Offshore bank/IBC

homework2004

hello there,

i am trying to set up an IBC/Offshore banking for an e-commerce venture but i cannot find any impartial advice nor the best company to go with. i have done my research and panama seems to be the best all round centre for banking/setting up an IBC.

does anyone have any specific advice/experience in this area? if so i would appreciate your knowledge!

many thanks,

h07

gt94sss2

I don't know why you would want a bank account in Panama but for what its worth both I know that Citibank and HSBC operate there

As well as the HSBC contact details in the link above, they also operate a International Banking Centre in London which may be able to help you - I think their number is 020 7991 7414

Alternatively, you could try Citibank in the UK..

Regards
Sunil

homework2004

thanks for that sunil,

panama tax laws are exampt from the double tax treaties that certain jurisditions have. also the banks have strong secrecy and disclosure laws that are stronger than in some havens like switzerland.

i know that hsbc and citibank have branches there. what i was wondering really was something more concrete for example if anyone had direct dealings with any banks and/or had set up an IBC. if you have any information of your intermediary please let me know,

thanks,

h07

gt94sss2

homework2004 wrote: »

i know that hsbc and citibank have branches there. what i was wondering really was something more concrete for example if anyone had direct dealings with any banks and/or had set up an IBC. if you have any information of your intermediary please let me know,

No personal experience - sorry.

You could try somewhere like the British Expats forum and see if anyone there has any experience of banking there..

Regards
Sunil

Cook_County

IBCs generally don't work in the UK because the company is treated as UK resident and taxable here. If you are planning on evading tax then this is not a recommended money saving technique.

Please expand on what the IBC will do and where you are resident, domiciled and where the work will be done?

homework2004

hello Cook_County

thank you for your reply-it is much appreciated.

ok, basically i am a uk resident and am looking for somewhere to set up a company outside of the taxmans prying eyes. i thought that an IBC would fulfil this for me.

my business is an e-commerce business so is not really operating out of any particular jurisdiction. i am in the emryonic stages at the moment but need to choose the country to set up in. what i am looking for is to set up a company in a country that protects privacy laws. from the research that i have carried out panamanian corporations seem to have the best conditions for an e-commerce business.

Cook_County, if an IBC is not applicable for me, what type of corporation should i be looking at establishing?

thanks,

h07

Cook_County

Given that you are UK resident the company would be UK resident and taxable in full.

So do what suits the business best, as against tax.