Prince Harry, Meghan Markle Establishing 11 Companies In Domestic Tax Haven Delaware?

Prince Harry and Meghan Markle, who are living and conducting business in California, are reportedly setting up several companies in domestic tax haven Delaware.

According to state filings, Meghan's lawyer and business manager has incorporated a trust and 11 companies for the star couple since April 2020, reported Daily Mail. The companies seem to be meant for entertainment, publishing and investment purposes.

Peca Publishing LLC is the first company that was used by Meghan to hold the rights for "The Bench," which is her children’s book, reported The Sun. Orinoco Publishing LLC, their second company, was reportedly set up to hold the rights for Harry’s upcoming memoir. The Sussexes also set up other companies like Cobblestone Lane LLC, which has the Archewell logo and was established in February 2020.

Two of their companies, Archewell Audio LLC and Archewell Productions LLC, manage the couple's Netflix and Spotify projects. They have drawn international attention due to the high-profile entertainment deals.

Last year, two more “entertainment” companies, Hampshire LLC and Bridgemont LLC, were founded. On the other hand, Baobab Holdings was created in February last year and is said to deal with “investments." Harry and Meghan's other firm, Nemawashi Holdings LLC, is described as a “holding company." They also have IPHW, LLC and RPV Holdings, LLC.

The firms are headquartered in the Beverly Hills offices of lawyer Richard Genow, who has a long association with Meghan. The former actress' business manager Andrew Meyer also appears on company filings for all the 11 firms.

Though Cobblestone and Archewell are California-based, there were no filings for the LLC registered with the California Secretary of State. Earlier this month, the company filed an "application to register as a foreign limited liability company," and noted that it was incorporated on Feb. 27, 2020 in Delaware.

According to legal site UpCounsel, before any business "can conduct and transact interstate or intrastate business in the state, the company must register and qualify with the California Secretary of State." This means that if a person plans to do business in California, his or her business needs to be registered.

Last July, IPHW, which is Delaware-based, registered with the California Secretary of State.