Min accounting requirement

[TRGali]

Is there still left an incorporation country (for a tax opaque entity) at 0% taxation which does not force you to fill your accounts to some dodgy registered agents? It feels quite unsafe to open your books to registered agents who could easily resell all that senstitive info.

BVI, belize, seychelles, cayman, bahamas don't fit this anymore.

There is no real need for a bank account in this setup.

 

[daniels27]

I think Singapore offshore, Channel Islands.

 

[CyprusLawyer101]

Marshall islands

 

[daniels27]

Marshall islands

Do you think it will stay?

 

[CyprusLawyer101]

Do you think it will stay?

Not forever.

 

[daniels27]

Not forever.

But how long? Longer than Singapore?

 

[Sols]

Singapore and all Channel Islands jurisdictions require accounting records to be kept. That's been the case for many years now.

 

[daniels27]

Singapore and all Channel Islands jurisdictions require accounting records to be kept. That's been the case for many years now.

Yes, correct. But not to give them to some "dodgy registered agents" as OP asked. Do you know any better alternatives than those? I can only recall Western Sahara (Morocco Part) in another long thread from SasuT.

 

[Sols]

Yes, correct. But not to give them to some "dodgy registered agents" as OP asked.

All right, I see your point now.

Do you know any better alternatives than those? I can only recall Western Sahara (Morocco Part) in another long thread from SasuT.

This isn't something I keep detailed track of as I haven't worked with a CSP/registered agent I wouldn't trust with the records. But, with that caveat: BVI, Samoa, SVG, Panama, Costa Rica, Nevis, Mauritius, Hong Kong, Bahamas, and probably several more.

Just have to look a little deeper than the one sentence summary you might find on some websitessay. In many cases, the law doesn't say specifically that the records must be submitted or held by the registered without any options. In some cases, the wording is "made available to" which could mean all you have to do is provide them upon request. In many other cases, the law empowers the board of directors to pass a resolution saying the records can be kept somewhere else. In Saint Lucia, the law requires that the records be kept where the company does business, which can be a pretty loose definition.

In the case of BVI, for example, let's quote Harneys (one of the biggest offshore law firms, headquartered in BVI):

For some time, all BVI companies have been required to maintain records and underlying documents which (a) are sufficient to show and explain the company’s transactions, and (b) are reasonably accurate at all times in determining the company’s financial position. These requirements remain in effect. These records may be kept at the registered office of the company in the BVI, or at such other place as may be notified to the registered agent.

IIRC, the list of jurisdictions where it must be kept with the registered agent at all times without exception is quite short. I can think of Seychelles, Belize, Vanuatu, and Anguilla (haven't looked into possible exceptions much). Seychelles and Belize are cheap and disproportionately popular. Maybe that's why it seems like such a big deal.

 

[JackAlabama]

Marshall islands

whats a good incorporation agent for Marshall islands?

 

[uplana]

BVI, belize, seychelles, cayman, bahamas don't fit this anymore.

If no bank account is required you would have a easy task to setup your company in Seychelles and Belize for instant.

 

[CyprusLawyer101]

whats a good incorporation agent for Marshall islands?

There is only a centralized authority ( Registrar) for MI companies , so you should not find any local registered agents there, as you would with other offshore jurisdictions. If you wish to incorporate you should look for an approved intermediary who could be anywhere in the world. Our office can help if needed.

 

[TRGali]

Thank you for your answers.

I looked into Marshal island and understood that local companies (needs substance) are taxed at up to 3% and that to get 0%, the authorities there ask to be provided with a TRC from a different jurisdiction, which makes it quite unattractive.

This isn't something I keep detailed track of as I haven't worked with a CSP/registered agent I wouldn't trust with the records. But, with that caveat: BVI, Samoa, SVG, Panama, Costa Rica, Nevis, Mauritius, Hong Kong, Bahamas, and probably several more.

Just have to look a little deeper than the one sentence summary you might find on some websitessay. In many cases, the law doesn't say specifically that the records must be submitted or held by the registered without any options. In some cases, the wording is "made available to" which could mean all you have to do is provide them upon request. In many other cases, the law empowers the board of directors to pass a resolution saying the records can be kept somewhere else. In Saint Lucia, the law requires that the records be kept where the company does business, which can be a pretty loose definition.

In the case of BVI, for example, let's quote Harneys (one of the biggest offshore law firms, headquartered in BVI):

IIRC, the list of jurisdictions where it must be kept with the registered agent at all times without exception is quite short. I can think of Seychelles, Belize, Vanuatu, and Anguilla (haven't looked into possible exceptions much). Seychelles and Belize are cheap and disproportionately popular. Maybe that's why it seems like such a big deal.

Ok great info, thank you. I had looked into the laws of seychelles and belize and saw agents needed to hold themselves the accounts. I then mistakenly pictured that all others would be the same type OECD compliant in the same way.

 

[JackAlabama]

Thank you for your answers.

I looked into Marshal island and understood that local companies (needs substance) are taxed at up to 3% and that to get 0%, the authorities there ask to be provided with a TRC from a different jurisdiction, which makes it quite unattractive.

that seems like a hassle indeed.

Ok great info, thank you. I had looked into the laws of seychelles and belize and saw agents needed to hold themselves the accounts. I then mistakenly pictured that all others would be the same type OECD compliant in the same way.

 

[GPT]

Seychelles already requires filing for a couple of years. Lately I notice that the provider companies are becoming stricter on their side. Several have received penalties as I understood from my contacts there.

 

[Don]

Estonia has this option.
Its a little bit more complicated to set up, but then you don't need to report accounts anywhere, so you can retain privacy.
If you don't need bank account then this is ideal. You can use corporate directors even.

 

[TRGali]

Estonia has this option.
Its a little bit more complicated to set up, but then you don't need to report accounts anywhere, so you can retain privacy.
If you don't need bank account then this is ideal. You can use corporate directors even.

That fits both tax opaque and 0% CIT?

 

[Don]

That fits both tax opaque and 0% CIT?

Tax opaque, yes
No tax until profit distribution (deemed distributions are generally taxed at 20%, but foreign profits are exempt from tax if taxed abroad or from EU/Switzerland)

 

[JohnLocke]

Its a little bit more complicated to set up, but then you don't need to report accounts anywhere, so you can retain privacy.

What is the limit for when one should not report a statement for their company in Estonia?

 

[Don]

What is the limit for when one should not report a statement for their company in Estonia?

No limit.
Its still mandatory to keep the accounts and do bookkeeping though.