Once a month, our panel of mentors answer your practical business questions. Send us your questions!
Dear BAM Mentor,
What are some guidelines you could pass on from your practical experience of paying taxes? I am in a challenging environment for business, and while I don’t want to evade tax, I do want to minimise company taxes to give my business the best chance of survival.
In short, it is critically important that BAM companies do their tax and legal work in a “world class manner.”
What does this look like? You find and retain good tax people who will keep you within the laws while also minimizing taxes. Plan ahead and stay current.
Be wise as serpents and innocent as doves – Matt 10:16
The mature…have their powers of discernment trained by constant practice to distinguish good from evil – Hebrews 5:14, ESV
Since 1990, our BAM-focused holding company has had partial or full ownership in over 25 companies with another 20+ companies being “management-supported” by us, with total workforce around 5,000. These legal entities have been in eight different countries, with five of those countries among the least reached of the world – China and four Islamic countries. We have holding companies in three other countries primarily for tax purposes: Hong Kong, USA and Mauritius
We have had situations where we were trail-blazing operating a foreign-owned company in a place. We were the very first foreign company registered in a certain Central Asian country when it was still part of the Soviet Union. We were the second foreign company registered in that same country, under the new system, when it when it became independent. Read more