Is UK Ltd the right setup?

[Finance Phantom]

cangarooo I believe a UK LLP setup would be the best for you, since none of you are UK residents and you are not doing business in the UK.

All the partners can be non-UK based and are taxed in their repsective residencies and there is no additional taxation on income made outside the UK.

For privacy's sake you could all be separate Offshore companies acting as partners in the LLP, you are also flexible with what you pay each partner since that can be written in your LLP agreement.

 

[Finance Phantom]

Since you'll be paying for 3 offshore companies and the LLP setup, for that cost you could also consider an Isle of Man setup, which will be a managed company not owned by you but with you as the designated benefactor (so completely invisible), with 0 corporate tax you could then pay yourself out dividends to the place of your residency, in your case Swizterland with its favourable income tax rates.

 

[cangarooo]

@Finance Phantom: thanks for the feedback.
Yes, LLP as Ltd are both under current preferred setup idea. I'm atracted by the Ducth STAK as trust but would love to find something online to set this up at reasonable pricing. Anything you an suggest?

For the Isle of Man, this is interesting. How this will be working? Is this going to be a normal Ltd/LLP setup or.....????
Interested to know more.

Mr. P.

 

[Finance Phantom]

cangarooo It will be an Ltd. on the Isle of Man, it will be managed entirely. It was suggested to me as a solution to my own setup, although you can enquire through people who are offering Isle of Man company formations online.

I don't want to say via whom I received the advice since I have never tried it myself and I'm not affiliated so can't recommend anyone in particular, you'll have to google them.

 

[Finance Phantom]

Oh and I don't see how a UK ltd. company will be a good idea since you will have to pay 20% corporation tax when there are better options around the rest of Europe.

 

[cangarooo]

Well, we don't expect to mae any revenue in the first year so this should be ok from a tax perspective.
Yes, a lot of places available in Europe but not as cheap as UK. Also, a UK Ltd/LLP can be managed easily remotely while other options in Europe requires us to be on site at least ionce a year (on average).
This is why we wanted to terget initially UK setup.
And that's why I'm here .... to be challenged on this ;-)

 

[Finance Phantom]

I don't know why you are still talking about a UK Ltd. ? That would be pointless for you with 20% corporate tax.

If you want UK, it'll be an LLP setup you want.

 

[cangarooo]

Still refrring to Ltd vs LLP as I don't have clear yet the differences.
Will need to study a bit more i guess
Mr. P.

 

[diablo]

No public registry, no one know who’s the UBO.

are you sure about this?

 

[cangarooo]

About what Diablo?

 

[Finance Phantom]

cangaroo, an LLP is a partnership, and I explained how it would work for you already.

 

[Luigi]

are you sure about this?

Nobody knows, until you have a US client, then you have to declare taxes and the government will go behind you.

 

[diablo]

About what Diablo?

I Wonder if he is sure about that they don't have a public registry that shows ownership data public!

 

[Luigi]

I Wonder if he is sure about that they don't have a public registry that shows ownership data public!

I called an agent today for asking it, and they said that it is true.

 

[challenge]

anyone tried the cheap solutions listed above?
kinda intrigued by the cheapness of the uk ltd/llp owned by the STAK foundation, using EMI only or maybe banking in montenegro/puerto rico...
well actually i wouldn't care about the name on the PSC register, as long as i'm not AEOI/CRS reported...
could use it for testing the waters on a new market (small project with low profit until it picks)
uk company would be very well regarded by my suppliers/partners/customers, also paypal etc

 

[diablo]

what do you mean by testing the waters! Just spend a lot of money to setup a business structure like this only to find out if it works?