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Toyco is a newly-established
company which will retail toys exclusively through
the Internet from its headquarters in an offshore
jurisdiction. It is owned by two Canadian businessmen,
who between them have previous experience of
offshore companies, e-commerce and toy retailing;
they see substantial tax and cost advantages
to be gained from an offshore location.
The company and
web site are to be based in the British Virgin
Islands, as one of the directors has contacts
with that jurisdiction. The BVI has an established
financial industry and its infrastructure is
good enough to support e-commerce enterprises.
The site will be the sole means of ordering
goods, with marketing being a mixture of Internet
and printed media advertising. The two owners
plan to live in the BVI and run the business
from there. They will need work permits, but
these will be issued without demur since they
intend to employ a number of local administrative
staff. Since the local supply of skilled workers
is limited, it may be necessary to hire one
or two expatriate computer technicians, who
will also need work permits.
Toyco intends to
source its supplies from around the world, with
procurement being handled from the BVI, but
bulk deliveries being made to warehouses in
the US and the EU. Warehousing and customer
delivery arrangements are to be outsourced to
Interhouse, an established company with 40 years'
experience of warehousing and fulfilment for
consumer goods in international markets. Although
Toyco could probably have maintained an EU warehouse
without damaging its tax status, it would have
been more difficult in the US; and Toyco sees
no need to create subsidiary operations with
their own managerial demands if adequate alternatives
already exist.
Toyco's development
programme is as follows, involving a BVI firm
of lawyers (BVLAW), a BVI Internet Service Provider
(BVISP), a Toronto e-commerce platform designer
(TECP), and Interhouse.
Multi-currency
payment and customer account management packages
sourced and integrated into site (Toyco; TECP);
Negotiation
of banking and credit card facilities including
merchant ID and clearance procedures (Toyco);
Development
of customised inventory control, despatch
and Interhouse/Toyco billing routines (Toyco,
Interhouse, TECP);
Co-location
of the web site at BVISP's facilities (BVISP).
Interhouse are
to handle importation formalities, and will
take responsibility for the payment of import
duties and VAT in the EU or (in the US) sales
taxes on final customer delivery. All customer
payments are to be processed in the BVI, and
will include charges for import duty and VAT/Sales
Tax when applicable. Interhouse invoices to
Toyco will include import duty and VAT/Sales
Tax expenses as well as billing for import clearance,
warehousing and despatch.
Toyco (BVI) Ltd
will be incorporated as an International Business
Company, and will be exempt from taxation in
the BVI. The BVI has a sophisticated financial
infrastructure which will be able to support
Toyco's future expansion without difficulty.
Toyco expects to move on to Internet procurement
and freight transport handling in the near future.
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