What are the best offshore jurisdictions? by Bowman Offshore Bank Transfers
British Virgin Islands Business Company
The British Virgin Islands has a strong offshore regulatory environment. They have a distinct combination of oversight and a laissez faire approach which makes it both easy to do business – yet reputable with banks and other jurisdictions around the world which makes it very simple and easy to bank and do business with a BVI company.
BVI BC companies are commonly used vehicles for offshore savings and investments, international corporate banking, forex and stock trading, e-commerce and internet businesses, international trade and professional services as well as a holding company, ship and aircraft registration, captive insurance and estate planning.
Most business companies in the BVI are used as asset protection vehicles, very often in combination with a Trust as a holding company. The directors of the BVI BC may protect the assets by transferring its assets to another company, Trust, Foundation, Association or Partnership. The Directors can also merge or consolidate with any other company or can re-domicile the BC to another jurisdiction entirely.
BVI Business Companies are exempt from local taxes and stamp duty, even if they are administered in the BVI.
Corporate maintenance of BVI companies is simple: no annual meeting requirements, no financial statements, annual return filing and no yearly audits.
Furthermore, only one shareholder and director is required, who can be the same person, and there is no minimum paid in capital.
Nevis LLC
The Nevis jurisdiction is a “No-Tax” offshore domicile operated by the small Caribbean island of Nevis within the country of St Kitts and Nevis.
Nevis LLCs are tax transparent entities, all profit received by the LLC is considered to be transferred to its members and taxed at the personal level.
LLCs are for the most part very flexible. You have the choice of a manager-managed LLC with multiple members or a member-managed LLC with multiple members.
A distinct advantage of a Nevis LLC is the ability to incorporate with a single-member. Although Nevis isn’t the only place this is possible, the strong asset protection laws of Nevis are favorable compared to other jurisdictions.
Nevis offshore statutes for Nevis LLCs are actually derived from jurisdictional law of the state of Wyoming. A single-member LLC in Nevis has charging order protection and other benefits of a Wyoming LLC while located in an offshore jurisdiction with Nevis courts governing. All of the benefits of the strongest LLC in the United States, located offshore.
To bring an action against a business incorporated in Nevis the creditor would need to hire a local lawyer licensed in Nevis and post a $25,000 cash bond with the court. In addition attorneys in Nevis are not allowed to work on contingency basis. The creditor must pay for all legal services up front and in full.
There are very few company records to be maintained, such as corporate minutes. Your company meeting can be held anywhere and an operating agreement can be tailored to your exact specifications.
Nevis has no public registry. Nevis does not have a database of corporate records accessible to the public.
Nevis is one strongest structure from an asset protection standpoint to hold personal assets or run a business that is fraught with liability.
Cayman Islands LLC
The Cayman Islands has an excellent legal, fiscal, financial and professional environment for the incorporation of international business companies.
The jurisdiction is a world leading offshore financial services jurisdiction due to its political and economic stability and its broad offer of banking, trust, hedge fund formation and investment, structured finance and securitization, captive insurance and international business services.
A Cayman LLC has no company structure requirements for its management, nor are there provisions for company meetings, directors, secretary, or capital. Its operating agreement may be arranged by its members according to their needs.
In Cayman Islands, there are no direct taxes. No corporation tax, income tax, capital gains tax, inheritance tax, gift tax or wealth tax. Certain documents may be subject to a nominal stamp duty.
There is no exchange control and no restrictions on the movement of funds to or from the Islands.
Reporting requirements are limited to an annual return confirming that no business has been conducted within the jurisdiction. There is no need to file financial statements and audits are not required, unless the company is an investment fund regulated by the Cayman Islands Monetary Authority.
LLCs also benefit from confidentiality. Details of company members are not required to be filed with the Registrar of Companies.
Companies incorporated in the Caymans also benefit from a wide range of financial and professional services. There are about 324 banks and trust companies licensed in Islands, including 47 of the 50 largest banks in the world and high-end professional services, including lawyers, accountants, insurance managers, mutual fund managers and administrators, among others.
The Cayman Islands LLC is an excellent entity for movable and immovable assets holding, asset protection, investment funds, joint venture companies, private equity transactions, securitizations and other corporate transactions and international structures. In combination with a trust, Cayman LLCs are also powerful vehicles to carry out Initial Coin Offerings (ICOs).
Labuan Ltd.
Labuan International Business and Financial Centre is a reputable free trade area located in the Federal Territory of Labuan, an island off the coast of the state of Sabah in East Malaysia.
Labuan is becoming a one of the major financial hubs of Asia due to its pro-business regulation, low taxes and compliance with international standards on due diligence and transparency.
Companies incorporated in Labuan benefit from an attractive tax regime. Trading profits arising outside of Malaysia are taxed at 3% or at a flat tax of Rm 20, 000.
Non-trading profits such as those arising from the holding of investments in securities, stocks, shares, loans, deposits or other properties are not subject to taxation.
Furthermore, payments on dividends, royalties, interests, and technical and management fees are exempt from withholding taxes.
A Labuan company may trade with Malaysian residents but transactions must be reported to the Labuan authorities and profits arising from those transactions may be subject to the Malaysian corporate income tax standard rate which is 24%.
Labuan is ideal for import-export businesses. As it has a free-port status, indirect taxes do not apply. Stamp duty is also exempted on all instruments executed by a Labuan entity in connection with its Labuan business activity.
In addition, Labuan incorporated entities may benefit from some of the tax treaties that Malaysia has concluded.
Expatriate directors and employees of a Labuan company can secure a 2-year multi-entry business visa, together with their dependents and directors might enjoy a 100% tax exemption on their salary income.
In summary, the Labuan private limited company is an excellent vehicle for ASEAN market entry, fund management, group holding company, IP holding, tax structuring, international trade and professional services, among others.
Hong Kong Co., Ltd
Hong Kong is a vibrant, densely populated urban center with a skyscraper-studded skyline and is a major regional free trade port and a global financial hub.
This jurisdiction has one of the most liberal, competitive and laissez-faire economies worldwide. Characterized by simple taxation with a competitive level corporate tax rate of 16.5%, capital gains and dividends free from taxes, no sales tax and no customs duties.
Although there is no specific legislation for international companies due to its territorial tax system, a correctly structured and managed company may qualify for a 0% tax for its business carried out outside the jurisdiction.
HK is supported by a legal system derived from Common Law, which is very scrupulous in respect of private property and an independent judicial system in which the rule of law applies to legal and contractual procedures.
A high international reputation and business-friendly jurisdiction provides a great atmosphere to establish companies and it can be done in one week from the comfort of your couch.
You will be required to hire a Hong Kong certified public accountant to submit yearly audited financial statements to the IRB, but prices are competitive. However, it might be useful to have your accounts pristine and properly audited if, for instance, you are looking for funding.
Hong Kong is also one of the safest and convenient places to do banking. Being home of some of the most solid banks worldwide with the highest levels of solvency and liquidity. No exchange controls and availability of multi-currency accounts, merchant accounts and payment processing services.
In addition, it is the gateway of one of the largest and fastest-growing markets worldwide, China. The Closer Economic Partnership Arrangement (CEPA) provides that companies incorporated in Hong Kong will have preferential access for goods and services entering the mainland Chinese market.
Hong Kong is an excellent jurisdiction to incorporate and its Ltd Co is a powerful vehicle for international trade, start-ups, and internet entrepreneurs and as a holding company.
Singapore Pte Ltd
Singapore is the trading hub of Southeast Asia. Home of the busiest port in the world, Singapore is a developed country in one of the fastest growing regional economies.
It has enormous potential for startups and internet entrepreneurs from all over the world. The country fosters entrepreneurship and the government supports the free market.
One of the most advantageous parts of doing business and setting up a company in Singapore is the clear and transparent tax scheme and the availability of several tax breaks and incentives for startups and technological innovation.
Singapore has a territorial tax regime which means that (in general) you’ll only be taxed on business that takes place in Singapore.
Furthermore, companies incorporated in Singapore can benefit from a broad list of more than 70 tax treaties that Singapore has concluded with foreign jurisdictions.
Private Limited companies are required to prepare and maintain financial statements and file them in their annual return to the Accounting and Corporate Regulatory Authority (ACRA) and pay the annual filing fee. Audits are only required if company gross revenue or assets exceeds SGD 10M.
Singaporean companies require a local director, which may add extra costs.
There are many different government grants, incubators, accelerators, private equity funds and banks who can provide financing for your business at every stage of development.
Financing is a core component in any business and Singapore provides the best alternative investment market in the entire world.
Courts in Singapore come under Common Law jurisdiction, which is known for being speedy. For entrepreneurs who want boots on the ground sourcing from the vast resources in Southeast Asia the Singapore court system can give them a confident backing for hiring, clear laws and a good government with low corruption levels.
The country is also an important international financial hub. Singapore is recognized as one of the world’s best private banking sectors offering top-notch corporate banking facilities and a broad-range of banking services, investment funds and insurance services, among others.
Singapore’s immigration policy is geared towards attracting foreign talent with several visa schemes to attract high-skilled foreign employees, entrepreneurs and investors.
Singapore is an excellent jurisdiction to incorporate and its Pvt Ltd Co is a powerful vehicle for international trade, start-ups and internet entrepreneurs. One can also obtain Residency Visas by incorporating there.
Malta Ltd
Malta is a reputable, compliant and transparent financial hub and gateway to the European Union, a market of more than 500 million people.
Due to its advantageous tax regime, Malta is the jurisdiction chosen by a large number of international companies and holding companies that desire to establish their headquarters and do business in the European Union.
Although its corporate standard rate is 35%, in practice there is a system of tax credits and refunds for individuals and corporate shareholders of part of the tax suffered on the distribution of profits.
The tax refund may be either a six-sevenths refund for trading income, a five-sevenths refund for passive interest and royalties, or a two-thirds refund for passive income. This may lead to a reduction of corporate tax to effective tax rates of between 5 and 10 percent, the lowest across the European Union.
Holding companies may benefit from a participation exemption. Dividend income, profits from a foreign P.E., and capital gains may be tax-exempt if the holding fulfil certain participation conditions. Furthermore, certain investments that yield a fixed rate of return may also be tax-exempt.
Malta is a full member of the EU and since 2008 has adopted the Euro as its official currency, with the benefits that it entails such as the availability of funding opportunities or the European tax directives including the Parent-Subsidiary Directive, the EU Mergers Directive and the EU Interest & Royalties Directive.
Malta has also signed a large number of Double Taxation Agreements. Companies doing business in Malta have access to an English-speaking, highly-skilled workforce making it even more attractive to incorporate there.
Malta costs to obtain and administrate licenses are one of the lowest in the European Union and are often valid for the whole EU territory. This makes Malta an attractive jurisdiction to establish businesses related to e-gaming, shipping, airline or investment funds.
Malta is a reputable jurisdiction and its private company limited by shares an excellent vehicle, whether to conduct international trade, hold immovable assets and intellectual property, conduct e-gaming business, or as a holding group company, a ship-owning company, an investment vehicle or a captive insurance company.
You can check out further information on these and more at incorporations.io, our dedicated app to compare jurisdictions and legal entities from a tax, legal and economic standpoint.
Devin Fitzpatrick Art Consultants Review: Simple tips for putting art in your home
You can fully grasp the idea behind art once you decided to buy art for your home, and the process of choosing beautiful pieces for decorating a particular space is truly exciting. Devin Fitzpatrick Art Consultants suggests searching for special and unique art that could differentiate your personal space from other people.
An expert even said that art has an energy and elegance to it. You can point out at least one or more original art on the walls of many sophisticated and decorated spaces on top interior design magazines. Art can indeed bring that additional “magic” to a room.
Devin Fitzpatrick Art Consultants recommends beginning your search of a good and original art in your local area. This way, you can also save some cash because acquiring original art by local young artists is affordable. Simply put your creativeness into it to add more personal touch. You should express yourself to the design of your interior where it should be filled with objects and artworks that you personally love and appreciate.
Here are Devin Fitzpatrick Art Consultants’ simple tips to putting art for your home:
Put some frame
In order to give your art a much better appearance and make it look expensive, consider framing it. Even with an inexpensive frame, there’s a guarantee that there will be a good difference to the art.
Consider the tone and scale
You can also do an experiment on the different genre but just remember to balance the tone and scale. For instance, you can mix and match black and white photographs with charcoal drawings and monochromatic paintings.
Create a collage
Aside from putting a big and a beautiful painting on the wall, you can also consider placing and organizing smaller pieces together, especially if you have a larger wall. For example, you can hang different sizes of mirrors or other interesting objects to create an amazing collage.
Match the design with your interior concept
You’re advised to get softer and more classic pieces if your interior is traditional. And if your interior, on the other hand, is modern and conceptual, then you should choose arts with the same concept.
Get ideas from magazines
You can get good ideas or inspirations if you read and note information from décor magazines and blogs.
Know the meaning
You should determine and relate to the meaning behind each art piece to appreciate it for a long period of time.
Ensure balance
Understanding the scheme you wanted for your interior also holds some importance. Determine where each piece should go and identify if it is the right scale. Make sure that it provides the right feeling and have a good balance between its content, color, and shape.
Be consistent
After you decide on the theme of your interior, see to it that you’re going to be consistent with your design. It could be on grouped on different categories such as by medium, genre, artist, color, etc. Each piece in a particular place should relate to one another and altogether provides a meaningful appearance.
Get your hands on a good art that you like
To be more pleased with your interior, make sure to buy pieces that you actually love. Find the ones that match your personality as well and put in on a place that fits perfectly.
Security and Risk Online - Cyber Monday Shopping?
Cyber Monday shopping? How to spot SCAM websites and avoid being ripped off
But online shopping comes with risks, and recent research from comparethemarket.com has found cyber criminals are expected to pocked £8.6million from tomorrow’s spending bonanza alone.
The website’s spokesman Simon McCulloch said: “Cyber Monday is a major retail event and a salmon run for criminals who will try to seize money from unsuspecting shoppers and retail outlets.”
Action Fraud, the UK’s national reporting centre for fraud and cyber-crime, released figures showing Christmas shoppers were fleeced out of more than £10million in online scams last year.
Alex Neill from consumer body which? added: “If you see any deals advertised on Cyber Monday that look too good to be true, be careful. Fraudsters will do all they can to try and catch you out.”
But there are ways to protect yourself.
Firstly, double-check the domain name. Which? said: “A lot of fraudulent websites will use a domain name similar to a brand or product name. For example, website domains such as ipadoffers.net or discountnikeclothes.com should set alarm bells ringing.”
Be wary of domains which end in .net or .org, as they are rarely used for online shopping and may be misused by dodgy organisations.
Keep an eye out for poor spelling, grammar and English. Which? said: “This could mean the site isn’t genuine and has been put together by someone abroad looking to make a quick profit.”
Check what the shipping and returns policy is - if there isn’t one, proceed with caution.
When using a website, ensure the address beings “https”, and if you are unsure, check forums where other consumers alert people to scam pages.
Before purchasing, check the company’s social media feeds for recent activity and to see what other consumers have said about them.
Keep a close eye on your bank statement for unusual activity, as cyber criminals often make small but regular thefts which are harder to spot than large one-off amounts.
Celebs draw fentanyl addict headlines by Insurance Fraud Advocacy
Reminds that insurance fraud helps finance opioid epidemic
First came Prince, who died from an overdose of the painkiller fentanyl in his Minnesota home.
Next came singer Chaka Khan. She beat the reaper by entering into rehab this month, along with her sister
The Grammy winner admitted fentanyl is her escape drug of choice. Chaka wisely gave up her summer concert appearances to focus on getting clean.
“The battle of addiction is a serious and long process, which is why I chose to address my use of prescription medications — which came about as a result of the knee surgery I had a few years ago,” she said.
Fentanyl is one of latest prescription painkillers to grab headlines. It’s used for severe pain, and is approved for long term treatment. The stuff also is up to 100 times stronger than morphine, and 50 times stronger than heroin.
Fentanyl quickly shoots into the bloodstream. Dopamine then elevates, stoking the brain’s reward areas. The sweet euphoria grows into dependence, then addiction.
States like New Jersey and Mississippi are reporting spikes in fentanyl overdose deaths.
Insurance fraud is the largely untold story. It’s helping finance America’s epidemic of opioid addiction — billions of stolen insurance dollars worth.
Some fentanyl addicts reportedly are scamming health insurers to score prescriptions that feed the need. Same with other painkillers such as hydrocodone, or anti-anxiety meds and muscle relaxants.
Insurance scams may or may not have funded Prince’s or Chaka’s highs. Yet scams still are part of the bigger opioid picture, so we should be very concerned.
Insurers are stepping up investigations, plus education of doctors and patients to head off addiction. Law enforcement is going after shady pain clinics and pharmacies that dole out insurer-paid scripts.
Still, we risk getting exhausted by it all. We’re subject to steady parades of news stories about people dying from insurance-paid overdoses. Plus welcome busts of cold-blooded pain docs. They’re keeping addicts fed with pills — are we getting fed up?
Sadly, it may take a celeb’s drug death or rehab to keep headlines fresh and the public concerned. Let’s stay concerned, whether it’s a Grammy winner or small-town factory worker just trying to get clean.
