It is notable that the Guardian thinks that Gordon Brown is targeting Switzerland as he opens up his own tax haven agenda.
However, if he thinks that Switzerland is the source of all secrecy then he had better think again. As the Swiss, quite correctly, point out it is at least as easy to create banking secrecy in the UK as it is in Switzerland. Simply combine a company, with nominee shareholders, nominee directors and a nominee secretary training from a post office box address, with a trust managed by professional trustees who have absolutely no idea what they are doing, and you have created a wall of secrecy that is a lot more impenetrable than most things that Switzerland has to offer.
And you don't believe me that UK companies of this sort are available? You can get this package here:
Deluxe Package: a Private Company Limited by Shares in England or Wales. The registered office address, nominee director and nominee secretary for 12 months, provided by Coddan and £20.00 government fee for incorporation is included in the price of this package. The following documents, will be posted to you upon formation of your company: two hard bound copies of corporate documents includes: a laminated copy of the Certificate of Incorporation of your company, a hard bound copy of the Memorandum and Articles of Association, a hard bound copy of the Minutes of the First Meeting of Directors, share certificates, your company register. Pre-signed, undated resignation letter from Nominee Director, General Power of Attorney signed by Nominees, Indemnity Letter for General Power of Attorney and the Agreement for the provision of nominee service and indemnification of nominees. You can order additional services via the online order form at the same time as you order your company formation. Annual renewal fees for the registered office address, nominee director and for the nominee secretary services are from £224.95 - this will be due 12 months after the registration date of the company and will continue yearly thereafter.
For £224.95 you can hide away in the UK.
Gordon: the problem starts at home. And that's where the reform has to happen as well.
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Whoever is doing this is either ignorant, a fool or both. To start with, there is no such thing as a nominee Director or Secretary – a Director is a Director and can’t pass the reponsibilities off. And handing out General Powers of Attorney is just asking for trouble – I’d hate to think what our Regulators on the Isle of Man would say if they found us doing that! Also, I doubt very much whether blanket indemnities would be worth the paper they were written on.
Now, Richard, that sort of thing just does not happen any more on the IoM, Jersey or Guernsey – the days of Directors’ names coming off headstones in some churchyard are long gone. I know you are critical of the UK on such matters but can I suggest some more of the time you spend attacking us offshore might be better spent trying to sweep up your own back yard?
Clarke
I always worry when I see the adverts in the back of the Economist or the BA inflight magazines which carry numerous adverts of these services. I think they are still advertising that you can own your own bank in the South Pacific. Most of these adverts are from a London address but that’s seemingly ok as fiduciary services aren’t even regulated in the UK !
Richard is right to point this out. Its certainly not right to believe this to be an offshore problem even if the ultimate tools are offshore.
Can anyone tell me as an Interested Layman this riddle; If the Government is now to lend Worldwide over 100 Billion, and the USA and Europe refuse to do so ,and then the Government Lends the Money from the 200 Offshore Tax Havens,this will then mean its lending from the people that owes the Taxpayer in the first place ?and from the Banks who will then charge High Interest ? is this the case ? the Government has sat on this OFFSHORE issue for too long,it either is complicit,complacent or just incompetent and our best,most honest Accountants,Economists,Lawyers,Politicians had better
address the issue and scrutinize not only at what the Government has done, is doing ,or intends to do.Then explain it to Taxpayers like me! SVP! and ASAP !
Unbelievable that people still provide services for business ownersd to hide behind. However, I think you may find that the company in question claims to be UK based but are physically located outside of the UK. I do not think they are exactly transparent and they form UK companies!