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anyone operating from cayman islands?

how can i setup business in cayman island?

     

indiandomain

11:55 am on Oct 10, 2003 (gmt 0)

10+ Year Member



anyone here operating from cayman?
ive heard its tax free.

anyone with any info?

Torben Lundsgaard

10:27 am on Oct 12, 2003 (gmt 0)

10+ Year Member



Depending on the purpose of the company you might get problems with the revenue service in your country. Anyway, do a serch for 'offshore Companies'

gopi

6:06 pm on Oct 12, 2003 (gmt 0)

WebmasterWorld Senior Member 10+ Year Member



indiandomain , mauritius is the best offshore place for indian citizens ...most foreign companies invest in india thro mauritius to save taxes , infact it ranks No 1 in the FDI flow to india

But for whatever offshore operation you should have a sufficient scale say atleast 200k/year otherwise its not worth the trouble .

Anyway for small operations its relatively easy to save indian taxes by "Creative Accounting" , you know what i mean :) ... (i miss india for this very reason!)

jsinger

6:29 pm on Oct 12, 2003 (gmt 0)

WebmasterWorld Senior Member 10+ Year Member



Mention Cayman Islands to taxing authorities in any country and you'll probably be audited for the rest of your life...and rightly so.

Hope, too, that they don't change their laws and share info with other nations in the future (and before your local statute of limitations on tax fraud runs out). A few Caribbean islands have been much more cooperative with the U.S. in recent years. I'd be real careful about leaving money in the Caymans. While you're scamming your country, they may be scamming you! And you probably won't have a chance in their courts against a native or someone who is well connected.

There's plenty of info on the web about running a business offshore, but you can't trust anyone to tell you the truth.
Best bet might be to find a sound local bank in India with a branch there.

Your situation may vary from the norm. People use offshore banks and businesses to hide assets from creditors and from spouses in divorce. Or in some cases to legitimately lower taxes. But the main reason is tax evasion or to hide stolen money.

robertito62

6:32 pm on Oct 12, 2003 (gmt 0)

10+ Year Member



Check Belize.

> Best bet might be to find a sound local bank in India with a branch there.

This is good advice. Too many sharks out there.

 

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