Dubai substance

[OJ333]

Due to all the replies I received about "being wrong" I sent an inquiry to the legal / accounting firm I use as an offshore advisor and mediator to confirm the thesis and update my knowledge. I am quoting:

"At the moment there isnt a procedure in the bulgarian tax law according to which the UAE company can be obliged to pay corporate tax in Bulgaria".

So there you go, end of question. No one is being wrong, its up to the jurisdiction.

To Alenka - if you are sure Georgia doesnt have any loophole and you are sure you want to personally move to another country you might inquire about BG. European country, peaceful, relatively good rule of law, good IT entrepreneurial climate, Christian, democratic and you will just pay your 5% on the dividend you receive

 

[FixieHartmann]

Due to all the replies I received about "being wrong" I sent an inquiry to the legal / accounting firm I use as an offshore advisor and mediator to confirm the thesis and update my knowledge. I am quoting:

"At the moment there isnt a procedure in the bulgarian tax law according to which the UAE company can be obliged to pay corporate tax in Bulgaria".

So there you go, end of question. No one is being wrong, its up to the jurisdiction.

To Alenka - if you are sure Georgia doesnt have any loophole and you are sure you want to personally move to another country you might inquire about BG. European country, peaceful, relatively good rule of law, good IT entrepreneurial climate, Christian, democratic and you will just pay your 5% on the dividend you receive

That is why I wrote

Australia is just an example, most of the developed high tax countries have similar provisions.

There might be places that are not as strict (and it seems that Bulgaria is in that group) but I’ve yet to hear about a high tax country where you could easily run offshore companies without substance that will not become tax resident where you live.

Just out of curiosity, @OJ333 do you speak Bulgarian? How easy is it to get by with just English in Bulgaria?

 

[OJ333]

That is why I wrote


There might be places that are not as strict (and it seems that Bulgaria is in that group) but I’ve yet to hear about a high tax country where you could easily run offshore companies without substance that will not become tax resident where you live.

Just out of curiosity, @OJ333 do you speak Bulgarian? How easy is it to get by with just English in Bulgaria?

Most of the people under 40 have a basic english level. It is mandatory since 1st grade and a lot of parents send their kids to private lessons too. So you will be able to ask for "bread" or "bank" or "where is the police station" or strike a simple conversation if you don't mind bad grammer.
The bigger the city, the more pronounced the above tendency is. If you visit an entrepreneurial or IT event or a concert of a foreign group chances are almost all of the people will be fluent.
People above that age group have mostly studied russian as kids, but out of necessity the more intelligent / who have travelled will have some basic words in their vocabulary.
The only places where it would be near impossible to speak english is remote villages with mainly old people.

 

[Alenka]

Most of the people under 40 have a basic english level. It is mandatory since 1st grade and a lot of parents send their kids to private lessons too. So you will be able to ask for "bread" or "bank" or "where is the police station" or strike a simple conversation if you don't mind bad grammer.
The bigger the city, the more pronounced the above tendency is. If you visit an entrepreneurial or IT event or a concert of a foreign group chances are almost all of the people will be fluent.
People above that age group have mostly studied russian as kids, but out of necessity the more intelligent / who have travelled will have some basic words in their vocabulary.
The only places where it would be near impossible to speak english is remote villages with mainly old people.

Really nice place, if next year will be the same situation I will exactly make UAE company and move to Bulgaria, but I need to do smth this year as well

 

[Alenka]

I'm thinking to open an US LLC or Irish LP, but have doubts that I can open bank account and connect Stripe to it. Maybe some of you guys know if it still works?


I would like to pay taxes in Georgia as well if possible, like Sole trader with special status small business(1-3% on turnover) and make LP or LLC for payment processing(I can't add any Visa/Mastercard in Georgia, so for me registering an LP or LLC and connect it to my Sole Trader with this status would be nice.

Regarding the second I can contact my local tax advisor, but the first one they surely don't know.

 

[manwithtoupe]

Most of the people under 40 have a basic english level. It is mandatory since 1st grade and a lot of parents send their kids to private lessons too. So you will be able to ask for "bread" or "bank" or "where is the police station" or strike a simple conversation if you don't mind bad grammer.
The bigger the city, the more pronounced the above tendency is. If you visit an entrepreneurial or IT event or a concert of a foreign group chances are almost all of the people will be fluent.
People above that age group have mostly studied russian as kids, but out of necessity the more intelligent / who have travelled will have some basic words in their vocabulary.
The only places where it would be near impossible to speak english is remote villages with mainly old people.

How is the COVID hysteria in Bulgaria?

As they get more people vaccinated, do you think that they will ever ban unvaccinated from entering stores?

Do you think they will keep doing lockdowns and curfews? Will businesses like gyms be affected?

 

[OJ333]

How is the COVID hysteria in Bulgaria?

As they get more people vaccinated, do you think that they will ever ban unvaccinated from entering stores?

Do you think they will keep doing lockdowns and curfews? Will businesses like gyms be affected?

After seeing what is happening in France, I really can't say anything for sure anymore. All I know is that almost everything here is open, most places don't require masks (except hospitals, government buildings or big stores) and BG has the lowest vaccination count in EU (only country with less than 25%). And there aren't any dead bodies on the streets

I suspect it would be extremely hard to force people here adopt a health pass since there is a lot of mistrust for the political class due to corruption skandals, abuse of power (just check the name "Borisov prime minister" in google) etc. As I said above, we don't even have a government right now (they are still struggling after the elections).

I suspect that we would be the last ones to be forced to get vaccinated, probably only second to Hungary and Poland. I for a fact know that I will be dead on the street with a bullet in my chest before I get jabbed by force. The Eastern and Central European countries are still haunted by the ghosts of communism, which weirdly makes them one of the best places to live in my opinion. When you have had your grandparent put into concentration camp because he owned a small shop (true story) you are not very likely to respond well to totalitarian measures or socialist bs.

 

[erni]

all gone with corona and covid19 - Ukraine is the new s**t in the world with Putin in front....

back to topic... wonder who is able to help with substance in Dubai for company there?

 

[Fred]

all gone with corona and covid19 - Ukraine is the new s**t in the world with Putin in front....

back to topic... wonder who is able to help with substance in Dubai for company there?

We provide the necessary as part of our All-Incl. Package.

 

[erni]

We provide the necessary as part of our All-Incl. Package.

great and good to know. thanks for prompt response.

 

[tacokai]

I suspect it would be extremely hard to force people here adopt a health pass since there is a lot of mistrust for the political class due to corruption skandals, abuse of power (just check the name "Borisov prime minister" in google) etc. As I said above, we don't even have a government right now (they are still struggling after the elections).

all good now?