963:. A United States company buying products from overseas would have to pay US taxes on the profits, but to avoid this, it may buy the products through a non-resident shell company based in a tax haven, where it is described as an offshore company. The shell company would purchase the products in its name, mark up the products and sell them on to the US company, thereby transferring the profit to the tax haven. (The products may never actually physically pass through that tax haven, and be shipped directly to the US company.) As the shell company is not based in the United States, its profit is not subject to US income tax, and as it is an offshore company in the tax haven jurisdiction, it is not taxed there either. Under the tax haven law, the profits are deemed not to have been made in the jurisdiction, with the sale deemed to have taken place in the United States. As US personal income tax is significantly less important than corporate income tax, US company executives would claim a salary (or fees, consulting fees, etc.) from the company's profits.
1077:. Exemptions were included which are meant to limit its scope to the entities most likely to be used for illicit purposes. Companies which are exempt from the act include foreign companies that do not formally register to do business and companies that fall into one of 24 enumerated categories, which include companies that employ more than 20 people, have revenues above $ 5 million, and a physical presence in the United States, as well as churches, charities, non-profits, trusts and partnerships. Companies that are banks, broker-dealers, public issuers, and insurance companies are also exempt.
67:
768:, or ships. Shell companies may be registered to the address of a company that provides a service setting up shell companies, and which may act as the agent for receipt of legal correspondence (such as an accountant or lawyer). The company may serve as a vehicle for business transactions without itself having any significant
1242:
On 22 December 2021, the
European Commission adopted a proposal for an EU Directive to tackle the misuse of shell companies for tax purposes. Also known as the "Unshell" directive, the proposal requires the unanimous agreement of all 27 EU Member States' finance ministers before entering into force.
1207:
Currently
British overseas territories and crown dependencies are only required to tell the true name of owners of shell companies upon request from official law enforcement agencies. However, since 2020 they are forced to publish these names in a public register in order to prevent anonymous use of
839:
Some shell companies may have previously had operations that shrank due to unfavorable market conditions or company mismanagement. A shell corporation may also arise when a company's operations have been wound up, for example following a takeover, but the "shell" of the original company continues to
798:
for the trustee. A corporate shell can also be formed around a partnership to create limited liability for the partners, and other business ventures, or to immunize one part of a business from the risks of another part. Shell companies can be used to transfer assets from one company into a new one
763:
with no significant assets or operations often formed to obtain financing before beginning business. Shell companies were primarily vehicles for lawfully hiding the identity of their beneficial owners, and this is still the defining feature of shell companies due to the loopholes in the global
799:
while leaving the liabilities in the former company. Shell companies are also used for privacy and security reasons by wealthy individuals and celebrities. Accordingly, shell companies may be used to generate both pecuniary and non- pecuniary private benefits by their beneficial owners.
1119:) and receiving income. The reasons behind creating such a shell company may include protection against litigation and/or tax benefits (some expenses that would not be deductible for an individual may be deductible for a corporation). Sometimes, shell companies are used for
1233:
A "Task Force On Shell
Corporations" was constituted in 2017 under the chairmanship of the Revenue Secretary to the Government Of India and Corporate Affairs Secretary to Govt. Of India, for effectively tackling malpractice by shell companies in a comprehensive manner.
1145:
published a report called "Offshore Leaks" with information about the use and owners of 130,000 shell companies. Many of the shell companies belonged to politicians and celebrities from around the world and were being used for tax evasion and hiding financial assets.
791:. Anonymity, in the context of shell companies, relates to anonymity of beneficial owners of the company. Anonymity may be sought to shield personal assets from others, such as a spouse when a marriage is breaking down, from creditors, or from government authorities.
1216:
The new customer due diligence (CDD) rule from 2016 forces banks to know the names of their customers in order to reveal them to law enforcement agencies upon request. Thereby, anonymous misuse of shell companies shall be prevented. The rule is administered by the
1182:
on 8 November 2016, various authorities noticed a surge in shell companies depositing cash in banks, possibly in an attempt to hide the real owner of the wealth. In response, in July 2017, the authorities ordered nearly 2,000 shell companies to be shut down while
916:
According to a 2013 experimental study where the researchers requested anonymous incorporation in violation of international law, one in four corporate service providers offered to provide services in violation of international law.
890:. While these terms are generally used interchangeably in practice, their meanings are not the same and each term is generated to refer to a different theme of illegality. Shell companies can also be used for tax avoidance. A classic
1989:
1935:
1222:
1074:
840:
exist. The term "shell corporation" does not describe the purpose of a corporate entity, but in general is more informative to classify an entity according to its role in a particular corporate structure; e.g.
1104:
Shell companies have been used to commit fraud, by creating an empty shell company with a name similar to existing real companies, then running up the price of the empty shell and suddenly selling it (
956:, they used a shell company by the name of Huk 10 Ltd. in order to secure funds and minimize liability. HMV was then sued by Huk 10 Ltd., allowing Hilco to regain assets and dispose of HMV Canada.
1775:
941:. This meant that the liabilities of the old company were left in the old company, and Sega Dream had clean title to all the assets of the old company. The former Index Corporation was then
1993:
1187:(SEBI) imposed trading restrictions on 162 listed entities as shell companies. A high-level task force found that hundreds of shell companies were registered in a few buildings in
815:
Shell company: The term shell company means a registrant, other than an asset-backed issuer as defined in Item 1101(b) of
Regulation AB (§ 229.1101(b) of this chapter), that has:
794:
Shell companies' legitimate business purposes are, for example, acting as trustee for a trust, and not engaging in any other activity on their own account. This structure creates
1111:
There are also shell companies that were created for the purpose of owning assets (including tangibles, such as a real estate for property development, and intangibles, such as
1869:
1070:
in Asia. Shell companies are usually offered by law firms based in those countries. The process of establishing a shell company can sometimes be done very quickly online.
933:
in June 2013, they formed a shell company in
September 2013, called Sega Dream Corporation, into which were transferred valuable assets of the old company, including the
1199:
Since shell companies are very often abused for various illegal purposes, regulation of shell companies is becoming more important to prevent such illegal activities.
1513:
Findley, Michael G.; Nielson, Daniel L.; Sharman, J.C. (2013). "Using Field
Experiments in International Relations: A Randomized Study of Anonymous Incorporation 1".
1170:
in Panama. The shell companies were used by politicians, businessmen, autocrats, and terrorists from around the world for tax evasion and other illegal activities.
2041:
1142:
925:
Shell companies can be used to transfer assets of one company into a new company without having the liabilities of the former company. For example, when
1566:
1671:
616:
1462:
332:
574:
1698:
2068:
1750:
1191:. Many of those were found to be locked, with their padlocks coated in dust and many others which had office space the size of cubicles.
982:; nearly all of the stock of Cunningham Broadcasting is controlled by trusts in the name of the owner's children. Other examples include
1073:
In 2021 anonymous corporations were made illegal in the United States with the passage of the
Corporate Transparency Act as part of the
959:
As another example, the use of a shell company in a tax haven makes it possible to move profits to that shell company, in a strategy of
529:
1723:
808:
738:
1184:
1497:
1425:
1400:
1375:
1350:
433:
242:
2015:
1218:
421:
365:
324:
1961:
1179:
909:, used often in the context of a larger corporate structure, may be formed to achieve a specific goal, such as to create
303:
1847:
1418:
Non-Pecuniary
Private Benefits in Publicly Traded Corporations How Involuntary Dissolution Statute May Be the Solution
91:
1805:"Shopping for Anonymous Shell Companies: An Audit Study of Anonymity and Crime in the International Financial System"
370:
885:
447:
348:
764:
corporate transparency initiatives. It may hold passive investments or be the registered owner of assets, such as
1617:"Family's TV Clout in Bush's Corner, Howard Kurtz and Frank Ahrens, Washington Post, October 12, 2004, Page A1"
865:
2134:
1312:
273:
207:
17:
1573:
457:
1645:
1252:
971:
731:
644:
121:
1616:
340:
116:
101:
2115:
1466:
1302:
1003:
689:
624:
413:
283:
111:
1166:
revealed information about owners of more than 214,000 shell companies administered by the law firm
1221:(FinCEN). In January 2021 anonymous shell companies were effectively banned via a provision in the
899:
584:
451:
126:
86:
966:
In addition, there are several shell companies that are used by broadcasting groups to circumvent
975:
293:
214:
2139:
1936:"In an attempt to curb black money, PM Narendra Modi declares Rs 500, 1000 notes to be invalid"
1055:
906:
724:
606:
380:
253:
167:
132:
96:
50:
1162:
830:(iii) Assets consisting of any amount of cash and cash equivalents and nominal other assets.'
1322:
1307:
938:
765:
549:
81:
2093:
1277:
987:
674:
611:
1776:"US passes 'historic' anti-corruption law that effectively bans anonymous shell companies"
8:
1257:
1007:
983:
926:
649:
403:
375:
229:
202:
197:
187:
2116:"Questions and Answers on the Commission's proposal to end the misuse of shell entities"
1548:
1267:
878:
872:
569:
489:
462:
142:
137:
106:
1598:
1552:
1540:
1493:
1421:
1396:
1371:
1346:
1262:
942:
795:
629:
499:
387:
262:
224:
31:
1449:
898:
among multiple corporate entities to lower tax liability in a certain country; e.g.
1864:
1826:
1816:
1530:
1522:
1297:
1292:
1287:
1223:
William M. (Mac) Thornberry
National Defense Authorization Act for Fiscal Year 2021
1075:
William M. (Mac) Thornberry
National Defense Authorization Act for Fiscal Year 2021
930:
895:
784:
707:
694:
639:
539:
1780:
1567:"Notice of Conclusion regarding Business Transfer Agreement of Index Corporation"
1272:
1167:
1027:
979:
849:
845:
841:
679:
634:
357:
182:
37:"Shell (company)" and "Shell company" redirect here. For the energy company, see
2144:
1962:"Here is what PM Modi said about the new Rs 500, Rs 2000 notes and black money"
1136:
1051:
1848:"Forget Panama: it's easier to hide your money in the US than almost anywhere"
1526:
2128:
2016:"UK moves to trace tax-avoiding overseas shell firm owners | DW | 01.05.2018"
1913:
1544:
1317:
1155:
1124:
1105:
1011:
991:
949:
891:
780:
441:
408:
58:
945:. Sega Dream Corporation was renamed as Index Corporation in November 2013.
559:
2094:"'Task Force on Shell Companies' for effectively tackling the malpractices"
1874:
1599:"HUK 10 LIMITED - Overview (free company information from Companies House)"
856:
519:
509:
1966:
1821:
1804:
1120:
1084:
in the United States, shell companies are often set up in states such as
1039:
1023:
1019:
960:
776:
760:
655:
192:
177:
172:
1831:
1535:
1116:
1081:
1015:
953:
712:
478:
428:
1112:
1067:
1063:
910:
860:
788:
775:
Shell companies are used for legitimate purposes but can be used for
38:
2069:"The US has made its biggest anti-money-laundering changes in years"
1751:"The US has made its biggest anti-money-laundering changes in years"
1282:
1085:
1043:
1031:
684:
1990:"Cracking down on black money, scrutiny of shell firms stepped up"
1887:
1188:
1160:
In 2016 a leak of 11.5 million documents to the German newspaper
1093:
1047:
756:
162:
2042:"Customer Due Diligence Requirements for Financial Institutions"
1089:
1059:
1035:
827:(ii) Assets consisting solely of cash and cash equivalents; or
1894:. International Consortium of Investigative Journalists (ICIJ)
1672:"Setting up your own tax haven shell company takes 10 minutes"
325:
Charitable incorporated organisation (England and Wales)
1724:"'Long Overdue' Anonymous Shell Company Reforms Move Forward"
1699:"The End of the Anonymous Shell Company in the United States"
934:
769:
2048:. Financial Crimes Enforcement Network (FinCEN). 11 May 2016
1870:
Treasure Islands: Tax Havens and the Men who Stole the World
1572:. Sega Sammy Holdings Inc. 18 September 2013. Archived from
66:
1440:
See Rule 12b-2 of the Securities and Exchange Act of 1934
967:
974:
forms local marketing agreements with stations owned by
1914:"India scraps 500 and 1,000 rupee bank notes overnight"
1463:"Webster's New World Finance and Investment Dictionary"
1928:
1512:
1143:
International Consortium of Investigative Journalists
1002:
Typical countries of domicile of shell companies are
970:
limits on television station ownership. For example,
27:
Company with few, if any, actual assets or operations
1703:
The Harvard Law School Forum on Corporate Governance
1858:
2126:
1845:
2113:
1450:Cornell Law School Legal Information Institute
333:Scottish charitable incorporated organisation
732:
1954:
1415:
855:Shell companies are a main component of the
739:
725:
1830:
1820:
1728:Thomson Reuters Tax & Accounting News
1534:
1487:
1390:
1365:
1340:
986:controlling television stations owned by
1696:
997:
787:, or to achieve a specific goal such as
1802:
809:U.S. Securities and Exchange Commission
14:
2127:
1185:Securities and Exchange Board of India
811:defines a "shell" company as follows:
434:Limited liability limited partnership
349:Industrial and provident society
2066:
1942:. The Economic Times. 9 November 2016
1748:
1640:
1638:
1492:. Istanbul: On İki Levha Yayıncılık.
1395:. Istanbul: On İki Levha Yayıncılık.
1370:. Istanbul: On İki Levha Yayıncılık.
1345:. Istanbul: On İki Levha Yayıncılık.
1180:demonetise ₹500 and ₹1000 rupee notes
531:Gesellschaft mit beschränkter Haftung
1697:Appleton, Robert (4 February 2021).
1219:Financial Crimes Enforcement Network
24:
1635:
818:(1) No or nominal operations; and
25:
2156:
1846:Jana Kasperkevic (6 April 2016).
1237:
1202:
1130:
1096:due to advantageous tax regimes.
802:
1809:Journal of Economic Perspectives
1488:Murat Can, Pehlivanoğlu (2023).
1416:Pehlivanoğlu, Murat Can (2024).
1391:Murat Can, Pehlivanoğlu (2023).
1366:Murat Can, Pehlivanoğlu (2023).
1341:Murat Can, Pehlivanoğlu (2023).
1211:
1149:
894:operation may utilize favorable
866:international business companies
576:Société à responsabilité limitée
65:
2107:
2086:
2067:Kirby, Jen (21 December 2020).
2060:
2034:
2008:
1982:
1906:
1880:
1839:
1796:
1768:
1749:Kirby, Jen (21 December 2020).
1742:
1716:
1690:
1664:
1609:
1591:
1559:
1452:17 CFR 240.12b-2 - Definitions.
1888:"ICIJ Offshore Leaks Database"
1506:
1490:Paravan Şirket (Shell Company)
1481:
1455:
1443:
1434:
1409:
1393:Paravan Şirket (Shell Company)
1384:
1368:Paravan Şirket (Shell Company)
1359:
1343:Paravan Şirket (Shell Company)
1334:
937:brand and Index Corporation's
13:
1:
1328:
1313:Structured investment vehicle
1194:
834:
1803:Sharman, J. C. (Fall 2010).
863:. They may also be known as
859:, especially those based in
458:Massachusetts business trust
7:
1253:Alternative public offering
1246:
972:Sinclair Broadcasting Group
920:
645:Piercing the corporate veil
341:Community interest company
316:UK / Ireland / Commonwealth
304:Economic interest grouping
10:
2161:
1678:. abc.net.au. 4 April 2016
1603:beta.companieshouse.gov.uk
1515:International Organization
1228:
1178:After India's decision to
1153:
1134:
1004:offshore financial centres
824:(i) No or nominal assets;
414:Limited liability company
36:
29:
1646:"About the Panama Papers"
1527:10.1017/S0020818313000271
1420:. Leiden: Brill Nijhoff.
1303:Offshore financial center
625:Internal affairs doctrine
620:and estoppel corporations
1173:
1099:
1062:in Central America, and
900:Double Irish arrangement
49:This article is part of
30:Not to be confused with
976:Cunningham Broadcasting
929:purchased the bankrupt
295:Societas unius personae
157:General corporate forms
1892:offshoreleaks.icij.org
1465:. 2010. Archived from
907:special purpose entity
832:
607:Business judgment rule
2114:European Commission.
1652:. Süddeutsche Zeitung
1323:Transparency (market)
1308:Shadow banking system
998:Countries of domicile
939:intellectual property
813:
766:intellectual property
551:Naamloze vennootschap
541:Kabushiki gaisha
358:Limited company
2135:Corporations by type
1822:10.1257/jep.24.4.127
1650:Sueddeutsche Zeitung
1278:Internal competition
988:Mission Broadcasting
873:investment companies
675:Beneficial ownership
612:Corporate governance
448:Delaware corporation
275:Societas cooperativa
1258:Brass plate company
1163:Süddeutsche Zeitung
984:Nexstar Media Group
927:Sega Sammy Holdings
857:underground economy
690:Corporate registers
650:Rochdale Principles
404:Benefit corporation
230:Sole proprietorship
1730:. 16 December 2020
1621:Washingtonpost.com
1268:Front organization
1058:in the Caribbean,
491:Aktiengesellschaft
463:Nevada corporation
1996:on 17 August 2017
1970:. 8 November 2016
1916:. 8 November 2016
1623:. 12 October 2004
1499:978-625-432-623-3
1427:978-90-04-68651-9
1402:978-625-432-623-3
1377:978-625-432-623-3
1352:978-625-432-623-3
1263:Dummy corporation
1208:shell companies.
931:Index Corporation
796:limited liability
753:shell corporation
749:
748:
630:Limited liability
592:
591:
501:Ansvarlig selskap
388:Unlimited company
225:Shelf corporation
220:Shell corporation
208:Limited liability
32:Shelf corporation
16:(Redirected from
2152:
2120:
2119:
2111:
2105:
2104:
2102:
2100:
2090:
2084:
2083:
2081:
2079:
2064:
2058:
2057:
2055:
2053:
2046:Federal Register
2038:
2032:
2031:
2029:
2027:
2022:. Deutsche Welle
2012:
2006:
2005:
2003:
2001:
1992:. Archived from
1986:
1980:
1979:
1977:
1975:
1958:
1952:
1951:
1949:
1947:
1932:
1926:
1925:
1923:
1921:
1910:
1904:
1903:
1901:
1899:
1884:
1878:
1865:Nicholas Shaxson
1862:
1856:
1855:
1843:
1837:
1836:
1834:
1824:
1800:
1794:
1793:
1791:
1789:
1784:. 2 January 2021
1772:
1766:
1765:
1763:
1761:
1746:
1740:
1739:
1737:
1735:
1720:
1714:
1713:
1711:
1709:
1694:
1688:
1687:
1685:
1683:
1668:
1662:
1661:
1659:
1657:
1642:
1633:
1632:
1630:
1628:
1613:
1607:
1606:
1595:
1589:
1588:
1586:
1584:
1578:
1571:
1563:
1557:
1556:
1538:
1510:
1504:
1503:
1485:
1479:
1478:
1476:
1474:
1459:
1453:
1447:
1441:
1438:
1432:
1431:
1413:
1407:
1406:
1388:
1382:
1381:
1363:
1357:
1356:
1338:
1298:Offshore company
1293:Numbered company
1288:Money laundering
896:transfer pricing
785:money laundering
772:or operations.
741:
734:
727:
695:Registered agent
640:Drag-along right
580:
565:
555:
545:
535:
525:
515:
505:
495:
485:
454:
437:
417:
361:
352:
344:
336:
328:
317:
307:
299:
289:
285:Societas privata
279:
269:
250:
249:
69:
46:
45:
21:
2160:
2159:
2155:
2154:
2153:
2151:
2150:
2149:
2125:
2124:
2123:
2112:
2108:
2098:
2096:
2092:
2091:
2087:
2077:
2075:
2065:
2061:
2051:
2049:
2040:
2039:
2035:
2025:
2023:
2014:
2013:
2009:
1999:
1997:
1988:
1987:
1983:
1973:
1971:
1960:
1959:
1955:
1945:
1943:
1934:
1933:
1929:
1919:
1917:
1912:
1911:
1907:
1897:
1895:
1886:
1885:
1881:
1863:
1859:
1844:
1840:
1801:
1797:
1787:
1785:
1781:The Independent
1774:
1773:
1769:
1759:
1757:
1747:
1743:
1733:
1731:
1722:
1721:
1717:
1707:
1705:
1695:
1691:
1681:
1679:
1670:
1669:
1665:
1655:
1653:
1644:
1643:
1636:
1626:
1624:
1615:
1614:
1610:
1597:
1596:
1592:
1582:
1580:
1576:
1569:
1565:
1564:
1560:
1511:
1507:
1500:
1486:
1482:
1472:
1470:
1469:on 8 April 2016
1461:
1460:
1456:
1448:
1444:
1439:
1435:
1428:
1414:
1410:
1403:
1389:
1385:
1378:
1364:
1360:
1353:
1339:
1335:
1331:
1273:Holding company
1249:
1240:
1231:
1214:
1205:
1197:
1176:
1168:Mossack Fonseca
1158:
1152:
1139:
1133:
1102:
1028:Channel Islands
1000:
980:Deerfield Media
923:
879:front companies
850:limited partner
846:general partner
842:holding company
837:
805:
745:
700:
699:
680:Civil procedure
670:
662:
661:
635:Tag-along right
602:
594:
593:
578:
563:
553:
543:
533:
523:
513:
503:
493:
483:
452:statutory trust
446:
435:
415:
359:
356:
350:
342:
334:
326:
315:
305:
297:
287:
277:
267:
247:
245:by jurisdiction
244:
243:Corporate forms
235:
234:
215:Private limited
183:Holding company
158:
150:
149:
131:
77:
76:By jurisdiction
42:
35:
28:
23:
22:
15:
12:
11:
5:
2158:
2148:
2147:
2142:
2137:
2122:
2121:
2106:
2085:
2059:
2033:
2007:
1981:
1953:
1927:
1905:
1879:
1877:, January 2011
1857:
1838:
1815:(4): 127–140.
1795:
1767:
1741:
1715:
1689:
1663:
1634:
1608:
1590:
1558:
1521:(4): 657–693.
1505:
1498:
1480:
1454:
1442:
1433:
1426:
1408:
1401:
1383:
1376:
1358:
1351:
1332:
1330:
1327:
1326:
1325:
1320:
1315:
1310:
1305:
1300:
1295:
1290:
1285:
1280:
1275:
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376:proprietary
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178:Corporation
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2129:Categories
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1946:9 November
1920:8 November
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1329:References
1195:Regulation
1117:copyrights
1082:federalism
1030:including
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