SPAM ME With Offshore Incorporation Advice
 

I really want to hear from people that know their shit.

Please layout the financial and legal advantages and where is the best most reputable place to go. Be as specific as possible or at least help point me in the right direction.

It's a long story tiger and dependant on your personal circumstances. First is what country are you resident in? Second, what's the function of the os (vaguely)? Are you planning to be resident outside your "home country"? (In other words, actually live offshore)

If you are really from LA and a US citizen, a lot of the benefits go down the drain and you really need to consult with lawyers in the US on this. If you are not a US citizen, the scenario is much easier.

Yes I'm a US citzen and live in the US.

I really don't know much about this at all so speak slowly. :-)

OK! :winkwink:

The problem for US folks is the IRS and taxation of worldwide earnings and the legal requirement to submit data to the IRS annually.

To a substantial degree this undermines the whole principle of offshore, which is normally a situation where an offshore corp is governed by privacy laws within whatever jurisdiction this happens to be. Namely, there is little point in having an offshore and then having to state on IRS forms that you get X income from it and... (can't say for sure on this bit cos I'm not any expert on US taxation)... but it "could" open the door to a tax investigation.

The plus side is, as a US citizen, if you were to reside abroad (or "offshore") the IRS give something like $70-$80K allowances annually.

The US is an exception in the way it taxes it's citizens while they are non-resident within the US - the vast majority of other countries don't ask their citizens living abroad to submit tax returns (or pay taxes) back home and all foreign earnings are tax free (assuming offshore). There are about three other countries similar to the US in this respect... Lybia, UAE and some other obscure place.

Just as background to offshore itself... real OS jurisdictions have their own privacy laws and this normally covers both corps and banks. ie.. it can be a criminal offense for any offshore bank or lawyer to divulge data concerning a corp or it's bank accounts. They will not convey any information to the taxation agencies or any other party concerning the conduct of corps or banks accounts - it's illegal. (Apart from instances of money-laundering, drugs activity and a few other serious offenses.)

As far as I remember there is a question on IRS filings that "capture" scenarios like offshore corps for US citizens - and, of course, if you answer this honestly, it "gives away" the confidentiality of offshore and could raise a red flag for investigation. And, if you knowingly give the IRS false data, - it just leaves you open to other problems.

On the flip side, there are plenty US folks living abroad and, as you may expect, they all earn under $70k/year :)

To be "really" offshore.. you need to reside outside your home country (It does not mean giving up citizenship or anything like that - simply that you are a foreign resident in whatever country).

Again, I can't say 100% because of the "US connection", but I'm sure there are practical legal situations that can be set up by folks with knowlege of US taxation and offshore structures, possibly using nominee management.

There are plenty lawyers offshore who will extend all facilities to US folks and are used to this problem, but, ya got to remember, - it's legal for them within their own jurisdiction, but may not be legal under US tax laws and you do want to cover your ass on this.

It is pretty important that you get decent legal advice on this - particularly from US legal folks in regard to US taxation and any obligations you may have if you are a foreign resident or have control of an offshore corp.

Webby, how can I get in touch with you? Email, ICQ, AIM, anything?

Would much appreciate a few minutes of your time.

Thanks.

PS: My contact info is below.

Hitting ya up absix :thumbsup

got easy solution like 123
I run few offshores myself
My advices must be paid.

Hit up Chad Belville (Chadknowslaw) at http://www.chadknowslaw.com

Knows his shit.

;-)

why not consult IRS?













j/k :)

Wow Webby thanks so much for your time.

Any suggestions on where I can do some more reading. Or where to go when I'm ready to set up.

Webby had some great posts on this around feb on here when I was looking into it. The IRS is way too tight on this if you are a US citizen in the US. You are basically just doing tax evasion so might as well not do it.

Webby is a GURU ;)

exactly.

Same here if you wanna know cough up. If you dont, spend months looking and find out theres no regular bank accepting offshore and adult.

He's also very helpful. I owe him a beer, actually a 12 pack :winkwink:

Thanks.