About 10 years ago I was doing a lot of work with a Chinese based Company. The Father ran it in China and the Son lived in California. They had an "offshore" account in the BVI's, this company had no Directors as such and they transferred a lot of money into it. When they needed to buy anything, food, cars, clothes etc they used their "company" credit / debit card to. This meant they paid no tax on their income. It cost them $40,000 to set it up and a few thousand every year to maintain it. They are small scale compared to most of these.
|