ANALYSIS

Credit Risk Update: FRANK OWENS LTD, 50 MAIN STREET, LIMAVADY, CO L'DERRY. Public houses and bars. The legal status is a Private Limited Company and the current status at the registry of companies is Active. The last filed accounts are dated 31 March 2015. The company was incorporated on 18 November 2002.

The accounts next due date is 31 December 2016. There are no mortgages.

The above was based on public record information as at 14 August 2016 and may not reflect the current status. Please access the current report to ascertain the current status and credit rating.

FRANK OWENS LTD business sector includes beer gardens (independent), beer gardens (managed), beer gardens (tenanted), beer halls (independent), beer halls (managed), beer halls (tenanted), licensed bars (independent), licensed bars (managed), licensed bars (tenanted), licensed victualler (independent), licensed victualler (managed), licensed victualler (tenanted), naafi clubs, public houses (independent), public houses (managed), public houses (tenanted), taverns (independent), taverns (managed), taverns (tenanted).

 

Registered Number: NI044715

Date Incorporated: 18 November 2002

Date Latest Accounts: 31 March 2015

Legal Form: Private Limited Company

Previous Names: None

Registered Number: NI044715

Annual Return: 18 November 2015

Registered Office: 50 MAIN STREET, LIMAVADY, CO L'DERRY

SIC Code and Operations: 56302 - Public houses and bars

Number of Mortgages: 0

Satisfied Mortgages: 0

Part Satisfied Mortgages: 0

Unsatisfied Mortgages: 0

 

According to the latest findings from the Crime Survey for England and Wales, fraud has now become the most prevalent crime in the country with people 10 times more likely to become a fraud victim than they are to suffer a theft.

 

What is clear is that fraud is an insidious problem that challenges all businesses in the UK and around the globe.

 

For far too long, fraud has been viewed as a victimless crime. On the contrary, it is continually being used by criminals for monetary gain.

 

It is also used to fund a wide spectrum of illegal activities including drug dealing, human trafficking and even the funding of terrorism. Very often, the victims are oblivious to the risks of transacting online and are amongst more vulnerable members of society.

 

 

Fraud has evolved from simple and opportunistic modus operandi to more complex scenarios.

 

Fraudsters are becoming increasingly sophisticated, making use of techniques ranging from social engineering such as phishing or vishing to cyber-enabled malware attacks.

 

They also often hide within complex networks where they employ ‘mules’ to do their bidding.

 

Those networks are often hard to detect as they combine fraudulent activity with legitimate and compliant transactions.

 

Also contributing to the rising velocity of fraud is the proliferation of online services and the anonymity those digital channels provide to consumers.

 

For example, when making insurance claims it’s easy to inflate the value of a damaged or stolen item or to add a few additional items to the claim, therefore resulting in what’s often referred to as ‘soft fraud’.

 

 

Organisations must be in a constant state of readiness and need a multi-layered and pragmatic strategy to curb this threat.

 

It is critical that organisations adopt a holistic approach that encompasses data management, fraud detection, as well as robust policies and strict internal governance to ensure that their exposure to fraud is brought down to a minimum.

 

The ability to analyse high volumes of data quickly, in real time, is becoming more and more a ‘business critical’ requirement. Organisations must start with enhancing their data quality, as well as collating and linking different data types coming into the organisation.

 

The use of data analytics is often understated but could yield significant value for organisations wishing to adopt a superior approach to monitoring and detection.

 

 

For businesses, fraud introduces additional costs that impinge on growth, performance and productivity. On a wider scale, it undermines sustained economic progress and the operation of free markets.

 

The onus is therefore on individuals and businesses alike to deter and report instances of fraud.

 

According to SAS research with the Centre for Economic and Business Research, efficiencies from better fraud detection tools could total £290m from 2015 to 2020. Such tools include advanced analytics which will enable businesses to intervene and prevent fraud before it happens.

 

Lastly but crucially, people at the head of organisations should lead by example and nurture a culture of zero tolerance towards fraud and other forms of financial crime within their organisation.

 

There should not only be policies but enforcement of those policies in the way that day-to-day business is conducted, both internally and with external parties.

 

With increased government focus and regulatory scrutiny on financial crime, businesses found cutting corners will be exposed and be subject to potential fines.

 

For small to medium organisations, the associated reputational damage may undermine their very ability to exist in the future. Find out what it takes to develop effective fraud management to help identify suspicious transactions and networks before the money leaves your premises.

 

A pretty dumb WhatsApp scam is making rounds in chain mail form, promising "free internet" without Wi-Fi on an invite-only basis.

 

First of all, the scam is quite dumb to begin with because the only way to use WhatsApp without Wi-Fi is to have a cellular data connection and WhatsApp cannot offer data - it's just an app, not a provider.

 

Secondly, the scam is spreading because it prompts victims to forward the message to 13 friends or five groups on WhatsApp to activate the "free internet."

 

How It Works

 

"As usual, the message spreads via WhatsApp groups or comes from a friend who 'recommends' the service - often unaware of it. In this case, you receive a special invitation with a link," explains the WeLiveSecurity blog of antivirus and security firm ESET.

 

"You can already get Internet Free Without WI-FI with Whatsapp, and it is by means of invitations, here I give you an invitation," reads the poorly written message.

 

Upon clicking on the included link, users are taken to a website mimicking the WhatsApp domain. It detects the device's language based on the browser settings and invites users to pass along the invitation to more people, ensuring that the scam keeps spreading.

 

The message also shows fake reviews from fake users, claiming to be incredibly satisfied with this amazing offer. Those users don't even exist, much like this "free internet" invite-only deal. Don't fall for it, or you'll get more than you bargained for - and not in a good way.

 

Surprise! Malware

 

After sharing the message with at least 13 people or five groups, users who have fallen victim to this sham end up on various sites where a number of malicious actions can wreak havoc.

 

According to WeLiveSecurity, such actions range from subscriptions to premium and expensive SMS services to installing third-party apps on the device, of course aiming to generate some money for the scammer on the victims' expense.

 

Victims will see various offers, but they obviously will not get any "free internet." The only way to use WhatsApp to communicate with people is to have an active internet connection, be it cellular data or Wi-Fi, and the scam does absolutely nothing to change this reality.

 

At best, victims waste their time and end up disappointed that the magical chain message didn't work. At worst, they end up with malicious software on their phones.

 

How To Avoid Such Scams

 

First of all, keep in mind that any message that shows up out of the blue, poorly written and making seemingly attractive promises are most likely fake, part of a scam. Raising awareness regarding these scams plays a crucial role in limiting their damage and slowing their spread rate.

 

If you've received this "free internet" offer or some other dubious message that looks like a scam, warn the sender and your friends so that they're aware it's a scam. Moreover, reporting the fraud is also important and it's not that big of a hassle - just flag it in your browser as you'd normally report any phishing campaign.

 

If you have decided to enter the world of investing, learning how to invest must now dominate your time and focus. Two steps will help you on your way.

 

 

In essence, investing involves spending your time, effort and resources to attain a higher objective. For instance, you spend weekends with a social group to do charitable work, use your talent in the arts to create works of beauty and value or apply your profession in your job or your business to earn a living. In the same way that you do these things hoping to gain valuable rewards, you likewise invest your money in a bond, mutual fund or stock, just be careful of investment scams online, but with the goal of achieving material benefits in the future.

 

 

Now that you are eager to go ahead and start investing once you learn how to, you certainly would want to know the next step. But rein in your enthusiasm for a while. Hold your horses while you check if you are really ready to take the ride of your life in investing. Now that you see the possibilities opened to you through the magic of compounded returns, you have to protect yourself from the same trap which you could be unwittingly locked in. Do away with high-interest debts that you may have at the present.

 

 

To succeed as an investor, you must make investing an integral part of every day. That may sound difficult or tedious; but not really. You must realize that the act of buying something, say a cappuccino, will influence your daily finances as much as acquiring a home-equity loan to cover your credit-card payments.

 

 

There are two primary methods of stock investing: active and passive management; and they differ on how stocks are chosen, not on how you choose your verbs. Active investing involves selecting stocks yourself or you can ask your brokers or fund managers to pick the stocks, bonds, and other forms of investments. Passive investing requires you to let your holdings follow an index which a third party makes.

 

 

Perhaps, you may have heard of a close friend who struck it rich with options. Or you may have had moments of lucky streaks in the past where you won a sizeable amount of cash from a raffle or lottery. Why should you then enter into a long and slow process of investing your money which can only bring you a double-digit gain and not bundles of cash right away? Investing demands years of patience before you can finally reap the good harvest. What if you cannot wait that long?

 

 

Investing is a long-term process, like planning a long vacation. Ask yourself these questions before you embark on this endeavor:

 

• What is your destination? (What financial goals do you have?)

• How long is your vacation? (What is your time frame in investing?)

• What should you bring along? (What investments forms will you choose?)

• How much gas do you need to use? (How much will you invest to achieve your goals? How much can you invest a regular plan?)

• Do you have stopovers on the way? (What short-term financial expenses do you have?)

• How long is your vacation? (Will you have to retire using your investment?)

• If you run out of gas because you frequently stop to rest and drive through the night, you are bound to spoil your vacation. So it is if you do not save enough money, if you invest haphazardly or fail to invest at all.

 

 

Now that you have set your finances in order and you have also established definite financial objectives, you are now ready to learn how to begin investing. With mutual funds, the procedure is quite easy: Call the fund company and request them to open an account for you. Dealing with stocks can be a more challenging endeavor.

 

 

Through a brokerage account, you can choose between a cash account or a margin account. A cash account allows you trade using available money you are willing to invest. A margin account allows you to buy stocks using other people’s money – which you borrow. Margin accounts can be attractive for obvious reasons; however, the risks can be significant.

 

 

Now that you have gained enough background information on how to start investing in stocks, as well as what your financial goals are, how much money you will need to invest, how long it will take to recover your investment, the next move is to begin considering where to invest and the kind of potential gain you hope to make.

 

You can get more info from our newsletter services which we offer free for one month. Our contributors may have diverse views on many issues; but this fact helps to provide you with a wide selection of insights and perspectives on how to succeed in investing. We have a disclosure policy which allows us to be fully transparent in all transactions.

2016 Update: The Thailand Board of Investment (BOI) still offers 0% corporate income tax for up to eight years. This article shows how to structure this as a US person. More information on starting a business in Thailand can be found on SiamStartup.com.

Ever dream of having your business legally accrue profits offshore as you hang out in paradise? Thailand is a great country to plant a residency flag in, as doing this will get you a 0% effective personal tax rate and a tax free company in paradise.

American caveat: though Americans have a worldwide tax obligation, taxes here can get as low as 20% (0% corporate and 20% personal), through the use of qualified dividends, and with the help and advice of a CPA who understands international structuring.

How to get a tax free company in paradise? By establishing tax residency in Thailand (which doesn’t tax income earned abroad), and through the proper utilization of transfer pricing of intellectual property, combined with the use of an offshore company and a Thai company limited by shares.

You must already have citizenship in a country that doesn’t tax its citizens on a worldwide basis. Most countries don’t impose worldwide tax obligation on their citizens. The exception is the United States and Eritrea, which tax the foreign income of non-resident citizens. (See footnote on Americans doing business in Thailand.)

I’ve written specifically on Residency, the 2nd flag of Flag Theory, at length in the past. For Flag Theory to function properly and fully above board, you must establish tax residency in a country that has low tax, no tax, or a territorial tax regime.

Thailand taxes its residents and citizens on a territorial basis, meaning that income derived from outside The Kingdom is not taxed, provided that they are not remitted to the country the first year since they are earned. (This is not tax advice, just a layperson understands of the law.)

Any profits derived from within Thailand, with a Thai company, will be taxed. However, certain businesses are eligible to receive tax breaks if they are established within certain sectors.

This makes offshore companies a powerful tool as a headquarters and IP-holding company.

BVI companies tend to be the weapon of choice for entrepreneurs doing business in Asia or setting up a corporate bank account with an offshore account in Asia. More information on BVI companies can be found in this article.

If you choose not to use the BVI, you could look at a number of other offshore jurisdictions, or a…

An alternative to a BVI company involves the proper utilization of the tax treaty between Thailand and Malaysia. Furthermore, a Labuan company run from within Malaysia faces an almost 0% tax rate, as long as transactions are cleared in a foreign currency and no customers or business is done in the country. See this article about my trip to Malaysia.

The idea behind this type of headquarters/regional office setup is to keep as much profit as possible in the offshore company in a low-tax jurisdiction. Obviously, you’ll need to cover operating costs in Thailand, but taxes within the country can be kept to a minimum, while satisfying the authorities that everything is properly reported and accounted for.

You can easily open a Malaysian bank account with a Labuan company.

(Flags 5 and 6 are not covered here, as they have little to do with the strategic imperative of minimizing taxes.)

An integral component of this setup involves setting up a Thai company, obtaining a visa and work permit, and then legally establishing tax residency in Thailand.

One important/difficult aspect of forming the company is capitalization, as the company needs to reflect an initial capitalization of 2 million baht (about $57,000) for a work permit for a foreigner or 1 million baht for a BOI company, which allows work permit for foreigners at a slightly lower capitalization, but is costlier in terms of setup.

One could, hypothetically, record the 2 million baht as paid up in cash, and then loaned back out, in cash, to a “related party,” commonly referred to as a “loan to director.”

If you want to learn more about this, consider becoming a PT member.

Thai residency for tax purposes (as identified or defined by a foreign government) and Thai permanent residency are two separate and distinct things.

You must have been a taxpaying resident for several years in order to be eligible for permanent residency in Thailand. This means you:

The time taken to process a permanent residency application ranges from five to 10 years. It can help if you can speak Thai, have a Thai spouse, or are a respected member of the community. In general, establishing permanent residency in Thailand (and obtaining a green book) is a difficult process that can take years. I once spoke with a gentleman who said it took him seven full years to become a permanent resident – and this was after 11 years of living and doing business in the country.

Getting Thai citizenship is borderline impossible, unless one of your parents is already a citizen, since citizenship is based on jus sanguinis. Simply being born in the country would not make one a citizen, as Thailand does not grant citizenship based on jus soli.

I’ve written at length on:

If, after reading those articles, you are serious about starting a Thai company, I can connect you to a lawyer there.

Once you have established a company in Thailand, you can trade between the company and your offshore company, where the offshore company will own the IP, and the Thai company can pay a licensing fee. You must abide by Thai transfer pricing laws. I recommend hiring an accountant who is familiar with Thailand’s laws. This is probably not a do-it-yourself job. All legal documents and accounts must be kept and maintained in the Thai language.

You can easily get a bank account in Thailand. Though some banks may turn you away if you don’t have a work permit, others with a proof of residence (rental contract) or a recommendation letter from a Thai resident may open you an account (hint: try Bangkok Bank, Krungsri, UOB or Siam Commercial Bank). Foreign currency accounts are available in most banks and can be opened easily.

There is no perfect setup in this imperfect world, but this is damn close. For starters, it is completely legal, and if you are truly looking to establish a corporate structure and solid foundation for your business, this setup is ideal.

Any earnings retained in the offshore company are tax-free. Just be sure to abide by Thailand’s transfer pricing laws, and make sure you file the right forms in the country where you were previously domiciled to establish a new tax residency in Thailand.

You will have to hire some Thai nationals, so why not make the best of it. Start to grow a team. Thai people have a particular way of working. I’ll let you figure that one out for yourself!

If things don’t go well in Thailand, the valuable parts of your business, such as the intellectual property, is held safely offshore.

You should only work in Thailand if you have an authorized work permit. The law interprets “work” very broadly, and if you are caught without a work permit, you could be thrown out of the country and banned from future entry into the kingdom. Work permits are typically granted only to specialized foreign labor employed in work that most Thai nationals could not do.

Furthermore, there are minimum hiring requirements to abide by:

An exception to this rule is possible with certain permission from the BOI. See SiamStartup.com/infographics for more on the process of setting up a BOI company.

Is complicated. Period. In broad strokes, transfer pricing refers to the setting of prices for the sale of goods and services between companies that are owned/controlled by the same person/party (also known as trading at arm’s length).

To discuss the intricacies of transfer pricing would require an entire article (or even a whole book). The laws on this vary in complexity and enforcement from country to country, but it is well known that certain countries are more lax than others.

2016 update: transfer pricing is now, more than ever, important to get right.

Doing business in Siam is not as difficult as other places in Asia, but it’s still not as simple as setting up a company in Singapore or Hong Kong. The government here is more restrictive of foreign investment, and they tend not to be the most forward thinking on certain areas, such as information technology or startup companies.

The startup scene in Bangkok has changed dramatically since this article was first published.