Canadians running a successful online business looking for a reputable offshore

Discussion in 'Offshore Company formation' started by leavingcanada, Feb 10, 2019.

  1. leavingcanada

    leavingcanada Mentor Group Mentor Group

    We are Canadian residents who currently own a Canadian corporation that runs a very successful online business (in the legal services field). Current income is more than $500K a year.

    Our Canadian taxes have been astronomical so we made the decision to relocate to Eastern Europe (Bulgaria) for tax reasons.

    We are looking for an offshore company with 0 or low corporate rate. We’ll only need to pay 5% dividend tax in Bulgaria.

    I’ve been struggling to find a good option. We have to be able to take payments online (through credit card payment) and we don’t want to scare our clients or potential clients. We also want to be able to deposit cash into a bank and later transfer money to our local bank in Bulgaria or Europe.

    Legal services are offered to US customers, Canadians, Europeans and Asians. About 70% of clients are based in the US.

    We also want some anonymity to be protected from potential lawsuits and long hands of “CRA” (Canada Revenue Agency). Even though we are going to leave Canada, CRA can still make determination that we are still considered residents for tax purposes.

    Any help is appreciated. I was recommended Nevis offshore with a Cyprus bank and Offshore Pro credit card processing. We need to be able to move money from an offshore bank to a normal bank in Europe.
     
  2. leavingcanada

    leavingcanada Mentor Group Mentor Group

  3. fshore

    fshore Building Trust Entrepreneur

    Almost all threads on this forum is similar to yours so that might be why you're not getting a lot of replies.
    A couple things to consider:
    If company reputation is important to you, then do you think a Nevis with bank in Cyprus will work?

    Bulgaria might consider your foreign company to have a local establishment in Bulgaria if you live and run the company from Bulgaria, and would want to tax this part of the company's income. So it might be worth consider to just form a Bulgarian company and do everything through that company.

    When you become non tax resident in Canada you might be able to take a tax free salary from the Canadian corporation. As you are 2 (or more?) people this could significantly reduce the CA company profit and could be a good and easy solution.

    Another option could be a US LLC. As a Canadian it could be easier to get a US bank account.
     
  4. leavingcanada

    leavingcanada Mentor Group Mentor Group

    I am thinking about BVI company with a Cyprus bank and Instabill or Quadpay payment processor. Anyone used this setup?

    I decided against Nevis company as it's too shady