United Kingdom - Tax Effective?
August 11, 2008
The United Kingdom as a tax effective jursisdiction? Absolutely. The UK offers some of the most tax efficient structures available to the world wide community. As long as there is no trade within the UK – then you can benefit from the prestige of a UK company whilst enjoying tax free profits.
A popular jurisdiction due to its Common Law base and relative cheapness compared to other European trading nations. A UK company where trading outside the UK can be sheltered from UK taxation when acting in an agency or broker capacity.
The UK has now introduced the Limited Liability Partnership which provides the benefits of a partnership with the protective limited liability of a company. Whilst having corporate characteristics and legal capacity in its own right, trading income is taxed like a partnership. Therefore if owned by non-UK tax payers and has no source income it falls outside charge to UK tax.
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom, (UK) is located off the northwestern coast of continental Europe. The UK includes the island of Great Britiain (England, Scotland and Wales), the northeast part of the island of Ireland and many small islands.
British Virgin Islands (BVI) - International Business
August 11, 2008
British Virgin Islands (BVI) is a British territory, located in the Caribbean. The islands make up part of the Virgin Islands archipelago, the remaining islands constituting the United States Virgin Islands.
In the British Virgin Islands it has long been fashionable to talk of the “twin pillars” of the Territory’s economy – tourism and financial services. The financial services are by far the more important. Nearly 50% of the Government’s revenue comes directly from licence fees for offshore companies, and considerable further sums are raised directly or indirectly from payroll taxes relating to salaries paid within the trust industry sector (which tend to be higher on average than those paid in the tourism sector).
As a British Overseas Territory, the BVI is made up of about 40 islands and keys (cays) located approximately 60 miles East of Puerto Rico in the Caribbean Sea. The BVI has gained a reputation as the world’s leading offshore corporate domiciles due to its effective regulation and efficient services. It combines a safe, politically stable environment with a suitable legislative framework developed with the financial community in mind.
The BVI offers one of the most popular and long established International Business Companies Acts in the world, with over 600,000 companies having been incorporated.
It has a zero tax rate, with no income, wealth, capital gains or estate tax for offshore entities.
The BVI has an effective regulation and a proven legal and court system based on the British legal system and English common law. There are also no exchange controls and the US dollar is the legal tender
The BVI boasts a modern communications infrastructure and easy access through excellent flight connections – which makes it a very pleasant holiday destination.
Isle of Man - Offshore
August 11, 2008
The Isle of Man is situated in the heart of the British Isles. The country is an internally self-governing dependent territory of the British Crown. It is an independent sovereignty and not part of the United Kingdom.
As a Crown Dependency the Isle of Man has i’s own Corporate Registry – which makes available a wide range of company structures at an attractive price. And from the 6th April 2006 they introduced an income tax of zero percent ( 0%) and no withholding tax on payments of dividends to shareholders. This make the Isle of Man company an excellent vehicle to save tax.
The Island has its own Income Tax and Customs & Excise services – both provide a very quick service to queries. It takes approximately one week to register with the VAT authorities and receive your VAT number.
The Isle of Man benefits from a special relationship with the European Union which allows for streamlined movement of goods between the Island and the Union.
The Isle of Man Government has a policy of offering good incentives to high-technology companies and financial institutions to locate to the Island. This seems to have paid off as there is an expanding knowledge base being attracted to the Island which fosters a entrepreneurial spirit. Finance now contributes to about 35% to the Manx gross national product.
The Isle of Man is undergoing a growth in economy due to the success of its financial services industry. Any Corporate services company have to be licenced by the Isle of Man Financial Supervision Committee – introduced to regulate Corporate Services on the Isle of Man and ensure a high standard of service and accountability.
The main activities of the finance sector are deposit-taking, asset protection and management, packaged investments such as unit trusts, life assurance and corporate management. Markets for these services are world-wide and the Isle of Man has built an exceptional reputation as a centre of excellence for expatriate banking. The Isle of Man is constantly innovating the service industry with its offering of Space Isle (catering to space insurances) and Yacht and Shipping management.
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