- HongKong is not really offshore and very difficult to obtain offshore status. In any case, you need to do audit annually. Bank account is hard to openHy,
Quick question I have heard about this for some companies but not all of them. A Hong Kong-based offshore or a Dubai one. Do they ask for accounting do they need an accountant? Or just pay the annual fees and you are all good to go?
Thanks
Well said. For the UAE you should go with Dubai license and avoid small emirates + get someone that know how to work with the local banks.- HongKong is not really offshore and very difficult to obtain offshore status. In any case, you need to do audit annually. Bank account is hard to open
- UAE have LLC (you can own 49% maximum) and FreeZone (you can own 100% company). With Freezone formation, there is no need accountant/auditor but it is difficult to open the first bank account
Its a long process but not difficult. You can get bank accounts for HK company with Paysera, Neat and Currenxie without a problem. Thats only 3 and there are more options. Bank account is def not hard to open with EMIs- HongKong is not really offshore and very difficult to obtain offshore status. In any case, you need to do audit annually. Bank account is hard to open
Dear bogdy,Hello, you guys first of all thanks for all of your help. So in Dubai, I don`t need an accountant and don`t need to record my actions which is great. But the taxes for such a company are high 7000 euros. I saw Hong Kong cheaper 3000 euros. But I`m still not clear do you need there an accountant or not? Can you get away with one. Also, If I do dropship business but with Mainland China do I need to pay 17% taxes or whatever for everything I purchase from China and sell in the US? I live in Romania if I wait for a few months to actually have the 7000 euro to start a Dubai company but still conduct business would I get in trouble. Will I have to pay taxes for that?
Relocate as in move my a*s to another country? I`ve been talking to a guy who ranks well on google as a company that does offshore. Apparently, you can do it why sitting in Romania. You just don`t have to any of the design work, the product shipping, or FOREX trading in Romania. Since the broker servers are mostly located in Holland and the UK. They are not liable for getting taxed in Romania. He said he will give me this in writing.The cheapest and easiest solution for Dropshipping will be using a US LLC or when selling to the US it will be safier to use an UK LLP. Dubai doenst make any sense in this case!
Keep in mind that staying in Romania might get you in trouble when operating offshore companies without declaring profits. You need to clarify this before or relocate to tax-friendly countries.
US LLC doesn't give you a tax residence.The cheapest and easiest solution for Dropshipping will be using a US LLC or when selling to the US it will be safier to use an UK LLP. Dubai doenst make any sense in this case!
Keep in mind that staying in Romania might get you in trouble when operating offshore companies without declaring profits. You need to clarify this before or relocate to tax-friendly countries.
That's right - things changing fast.It looks like Dubai company formation is the better choice compared to Hong Kong, I still have a issue to let my money stay in any of these countries. It will be unpredictable the future, Hong Kong could block all foreigners money just like that, the same could happen in the UAE if they can't pump more oil up soon and have to get their insane big constructions financed.
The world is changing, I just say.
UAE give you a tax residence. With this residence you open the local UAE bank account. The banks consider you as a resident and therefore no reporting under CRS will happen to Romania.
No matter if you physical live here the whole year or just keep your like you say "a*s" in Romania doesn't make any difference as your bank accounts are opened with the UAE residence and no public company records in UAE as well.
It looks like Dubai company formation is the better choice compared to Hong Kong, I still have a issue to let my money stay in any of these countries. It will be unpredictable the future, Hong Kong could block all foreigners money just like that, the same could happen in the UAE if they can't pump more oil up soon and have to get their insane big constructions financed.
The world is changing, I just say.
He did not advise what you accuse him of doing. He was just stating facts how this works.Seriously? Are you advising tax evasion here? Because that what is actually happening if you dont report Dubai profits while staying in Romania the whole year. The fact that Dubai is not reporting anything doesn't change the fact that you are actually doing tax evasion. Whoever is having such a stupid setup should be aware of the consequences that might someday hit them!
Of course not.Seriously? Are you advising tax evasion here? Because that what is actually happening if you dont report Dubai profits while staying in Romania the whole year. The fact that Dubai is not reporting anything doesn't change the fact that you are actually doing tax evasion. Whoever is having such a stupid setup should be aware of the consequences that might someday hit them!
I do 100% agree. Ethically speaking Id just expect someone to make these potential consequences very clear when explaining such possibilities to total newbies.If someone use this information to do tax evasion it's in his own hands and as always in live - you can do whatever you want if you can live with the consequences.
I get your point and totally agree. Especially in this case mentioned here and how the OP want to handle it - with HK setup and sitting in romania - it will be a straight punch into the face from the tax authorities.I do 100% agree. Ethically speaking Id just expect someone to make these potential consequences very clear when explaining such possibilities to total newbies.