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The Legal Use of Offshore Companies by, Charles Farran, Managing Director, Amanda J Molyneux & Company Limited.

2010-03-09T09:47:00.000Z

The Legal Use of Offshore Companies by, Charles Farran, Managing Director, Amanda J Molyneux & Company Limited.

A great deal of the bad publicity around today is aimed mainly at private offshore Bank accounts. Many western governments use this publicity to great effect, but this is mostly used as a smoke screen to please public opinion and a great way to cover up their own in inabilities to control their countries budget deficits.

It has been our Companies policy for the last five years not to recommend Private offshore Bank accounts to avoid or minimise tax liabilities as this is clearly illegal.

We do however, recommend and use Offshore Companies and Banks, better described as IBC (International Business Companies) for many reasons. IBC Companies are perfectly legal and offer many advantages outside of tax mitigation to Companies trading internationally. I will list some of the more obvious advantages:

• Confidentiality
• Holding Companies
• Cross Boarder Tax Advantages
• Double Taxation Agreements
• No Vat
• Tax Free
• No Filing of Accounts
• Asset Protection
• Holding of Assets

IBC Companies are also ideal vehicles for Internet based businesses who wish to trade internationally.

Offshore Banks: It is essential when purchasing an offshore Company to ensure that the offshore service provider arranges a Bank account with your Company.

Amanda J Molyneux & Company provides a three currency Bank account with a Major World Bank with every Company we sell. Due to the highest level of reputation our Company holds with our Bankers we are able to supply a Bank account for your business, free of any credit score, so even if you have bad credit or even bankrupt we can still help you.

For further details see our website at: http://www.molybank.com

Understanding the Tax crackdown for those wishing to leave the UK

2010-02-24T11:53:00.003Z

Following a court ruling last week, it now seems that those wanting to escape the HM Revenue and Custom’s tax net will need to cut all ties with Britain if they want to avoid paying tax. It would now seem that literally thousands of people who have moved or retired abroad will come under fresh scrutiny. And simple ties to the UK such as keeping a British mobile phone, or a club membership could land those individuals in trouble with the tax man.

What are the residence rules?

· If you are resident in the UK and are domiciled here then you can expect to pay tax on your worldwide income.
· Generally non-residents are only liable for income tax and capital gains tax on money they have earned in the UK and not on their global income.
· The latest HMRC6 Guidance states that:

Just because you leave the UK to live or work abroad does not necessarily prove that you are no longer resident here if, for example, you keep connections in the UK such as property, economic interests and social activities or if you have children in education here.

How can I be certain that I have cut all my ties to the UK?

· If you are British by birth, you need to sell up everything, not returning to the UK AT ALL for the first year.
· You must live abroad for three years AT LEAST in order to avoid UK income tax and for AT LEAST five years to avoid UK Capital Gains Tax.
· Then keep all UK visits to less than 91 days per year.
· You will need to complete a P85 form when you leave, informing the Inland Revenue that you wish to claim tax relief or repayment of UK income tax.
· If you still receive any income from the UK, you will need to still complete a UK tax return to declare your non UK resident status.
· You will have to resign from any company Directorships.
· You must take your spouse and children with you.
· You must not continue to send your children to a British school.
· You must transfer your bank accounts to banks outside the UK.
· You must give up any UK mobile contracts.
· You should resign from any clubs.
· You should ensure that the electoral register is amended, so that you are entitled to vote from abroad.

How will the new rulings affect me if I have retired abroad?

· If you keep a property in the UK and visit regularly you will now fall under the new scrutiny. Therefore it is advisable to sell up and relinquish your right to stay in the UK.
· Keep all visits well under the 91 day threshold.
· The fresh scrutiny does NOT however consider it a tie to the UK where Grandparents who live abroad, pay their grandchildren’s school fees.

How does it affect me if I have moved abroad to work?

· Subject to certain conditions, the HMRC usually treats those who move away on a full-time contract of employment as a non UK resident for the entire time that they are away working.
· However your contract MUST span the entire tax year.
· Visits to the UK must not exceed 183 days in any one tax year, or an average of 91 days over a four year period.

How do the tax rules affect overseas earners working in the UK?

· You are treated as a UK resident the day that you arrive in the UK for tax purposes.
· If you intend to be classed as having ‘Not Ordinary Resident Status’, which means you cannot remain in the UK for more than 3 years, it is possible to only be taxed on your UK earnings and your worldwide earnings cannot be considered.
· However if HMRC rules that the UK is the ‘Not Ordinary Resident Status’ persons centre of interests, they may still liable for taxation on worldwide interests. It is therefore advisable to seek appropriate advice.

We recommend that in all instances that you seek qualified professional advice.

Starting a Business with Bad Credit or in Bankruptcy

2009-12-05T13:34:00.000Z

The Problem
It was never easy to start a business in the UK when you had a poor or bad credit file, and certainly almost impossible in Bankruptcy, but today with the insane attitude towards such clients by the UK Banks, it is now totally impossible.

The Solutions
But there are answers to this difficult problem, and certainly a number of alternatives.

1. The ‘Offshore’ Company By far the easiest way is to form an IBC (International Business Company), sometimes known in less politically correct times as an ‘Offshore Company’. IBC Companies, despite all the bad publicity, are perfectly legal as long as you declare any tax due to our friends at Revenue and Customs!

What forming an IBC Company does for you, in one single stroke, is allow you to open up a Bank account without a UK credit score. The best specialist Company who provide this service is Amanda J Molyneux & Company (tel: 01305 853310 website http://www.molybank.com/). Amanda J Molyneux & Co provides a great package consisting of a Tax Free IBC Company with a Guaranteed Bank account with absolutely no credit score. The account is with a major European Bank.

2. The Nominee Director. Another alternative to the problem is to use a nominee Director or a family member to enable your new business to open a UK Bank account. Of course this can only be done if the Company is a Limited Company. This option is not available to Sole Traders.

The Business Anarchist 1 day seminars cover all these issues in detail and will ensure you can start your new business on a sound footing – more details here

Seychelles IBC-Cyprus Trust Company - Total Confidentiality

2008-09-12T23:32:00.002+01:00

Over the past few years we have provided Bearer Share Seychelles Offshore IBC Companies. The definition of a bearer share Company is there is no public record of the ownership of the Company within the jurisdiction. Whilst this offers some protection, clients are really vulnerable at their Bank. The Banks we deal with offer a number of protective measures to try to ensure client confidentiality, and protection from inquisitive outsiders. The most popular of which is a small electronic keypad (Digipass) that provides a burst code against the clients pin number. However, anyone investigating your affairs can apply to the local court for a court order known as a production order.

As the majority of the Bank accounts we supply are in Cyprus, I have used Cyprus as an example. Any investigating body can apply to the Cyprus High Court for a court ‘production order’. In most cases, the court would refuse, especially regarding tax investigations. However, with the general tightening up of International regulations it is possible that a Production Order is issued to your Bank which effectively forces the Bank to provide information on the beneficial owner of the Company and its Bank account.

Our new Seychelles IBC–Cyprus Trust Company ensures that this cannot happen. To explain the structure, I have provided a diagram below. The Seychelles Company issues one share to a Cyprus Company owned by a Cyprus law firm. The Advocate of the law firm will also be your nominee director. The Cyprus Company will then provide a trust document proving that you the client are the true beneficial owner of the Company. This document will have a court apostile stamp on it. The result of this type of structure is that if anyone investigating your affairs attempts to obtain a court order against your Company, they will leave court with an order against the Cyprus Company not the Seychelles Company. As you are not the beneficial owner of the Cyprus Company, no further information is available to the investigators. This makes this product ideal for ‘asset protection’ and or confidential International transactions.

More details and how to buy here

Guaranteed UK Limited Company Bank Accounts - No Bank Visit

2008-09-12T23:30:00.000+01:00

Amanda J Molyneux & Company is pleased to announce that we can now guarantee a UK Limited Company Bank account irrespective of the client’s credit record. Accounts are available with one of the UK’S top 3 Banks. Account applications are handled by us on behalf of the Bank by post so no Bank visit is required. Two forms of I.D will be required which must include a UK Passport.

For more information and to apply for an account click here.

Offshore IBC Companies

2008-03-31T23:28:00.001+01:00

Why buy an Offshore Company (IBC) without a Bank account? To be honest I have no idea but many clients do every day. We are constantly being asked to provide Bank accounts to clients who have already purchased an offshore Company without a Bank account, why? Well one of the reasons is our competitors often lead customers to believe they will arrange a Bank account for them, of course once the customer has paid the fee it is too late. Watch out for wording such as “we will provide you with a Bank introduction” This sentence can be found on many Company formation agents websites, frankly it means nothing. So what’s so different about buying a Company from us? Quite simply we are Professional Banking Introducers. We are licensed to the Banks we deal so our clients are assured full Banking Facilities without credit scoring or a Bank reference being required As far as we are concerned a Company formed without a Bank account is of little use.

Amanda J Molyneux & Company Limited will provide you with an Offshore IBC or Cyprus Company with a Guaranteed Bank Account a major EU Bank only exceptions. A nominee Director, Registered office and a Management office address in Cyprus. For further information see here. We are able to open Banks if you have an existing Company details.

UK Gov't Backs Off Tightening Foreigner's Tax

2008-02-14T23:24:00.000Z

It would appear that someone with half a brain in the UK Government has woken up to the fact that many wealthy ‘Non Doms’ (Non domicile) living in Britain would probably have left on the next flight had they cancelled the tax breaks these people get by living in the UK.

The UK government said it will stick by its current policy of not taxing the wealthy from overseas on the income from Offshore Trust - a common way for the wealthy to hold assets - and the government won’t ask what is held in the Trust!

This must all be disappointing for our Swiss friends, who have been busy making plans to make Switzerland more attractive to wealthy foreigners.

For more information on our offshore Trust products click here.

Amanda J Molyneux are now a Limited Company

2008-02-13T23:22:00.000Z

We are pleased to inform clients old and new that as from 14^th of February 2008 Amanda J Molyneux & Company will become a Limited Company trading as Amanda J Molyneux & Company Limited.

We have been a trading partnership for the past thirteen years but due to the large volumes of business we are doing we have decided to go Limited. Our address and contact details remain the same and can be found on the 'contact page' on this website.

The Directors of the Company are Charles Farran & Amanda Farran.

We look forward to your continued support and pledge to continue our Company ethos of honesty and integrity.

Another New Banking Relationship

2007-12-06T23:21:00.000Z

Another New Banking Relationship: We are delighted to announce we are now full introducers to National Westminster Bank. We can now provide Bank account facilities for Limited Companies and Sole Traders. Clients with negative credit records can be accommodated. Contact us in confidence to discuss your requirements.

Business Loans

2007-12-06T23:17:00.000Z

Business Loans and overdraft facilities now available from Nat West to our clients. Property development loans, business development loans, leasing and overdrafts to Amanda J Molyneux clients. Contact us for details.

Now introducers to Credit Agricole in Monaco ...

2007-11-16T23:20:00.000Z

...Private Banking Division. We are delighted to announce that we have been appointed as Licensed Introducers to CFM Bank Monaco. CFM is part of the AA rated Credit Agricole Banking Group. Amanda Farran signed an agreement with Michael Macmillan of CFM Bank at a luncheon held at The Dorchester Hotel on Friday 16th of November.

Amanda is quoted as saying; “this is a memorable day in the twelve year history of our Company. We are proud of our reputation in this business and proud of the fact that we have been chosen to represent such a major World Bank”.

The Company goes from strength to strength as our reputation for great customer service and satisfaction grows amongst the International Business community. We have worked closely with Royal Bank of Scotland in the UK and Bank of Cyprus in Nicosia for many years. Now we are able to offer private Offshore Banking to high net worth clients worldwide. Today 65% of the business we transact is by personal recommendation from existing and past clients.

The addition of CFM Bank to our stable of International Banks puts us firmly at the top of our profession.

Dorset 16th November 2007.

NEW! HONG KONG COMPANIES - available shortly.

2007-11-14T23:19:00.000Z

More details coming soon. Contact us for further details.

A New Type of Offshore Company ...

2007-09-25T22:42:00.000+01:00

For the past two years we have recommended what we believe to be a superb offshore Company package. This is usually a Seychelles or Panama offshore Company usually provided with bearer shares. International Business Companies (IBC’s) with bearer shares do not have the beneficial owners name on record in the Companies home jurisdiction. These Companies are automatically provided with a AA rated Bank account. Before I go any further regarding offshore Company structure, it is worth spending a moment to look carefully at the type of offshore package you are buying.

There are literally thousands of Companies selling Offshore Structures Worldwide. The problem is, a large percentage of those Companies have little or no idea of what they are selling. To give you one instance, many UK clients are advised to use BVI Companies (British Virgin Islands) by less than knowledgeable sellers. There could not be a worse destination for an Offshore Company for UK clients then the BVI!.

One last point and probably the most important one, when buying an offshore Company question the seller fully on one point….Do I get a Bank account with the Company? If you don’t or they say “don’t worry we will introduce you to a Bank” walk away! Offshore Companies must come with a Bank account. An offshore Company without a Banking facility is off little or no use!

A new type of structure.

Whilst for the vast majority of clients a bearer shares Company will offer total confidentiality those wanting one hundred percent protection from any form of invasion into their affairs may like to consider a new type of offshore Company structure we offer. We provide a Seychelles or similar IBC Company with shares issued in the name of a Cyprus exempt Company. The Cyprus holding Company which is owned by our Cyprus Lawyer will in turn give the real beneficial owner a confidential trust document testifying he or she is the real beneficial owner. The Banks that we deal with will not provide information to any third party for any reason unless they are forced to do so by a High Court. In Cyprus for instance the High Court will only force banks to release information if the person being investigated is wanted for criminal offences, not matters of taxation.

In the case of the Company structure mentioned above absolutely no information can be obtained about the true identity of the beneficial owner even with a court order. For reasons of client confidentiality we have decide not to advertise this Company structure on our website, so please contact us in confidence to discuss the matter in more detail.

International Business Companies - IBCs

2007-09-24T22:39:00.000+01:00

When people think about offshore Companies the first thought that comes to mind is 'tax avoidance' however, the reality is somewhat different. Offshore Companies are used today for a variety of different reasons. Clients that may be Bankrupt in their home country are not considered Bankrupt in another.

An offshore Company can be of benefit to clients who may want to keep their business affairs confidential from current or previous business partners or maybe an ex spouse.

Offshore Companies are not illegal. It is a simple matter to pay tax on your offshore earnings and keep the confidentiality. Many clients have difficulty opening business accounts on shore. In the UK for instance the UK Banks are very fussy about the type of client they will award an account to. We receive many phone calls every week from people who say ‘I just want a simple account. I don"t need loans or overdrafts’. Frankly, it makes no difference to the on shore Banks attitude. In fact, usually quite the opposite as they are unable to make any money out of such customers.

We can open an offshore private or business account offshore in a matter of days. No credit score is required and no Bank reference is required. The attitude of the offshore Banks we deal with is refreshing to say the least. You are judged on how you run the account, not your past record. We are happy to provide advice on this subject so feel free to contact us to discuss your requirements.

BANKRUPT IN THE UK?

2007-02-07T21:12:00.000Z

UK Bankrupt or Poor Credit Information Bankruptcy can be a testing time on both your personal life and your business, however, we may be able to change all that for you. Although you are Bankrupt in the UK you are not bankrupt in any other country. During the past 12 years we have helped many clients re-start their business and personal life. We can arrange an offshore Company with a guaranteed Bank account. No credit score or Bank reference is required! No minimum opening Balance is required and a Visa debit card is available subject to a $5000.00 USD deposit (card optional). You will receive Sterling and Euro account numbers with full internet Banking. The Bank are the largest Bank in Cyprus over 125 years old with 120+ branches worldwide. English speaking staff and dedicated Bank officers for our clients. The same facility is available for clients with poor credit. It is not illegal to have an offshore account. For further information contact us by email at: charles@molybank.com or telephone us on: + 44 (0)1305 853310. We will be please to help you start your new life.

EU SAVINGS Tax Directive Private Offshore Accounts

2007-02-06T22:44:00.001Z

Urgent Information Regarding Your Offshore Private Bank Account You may or may not be aware that on the first of June 2005 the EU Savings Tax Directive came into play for clients with Private Offshore Bank Accounts. Under the directive EU Banks will be required to hand over to the relevant tax authority information about savings and income received by EU individuals not resident in the country where the account is held. The information will be handed to the tax authority where the account holder is resident. So that it can be compared with what has been declared on their domestic tax return.

The European Union Savings Tax Directive says “the directive applies only to individuals and NOT OFFSHORE COMPANIES”.

There are currently no plans for the EU to issue a similar directive against ‘entity accounts’ (offshore companies). We recommend that you consider a Seychelles offshore Company. The Seychelles jurisdiction is recognised as the best jurisdiction currently available. The jurisdiction offers the following advantages:

Tax Free
No requirement to file accounts
No beneficial owners name on record
Bearer shares
Minimum yearly maintenance fees.

Our Seychelles offshore package includes a business bank account with The Bank of Cyprus IBU (International Business Unit) In Cyprus. This account will offer the same facilities as your current private account plus additional currencies in Sterling, USD and Euros. This account will give you total confidentiality.

A Professional Director based in Cyprus will be provided with the package, this enables our clients to remain at arms length from any transactions or contractual arrangements the company may wish to make. A re-invoicing service and postal service is also available at minimum extra cost.

The cost of the Seychelles Offshore Company with Nominee Director and three currency accounts to new clients is very competitive.

You may be interested to know that bearer shares companies can trade or hold assets. Once property, cash or intellectual property is within an offshore it becomes the property of the offshore company and therefore acts as an excellent asset protection device.

Your offshore Company account will provide all the facilities you currently enjoy with your private account but with absolute confidentiality. Visa debit card (subject to holding deposit) on-line banking, personal Bank officers.

We keep 25+ shelf companies in stock at any one time or we can form a company to your choice of name the following day at no extra cost.

See further information on our offshore Company/ Bank account page

EU Tax Directive FAQs

Q When did the EU tax directive commence? A June 2005

Q What is the EU tax directive? A Financial Institutions are required to send information on clients of offshore Private Bank accounts details of interest paid on the account. Under the directive, financial institutions IN EU member states will be required to hand over to the relevant EU tax authority where the account holder is resident so that it can be compared with what has been declared on their domestic tax returns.

Q Does this affect me if I am resident in a Non EU country? A No

Q To open a business account do I need an offshore company? A Yes, it is essential, offshore banks do not open business accounts unless the client has an offshore company.

Q How do I proceed or get more information? A Easy, just call Charles Farran at Amanda J Molyneux & Company on: 01305 853310 or email:Charles@molybank.com