Bulgarian Holding + HK Company (wich bank?)

Discussion in 'Offshore Bank Accounts & EMI Accounts' started by baliz71, Jan 31, 2019.

  1. baliz71

    baliz71 New Member


    i recently started a new setup and i would like to know what you think about it. (ecom activity)
    I have A bulgarian Holding (10% tax on company profit, same for personal income) and now i live in bulgaria
    The bulgarian holding own an HK company.

    Main activiy will be done with the HK company, and each month i send marketing, management invoice from the bulgarian company to the HK company to get all the profit from Hk to the Bulgarian Holding, then i pay only 10% of profit tax, and i will let a small amount in HK (like 10K) to pay the 8.5% company tax and look more "clean"

    I have a new problem, this is with neat and currenxie. Neat are in maintenance and can't open any account now (have to wait 1-2 month) and currenxie don't have credit card; so i envisage to open a bank account for the HK company in another country.

    Do you think for exemple if i can use revolut for the HK company for a bank account only ? or if i have to get for example a swiss bank corporate account ?

    khan likes this.
  2. blueweb

    blueweb Corporate Services Mentor Group Business Angel

    How can you do that?

    What bank in Serbia can you open an account with? Can it be done remote? Do they have Internet banking in English?
  3. baliz71

    baliz71 New Member

    But stripe is not available, and note sure for paypal also..

    and why serbia?
  4. negon

    negon hannibal the cannibal Mentor Group Business Angel Commercial Service

    I would setup a Cyprus company with Cyprus banking and Cyprus PayPal. If that is not within your budget you have to look for a country where you are able to get company+bank account and if possible nominee director in one and the same country. So it will work for both Stripe and PayPal. Check what countries stripe accept before you start any setup.

    Netherlands is also very popular but epxensive for such setups, you can get some attorney there to help you with the account opening.
  5. baliz71

    baliz71 New Member

    Why i need to setup another company, i will manage 3 company so for one business lol
    Just a bank account can do the job no ? (in switzerland, usa, france..)
  6. fshore

    fshore Building Trust Entrepreneur

    Just curious why are you using the HK company, and not trading with the Bulgarian company directly?
  7. negon

    negon hannibal the cannibal Mentor Group Business Angel Commercial Service

    You only want to manage 1 company and drop the rest! You setup something useless so far so you need to reconsider your options and get something that is useful!
  8. baliz71

    baliz71 New Member

    Because i don"t want a company under UE
  9. Rachel Brown

    Rachel Brown Building Trust Entrepreneur

    I think @OP is doing it wrong. People register a company in HK first and the HK "offshore" company becomes owner of EU company (in your case ur bulgarian holding/company).
    Bulgaria has some of the worst and most conservative laws. Bonus: 1) police can raid your bank treasure without permission/behind the table 2) if you bring money in, gov can show some interest and take your money/funds (easy peasy police/prosecutor/curt get their share and/or instructions from politics). If you want to get scammed and robbed come to Bulgaria. There were many people (european union citizens) before you scammed, robbed (they usually lose their business and are forced to leave Bulgaria or go to prison for fabricated illegal activities).
    So guys, if you want to operate offshore companies/business, base your main company on a good place (outside of EU) and transfer your funds to offshore bank accounts as soon as possible.
    For Bulgaria I can guarantee you once you get noticed, you can kiss your funds for goodbye. And believe me you will get noticed, because National Revenue Agency has very good tools (years ahead of similar agencies in EU) . They use the tools to collect information about your business and activities so they can "attack" and steal everything you have. As I said in the end you will be given a chance to leave the country and never come back or go to prison/jail. This method works for years now and it is very effective.

    By the way - Bulgaria is 10% corporate tax, additional 5% dividend tax. Total: 14.5% and funds are all yours.

    Bonus: Gov health insurance for your employees over 560 BGN (minimal) or 286.35 EURO per month. However, I firmly believe there are additional taxes and such and Bulgaria is only "so called" fiscal/financial paradise.
    Last edited by a moderator: Feb 7, 2019
  10. baliz71

    baliz71 New Member

    Hello, did you have any proof for that ?
    I speak with lot of lawyer here and no one tell me this, same for expat living here since years.
  11. khan

    khan Corporate Services Business Angel

    Maybe you spoke to the wrong lawyer! Have you contacted a tax advisor?
  12. superman

    superman Building Trust Entrepreneur

    Never seen, never hear such. OK in the gipsy towns you need to take care about the pickpocket guys but hey go to London there it is more worst.
  13. baliz71

    baliz71 New Member

    Same for me, i live in bulgaria now and no problem :)
  14. Rachel Brown

    Rachel Brown Building Trust Entrepreneur

    Keep talking to lawyers, when I saw the police un-official raid with my eyes!
    Also did you check recent news? USA forced Bulgarian National Agency to block private bank accounts because they have suspected money laundering. And on top of that Bulgarian National Bank will search and find all transactions coming from Venezuela, legit or laundering they dont care. Keep dreaming that Bulgaria is a paradise, only 1 word from US friends and your bank accounts will be blocked, money stolen and you will be send to US jail! Have fun!