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Experience with Offshore Company for Trading Forex

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  • Experience with Offshore Company for Trading Forex

    Hi All,

    Due to a new law in Belgium, trading Forex,CFD and Binary Options is no more allowed. Brokers such as AXITraders have already started closing the accounts for Belgian Customers ( I received their mail this morning for this ). Belgium is the first European country to take such a drastic step.

    While asking for suggestions from this community some people suggested opening a offshore company to continue trading forex. I did some very limited research on this and am getting a feeling that there are lots of players in this market offering services to open such companies. However, I also read that this market is also full of scamsters.

    So I would like to hear from people who have first hand experience of going this way ( opening offshore companies ) about how did they setup the entire structure and also would like to get some recommendation on the service providers.

    Also , I am not looking for avoiding Taxes but to make sure that I can continue trading forex ( signals and also manual ) in a LEGAL way.

    -Z






  • #2
    Originally posted by zorrotrader View Post
    Hi All,
    Also , I am not looking for avoiding Taxes but to make sure that I can continue trading forex ( signals and also manual ) in a LEGAL way.
    You have to pay tax on trading income? That's another good reason go offshore. In New Zealand, our government does not tax Forex gains.

    Comment


    • #3
      Service Provider : Fidelity OverSeas LTD
      https://www.incorporatebelize.com/fidelity-overseas.php
      Location of IBC: Belize
      Business Type: Corporation, shares, Director
      Cost: Under $2000
      Setup Time: Within a few days

      Experience: Professional Online service, Belize speaks english, Beautiful Country, Country relies heavily on IBC offshore banking industry. They use the USD as their currency.

      IBC has been the #1 solution to reopen accounts at Regulated FX Brokers.
      Last edited by HedgeBitcoin; 08-17-2016, 07:20 PM.

      MT4 Telegram Trader links your MT4 platform to your mobile phone.

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      • #4
        Excellent post! I´ve been always thinking on this kinds of company might be difficult to make business with. Now, your post confirms my theory.

        Comment


        • #5
          Originally posted by HedgeBitcoin View Post
          Service Provider : Fidelity OverSeas LTD
          https://www.incorporatebelize.com/fidelity-overseas.php
          Location of IBC: Belize
          Business Type: Corporation, shares, Director
          Cost: Under $2000
          Setup Time: Within a few days

          Experience: Professional Online service, Belize speaks english, Beautiful Country, Country relies heavily on IBC offshore banking industry. They use the USD as their currency.

          IBC has been the #1 solution to reopen accounts at Regulated FX Brokers.
          Hi ,

          Thanks for the info. How long have you used the offshore company in Belize?
          Do you also hold a Bank account their?

          and the most important question, how do you pay your self from the offshore company? I mean you need to show your home country that tax has been payed. Isn't it?

          -Z

          Comment


          • #6
            Why would you pay taxes from offshore? Once you have a bank you receive a debit card and you can pay your expenses with that. If you want to transfer money back to your account you do it as a wire transfer, but than you need to report it to tax office yes, but the point of offshore is you don't need to do that You can open any bank that allows offshore company, it doesn't have to be connected to Belize. You can open it in Switzerland, but they need big capital. East Europe is also OK and cheaper. All have SEPA rule so transactions should be cheaper.
            Last edited by oportunis; 08-18-2016, 08:40 AM.

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            • #7
              Hi oportunis,

              Can we buy car, house or any expensive things with an offshore debit card? Which offshore agent would you recommend? There are many of them on the internet.


              Thanks.

              Comment


              • #8
                In Belgium, opening an offshore company will not help due to the http://www.nomoretax.eu/the-belgian-cayman-tax/
                All you can do is reduce the tax, but you cannot fully avoid it.

                Comment


                • #9
                  Probably the best option is St. Vincent and the Grenadines.

                  The reason is simple: the shareholder, the director and the segretary of the company doesn't appear in any official document, so you don't need nominees which would cost you around 1000€/year each. Your name will appear only on a document which you will keep secret in a safe place.

                  You can open a company in SVG with 1000€ or less and it will cost you 500€/year or less to keep it active (+ minimum 400€/year of bank fees). Usually service providers can open the bank account for you (around 500€) but you can try to do it yourself if you want, there are just 2 offshore bank in that country that can be used for this purpose (Europac and Loyal) and you can apply online.

                  You will need a business plan, a presentation letter and stuff like that.

                  To keep the costs down you can open a regular bank acccount and then use LeuPay.eu for daily activities (it works like a regular bank, but it's much cheaper than offshore banks). Hovever you still need a regular bank account in the name of the company for opening a Business Leupay account, it's required for address verification.

                  NB: all banks and forex brokers must know the name of ultimate beneficiary of the company (you). Offshore banks keep it secret as long as you are not involved in terrorism, money laundering, drugs, etc. however I'm not sure if forex brokers and LeuPay will keep it secret in case of a tax avoidance investigation, so there's always some kind of risk.
                  Last edited by Blob; 08-20-2016, 12:35 PM.

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                  • #10
                    kingpips You can buy anythig you want from offsohre, but it will be a property of the company not yor personal property, but since you are the sole owner it doesn't matter. Also your family can inherit the company if you die etc... If you want to buy a house you will make a wire transfer to real estate owner instead of buying trough debit card as the cards have limit.

                    Also you don't need to pay any taxes if you never take money out from offshore and use it only as a company. Offshore don't show who is the owner unless you are a criminal and they get a warrant, than they will expose you. But there can be whistleblowers like it happened for Panama and if you are some public person the journalist will want to investigate further, but for private businessmen this doesn't matter...

                    Also I had Loyal Bank and it wasn't a good bank, their intermediary banks were awful, too expensive and 90% of the time rejected my transfers but still charged me a hefty fee, so I would recommend to get a real bank not some electronic bank.

                    Comment


                    • #11
                      HI Blob,

                      Thanks for your explanation. I contacted ICM about opening a live account with them as company. Their reply:


                      -------------------------------------------
                      4:26 pm
                      We require the documents below to have your corporate trading account approved.

                      1. Certificate Of Incorporation

                      2. One form of Primary ID

                      • Copy of a valid passport of all the directors;
                      • Drivers Licence of all directors;
                      • Government issued ID of all directors.

                      3. One form of Secondary ID

                      A proof of residence dated within 3 months for the address indicated on your account application.

                      • Utilities bill with company address;
                      • Credit card statement with company address;
                      • Bank statement with company address.

                      the account can be used by the directors of company

                      -------------------------------------------

                      If I understand correctly, the Director of the company can open an account with them, the owner info is not required.
                      Could you please recommend some reliable Agents for opening offshore account in St. VIncent?

                      Thanks!



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                      • #12
                        oportunis Thanks for your reply. Do you have any comments on IBC in Seychelles, they are heavily advertised on the internet. Do you know any reliable agent who will help us to open both bank account and company?

                        I heard someone said that the bank account and the company can be in different countries. I don't know what is the benefit of doing that. Anyways, thank you for sharing your experiences.

                        Comment


                        • #13
                          Hi, any offshore agent should be fine, but check the country what taxes do they charge to nonresidents, some don't charge anythig but some do, like Delaware. Also check that the renewal rate for company isn't too expensive. You can have bank in any country that supports offshore company. I prefer a bank that is a real bank and can offer loans, investments etc. not only some electronic transactions. Switzerland is great, but needs big deposit, Eastern Europe is also good and much cheaper with no deposit, only opening fee.

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                          • #14
                            Looks like I am also ****et, Stupid Belgium.
                            Option 1 is to move to the Nederlands and option 2 is open up an offshore.
                            Last edited by Tripzor; 08-23-2016, 04:53 AM.

                            Comment


                            • #15
                              Originally posted by HedgeBitcoin View Post
                              Service Provider : Fidelity OverSeas LTD
                              https://www.incorporatebelize.com/fidelity-overseas.php
                              Location of IBC: Belize
                              Business Type: Corporation, shares, Director
                              Cost: Under $2000
                              Setup Time: Within a few days

                              Experience: Professional Online service, Belize speaks english, Beautiful Country, Country relies heavily on IBC offshore banking industry. They use the USD as their currency.

                              IBC has been the #1 solution to reopen accounts at Regulated FX Brokers.

                              Are you using this company also ? If yes ? What Bank did you chose in Belize ?

                              Comment

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