The recent increase in media interest in personal identity theft has provided a reminder that company identity theft at Companies House is still a major problem for UK limited companies. These companies are being encouraged to proactively take action to deal with company filing fraud at Companies House. There are over two million company records held by Companies House which currently reports that of the five hundred thousand documents filed at Companies House each month, including company accounts, approximately fifty are identified as false.

Company hijacking at Companies House can involve:

The company directors are changed - Fraudsters file change in company director forms 288 to notify Companies House of a change to the company’s officers. These will either be stolen identities of real people or completely fictitious individuals pretending to be a company director. They will also notify Companies House that the company’s true officers have all resigned.

The companies registered office is changed - Fraudsters file a form 287, signed by a bogus company director, to change the company’s registered office to an address of their choice at Companies House. Once this is done, any communications from Companies House will be sent to the company at the new registered office, ensuring that the company itself doesn’t receive notifications from Companies House of any future changes.

Supporting documentation may be obtained - The fraudsters notify Companies House and effectively have the company under their control as far as third parties are concerned, as they appear to be the legitimate company directors. In order to give credibility in their subsequent dealings with third-parties, the fraudsters may request, for example, a Certificate of Good Standing from Companies House. This official document then confirms the status of the fraudsters as being the company directors.

As far as third parties are concerned, the fraudsters appear to have gained control of a company and appear to be the genuine company directors. This can include obtaining supporting documentation from Companies House and then approaching suppliers of high value, easily disposable, goods and placing orders apparently on behalf of the company, with delivery being made to the company’s “new” bogus registered office, which the fraudsters can obviously access.

In another case, the owner of a business was surprised to discover that the registered office of his family business had been changed from the address at which it had been located for the last hundred years. Even the company’s nameplate was stolen from the building where it was located.

Since April 2005, identified instances of company filing fraud seem to have leveled off below the peak, but are still at a relatively high historical level of approximately fifty incidents a month. The Metropolitan Police agree that a single filing fraud could cost £1 million and could very seriously damage the victim business.

One large part of the fraud is that the company itself doesn’t discover the changes at Companies House until the fraudsters have had time to complete their scam and then disappear.

Other frauds include setting up bogus companies, falsely adjusting company accounts and even stealing the identity of the auditor to ensure that these company accounts appear to be credible. A credit agency has recently revealed that nine auditors have had their details taken to approve a false set of company accounts over the last nine months. Another hundred sets of company accounts have been set up using completely fictitious auditor details over the same period.

Companies House now offers a protected on-line filing scheme (PROOF) where only mutually approved documents, including company accounts, are registered. Companies are also advised to use an online monitoring service advising companies each time a change of record has been made.

It is highly likely that the new Companies Act will create a new offense under which a person who knowingly or recklessly delivers or causes to be delivered to Companies House a document, including company accounts, that is misleading, false or deceptive in a material particular, will be liable to imprisonment for up to two years, or a fine, or both.

Phil Smith is the managing director of creditgate, one of the UKs leading and fastest growing online providers of business credit and company information. Before setting up creditgate.com two years ago, Phil was previously employed for over 20 years within the insolvency department of Pricewaterhousecoopers.

Article Source: http://EzineArticles.com/?expert=Phil_A_Smith

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Panama has a number of unique attributes that make this a great asset protection jurisdiction for corporations, foundations, banking and stock brokerage accounts. Some call Panama the Switzerland of Latin America but this is not fair, Panama is far better than Switzerland and any other jurisdiction. Read why Panama excels:

Offshore derived Income is not taxed and does not need to be reported. You can have a Panama Corporation, and/or Foundation that banks in Panama and has an office in Panama and yet will not pay any Panama taxes if all the income is derived from offshore. Right here is a big reason for choosing Panama.

Bearer Share Corporations are allowed in Panama. Most jurisdictions have eliminated bearer share corporations. They are referred to as an S.A. Corporation having this designation after the corporate name. This means the ownership of the Corporation is not recorded anywhere just the directors (which can be employee professional directors provided by our law firm). These corporations can be used to own or control assets such as bank accounts, stock brokerage accounts, real estate, boats, planes, vehicles, businesses, precious collectibles like artwork, jewelry, stamps, coins, etc. The owner has the stock certificates of the company which can be transferred privately as often as needed with no reportage of the new owners. No one need know who owns the corporate shares except the original owner and new owner. When you think about it ownership could be transferred 10 times in a day. When you send an international bank wire using the S.A. Corporation no one monitoring the international wires as some countries do knows who the actual owners of the corporation are that are receiving the funds. If ownership of a corporation is publicly recorded rest assured it is in numerous databases and can be accessed in seconds to determine who is actually receiving money sent to a corporation.

Panama uses the US Dollar as its currency. No currency conversion costs. No currency devaluation problems or issues like most of the little tax haven countries have. In Panama the ATM machines spit out US $20 bills. Even USA coins are used in Panama. Panama is stable. It is a neutral country. Panama controls the Panama Canal and does not have a standing army. Most of these small countries never ever use their armies to repel an invading army from another country. These little banana republic countries use their armies to control the people, suspend elections, hold rigged elections, keep dictators in power under the guise of democracy etc.

Panama is in a treaty with the USA regarding the Panama Canal which Panama has sole control over. If the canal is threatened by a foreign power as in an invasion, the USA has the right to come in and protect the canal and the canal zone which is the area surrounding the canal (25 sq. miles only, not the entire country) - think aircraft carrier groups, marine expeditionary forces, air force fighter planes, navy seals, etc. The treaty does not allow the USA to take over Panama per se just the few square miles around the canal, not the banking district. So who is crazy enough to try and attack Panama, a UN certified neutral country, no one. US air force jets could be in Panama within two hours, an aircraft carrier group would probably be there in 24 hours. So we can forget about Panama being invaded by another foreign power, it would be essentially the same thing as attacking the USA directly. The same would apply if a dictator tried to seize control over Panama. The USA would see this as a potential threat to the Panama Canal and take military action, fast. The USA has no authority in Panama. Their Federal Agents have no authority or power. USA courts have no authority in Panama. Panama is a free country that has a treaty with the USA concerning protection of the Panama Canal. Interestingly enough China is involved heavily in commercial operations in the canal ports and also has a vested interest in seeing Panama and the Canal operate freely and smoothly. If anything happened to the Panama Canal shipping worldwide would be interrupted which means there are a lot of nations that want to see Panama operate as a free democracy maintaining it’s neutral status. Panama is at very low risk for revolution or military attack.

Panama holds free elections as a democracy, really and truly. Panama cares about their people. Medical care is affordable, food is cheap, housing affordable with special projects for the working folks to own their homes, homeless people are absent, college is made affordable and many young people attend. Panama has two medical schools, two dental schools, two law schools etc. In Panama 15%-20% of the work force are employed by the 135 banks domiciled there. Since Panama values these jobs do not expect to see any changes in banking laws, same for their corporate laws. Panama has over 400,000 corporations domiciled there. The only information sharing going on concerns bona fide criminal cases on file in a court as a criminal prosecution, serious criminal cases of money laundering and narcotics trafficking, terrorism, and child pornography. Panama has little interest in pursuing fiscal crimes. Income tax violations in Panama are civil offenses only. Panama also serves as a maritime registry for ocean going vessels. Panama is anything but a banana republic. You can feel safe and secure in Panama. Go for a visit if you like.

Panama Banks are stable and well established with substantial assets. Panama Savings and Loans have $10,000 insurance on the individual accounts. Panama Banks have the best privacy laws in the world; the BEST got it, the VERY BEST. You have the greatest chance of protecting your money from your potential or actual financial enemies in Panama. If you go to actually visit some of the other frequently used asset protection countries you see unpaved streets, poor impoverished people, lack of computerization in government offices, ancient telephone systems, poor health care, a government that is as corrupt as can be and you may find out your “Bank” is located on an unpaved road, in a second story walk-up office building over a grocery store. You do not want to bank in these places. People have lost billions banking in these island and banana republics. In Panama your bank may very well have a 40 story modern hi rise office building with their name on it.

In Panama as one of our clients you are going to be banking with a bank that has a real banking license. This means that the bank can conduct transactions with citizens of Panama as well as citizens and companies located outside of Panama. The bank will have branch offices with tellers, drive through windows, ATM machines etc. The bank has to post $10,000,000 cash with the government as one of their license requirements. In many offshore jurisdictions there are “Offshore Banking Licenses.” These licenses allow the bank to only open accounts for people who are not citizens of the country. Sort of makes you feel scared or it should. These offshore banks can’t do business with residents of the country they are located in! Additionally the deposits required for an Offshore Banking license in some of these jurisdictions is typically $100,000 to $1,000,000 compared to the $10,000,000 Panama requires. Panama banks have their own ACH system which allows for online transfers from one Panama bank to another at a cost of about $1.00 per transaction. Currently thirty Panama banks are in the system. These transfers do not go over the international wire systems. Panama banks allow for the deposit of checks drawn in US dollars, clearing takes two to three weeks. Most offshore banks will not take checks any more or if they do, they put long holds on them like ninety days.

Panama was built and maintained by the Americans up until 2000. Panama is loaded with skyscrapers that are 30 to 50 stories high. You can drink the water, there is American type electrical systems, you can use American appliances in Panama, good paved roads, really excellent internet perhaps better than what you have in your country, good phones, and it is only 2.5 hours from Miami, Florida. Panama is a remarkably crime free country - New York City has more violent crime in one day than Panama has in a year.

English is always spoken by people working in Panama Banks and the Nicer Hotels, Fine Restaurants, Law Firms and by the Doctors.

You DO NOT have to physically go to Panama to get a corporation, foundation or bank account in Panama WITH US. Our business connections are unique in this regard. Panama is the undefeated world heavyweight champion when it comes to privacy and asset protection.

For more information, please visit:
http://www.panamalaw.org
http://www.panamalaw.org/attributes.html
http://www.panamalaw.org/compare_offshore_jurisdictions.html

The author is a researcher, with years of experience in finances and real estate. For more information, please visit: http://www.panamalaw.org email at: panamalegal@hush.com

Article Source: http://EzineArticles.com/?expert=Ronald_Edwards

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We are a law firm which means you have attorney client privilege – We specialize in Offshore Asset Protection. All of your affairs handled with us are covered by attorney client privilege which means that we could not reveal anything about you or your affairs without your specific permission or unless we were ordered to do so by a Panama Court (not a common occurrence). You can benefit from the legal protection and security of dealing with a licensed Panama Law Firm. If you buy an offshore corporation, offshore trust, offshore foundation or an offshore bank account from a non- law firm they could freely reveal your confidential information which they collect from you like name address, passport, name of corporation, bank account information etc. without any statutory penalties, in other words you do not have the benefit of attorney client privilege. Some of these corporate resale agents say they have some sort of financial privacy protections but it is flimsy and cursory at best.

Why use Panama – Panama is currently the new Switzerland and is also the number one retirement haven in the world. Panama does not tax offshore derived income, capital gains, etc. All tax violations in Panama are civil offenses, none are criminal and Panama has no tax treaties with any country. Panama actually requires all corporations to be formed by a lawyer to protect the privacy of their 400,000 corporations on file thus ensuring renewals each year. Panama cares about privacy, bank secrecy and asset protection. We only deal in Panama which is considered to be the most private jurisdiction in the world today, with the best bank secrecy laws, best corporate and foundation anonymity and strongest attorney client privilege in addition to having world class banks. Panama has no hurricanes, no earthquakes, no active volcanoes and no tsunamis which is why the Panama Canal was built here. So you do not have to worry about being unable to contact your bank by internet or telephone because a storm just passed over their island. Since we are in Panama we can and will represent any of clients who need legal representation in Panama with affordable rates ($150.00 hour). And yes we do get in our car and go down to the Panama banks representing our clients to open their bank accounts and to resolve any issues or problems that may come up down the road when our clients need our assistance. We are your corporate resident agent and would receive any official notices on behalf of your Panama Corporation or Panama foundation and of course we would understand the notices and could advise you not just say “hey, you got a document you need to read”. We are reachable by phone and email seven days a week and of course all communications with us are privileged communications. Always feel free to ask us questions by phone or email.

To learn more about why Panama excels as an Offshore Jurisdiction go here: http://www.panamalaw.org/attributes.html

To learn more about Panama Asset protection click here: http://www.panamalaw.org/asset_protection.html

Panama Banking – Panama boasts of having 150 international banks which is a living testimony to their strong bank secrecy laws please keeping in mind Panama is a country of 2.9 million people and these banks are in Panama City which is only about 9 square miles. All the banks we deal with have online banking including the ability to send international wire transfers. You do not need to come to Panama to open a bank account but you do need to supply reference letters and passport copies. You can even get up to 7% interest on 5 year deposits. The national currency in Panama is the US dollar but some euro accounts are available.

Panama Anonymous Bearer Share Corporation – Such anonymous corporations are called by this term in Spanish - sociedad anonima. These corporations have no registry or database into which are entered the owners of the corporation. Ownership is through the printed stock certificate called bearer shares. There is no tax on offshore derived income other than the $300 annual tax included in our prices. Transfers of ownership do not have to be reported. With a Panama bearer share corporation wires moving through the wire system are not associated with any natural persons for more privacy. Panama corporations can be formed in 2-3 days. Panama bearer share corporations can own real estate anywhere in the world under Panama law.

http://www.panamalaw.org

The author is a researcher, with years of experience in finances and real estate. For more information, please visit: http://www.panamalaw.org email at: panamalegal@hush.com

Article Source: http://EzineArticles.com/?expert=Ronald_Edwards

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Are you planning to start your own internet business? Have you seen all those fancy sales pages that promises you millions for nothing and life for free and decided to jump on the wagon? Great! But did you know that close to 95% of all internet entrepreneurs fail? Did you know that only a very few people on the internet actually makes more than 500$ a month and that only a fraction of all internet marketers are able to make their living online and even fewer make a six figure income?

If this doesn’t scare you off you must be a tough one – and you have to be tough to make it online. Not tough in a “mean” way but you really need to have the dedication it takes to keep on going, even in times when you feel like crawling backwards through a swamp. You need the spirit not to give up if you don’t see immediate results. It’s all about building momentum and to manage to create that you have to be a person who doesn’t give up!

Are you tough enough to become an internet millionaire? Do you have what it takes to make it online?

Personally I have been close to giving up many times in my life. At one point I in fact decided to let my online marketing go and I just lay it all to rest. However, I just couldn’t sit around with nothing to do and little by little I started thinking about getting into the game again. And I haven’t been in doubt ever since. To get back in was maybe the smartest choice I have ever made!

It takes a lot of work but when you have created the necessary momentum, made a system that works for you and you see the money start rolling in it sure is worth it. The flexibility of being able to work from anywhere, anytime, is such a fantastic feeling.

Now I can spend more time with my family and do the things I really want to do.

…and so can YOU!

The key to unlock your chains of miserably low income is Residual Income! When you work at a regular job you work, say, 40 hours and get paid for the hours you have worked. With Residual Income you get paid for each sale you make, but not only when you make that sale but month after month as long as the customer stays a member of the product or service you sold him. Bring in 10 customers a month and let say they all stay members for a year you will have 120 members by the end of the year. Let’s say you get 20$ per month per customer which is fairly standard – then you have a monthly income of 2400$ a month by the end of the year without any additional work! Now, all who joins every month won’t stay for a full year so you will have to fill up those empty holes with new members but you got the picture, right?

Now, what is holding you back? Do your research thoroughly and start your journey towards financial independence.

Martin Mölsted is a successful writer and Internet Marketer. For some great Work at Home Income Ideas and Opportunities visit Residual Income and Residual Income Blog

Article Source: http://EzineArticles.com/?expert=Martin_Molsted

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Business Owners tend to identify themselves with their business. They show pride in the name, the function and the growth of their business. After all, it’s their ‘baby’. But there are three important reasons why your business and you should not be so closely identified: (1) Protection, (2) Privacy and (3) Capital Growth.

• Protection is Most Important.

Millions of business owners make a splash about letting the world know that they and the business are essentially ‘one and the same’. This is often seen in the number of ‘Sole Proprietors’ out there who set up shop with a business checking account, some business cards and a fictitious business name (‘DBA’ or ‘doing business as’) filing with their County clerk. The risk, of course, in being a Sole Proprietor is that you and the business are legally ‘one and the same’ and thus all of your personal assets are at risk in the event of a business reversal or a lawsuit.By protecting your business inside of a legal entity, you are taking a step in the right direction to separate you and the identity of the business. Corporations and Limited Liability Companies are two much better ways to organize your business. For years, corporations have been ‘top dog’ but now the Limited Liability Company (‘LLC’) is emerging as the preferred entity of choice by business owners and investors everywhere, due to its simplicity, flexibility, protection and tax advantages. By using a company (whether corporation or LLC), you are not the business (for liability risks) and it is not you. The business can and should stand on its own – so that your personal assets are not at risk. Today there are more LLCs being formed than corporations. The emerging ‘Series LLC’ represents the latest evolution in company formation. The series LLC helps to keep legal and tax accounting costs down but provides for separate business enterprises operating within the same LLC ‘mother ship’. Each series or cell can have its own business operations, its own liabilities, its own blance sheet. And yet, at the end of the year, all of the cells or series can be conslidated into a single tax return. Very Nice.

• Privacy Should Not Be Overlooked

Identity theft is the fastest growing crime there is in America. A thief can use different methods, but their goal is always the same – to profit and benefit at your expense, using your identity. One of the best steps you can take to reduce your risk and increase your personal financial privacy is to utilize an entity such as an LLC.The name of the LLC or corporation should be different than yours. It can have its own Tax ID number, its own business credit profile and credit rating, its own credit and debit cards, its own vehicles and equipment, and it can separately own both real estate and other property from you. The entity and you should have separate bank accounts and separate financial identities. The less you ‘co-mingle’ personal assets and business assets the better.

• Obtaining Business Credit

In the early formation and start-up phases of most business, it seems as though every vendor and every provider wants you personally to sign for and be responsible for any business-related purchases, leases or credit. This can put tremendous burden on your personal credit – and in fact if used in the wrong way, it can seriously damage your personal credit by doing so. Building credibility for your business should mean building a business credit rating and credit profile that stands alone, separate from your own personal credit. Most small business owners simply take the ‘default decision’ that they must personally pledge payment of business-related leases, purchases or other financial obligations. But this does not have to limit you.There is another way. By using a corporation or LLC instead of an unprotected sole proprietorship, you can begin establishing a separate business identity. That business identity can in fact have its own credit profile and credit rating, and this will serve to help take the pressure off of your own credit. By doing so, this frees up your own personal credit so it’s not carrying the burden of your credit needs as well as your business credit needs. Every journey begins with a single step. To get started, see www.OneMinuteTaxCoach.com

Michael Potter, Esq. is a familiar face to many business owners and investors who’ve seen him speak at business conferences and investor workshops. His Integrated Planning law practice is focused on Asset Protection, Business and Estate Planning, Tax-Advantaged Wealth Accumulation, Accelerated Retirement Planning, and Multi-Generation Legacy Planning. To learn more, visit OneMinuteTaxCoach.com

See: http://www.OneMinuteTaxCoach.com

Copyright 2007 Michael L. Potter, Esq. All rights reserved.

Article Source: http://EzineArticles.com/?expert=Michael_Potter,_J.D.

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