Creating 2nd company for a business for tax purposes.

[privatedood]

Hey folks, hope you're well today.

So my situation is this: I have a company in Ireland that sells products, but I also have $100k+ in cryptocurrency that I'd like to put into the company. I cant sell into my Irish account because I'll get caught at 33% capital gains tax.

Eventually I would like to take my business out of Ireland to take advantage of tax opportunities elsewhere, such as the UAE. Is it possible to kill 2 birds with 1 stone and set up a company in the UAE, withdraw 100k of crypto into it, then continue to run my business with my UAE company AND Irish company, where most of the profits go through my UAE account. Even though they are the same business, my Irish company is not on the hook for tax if I create a second company in UAE to funnel finances through, right? I still need my Irish company because that holds my trademarks etc.

I'd love to know if any smart dudes here got advice on how to structure my company.

 

[Jerry1911]

You could lend the crypto to your Irish company if I'm not mistaken.

 

[privatedood]

You could lend the crypto to your Irish company if I'm not mistaken.

Sounds like a smart idea! But is there a need when I can just spend it to run the business from my UAE account, what's the need to lend it to my Irish company?

 

[Jerry1911]

The problem with UAE is that you'll need an office and employees (also known as economic substance) for it not to get classified as tax resident in Ireland by Irish tax authorities.

 

[privatedood]

The problem with UAE is that you'll need an office and employees (also known as economic substance) for it not to get classified as tax resident in Ireland by Irish tax authorities.

Ooo I see, interesting, I think I can do that though. Good to know thanks so much!