I need help choosing where to incorporate

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Max2017

New member
Hello

I have an issue and it is not about taxes, although of course if I can pay less is always nice as long as it is legal.

So here is my problem:

I have an online business which I have been running so far as a solo trader and I paid taxes based on my income, however since I recently moved to another country (I'd rather not discuss where just because I am paranoid about privacy!) basically the bank would not lend me money to purchase a house unless I show them at least 2 YEARS of tax returns!!! I CAN'T WAIT 2 MORE YEARS!

Therefore I thought that although not the best thing to do, if I become employed of a company, then the bank will give me the loan immediately or something like that.

My issue is that lately I read that in some countries (UK for example) people can see all information about any company: directors, shareholders and even company income!! I don't want that......I need total privacy, be employed by a company, pay my taxes, get the loan, then later close the company and keep paying the loan.

So, based on that...is there a country where I can easily incorporate and the whole process is cheap and easy to do?

I though maybe UAE was the best way to go but I was wondering if there was any other option closer to Europe?

Thank you
 

Max2017

New member
sorry I forgot that I don't mind if it is offshore or not as long as banks cannot see who owns the company and its financials, thanks.
 

Admin

Forum Moderator
Staff member
Elite Member
as long as banks cannot see who owns the company and its financials
are you sure about the banks? They will always see who the beneficial owner of the company - you! Otherwise they won't open an account.

Best privacy protection of them all you find with the registration of a Seychelles company, it is cheap and fast to register. No tax, no accounting and no public registry to lookup companies.
 

Max2017

New member
are you sure about the banks? They will always see who the beneficial owner of the company - you! Otherwise they won't open an account.

Best privacy protection of them all you find with the registration of a Seychelles company, it is cheap and fast to register. No tax, no accounting and no public registry to lookup companies.

hi, sorry I forgot some details: no I will not be the owner but a friend will be so I won't do anything dodgy (I think) and I though the best solution was that the company and my friend are in a different country from the one where I am,, so I am only concerned about the banks here.

Thanks
 

ImKing

Corporate Services
Entrepreneur
Therefore I thought that although not the best thing to do, if I become employed of a company, then the bank will give me the loan immediately or something like that.
Wonder why no one suggested you to setup a company in Cyprus for this purpose!?! You can get privacy, means the bank where you want the loan can't see who owns the company, and you can get employed furthermore appointing a nominee director will make sure you have some that can sign contracts etc. on behalf of the company... mission completed I say.
 

Max2017

New member
Wonder why no one suggested you to setup a company in Cyprus for this purpose!?! You can get privacy, means the bank where you want the loan can't see who owns the company, and you can get employed furthermore appointing a nominee director will make sure you have some that can sign contracts etc. on behalf of the company... mission completed I say.

Cyprus sounds good, are you sure there is no European standard of some sort which makes company income available to the public or to non-Cyprus banks?

Thank you!
 

ImKing

Corporate Services
Entrepreneur
Depending on the agent and how you are doing it you are in control of most of it. I didn't thought it was a problem showing the Company income / turnover and profits? Why should that harm you?
 

negon

hannibal the cannibal
BANNED MEMBER
Wonder why no one suggested you to setup a company in Cyprus for this purpose!?!
Admin is confusing the term "bank" with the bank of the Cyprus company and what OP mentioned with the bank that want to give him a loan doh948""
 

Max2017

New member
Depending on the agent and how you are doing it you are in control of most of it. I didn't thought it was a problem showing the Company income / turnover and profits? Why should that harm you?


OK let's make this clear:

I need a home loan in my country and would like that the bank where I go to ask the loan cannot see how much my employer (the company created in another country) earns, otherwise they may see the my income is everything the company earns and they may start asking questions.
 

Admin

Forum Moderator
Staff member
Elite Member
Register the company offshore / non resident and file dormant accounts. That's the only possible solution for it.

Actually thinking about it then I will ask my agent if he knows any better method, will get back here with answers.
 

Max2017

New member
BTW I am not in the US
Register the company offshore / non resident and file dormant accounts. That's the only possible solution for it.

Actually thinking about it then I will ask my agent if he knows any better method, will get back here with answers.


Thank you! :)
 

negon

hannibal the cannibal
BANNED MEMBER
Don't you think that your current bank will ask you for how long you have been working for this company?
 

ImKing

Corporate Services
Entrepreneur
I need a home loan in my country and would like that the bank where I go to ask the loan cannot see how much my employer (the company created in another country) earns, otherwise they may see the my income is everything the company earns and they may start asking questions.
The age of the Company you are employed with will play a role don't you think? Let's wait for admins reply but I know in some countries you don't have to make your turnover and profits public if it is less than €5M per year.
 

Admin

Forum Moderator
Staff member
Elite Member
Well, if the company is less than 1,5 years old there will be nothing public and if you appoint a nominee director your name will not be public anywhere nor in any reports.

Beside that you will provide only a salary certificate or a salary confirmation from your employer.
 

Max2017

New member
The age of the Company you are employed with will play a role don't you think? Let's wait for admins reply but I know in some countries you don't have to make your turnover and profits public if it is less than €5M per year.

yes another concern of mine was/is indeed that the age of the Company could be something my local bank may check...but I doubt I can dodge that unless I buy an aged shelf company...but in that case then I would have other worries such as previous or pending legal disputes or other hidden issues that I may be inheriting by buying that company, maybe?

The issue about turnover being easily publicly available was the last one I found, just few days ago reading a website where it seems in the UK is extremely easy to check that for anyone, not just the banks.
 

Admin

Forum Moderator
Staff member
Elite Member
case then I would have other worries such as previous or pending legal disputes or other hidden issues that I may be inheriting by buying that company, maybe?
You can buy such a company from the agent of your choice, if not I know one that has plenty of them available for sale ;)

The issue about turnover being easily publicly available was the last one I found, just few days ago reading a website where it seems in the UK is extremely easy to check that for anyone, not just the banks.
Yes also for most other European countries.
 

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