Offshore Companies

Mattlemon

Hi,

There are a plethora of companies offering to create an offshore company and bank account in the Seychelles or some other tax haven. Does anyone know of the legality, potential benefits and possible downsides to doing this?

I own and run a professional services company with a modest turnover and if the claims of these companies are true, I could potentially reduce the company's and my own tax liability.

Any guidance gratefully appreciated.

nompere

There is nothing illegal in an Irish resident owning a company in any exotic location he or she wants.

Trying to find legal ways of saving tax using such a vehicle is much harder.

Never forget the important difference between illegal tax evasion and legal tax avoidance. Denis Healy, one-time Chancellor of the Exchequer, remarked that the difference was the thickness of a prison wall.

tarwad

Hi Mattlemon
just wondering did you find any useful information abt setting up offshore company, i.e. is it legal to setup an offshore company and operate in the irish market.

Thanks in adavnce

poker--addict

I work all over europe due to being involved in aviation. my current contract allows a ltd company in any EU country or Swiz.

What can/should I do?

Fitz123

One issue with offshore companies, is that once the cash goes into it, how do you get it back out to yourself ? With anti avoidance provisions and the risks associated with potentially having unintended permanent establishments in other countries this is not a straighforward area. You would also have to look at your own personal situaton re residence etc.

Also an area of focus for Revenue authorites, so any "loopholes" in place may be closed down at your expense.

This is something you should pay money for an independant bona fida professional to advise you on. I would hazard a guess that unless large sums are involved the costs of doing this correctly may outweight the benefits.

Apologies didnt notice the date of the OP

Shane732

It's you are considering an offshore structure then you need to get professional advice.

Thread closed as the question goes way beyond the scope of this forum.