Which Offshore Jurisdiction?

L

Low Salubrity Thug

I'm an indepedent trader, resident in the UK, and for various reasons I've decided the time is right to incorporate and move my trading operation offshore. Now, before anyone chips in with a diatribe about tax evasion, I'm doing this for legit wealth management reasons. I'm a reasonably successful person and not about to risk it all for a few extra illegal dollars.

I've had initial conversations with lawyers here in London, but would be interested in the opinions of other traders that have moved offshore. Most specifically, are there any jurisdictions which are recommended from a traders point of view, or likewise to be avoided? I'm only looking at established offshore jurisdictions with English as an official language, a legal/judicial system based on English Common Law, and decent international banking options. I'm not interested in Mickey Mouse locations such as the Seychelles, Belize etc.

Due to its reputation as the offshore centre for financial operations, I first looked at the Cayman Islands, but after some investigation I'm doubtful its the best place for me. Since I have no interest in turning the operation into a fund (either now or in the future) there seems little point taking on the extra expense and complexity of operating out of the Caymans.

As things currently stand, it looks like the British Virgin Islands is the best option. They offer the simplest and most cost effective structures which would allow me to achieve my aims.

Anyway, I can cover off the generic stuff with the lawyers. Just wondering if using the BVI is likely to cause me any problems from a trading perspective (e.g. obtaining exchange memberships, relationships with clearing firms etc)?

Thanks in advance for any opinions.
 
Low Salubrity Thug said:
I'm an indepedent trader, resident in the UK, and for various reasons I've decided the time is right to incorporate and move my trading operation offshore. Now, before anyone chips in with a diatribe about tax evasion, I'm doing this for legit wealth management reasons. I'm a reasonably successful person and not about to risk it all for a few extra illegal dollars.

I've had initial conversations with lawyers here in London, but would be interested in the opinions of other traders that have moved offshore. Most specifically, are there any jurisdictions which are recommended from a traders point of view, or likewise to be avoided? I'm only looking at established offshore jurisdictions with English as an official language, a legal/judicial system based on English Common Law, and decent international banking options. I'm not interested in Mickey Mouse locations such as the Seychelles, Belize etc.

Due to its reputation as the offshore centre for financial operations, I first looked at the Cayman Islands, but after some investigation I'm doubtful its the best place for me. Since I have no interest in turning the operation into a fund (either now or in the future) there seems little point taking on the extra expense and complexity of operating out of the Caymans.

As things currently stand, it looks like the British Virgin Islands is the best option. They offer the simplest and most cost effective structures which would allow me to achieve my aims.

Anyway, I can cover off the generic stuff with the lawyers. Just wondering if using the BVI is likely to cause me any problems from a trading perspective (e.g. obtaining exchange memberships, relationships with clearing firms etc)?

Thanks in advance for any opinions.
More...

Did you consider Gibraltar?
 
Have a look at the court papers from the fella who got busted for spoofing in the UK. Can't remember his name but according to the authorities he was the man that caused the flash crash, hahaha. More like he was easy meat with no political benefactors/protection.

Anyway, the papers show how and where he was operating from (in the UK but offshore), how he setup his companies etc to trade. I'm sure you'll find some good info.
 
H2O said:
Did you consider Gibraltar?
More...

Yes, looked at Gib very briefly. It's geared more towards gambling companies.

There are much worse places out there, but the main disadvantages include:

- member of the EU (big no-no)
- requirement to file annual audited accounts
 
rmorse said:
I don't expect BVI will cause any issues. We can do business with BVI businesses. You can also check out Bermuda but that might be better for a fund.

http://bda.bm/

• http://bda.bm/wp-content/uploads/2015/07/BDA_AssetManagementBrochure_ENGLISH_Online_F2.pdf
• http://bda.bm/wp-content/uploads/2015/04/15-Mar-23-BDA-Asset-Management-Snapshot.pdf
• http://bda.bm/wp-content/uploads/2015/04/15-Mar-23-BDA-Asset-Management-Flowchart.pdf
More...

Thanks for the info Robert. Will give it a read.
 
AbbotAle said:
Have a look at the court papers from the fella who got busted for spoofing in the UK. Can't remember his name but according to the authorities he was the man that caused the flash crash, hahaha. More like he was easy meat with no political benefactors/protection.

Anyway, the papers show how and where he was operating from (in the UK but offshore), how he setup his companies etc to trade. I'm sure you'll find some good info.
More...

His name is Navinder Singh Sarao. He lives about 4 miles down the road from me so I am well versed with his situation. Funny you should mention him, as he finds out today if he's going to be extradited to the US.
 
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Low Salubrity Thug said:
Thanks for the info Robert. Will give it a read.
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I can provide you contact information directly if you PM me for the Business Development Manager there who can provide contacts in their country to get up and running efficiently.
 
rmorse said:
I can provide you contact information directly if you PM me for the Business Development Manager there who can provide contacts in their country to get up and running efficiently.
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Thanks. If I decide to revisit Bermuda as an option then I'll get in touch.
 
Low Salubrity Thug said:
His name is Navinder Singh Sarao. He lives about 4 miles down the road from me so I am well versed with his situation. Funny you should mention him, as he finds out today if he's going to be extradited to the US.
More...

Yep, that's him. Shocking if he is extradited, gutless UK government playing lapdog to the US government thugs. Got no real chance in Federal Court, government abuses and tricks means he'll get convicted of something unless he plea bargains. And what will be the sentence if he doesn't plea and is convicted, probably more than you'd get for murder in the UK.

If anyone wants proof of crony capitalism and outright corruption, look no further than this case.
 
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