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bigduckontax
bigduckontax, Accountant
Category: Law
Satisfied Customers: 3004
Experience:  FCCA FCMA CGMA ACIS
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Im a UK citizen residing in the UK. Im thinking about sett

Customer Question

I'm a UK citizen residing in the UK. I'm thinking about setting up a hedge fund company. Can someone advise if it's best to register the company in Jersey or Guernsey or any other tax haven country?

What type of law firm can you recommend that have the experience to help with the necessary application forms and requirements associated with the financial services authority?

If the director has a single criminal conviction for theft which was 21 years ago which resulted in a fine only, can they still be the director of a hedge fund company in the financial services sector?

Kind Regards
Submitted: 2 years ago.
Category: Law
Expert:  Alex J. replied 2 years ago.
Hi,

Thank you for your question and welcome.

My name is XXXXX XXXXX I will assist you.

A hedge fund is a term of art, not a legal term, it is a word used for any fund or undertaking that invests in anything. The issue you have is if you sell shares in the company or take in client monies to invest, if you do that it may be a regulated activity and you will need authorisation from the FCA.

If your criminal conviction was for dishonesty then you may have problems becoming a director.

I cannot say which is the best for tax purposes with out more information - how do you intend to distribute the profits to yourself?

I look forward to hearing from you.

Kind regards

AJ
Customer: replied 2 years ago.
Hello AJ,

Thank you for your reply. I will be going on a CHP course (certified hedge fund professional) I had a look at the FCA application form. There is a question which asks if you have any criminal convictions. As I have a conviction for theft which was 21 years ago when I was a minor, I'm wondering if the FCA will decline my application as a director for my company if I state that I have a conviction.

It would be both a waste of time and money studying only to find that I can't setup the new company because of the conviction.
Expert:  Alex J. replied 2 years ago.
Hi,

Thank you.

What was the nature of your conviction?

Kind regards

AJ
Customer: replied 2 years ago.
It was for theft of camera lens. The value of the lens were £90. I paid a court fine of £550 but I didn't receive a custodial sentence and I didn't have to do any community service.
Expert:  Alex J. replied 2 years ago.

Hi, Thank you. In theory as it has been more than 7 years it should be removed from your record and you should be rehabilitated in the eyes of the law. That said there are certain background searches that will contain this kind of information. Certain regulated professions will take a dim view on dishonest crimes such as theft. As so much time has passed it may not be a complete bar for you, but I would highly recommend checking with the FCA first whether they will consider your application as there is no hard and fast rule as to whether they will accept it or not. Any positive feedback is gratefully received. I am happy to deal with any follow up point. Kind regards AJ

Customer: replied 2 years ago.
In 2011 I applied for an SIA license. I had to undergo a criminal records background check. When I received the paper it showed my theft conviction for 1997 so it has not been removed as you suggested. What can I do to have it removed?
Expert:  Alex J. replied 2 years ago.
Hi,

Thank you.

It removed it forms part of your records and there are enhanced background checks that will show up this kind of thing.

These checks will often be enhanced where you are going in to certain regulated professions or applying for a job working with children.

It depends what kind of check the FCA do but as the conviction is considered spent after 7 years they may be prepared to disregard it, but I believe they deal with these applications on a case by case basis.

What would help you is if you had some one of good character who could provide you with a reference. Do you know a solicitor or doctor or teacher for example that could do this?

Kind regards

AJ

Customer: replied 2 years ago.
It was a standard disclosure not an advanced one. The standard disclosure shows my criminal conviction.
Expert:  Alex J. replied 2 years ago.
Hi,

Thank you.

Were you younger than 17 when the conviction was made?

Kind regards

AJ
Customer: replied 2 years ago.
I was 17 when I received the conviction.
Expert:  Alex J. replied 2 years ago.
Hi

Thank you.

If it appears on a standard CRB check there is nothing you can do to have it removed.

You would not be obliged to disclose where you were being employed and CRB check is not necessary.

The best thing you can do is disclose it at the earliest stage if you know you have to do a CRB check and get someone to give you a character reference.

Kind regards
AJ
Customer: replied 2 years ago.
Other experts have advised differently but thank you for your advice.
Expert:  bigduckontax replied 2 years ago.

You are aware of how expensive it is to operate funds in tax havens? In the Channel Islands, Gibraltar. Turks and Cocos Islands etc it is big business and it doesn't come cheap. Big firms like Starbucks, Amazon and Vodafone may be able to run such organisations in a plethora of tax havens, but they are worth billions and their Corporation Tax bills are worth avoiding. If you are not in that league it might be better to forget it.

 

Have a look at www.unbiased.co.uk. This web site gives, as it's name suggests, an opening to Channel Island's possibilities.

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