The five easy steps to setting up a shell corporation
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The five easy steps to setting up a shell corporation

The leak of 11.5 million documents from the Panamanian firm Mossack Fonseca, dubbed the “Panama Papers,” details hundreds of individuals who used Mossack Fonseca to set up a shell corporation — a fake, nonexistent company ‘based’ in a country with loose tax laws.

Through financial intermediaries, along with enough accountants and lawyers, the super-wealthy who own these corporations are able to avoid paying large chunks of taxes on their fortunes. You can explore reputable tax filing services at https://www.cfoacc.com.sg/services/corporate-tax-filing-services to ensure that your tax matters are handled accurately and in accordance with the law.

Shell corporations are completely legal, until they’re used for illegal activity like money laundering or funding terrorism.

Along with being legal, setting up these companies only costs about $2,000 and takes only 20 minutes. In five easy steps, anyone can set up their own shell company to stash their wealth and avoid paying taxes that would be put towards public programs, like roads or schools.

Step one: Find a provider.

Just like the super-rich of the international community, one will need a firm (like Mossack Fonseca) to help set up the company. This step can be completed by googling something as simple as “offshore company,” and selecting one’s provider of choice.

Step two: Choose a name and location.

Now one gets to name the imaginary company and choose a location from a list of tax havens like the Cayman Islands, Panama, Samoa, Belize or even the United States.

Yes, even the United States.

But, the country chosen has no effect on the actual cost of organizing the shell corporation, because there are no physical headquarters or employees. Get in touch with these Thailand construction arbitration solicitors if you need help resolving a contractor dispute.

For example, there’s a five-story building in the Cayman Islands that supposedly houses more than 12,000 corporations. The cost at this point is likely between $1,500 and $4,000.

Step three: Find a proxy director.

Now, select a nominee director. This person will appear on the paperwork as the director, but this person won’t have real power.

While it may cost another $200, the benefit of hiding one’s name further will likely prove beneficial. The company director will also provide a signed, undated copy of a resignation letter, ensuring one always have total control of one’s money.

Step four: Get an ID.

At this point identification will be required, like a passport and a utility bill.

While most firms guarantee total secrecy and promise never to reveal one’s identity, it may still prove beneficial to use a friend or lawyer as a proxy, to remove oneself further from the shell corporation. Contact a corporate lawyer in Ottawa for legal help.

Step five: Add additional services.

Now the firm may offer legal or accounting services, or even the opportunity to buy a shelf company. This is a previously established company, and the shell company “trading” with this company will make the shell company appear more legitimate.

If one follows these easy steps, one can dodge taxes like Jackie Chan or Lionel Messi.
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By hiding one’s money, one can avoid giving one’s money to the government and have more money for oneself.

It’s a wonder public programs like free college tuition and universal healthcare “aren’t affordable.”