MickBolger
Registered User
- Messages
- 3
Hi,
I have had to emigrate with my young family from Ireland to South Africa a year ago. I was made redundant in 2008 and the same company then hired me back on a contract basis on half my previous salary. Beggars can't be choosers! I only worked there for twenty two years. My wife also lost her job in Ireland but luckily got a new position in South Africa, so here we are.
I am a computer programmer and luckily I am still able to do the exact same work for the company in Ireland, albeit based in SA. Currently they are paying me into my Irish sole trader BOI business account. The company insist on paying into a business bank account.
Now I am now looking at setting up an offshore company and bank account. I have nearly plumped for setting up a company in Gibraltar/Seyschelles and a business bank account in Cyprus. We are not talking large sums, I am paid about 3000 euro per month into my bank account from my Irish employer.
My priority is to get the business bank account set up, I will then be able to transfer money monthly to Ireland to pay the mortgage on my house, which has massive negative equity (I'm just lucky I guess), and also money to SA for living expenses and tax here.
My question is, if I set up the company and then setup a bank account, is there an actual need for me to continue ot maintain the offshore company? It is going to cost around 600 sterling per year to maintain the comany in good standing. That represents a large outlay for me. I am asking, is it likely that the bank would require fresh 'Certificates of good standing' on an ongoing basis? Basically is it a runner for me to forget about maintaining the actual company once the business bank account is opened?
Any advice or suggestions would be greatly appreciated as I have no idea about this sort of business and I don't want to leaking any more money if I don't have to.
I have had to emigrate with my young family from Ireland to South Africa a year ago. I was made redundant in 2008 and the same company then hired me back on a contract basis on half my previous salary. Beggars can't be choosers! I only worked there for twenty two years. My wife also lost her job in Ireland but luckily got a new position in South Africa, so here we are.
I am a computer programmer and luckily I am still able to do the exact same work for the company in Ireland, albeit based in SA. Currently they are paying me into my Irish sole trader BOI business account. The company insist on paying into a business bank account.
Now I am now looking at setting up an offshore company and bank account. I have nearly plumped for setting up a company in Gibraltar/Seyschelles and a business bank account in Cyprus. We are not talking large sums, I am paid about 3000 euro per month into my bank account from my Irish employer.
My priority is to get the business bank account set up, I will then be able to transfer money monthly to Ireland to pay the mortgage on my house, which has massive negative equity (I'm just lucky I guess), and also money to SA for living expenses and tax here.
My question is, if I set up the company and then setup a bank account, is there an actual need for me to continue ot maintain the offshore company? It is going to cost around 600 sterling per year to maintain the comany in good standing. That represents a large outlay for me. I am asking, is it likely that the bank would require fresh 'Certificates of good standing' on an ongoing basis? Basically is it a runner for me to forget about maintaining the actual company once the business bank account is opened?
Any advice or suggestions would be greatly appreciated as I have no idea about this sort of business and I don't want to leaking any more money if I don't have to.