur. You then longer term need to think about what will have to the accumulated profits there, since to get them back to you in the UK is going to incur personal tax anyway. Unless long term you are going to break all ties with the UK and move overseas and then access the funds.
Also, when you try to get bank accounts opened, it will be so much harder.
If it is for secrecy purposes, we have clients that do that. It is less of an issue, since they are controlled and managed in the UK, subject to UK corporation tax but it just means the profits being made in the UK are disgusted through use of an offshore company.
Speak to a specialist tax advisor in the UK, then consider the benefits vs the costs, which can add up very quickly.
Also, when you try to get bank accounts opened, it will be so much harder.
If it is for secrecy purposes, we have clients that do that. It is less of an issue, since they are controlled and managed in the UK, subject to UK corporation tax but it just means the profits being made in the UK are disgusted through use of an offshore company.
Speak to a specialist tax advisor in the UK, then consider the benefits vs the costs, which can add up very quickly.
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