If you are talking about setting up an offshore company with offshore banking, there are no laws prohibiting this. The laws merely state you are supposed to claim income and pay taxes on it, but as you may know many people who have offshore companies do so for the purpose of avoiding taxes because that income is not reported to the IRS unless the owners of the company report it themselves. There are some sites that explain how the system works such as http://www.escapeartist.com
and even have services that will set up the company for you.
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