Prince Harry and his wife Meghan Markle created a network of eleven companies in the state of Delaware, a tax haven, in order to expand its lucrative business interests in the United States.
The companies have been set up by the Duchess’s lawyer, Richard Genow, and his chief commercial officer, Andrew Meyer, and appear to have names with sentimental value for the couple who currently lives in California, according to information from The Telegraph.
Among the companies are two publishers: Peca Publishing LLC and Orinoco Publishing LLC.
Peca, which was used to have the rights to the children’s book written by the Duchess, “The Bench”could refer to first book she wrote as a child, entitled “A Face Without Freckles… Is a Night Without Stars” (“A face without freckles is a night without stars”).
Orinoco Publishing LLC is expected to have the rights to the long-awaited memoirs of the Duke, to be published later this year. For The Telegraph the name refers to one of Princess Diana’s favorite songs: Orinoco Flow, by the Irish singer Enya.
Hampshire LLC could allude to the place in the UK where they had a three-night stay in the final weeks of the Duchess’s first pregnancy in spring 2019 and Baobab Holdings LLC could be named after the Baobab tree, which is native to Africa. and Australia, places where the Duke enjoyed spending time on sabbatical and in later life.
Experts say that incorporating a company in Delaware has several advantages, such as the flexibility of state business laws and low personal income tax rates.
This state, located in the northeastern United States, is known for accommodate more businesses than people, as almost 65% of Fortune 500 companies are incorporated there.
Although the directors and administrators of a company must be declared, the real owner is not required to identify himself.
Delaware does not impose income tax on companies registered in the state They don’t do business on it. Additionally, non-Delaware shareholders do not have to pay state stock tax. That is why it is known as a national tax haven.
According to The Telegraph, it is believed that the Duke or Duchess never visited Delaware. His main businesses are carried out under the umbrella of his charity, Archewell, which is based in Beverly Hills.
The Archewell foundation raised less than $50,000 in 2020, tax returns reveal.
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Prince Harry and Meghan Markle created eleven companies in a tax haven