If you don’t want a competitor to know that you own a particular enterprise or if you don’t want outside parties to be able to find out (without your consent) how much profit your business is making then you might want to set up a Private Offshore Company.
To ensure that your Privacy is safeguarded there are, in essence, five boxes you will want/need to tick.
Firstly to minimise the chances of your ownership of the company being discovered you will want to ensure your Private Offshore Company is incorporated in a country which does NOT have a Tax Information Exchange Agreement (“TIEA”) with your home state (or a DTA ie a Double Taxation Avoidance Agreement as these Treaties sometimes have information exchange provisions) .
Secondly you might want to open an account at a Bank which can/will issue you with an anonymous card ie a VISA or Master or etc Card on which your name (and ideally your company name) does not appear. (such banks/products do still exist us Contact Us for details).
Thirdly, for maximum privacy, you’d be well advised to include a (nil tax jurisdiction resident) Nominee Director/Shareholder as part of the Corporate structure. For more information on how that can work for you please read these pages:
Fourthly, if you want maximum privacy and to avoid your name being recorded anywhere as the “beneficial owner” of the Company then you would be wise to include a Private Foundation as part of the Corporate Structure (ie to hold the shares of/own your Private Offshore Company).
Fifthly, if you don’t want your name to appear anywhere in the bank’s records you could also nominate someone else to be the signatory on your bank account. (A/The Nominee Director is commonly deployed for this purpose).
Some International Corporate Services Providers can also supply a Nominee Beneficiary for your Foundation so that your name doesn’t appear in the bank record as a Beneficiary of the Foundation when it comes time to apply for a bank account. Alternatively you could set up what’s known as a Discretionary Foundation (ie one where beneficiaries can be added or removed at any time) and nominate a tax free Charity as the initial beneficiary.
Would you like to know more? Then please Contact Us: