Banking & Investment

Payrolls On-line

A novel internet based payroll can be implemented using an offshore electronic gold system. This is non taxable being based in a non taxing location, remotely manageable over the internet and of high liquidity as far its conversion to the local currency is involved. In addition to all that its physical gold status can qualify as an investment to the benefit of the employee.

An electronic gold account representing the employer’s company is setup (at no cost) and the funds to pay the employees with can be deposited either by using the electronic gold provider or a third party exchanger. Electronic gold accounts for the employees have to be setup with the requirement that they should provide their own email and be capable of using the internet on a basic level. A debit card compatible with the gold account (such as provided by Netpay) is purchased at a small expense and distributed to the employees.

To process payments simply transfer the funds from the employer’s account to the employees’ accounts generating a receipt and transaction number in the process for verification purposes. When the transaction is complete the employees simply withdraw any quantity of their funds using their international debit cards from any ATM bank terminal in the world typically supporting daily withdrawal limits of $10,000 USD. This is the safe way of doing things but a simpler alternative does exist.

The simpler alternative is based on one electronic gold account belonging to the employer who in turn issues debit cards to his employees and funds these debit cards with the funds to be withdrawn by the employees. The primary disadvantage of this ‘unsafe’ way is that the transactions are revocable to the employees’ disadvantage. By setting up electronic gold accounts for the employees the transactions between the employer and the employees are final and irrevocable.

For further legality issues it could be to the employer’s advantage to set up an offshore incorporation in a country such as Panama where the offshore company issuing such payments is not liable for taxes.