starting own company

[pdd123]

Hi
I want to come to UK on HSMP
I would like to work / set up my own consulting firm.
I know I can work in UK but can I set up my own consulting firm ?

Can I also live / work in Cayman islands ?
Can I set up my consulting firm in Cayman Islands ?
I believe there is a significant tax benefit by doing this.
Are there any disadvantages of doing this ?

pdd123

[tvt]

You can set up your consultancy in the UK with an HSMP visa.

You can live and work in Cayman but this will invalidate your HSMP status as one of its conditions is that you intend to make the UK your home.

You can set up a Cayman structue for giving advice in the UK, but:

1. All the income relating to the UK establishment of the company will be fully taxable in the UK. You will also have to charge UK VAT.
2. From my experience the costs of operating offshore are high.
3. I am not too sure whether IND would extend your HSMP status. They will probably regard you as a tax avoider.

[pdd123]

tnavon,
Thank you for your reply..

regards
pdd123