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Experience with Offshore Company for Trading Forex

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  • fiveninefish
    replied
    That's what is so frustrating. I am fully willing to pay taxes and always have up to this point. My goal is not to avoid taxes; it's merely to gain access to better feeds/pricing/spreads. I'm also looking for FIX API. None of my systems work at all at Oanda. My last alternative is to setup everything through my wife, who is Canadian, but even then everything seems to come back to FATCA. The funny thing is if the US gov't would just let me pick any broker of my choosing, they would wind up with far more tax dollars from me then they are now.

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  • oportunis
    replied
    For a US resident, it's a no go. Sooner or later IRS will find you and tax you. If you want to pay taxes than just operate with US brokers like Oanda. EU now has the same leverage as US or even lower 1:30. Only ASIC regulated brokers offer more, but I suspect they will follow the same road in near future...

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  • fiveninefish
    replied
    Going over this old thread - has anybody had success or can recommend a firm or agent who can setup an IBC for a US resident? It seems like there are many pitfalls in the process, and then adding overseas banking to the mix makes it even more confusing. If someone has any leads on a banking/IBC solution that works for them, I am very interested.

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  • metawhitelabel
    replied
    Offshore company formation is easy.You can open different types of offshore company from here (https://www.metawhitelabel.com) If you plan to trade only then you have to choose the jurisdiction which does not have forex regulation. If you open offshore company in a country which has forex regulation, you will face problems to open corporate forex accounts in reliable brokers. They will ask your company documents and forex license if your company is in a country which has forex regulation. I recommend you to set the offshore company in St Vincent. Most of FCA brokers accept St. Vincent offshore companies as a client. So you can easily send your funds to offshore company account and then to FCA broker account for trading.
    Advanced FX Solutions for Forex Startups and Brokers. Forex Platform, Forex License, Forex CRM, Forex Bitcoin for your forex business.

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  • oportunis
    replied
    Here we do not talk about offshore brokers, which are not regulated, but opening an offshore company to trade on regulated broker... So all is legit except the person is now a company and not a physical person...

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  • mlawson71
    replied
    Frankly, I am always wary of trading with offshore brokers, because there are some inherent risks related to trading with such companies. Offshore destinations are famous for their light touch regulation, if any and are generally known for their lax regulation and non-existent corporate taxes. (https://www.forexbrokerz.com/news/ri...e-forex-broker)

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  • oportunis
    replied
    I just renewed my company and asked my agent if they accept new clients, so if someone needs any help with opening offshore company etc. you can send me a message.

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  • oportunis
    replied
    Does anybody have experience with Leupay (https://www.leupay.eu/)? I would like to try it and withdraw some funds from my broker which is in Australia. Will it go trough? My broker can send funds only if beneficiary is my company. If Leupay can provide personal IBAN and beneficiary is my company name than this would be great, I don't have account yet but if anyone is using it I would really appreciate any feedback.

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  • fivepips
    replied
    Years back I had a BVI offshore through Rikvin with SVG at Europacbank. The opening was 1 or 2 months so a bit of time. It worked well, had all the documents and debit card. It is better to charge in local currency and let the offshore bank handle the exchange. But as I am resident in Switzerland now, the offshore structure became redundant, as I spend the money in Switzerland anyway, I pay the cantonal tax and thats it.

    If Switzerland goes belly up with all the disintegration of the EU, then I probably will relocate to UAE or New Zeeland. This in my opinion destructs the side income benefit of FX, if you have a decent paying job in your home country, but it is impossible or you pay a high tax on the profits. But if you want to trade full time and enjoy the freedom, then you need the best country available.

    So Rikvin and Europac should work well.

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  • Ki Lian
    replied
    Im currently into reasearching similar options. I thinking about moving my business to UAE, and i am currently into contact with this company: https://uae-company-service.com/uae-offshore/
    Up to know conditions sound good. I will see next week whether it is worth doing this step of going Offshore... Maybe it will be just too expensive for what I do, because you cant use all the benefits normal companies can use... But i'll see and will update...
    RAK ICC, RAK ICC Company, RAK Offshore Company - RAK Company Formation. Privacy Management Group in the UAE registers your RAK Offshore Company, provided all required documents have been submitted to us, within 48 hours with the RAK authorities.

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  • FX2407
    replied
    Thanks for all shared info.

    it all depends on where you are located. What for person A in for example the US is a viable option isn't a good option for person B in another country.

    although by offshore most people think on cayman,belize,paname etc which nowadays are immideate seen as something shady by many, although there are a lot of viable reasons why you want to use an offshore solution.

    but for a person in france, a gmbh in germany is also offshore (ie outside your own country)

    for someone in BELgium, where they just prohibited forex trading altogether all those entities in belize cayman panama etc are not a good option, because since last year you have to report these entities to the BE gov in your tax declaration.

    the biggest hurdle will be to get a bank account for the entity. Even for an uk ltd operating in another EU member state many banks do refuse a bank account for the ltd.

    within europe it is for this moment if you stumble upon restrictions much easier to vote with your feet and keep trading on your personal name.

    another option could be to set up a wealth management company such as a SPF in luxembourg or even your own investment fund (sicav in LU)
    all depends also on the amount of trading capital involved.

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  • KHutch
    replied
    Gents,

    Below you will find the countries directory, chamber of commerce, or financial authority. I used these to determine if the company I was going to use to form my IBC was actually registered to conduct business in that country and if they were in good standing with that country. There are literally thousand of online companies that say they will set up an IBC for you. I am pretty sure you can do this for just about any country you decide to form an IBC in.

    Belize- http://www.ifsc.gov.bz/licensed-service-providers/

    ​​​​​​Panama- http://panamcham.com/en/directory

    Seychelles- http://www.fsaseychelles.sc/index.ph...ties/fiduciary

    Hope this helps...

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  • kingpips
    replied
    Thanks KHutch and HedgeBitcoin for sharing your valuable information.

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  • HedgeBitcoin
    replied
    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.

    The director is the person who runs the IBC. They're the person you grant access to your IBC, They do all the heavy lifting for you. They are the face of your company. Your personal information does not transfer in form of ID to any FX account. If you do, you are doing it wrong.

    Pay for the Director Fees. That's the whole reason why this IBC is being setup in the first place. To hide "You"

    The relationship of Business is not Forex Trading or anything related to financial unless you are opening a FX brokerage or asset management business ( new discussion ).

    The purpose of the IBC is solely to hide your identify when opening an FX Account for your own personal trading( and this information doesn't need to be made public).

    Your IBC is for software consulting. . Be creative people,

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  • KHutch
    replied
    Originally posted by kingpips View Post
    KHutch

    Thanks for your great information. They will ask what service your company will offer when we setup the IBC and the bank account. What did you put? Trading Foreign currency, Investors ?

    On post #9 of this topic, Blob said "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." Is that correct? I just want to have a second opinion as I can see you have plenty of experience on these things.On Leupay business account application, they ask "Personal details", we can put our representative contact (Nominee Director). Would you suggest to do that for more privacy or better to put our own info.

    Thank you again.
    Kingpips,

    for business services i put Private currency trader- personal funds invested, no clients.

    I did not have a separate business bank account for Leupay, after submitting your documentation for your business account, they will finish verification by either sending a confirmation code letter to the registered address on file, or there credit/debit card (which is free), in which case will be your resident agents address, or business address. and then you log in and complete the verification process.

    For your personal account, i would just put your personal details, as i highly doubt you will find a nominee director that will do that for you, when you get your offshore IBC, you should have every document you would need to proceed with establishing your accounts. there might be one or two things, but for the most part I had everything i needed. Dont hesitate to contact your resident agent either for assistance, thats what you paid them for. the law firm in Panama I worked with are extremely helpful and quick to respond.

    Hope this helps.

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