Is UK Ltd still a good option in 2021

[Zaki]

I want to set up a UK Ltd for payment processing & EMI for my saas Startup and some services(Coding)
What about US LLC ? is it good for my needs(PP+TW+stripe..)
(I live in north africa : 0% corp tax for 4 years + 0% Dividend)
My country doesn’t have a CFC rule and no CRS exchange infos (for now)
My Clients are from US-EU (some are from AUS and UK)
Can you suggest me a good setup Please ?

Kindly let me know your thoughts.
Thank you.

 

[Zaki]

I want to set up a UK Ltd for payment processing & EMI for my saas Startup and some services(Coding)
What about US LLC ? is it good for my needs(PP+TW+stripe..)
(I live in north africa : 0% corp tax for 4 years + 0% Dividend)
My country doesn’t have a CFC rule and no CRS exchange infos (for now)
My Clients are from US-EU (some are from AUS and UK)
Can you suggest me a good setup Please ?

Kindly let me know your thoughts.
Thank you.

Any recommendations Please?

 

[arkantos]

Which country in North Africa (I reckon there are only 3 eligible).

 

[LoveMyLife]

If you have clients from USA, forming US LLC is not a good option. You will have to obtain a personal ITIN and pay personal income tax in the USA from income received from US customers.

Stripe will not work in any of your combinations. Stripe requires all directors and shareholders to be residents in one of supported countries. So if you live in Morocco and you incorporate UK LTD, you can have Transfewise account, but Stripe will deny your application. Because you do not live in supported country.

If you want to use Stripe, you have to obtain a residence permit in one of supported countries, first.

If you want to accept credit cards and you are willing to travel, the best for you will be company in Panama + corporate bank account in Panama + merchant account in Panama.

There is almost no way how to have a Stripe account when you live in non supported country. And does not matter where your company is incorporated.

 

[Ness]

I want to set up a UK Ltd for payment processing & EMI for my saas Startup and some services(Coding)
What about US LLC ? is it good for my needs(PP+TW+stripe..)
(I live in north africa : 0% corp tax for 4 years + 0% Dividend)
My country doesn’t have a CFC rule and no CRS exchange infos (for now)
My Clients are from US-EU (some are from AUS and UK)
Can you suggest me a good setup Please ?

Kindly let me know your thoughts.
Thank you.

There is no CFC but if you live there your UK LTD will be considered as MA resident, you must check DTA.
Regarding the CRS, it should start in September this year.
Better to form a local company which own a US LLC (if no US customers ) or a UK Ltd. With this you can benefit of exonerated CT.
Check this with a local tax adviser.

 

[Zaki]

Which country in North Africa (I reckon there are only 3 eligible).

Morocco

 

[Zaki]

Stripe will not work in any of your combinations. Stripe requires all directors and shareholders to be residents in one of supported countries. So if you live in Morocco and you incorporate UK LTD, you can have Transfewise account, but Stripe will deny your application. Because you do not live in supported country.

tnx for your reply
I just received a message from An expert accountant(In my country: Morocco)
He just told me that he has a UK LLP and Stripe with Payoneer/TW
So from his experience, it is possible to open Stripe account with UK LLP while leaving in unsupported Country

 

[Zaki]

There is no CFC but if you live there your UK LTD will be considered as MA resident, you must check DTA.
Regarding the CRS, it should start in September this year.
Better to form a local company which own a US LLC (if no US customers ) or a UK Ltd. With this you can benefit of exonerated CT.
Check this with a local tax adviser.

I really appreciate your reply
can you please explain what do you mean by :
CRS & CT ?

 

[Ness]

I really appreciate your reply
can you please explain what do you mean by :
CRS & CT ?

CRS: Common Reporting Standard
CT: Corporate Tax

 

[LoveMyLife]

tnx for your reply
I just received a message from An expert accountant(In my country: Morocco)
He just told me that he has a UK LLP and Stripe with Payoneer/TW
So from his experience, it is possible to open Stripe account with UK LLP while leaving in unsupported Country

Account can be openned. But sooner os later they will ask for some more KYC due dilligence and once they find you live in unsupported country, account will be frozen.