Registering a company for offshore work





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  1. #1
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    Default Registering a company for offshore work

    Hello!

    I need to establish and register a company for remote consulting.

    I have thought about the following so far, obviously not a complete list:

    Business Bank account
    Cipro?
    SARS

    Any pointers / experience with this will be appreciated.

    Thanks

  2. #2
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    Default Re: Registering a company for offshore work

    Why register it here is SA where they hate business. Rather register in Mauritius or other offshore entity.

    Keep the taxes and profits away from SARS.

    Some more info:
    https://www.mcb.mu/en/sme/onboarding...BoCHqUQAvD_BwE

    http://companies.govmu.org/English/P...a-Company.aspx

    Cheers
    Stephen
    Last edited by stephenplumb; 2020/07/13 at 09:46 AM.

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  4. #3
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    Thumbs up Re: Registering a company for offshore work

    Cipro is easy, you can do it online for a few bucks.

    I did run the Camping Trailer Hire company for 6 years with a Capitec account.
    We also run the German Gluhwein Specialities company with a Capitec account.

    If you run the company on your own, that's the perfect solution. If you have Co-owners, they might insist on a business account.

    The good thing with Capitec, you've got 4 subaccounts.
    You can name one of them with the name of your company.
    You can move funds immediately when they come in and you are protected from fraud,
    because you use the account number of the subaccount.

    If you have expenses like Telkom, Fibre etc. you let them deduct from the subaccount. You pay taxes, UIF etc.

    If you have the Mauritius option, it may be even better, but it depends from where the people pay you.

    GOOD LUCK

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  6. #4
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    Default Re: Registering a company for offshore work

    Quote Originally Posted by Southerndreams View Post
    Cipro is easy, you can do it online for a few bucks.

    I did run the Camping Trailer Hire company for 6 years with a Capitec account.
    We also run the German Gluhwein Specialities company with a Capitec account.

    If you run the company on your own, that's the perfect solution. If you have Co-owners, they might insist on a business account.

    The good thing with Capitec, you've got 4 subaccounts.
    You can name one of them with the name of your company.
    You can move funds immediately when they come in and you are protected from fraud,
    because you use the account number of the subaccount.

    If you have expenses like Telkom, Fibre etc. you let them deduct from the subaccount. You pay taxes, UIF etc.

    If you have the Mauritius option, it may be even better, but it depends from where the people pay you.

    GOOD LUCK
    Pls explain what this means:

    "You can move funds immediately when they come in and you are protected from fraud,"
    Discovery Landrover 3 tdv6 2008
    Volvo S40 T5 2006

  7. #5
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    Default Re: Registering a company for offshore work

    Quote Originally Posted by PieterOos View Post
    Hello!

    I need to establish and register a company for remote consulting.

    I have thought about the following so far, obviously not a complete list:

    Business Bank account
    Cipro?
    SARS

    Any pointers / experience with this will be appreciated.

    Thanks

    PieterOos,

    Our company is about to launch a service catering to your needs.
    Please feel free to contact me,I will direct to to the correct person to assist you.

    Click image for larger version. 

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  9. #6
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    Default Re: Registering a company for offshore work

    Quote Originally Posted by stephenplumb View Post
    Why register it here is SA where they hate business. Rather register in Mauritius or other offshore entity.

    Keep the taxes and profits away from SARS.

    Some more info:
    https://www.mcb.mu/en/sme/onboarding...BoCHqUQAvD_BwE

    http://companies.govmu.org/English/P...a-Company.aspx

    Cheers
    Stephen
    How would that work? Would you not need an address to register it to in MRU?

  10. #7
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    Default Re: Registering a company for offshore work

    Quote Originally Posted by stephenplumb View Post
    Why register it here is SA where they hate business. Rather register in Mauritius or other offshore entity.

    Keep the taxes and profits away from SARS.

    Some more info:
    https://www.mcb.mu/en/sme/onboarding...BoCHqUQAvD_BwE

    http://companies.govmu.org/English/P...a-Company.aspx

    Cheers
    Stephen
    Having a foreign domiciled company with a bank account is NOT cheap. I personally wouldn't do it unless I plan to make a net profit of atleast R1m a year from that company.

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  12. #8
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    Default Re: Registering a company for offshore work

    Workers comp

    One thing what you need is somebody who can do your books. The situation is not good on that topic. SWAMBO is retired high level on that field and keeps helping people. Horror stories one after an other. The last one came out few weeks back. Business paid and paid and paid to an accountant. Turns out she did not do what she should have done. Business owner had no idea about tax/lodging.... Now it is a total mess.

    There are good people but to find one is not easy. Even then read the next part.

    Better if you study tax rules. There is a lot book keeper/accountant will/may not tell you. You can deduct a lot more than many business owners do. If you do international only there is no VAT on your invoices so you will not be able to register for VAT. You can ask SARS but most probably they say no.

    If somebody tells you "Buy this car so that you do not need to pay tax" run and run fast.

    E mail address that YOU control, e.g. not some free address. It is cheap to register a domain. Do it yourself and through a provider who has consol YOU use. Locally for instance Xneelo. Internationally for instance https://www.site5.com/

    Be exceptionally careful with registering company somewhere and then not telling SARS. It is not only SARS. When they find out they notify SARB and you are in trouble with them also. Or when SARB finds out they tell SARS. Banks have to monitor also and they are legally required to report SARS and SARB.

    Quote Originally Posted by PieterOos View Post
    Hello!

    I need to establish and register a company for remote consulting.

    I have thought about the following so far, obviously not a complete list:

    Business Bank account
    Cipro?
    SARS

    Any pointers / experience with this will be appreciated.

    Thanks
    Jouko
    ----------
    2003 Grand Cherokee 4.7l
    2012 Smart
    Never drive a normal car 8)

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  14. #9
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    Default Re: Registering a company for offshore work

    Thanks for all the advice - appreciated.

  15. #10
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    Default Re: Registering a company for offshore work

    Quote Originally Posted by Shade View Post
    Pls explain what this means:

    "You can move funds immediately when they come in and you are protected from fraud,"
    You have 4 subaccounts at Capitec. Each of them has its own account number.

    You use ONE of them for your business. You obviously send this account number around, have it on your letterhead, invoice etc.

    Once you get funds in, you may transfer the money to another account of the 4 accounts you have
    and you leave only the amount on the business account that you really need to be there.

    Moving money between the subaccounts is free of charge at Capitec, you only pay for the SMS sent, if you have set this service up.

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  17. #11
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    Default Re: Registering a company for offshore work

    If you have an offshore company and the locus of control is still in SA, the profits are taxable in SA.

    If it was that easy everyone would do it.

    You would be well advised to get proper tax advice on the matter.

    SARS has powers to protect the SA tax base and continually rewrites the rules to protect the SA tax base.

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