I haven't written here in a while... things were obviously going well.
I own a FTZ in RAK, UAE that I use for my legal business (direct, without passing through UAE).
Things are getting more complicated, but still simply manageable.
The biggest problem instead, for which I have to find an absolute solution, is with my customers in the EU.
Since the UAE are back in the black-list, my customers in Germany, Italy and the rest of the EU, are having big problems with their accountants with imports having as purchase invoices issued by the UAE. In practice, the fear is of a possible control by the local authorities as already happened in the past with their suppliers from Singapore and Malaysia, when these were in the Black Lists (early 2000). Accountants, which are eligible for responsibility as they sign the chartered account at closing of each fiscal years, are starting to refuse to accept invoices from UAE because they know that it may be marked up with extra profit or the owner of UAE company may be "related" to the client in EU.
The same things is happening with suppliers from China and Thailand. When the UAE want to remit the advance payment for any new purchase order, the supplier's bank need additional documents (UAE license copy, passport of directors, etc) to prove "no direct connection" between supplier and buyer.
When I suggested to them the idea of passing the goods via Cyprus, they bombarded me saying that from the beginning of 2020, the European community, with the introduction of more 'strict supervisory measures, for tax purposes' may request additional documentation relating to companies' operating in Cyprus and Malta.
The reason for my post is this.....
Why doesn't anyone think of the USA as an offshore company?
Between 2000 and 2005 I had a company in NEVADA that was trading. I was not obliged to pay taxes because I was operating outside the USA, I had an account with BANK OF AMERICA regular (opened after 9/11). I only closed it because with the 2009 world economy crise it was just an unnecessary cost. It was completely anonymous, there was no trace of my name. The managers were 2 foreign companies with nominee and the invoices were super well accepted by the accountants of my customers.
Can I ask why nobody recommends an LLC company in the USA?
Names of managers are not traceable anywhere (as in Wyoming, Delaware, New Hampshire or Arkansas).
I have already approached CITIBANK to have a company account and they confirmed that, as I have a personal CITIBANK bank account (Singapore) it may be easy to open it.
I have a good introducer as well.
PS: The situation between EU and UAE is deteriorating day by day. I am told by a close friend and director of a branch of a large Italian banking group that all transfers above EUR 10,000 for any type of beneficiary in the UAE must be "silently" communicated to the government inspector for further surprise checks on the issuer.
In practice, if BEFORE they used to tell you "be careful", NOW the banks are forced to shut up and spy informing the government which will probably proceed to further checks. That the transfer is genuine (for goods or services actually used) will be 'task of the Italian company / individual to prove it.
I own a FTZ in RAK, UAE that I use for my legal business (direct, without passing through UAE).
Things are getting more complicated, but still simply manageable.
The biggest problem instead, for which I have to find an absolute solution, is with my customers in the EU.
Since the UAE are back in the black-list, my customers in Germany, Italy and the rest of the EU, are having big problems with their accountants with imports having as purchase invoices issued by the UAE. In practice, the fear is of a possible control by the local authorities as already happened in the past with their suppliers from Singapore and Malaysia, when these were in the Black Lists (early 2000). Accountants, which are eligible for responsibility as they sign the chartered account at closing of each fiscal years, are starting to refuse to accept invoices from UAE because they know that it may be marked up with extra profit or the owner of UAE company may be "related" to the client in EU.
The same things is happening with suppliers from China and Thailand. When the UAE want to remit the advance payment for any new purchase order, the supplier's bank need additional documents (UAE license copy, passport of directors, etc) to prove "no direct connection" between supplier and buyer.
When I suggested to them the idea of passing the goods via Cyprus, they bombarded me saying that from the beginning of 2020, the European community, with the introduction of more 'strict supervisory measures, for tax purposes' may request additional documentation relating to companies' operating in Cyprus and Malta.
The reason for my post is this.....
Why doesn't anyone think of the USA as an offshore company?
Between 2000 and 2005 I had a company in NEVADA that was trading. I was not obliged to pay taxes because I was operating outside the USA, I had an account with BANK OF AMERICA regular (opened after 9/11). I only closed it because with the 2009 world economy crise it was just an unnecessary cost. It was completely anonymous, there was no trace of my name. The managers were 2 foreign companies with nominee and the invoices were super well accepted by the accountants of my customers.
Can I ask why nobody recommends an LLC company in the USA?
Names of managers are not traceable anywhere (as in Wyoming, Delaware, New Hampshire or Arkansas).
I have already approached CITIBANK to have a company account and they confirmed that, as I have a personal CITIBANK bank account (Singapore) it may be easy to open it.
I have a good introducer as well.
PS: The situation between EU and UAE is deteriorating day by day. I am told by a close friend and director of a branch of a large Italian banking group that all transfers above EUR 10,000 for any type of beneficiary in the UAE must be "silently" communicated to the government inspector for further surprise checks on the issuer.
In practice, if BEFORE they used to tell you "be careful", NOW the banks are forced to shut up and spy informing the government which will probably proceed to further checks. That the transfer is genuine (for goods or services actually used) will be 'task of the Italian company / individual to prove it.
