1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Off-shore advice

Discussion in 'Business & Tax Advice' started by ripperel, Oct 19, 2015.

  1. ripperel

    ripperel Newbie

    Joined:
    Jul 27, 2015
    Messages:
    44
    Likes Received:
    3
    Hi everyone!

    I am from Romania, so EU Union. However, having a business registerd in our country is quite expensive and basically, you have to work with the numbers all the time to be able to make some profit. Therefore I am thinking about opening an Off-Shore company at the begining of the next year (2017). As it would be my first time, I would appreciate your council on this, if you have any experience. I am mainly interested into bad/good scenarios so to say, so basically if you had any good or bad experience with an off-shore.


    Best regards!
     
  2. kunnu

    kunnu Regular Member

    Joined:
    Jun 28, 2015
    Messages:
    217
    Likes Received:
    34
    Home Page:
    I don't have a experience in successfully opening a company but few year ago I was try to open a company.

    1. You need to follow rules of country where you are going to open company.

    I was try to open a company in HK and they asked me lot of money for security(very expensive for me), Passport and many other documents.

    Here is list of requirement they give me.
    1. Lease a business premises(shop)
    2. Provide home address proof, passport, etc of my own country.
    3. Deposit minimum money (It was Euro 50k)

    After that I was decided to do not operate my business in their country because of price was very expensive and many requirements. Its better to get a advice from legal professionals who know full process or search in google.
     
  3. RuthSam

    RuthSam Jr. VIP Jr. VIP Premium Member

    Joined:
    Mar 19, 2010
    Messages:
    3,813
    Likes Received:
    976
    Gender:
    Male
    Home Page:
    You need the company in 2017? You are planning in good time I must say :)

    Consider countries like Belize, Seychelles, Cyprus, Anguilla, St. Lucian, Panama and so forth, most of them are pretty cheap to incorporate and don't require accounting.
     
  4. ripperel

    ripperel Newbie

    Joined:
    Jul 27, 2015
    Messages:
    44
    Likes Received:
    3
    kunnu : I can't say I got many informations about HK from the internet, however there are states (like Seychelles, Isle of Man, etc.) which can offer you an off-shore company for around 500 EUR and up to around 2000 EUR for states like Malta, Cyprus, Gibraltar, etc. So the amount you specified, 50k seems too far out to me.

    RuthSam : my bad. I ment 2016. :) Misstype I guess.
     
  5. gcgipson

    gcgipson Junior Member

    Joined:
    Nov 10, 2012
    Messages:
    104
    Likes Received:
    13
    Location:
    New Jersey
    I hear the nation of Dominica is good for off shore business, but I have no experience with any of it.
     
  6. ripperel

    ripperel Newbie

    Joined:
    Jul 27, 2015
    Messages:
    44
    Likes Received:
    3
    So no one here had any experience with off-shores?
     
  7. RuthSam

    RuthSam Jr. VIP Jr. VIP Premium Member

    Joined:
    Mar 19, 2010
    Messages:
    3,813
    Likes Received:
    976
    Gender:
    Male
    Home Page:
    What experience are you looking for or rather what information do you want?
     
  8. aretepharma

    aretepharma Newbie

    Joined:
    Sep 16, 2015
    Messages:
    20
    Likes Received:
    0
    I can give you tax and legal advice as regards setting up in Malta (EU, Tax rate 5% for foreign shareholders of Maltese companies) depending on the nature of your business. Skype: moosemalta.
     
  9. josegustavo

    josegustavo Junior Member

    Joined:
    Jul 5, 2015
    Messages:
    119
    Likes Received:
    11
    Location:
    Lissabon
    I didn't experience it. From where do you belong and where do you want to open your company? You should be aware regarding the legal compliance of target country.
     
  10. mqsss

    mqsss Regular Member

    Joined:
    Feb 24, 2012
    Messages:
    282
    Likes Received:
    187
    No matter how you turn it, you need more than $10k of profit per month to really benefit from having an off-shore company for tax evasion. If you already have $10k+ of profit per month, find a specialized lawyer and he will give you the best advice possible for a $1k fee.

    But if you hide $20k per month in your pocket and your official income in Romaina is about $1k, you will have to answer a lot of question to authorities if you start buying things that are above your official league.
     
  11. Darraghg

    Darraghg Newbie

    Joined:
    May 28, 2014
    Messages:
    1
    Likes Received:
    0
    I am a UK qualified Financial Adviser and Mortgage Adviser based in Dubai, please feel free to PM me for any information you need on anything financial worldwide. Dubai is a tax free jurisdiction where many IT companies set up reasonably easily.