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(NPR)   How to set up an offshore company complete with registration in the British Virgin Islands, Swiss bank account, and fake board of directors   (npr.org) divider line 36
    More: Interesting, British Virgin Islands, Swiss bank accounts, board of directors, Planet Money, Seychelles, Griffith University, Belize  
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4214 clicks; posted to Business » on 27 Jul 2012 at 4:33 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-07-27 12:59:07 PM
Is subby upset about something?
 
2012-07-27 01:37:39 PM
We have a packet of incorporation documents and a lot of questions about what exactly people do with these kind of companies. Our plan is to find out

You put all your offshore profits into a Luxembourg holding company owned by your Delaware shell company and thereby avoid paying any taxes on them as long as they don't reach American shores.

Everybody knows that.
 
2012-07-27 01:40:39 PM

Marcus Aurelius: thereby avoid paying any taxes on them as long as they don't reach American shores.

or until Google and Intel lobby for a tax holiday to bring billions back in, and do it at the same time.
 
2012-07-27 01:43:57 PM

Gig103: Marcus Aurelius: thereby avoid paying any taxes on them as long as they don't reach American shores. or until Google and Intel lobby for a tax holiday to bring billions back in, and do it at the same time.


That 5% holiday they had a few years back was quite a gusher. But I don't think pulling our pants ALL the way down is necessary. What we really need are laws that cater to the interests of the American people, instead of the large multinational corporations that are currently bribing Congress.
 
2012-07-27 01:50:55 PM
I wonder how low corporate tax rates would need to be in order for companies like Google and Apple to actually bring the money back into the US every year, instead of holding it off-shore (Hi Ireland!) for years at a time waiting for a tax holiday? What affect would it have on tax revenues?
 
2012-07-27 01:51:02 PM

Marcus Aurelius: Gig103: Marcus Aurelius: thereby avoid paying any taxes on them as long as they don't reach American shores. or until Google and Intel lobby for a tax holiday to bring billions back in, and do it at the same time.

That 5% holiday they had a few years back was quite a gusher. But I don't think pulling our pants ALL the way down is necessary. What we really need are laws that cater to the interests of the American people, instead of the large multinational corporations that are currently bribing Congress.


I don't think the US government should be catering to any business, period. There should be no favoritism of any kind.
 
2012-07-27 02:14:11 PM
i90.photobucket.com

Just remember to cash out of the accounts before you run for president, otherwise you might come off as a hypocritical total douche who's cheating the country and cares only for himself.
 
2012-07-27 02:39:33 PM
"The easiest place in the world to register a business anonymously is definitely the United States," say Sharman.

Registering Planet Money's Delaware company took one day and three emails. The company that set it up for us asked for absolutely no documentation.


i don't think the author understands what the term 'offshore' means. its not a tax haven. shirking on the taxes owed won't be quite as easy.
 
2012-07-27 02:51:01 PM

Marcus Aurelius: You put all your offshore profits into a Luxembourg holding company owned by your Delaware shell company and thereby avoid paying any taxes on them as long as they don't reach American shores.

Everybody knows that.


Well that's the easy part. but what about onshore profits? how do you get those offshore to avoid paying taxes on them too?
 
2012-07-27 03:05:21 PM

SlothB77: Well that's the easy part. but what about onshore profits? how do you get those offshore to avoid paying taxes on them too?


by boat?
 
2012-07-27 03:17:15 PM

MeinRS6: Is subby upset about something?


Probably not as I heard this on NPR this morning.

Is your butt hurting again, MeinRS6?

/KY does wonders, you know.
 
2012-07-27 03:36:19 PM

SlothB77: i don't think the author understands what the term 'offshore' means. its not a tax haven. shirking on the taxes owed won't be quite as easy.


Is the author based in the US?
 
2012-07-27 03:51:13 PM
This is not a bookmark, as I would never do this sort of a thing.
 
2012-07-27 03:58:18 PM
soon as I can scrape up $1,500 i'm so gonna try this.
 
2012-07-27 04:02:11 PM

GAT_00: I don't think the US government should be catering to any business, period. There should be no favoritism of any kind.


I agree completely. We have these "holidays" and wonder why we can't pay for shiat.
 
2012-07-27 04:03:51 PM

GAT_00:

I don't think the US government should be catering to any business, period. There should be no favoritism of any kind.


i'm sorry but a level playing field is clearly socialisms. kindly report yourself as unmutual to the nearest Republican party office. someone will be along shortly to collect you.
 
2012-07-27 04:49:47 PM
For some reason the NPR blog is blocked. Anyone care to post a summary? I am thinking about setting up Verbaltoxin Industries, Cayman Islands Division.
 
2012-07-27 05:40:20 PM

SlothB77: "The easiest place in the world to register a business anonymously is definitely the United States," say Sharman.

Registering Planet Money's Delaware company took one day and three emails. The company that set it up for us asked for absolutely no documentation.

i don't think the author understands what the term 'offshore' means. its not a tax haven. shirking on the taxes owed won't be quite as easy.


The company doesn't pay taxes, because you put it in a country that doesn't have capital gains tax. You put seed money into the company by buying shares. That transaction won't be taxed. Then you are just a shareholder. The company's business is "investments" and you can do the investing for the company or have a bank do it (i.e. via a hedge fund). Then whenever you travel, the company pays for your expenses... and voila!
 
2012-07-27 05:49:26 PM
Hey, that was easy!
 
2012-07-27 06:05:46 PM
FTA: Registering Planet Money's Delaware company took one day and three emails. The company that set it up for us asked for absolutely no documentation. I gave them my real name, but I could have been anybody from anywhere in the world.

And Under Citizen United ruling that "American" company funded by "foreign investors" could then spend unlimited amounts of money for get someone elected.
 
2012-07-27 06:59:23 PM

Gig103: GAT_00: I don't think the US government should be catering to any business, period. There should be no favoritism of any kind.

I agree completely. We have these "holidays" and wonder why we can't pay for shiat.


Well, that's part of it, though only about 20% of it. Let's do the numbers:

Tax havens cost the US taxpayers $1 Trillion in the past decade. (Link)

President Bush gave away another 1Trillion to his Top 1% friends. (Link)

And worst of all, President Bush got the ball rolling to the tune of $4 Trillion on two wars without raising taxes to pay for them in real-time. (Link)

THAT is why we can't have nice shiat.

Oh, and THAT is a big part of why you Gen-XYZ's don't have a decent job with which to pay off your college loans and get a start in life.
 
2012-07-27 07:39:53 PM
Congratulations, you have incorporated.

What do you plan on doing with that paperwork in the US without an EIN?

Simply incorporating does absolutely nothing but register you with the State. In order to actually do business, you'll need an EIN from the Federal Government. In order to open a bank account in the US, you'll need an EIN.

An EIN requires identifying information.

The whole DE incorporation setup "doing it anonymously" is a farce. Sure, you can incorporate, but you can't legally do business. Since the whole article is about how this is all "legal," I wonder what kinds of things they plan on doing with the business.
 
2012-07-27 08:10:26 PM
So easy, even a robot could do it!
 
2012-07-27 09:55:46 PM
Yes, and I shall call it Bain.

What?

Okay, then call it Rmoney Money Laundering, LLC.

What?

Oh, just fark it.
 
2012-07-27 09:57:28 PM

The_Six_Fingered_Man: An EIN requires identifying information.


Yes but not of the individual that owns/controls the company. It can, if wanted, be registered by a third party.
 
2012-07-28 12:53:20 AM
I blame Bush. And Romney. And everyone notbama because if Obama only has another 4 years, he'll fix everything. He's magic like that.

/it's not Business, it's Polifark tab!
 
2012-07-28 03:49:02 AM
How can I use this information, as an individual?
 
2012-07-28 08:37:05 AM

SlothB77: Marcus Aurelius: You put all your offshore profits into a Luxembourg holding company owned by your Delaware shell company and thereby avoid paying any taxes on them as long as they don't reach American shores.

Everybody knows that.

Well that's the easy part. but what about onshore profits? how do you get those offshore to avoid paying taxes on them too?


The way I hear it, and I don't recall where exactly, say your company is named Papple . You manufacture PeePads , PeePods and PeePhones. Sell your patents to the shell company ( for 1 $ ) which sells licensing rights back to the parent company. Those rights are so expensive that poor Papple barely breaks even. Meanwhile the offshore banks the long green tax free !
 
2012-07-28 08:38:21 AM

StoneColdAtheist: Gig103: GAT_00: I don't think the US government should be catering to any business, period. There should be no favoritism of any kind.

I agree completely. We have these "holidays" and wonder why we can't pay for shiat.

Well, that's part of it, though only about 20% of it. Let's do the numbers:

Tax havens cost the US taxpayers $1 Trillion in the past decade. (Link)

President Bush gave away another 1Trillion to his Top 1% friends. (Link)

And worst of all, President Bush got the ball rolling to the tune of $4 Trillion on two wars without raising taxes to pay for them in real-time. (Link)

THAT is why we can't have nice shiat.

Oh, and THAT is a big part of why you Gen-XYZ's don't have a decent job with which to pay off your college loans and get a start in life.


Nope on the cost to taxpayers. Federal government didn't get to steal that money from business. Too bad government. Hands off. And it doesn't 'cost' taxpayers a cent.
 
2012-07-28 08:54:40 AM

Father of Finnegan: StoneColdAtheist: Gig103: GAT_00: I don't think the US government should be catering to any business, period. There should be no favoritism of any kind.

I agree completely. We have these "holidays" and wonder why we can't pay for shiat.

Well, that's part of it, though only about 20% of it. Let's do the numbers:

Tax havens cost the US taxpayers $1 Trillion in the past decade. (Link)

President Bush gave away another 1Trillion to his Top 1% friends. (Link)

And worst of all, President Bush got the ball rolling to the tune of $4 Trillion on two wars without raising taxes to pay for them in real-time. (Link)

THAT is why we can't have nice shiat.

Oh, and THAT is a big part of why you Gen-XYZ's don't have a decent job with which to pay off your college loans and get a start in life.

Nope on the cost to taxpayers. Federal government didn't get to steal that money from business. Too bad government. Hands off. And it doesn't 'cost' taxpayers a cent.



Ahhh the derpmeisters have awoken! Another freeloader who uses government resources all day long but thinks he shouldn't have to actually PAY for it.
 
2012-07-28 04:03:24 PM
Is this news to anyone? This has been going on for decades.
 
2012-07-28 05:21:47 PM
Unbelizable Inc

cache.vevo.com
 
2012-07-29 01:30:55 AM

Father of Finnegan: StoneColdAtheist: Gig103: GAT_00: I don't think the US government should be catering to any business, period. There should be no favoritism of any kind.

I agree completely. We have these "holidays" and wonder why we can't pay for shiat.

Well, that's part of it, though only about 20% of it. Let's do the numbers:

Tax havens cost the US taxpayers $1 Trillion in the past decade. (Link)

President Bush gave away another 1Trillion to his Top 1% friends. (Link)

And worst of all, President Bush got the ball rolling to the tune of $4 Trillion on two wars without raising taxes to pay for them in real-time. (Link)

THAT is why we can't have nice shiat.

Oh, and THAT is a big part of why you Gen-XYZ's don't have a decent job with which to pay off your college loans and get a start in life.

Nope on the cost to taxpayers. Federal government didn't get to steal that money from business. Too bad government. Hands off. And it doesn't 'cost' taxpayers a cent.


Pretty sure the two wars cost us plenty, dumbshiat. Do you need help tying your shoes in the morning so you don't strangle yourself?
 
2012-07-29 10:05:09 PM
Tax holidays should be a very moderate decrease in pecentage.. not -75% ffs.
 
2012-07-30 04:51:36 AM

iaazathot: Father of Finnegan: StoneColdAtheist: Gig103: GAT_00: I don't think the US government should be catering to any business, period. There should be no favoritism of any kind.

I agree completely. We have these "holidays" and wonder why we can't pay for shiat.

Well, that's part of it, though only about 20% of it. Let's do the numbers:

Tax havens cost the US taxpayers $1 Trillion in the past decade. (Link)

President Bush gave away another 1Trillion to his Top 1% friends. (Link)

And worst of all, President Bush got the ball rolling to the tune of $4 Trillion on two wars without raising taxes to pay for them in real-time. (Link)

THAT is why we can't have nice shiat.

Oh, and THAT is a big part of why you Gen-XYZ's don't have a decent job with which to pay off your college loans and get a start in life.

Nope on the cost to taxpayers. Federal government didn't get to steal that money from business. Too bad government. Hands off. And it doesn't 'cost' taxpayers a cent.

Pretty sure the two wars cost us plenty, dumbshiat. Do you need help tying your shoes in the morning so you don't strangle yourself?


Or to look at it another way, the $77,000 in taxes the Romneys didn't have to pay - because they owned a dancing horse - would have paid a year's salary for two National Parks employees, except that they'd already been laid off due to huge reductions in Federal tax revenues.

Those two Parks employees would've spent almost all of their income on, well, stuff. Like food and housing.

The Romneys just threw it on the pile with the rest of the $300,000,000. That we know about.
 
2012-07-30 04:56:08 PM

mrlewish: The_Six_Fingered_Man: An EIN requires identifying information.

Yes but not of the individual that owns/controls the company. It can, if wanted, be registered by a third party.


The SS-4 requires the identifying number of the "Responsible Party."

A responsible party is:
Responsible party defined. For entities with shares or interests traded on a public exchange, or which are registered with the Securities and Exchange Commission, "responsible party" is (a) the principal officer, if the business is a corporation, (b) a general partner, if a partnership, (c) the owner of an entity that is disregarded as separate from its owner (disregarded entities owned by a corporation enter the corporation's name and EIN), or (d) a grantor, owner, or trustor, if a trust.

For all other entities, "responsible party" is the person who has a level of control over, or entitlement to, the funds or assets in the entity that, as a practical matter, enables the individual, directly or indirectly, to control, manage, or direct the entity and the disposition of its funds and assets.


So yes, the SS-4, Application for Employer ID Number, does require the identifying number of someone who controls the company.
 
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