Got in troubles! Can't open local company because of my lenders!

Discussion in 'Offshore Company formation' started by kanakke, Sep 14, 2018.

  1. kanakke

    kanakke New Member

    It's a strange situation I got into and a horrible situation :(

    I had a local business venture which worked out great for me. The bank was willing to lend me 600,000 EURO for my project so I was able to grow my business.

    The problem now is, 4 years after, I owe more than 2 million EURO to banks and other creditors which I have been able to lend money from and buy goods on credit!

    I have been banned in my country to run a company again and I'm registered in a public register like "Schufa in Germany" so I can't do nothing.

    So how can I run a business again? Would you say that if I can rise the money to setup a Cyprus company and use an EMI account it would be my outbreak of this hell?

    Any help would be much appreciated.

    This is not about tax evasion, not about to avoid tax, I'm happy to pay tax locally.
  2. Samuel Newman

    Samuel Newman Offshore Desk expert Mentor Group Business Angel

    you may open local Cyprus company + Cyprus bank account + Cyprus director + Cyprus office
    so, you will have comapny, that is tax resident in Cyprus, 12.5% tax rate would not be a problem to you as I see
    also, it works better if check tax treaties between Cyprus and your mother country
  3. kanakke

    kanakke New Member

    But why cyprus director and cyprus office? my tax advisor tells me I just need an entity in EU so I can tell my local tax office that's where I earn money??
  4. Samuel Newman

    Samuel Newman Offshore Desk expert Mentor Group Business Angel

    a lot of options are availible for you
    1) incorporate somewhere(Cyprus,Gibraltar etc.) non-resident company and do your business from your resident country without hidding anything and paying taxes in mother country
    2) incorporate a company as a tax resident of the country of incorporation and pay taxes in this country (you may save something in taxes, depends on the counrty you reside in)
    3) incorporate a company using fiduciary services and do not pay even a shekel in taxes and stay anonymous
    David97255 likes this.
  5. kanakke

    kanakke New Member

    What about darks? it works I read for some?

    But back to Cyprus, so you say a Cyprus company with Mister Tango can work for me right?
  6. Samuel Newman

    Samuel Newman Offshore Desk expert Mentor Group Business Angel

    it may work, but more details about your business are neccessary to advice structure for you
    all that depends on business activity and turnover
  7. kanakke

    kanakke New Member

    This is about a legal setup not about tax or stuff.. let me pin point it.. am I allowed to setup a company in Cyprus and open a mister tango account?
  8. Samuel Newman

    Samuel Newman Offshore Desk expert Mentor Group Business Angel

    anyone is allowed to do so, but if you want to make things legal, maybe you need to report to your local tax authorities about your foreign companies and accounts (depends on laws of your place of residence)
  9. kanakke

    kanakke New Member

    Anyone else has input here?
  10. auric

    auric Offshore Agent Mentor Group Business Angel

    You can setup even a UK company if you want that. However, are you resident in an European country?
  11. kanakke

    kanakke New Member

    Thank you - yes I live in Europe!
  12. David97255

    David97255 Trusted Member Business Angel

    UK ltd, it s not offshore, but it will be enough for your need.
  13. countryfree

    countryfree Member Entrepreneur

    There are many people like you!
    To play it safe, I recommend to do everything outside of the EU. It's a bit like a ticket for driving too fast. Say, if you're German, you can get a fine from Spain. The judicial systems are getting more and more integrated...