Need some advice with my first offshore company (newbie edition)

[Daniel991]

Hey guys. My name's Daniel. I'm new to this forum and a total newbie in the offshore industry.

I'm looking for some advice. I want to create an offshore LLC (or something better if you recommend) for some of my digital companies and money earned online.

I basically want my profits earned from my online assets: 2 companies (websites earning monthly profit via SAAS), crypto, forex, and stocks be separate from my personal finances, and pay myself a monthly salary from said profits. I heard an offshore LLC is the best bet in this situation. And my offshore company must have it's own bank account.

I currently live in Austria but I'm a Romanian citizen and have residence in both countries (currently my main residence is in Austria).
I searched online for a service to help me out with setting up an offshore LLC but all of them seem kind of sketchy. Poor website design, trial version of chatting software, etc.

I don't know where to start, so I'm hoping someone here can guide me in the right direction with a few tips.

Thanks in advance,

Daniel.

 

[myshufflemix]

You could handle this very simple with a UK LTD or Romanian Micro company, it does not need to be very complicated. Bear in mind you have to pay tax from it where you live, time is over to shift profits offshore untaxed.

 

[Daniel991]

You could handle this very simple with a UK LTD or Romanian Micro company, it does not need to be very complicated. Bear in mind you have to pay tax from it where you live, time is over to shift profits offshore untaxed.

Thanks for your reply. I plan on moving to Romania anyway. So I'll pay tax in Romania for my LLC profits? I would like to avoid starting a company in Romania. Isn't UK too woke to start a company there? I heard of stories of people getting their bank accounts frozen simply for sharing an opinion on twitter.

 

[Sols]

I don't know where to start, so I'm hoping someone here can guide me in the right direction with a few tips.

Look into the concept of tax residence.

This'll get you started:

Romania - Corporate - Corporate residence

Detailed description of corporate residence rules in Romania

taxsummaries.pwc.com

Romania - Individual - Residence

Detailed description of individual residence rules in Romania

taxsummaries.pwc.com

United Kingdom - Corporate - Corporate residence

Detailed description of corporate residence rules in United Kingdom

taxsummaries.pwc.com

United Kingdom - Individual - Residence

Detailed description of individual residence rules in United Kingdom

taxsummaries.pwc.com

Thanks for your reply. I plan on moving to Romania anyway.

Planning isn't doing. Until you have moved away, you are subject to Romanian tax, and so are any offshore companies you form.

So I'll pay tax in Romania for my LLC profits?

Yes.

 

[Forester]

Just a few notes...

I searched online for a service to help me out with setting up an offshore LLC but all of them seem kind of sketchy. Poor website design, trial version of chatting software, etc.

I understand that as a digital businessman you have your own specific perception of the world. But be advised that for me this would not be the key factor in the evaluation of the company quality.

Isn't UK too woke to start a company there? I heard of stories of people getting their bank accounts frozen simply for sharing an opinion on twitter.

I cannot say for this; but UK companies with non-resident directors have serious problems to get a bank account nowadays.

Look into the concept of tax residence.

This'll get you started:

Romania - Corporate - Corporate residence

Detailed description of corporate residence rules in Romania

taxsummaries.pwc.com

Romania - Individual - Residence

Detailed description of individual residence rules in Romania

taxsummaries.pwc.com

United Kingdom - Corporate - Corporate residence

Detailed description of corporate residence rules in United Kingdom

taxsummaries.pwc.com

United Kingdom - Individual - Residence

Detailed description of individual residence rules in United Kingdom

taxsummaries.pwc.com

Exactly. Nothing to add.

Planning isn't doing. Until you have moved away, you are subject to Romanian tax, and so are any offshore companies you form.

Yes. To avoid confusion, I understand that @Daniel991 is currently living in Austria, not in Romania, so he is subject to the Austrian tax; but it's just a technical detail.

 

[Marzio]

I currently live in Austria but I'm a Romanian citizen and have residence in both countries

Are you willing to move or do you intent to stay in Austria?

 

[Daniel991]

Are you willing to move or do you intent to stay in Austria?

Yes. I will move to Romania early 2025.

 

[JohnLocke]

Yes. I will move to Romania early 2025.

For how long do you plan to stay there ?

 

[Daniel991]

For how long do you plan to stay there ?

Forever. That will be my main residence. Any other country I'll just visit.

 

[Marzio]

Stick to romanian micro company then, is the easier solution for you.

 

[saponaire]

why are people recommending UK non-resident LTD?

 

[Marzio]

why are people recommending UK non-resident LTD?

Because they are selling UK LTD formation services? LOL

 

[Bablo Wulfhram]

How are your payments currently arranged? Are you planning to migrate your finances from your current setup? Maybe it is best to wait until your tax residency is Romania exclusively... most cases will involve complex layers of various instruments (including offshore companies) but if your revenue/profits are not that big the costs will eat into it heavily... You will have great headaches finding a bank to work with your offshore LLC. And even if you find one, it might be a crappy one. Too many people are looking into setting up offshore structures without a clear goal in mind... Weigh up the pros and cons...

 

[Forester]

Because they are selling UK LTD formation services? LOL

May be...

And, the inertia makes miracles very often. Some years ago, it was a good solution for many cases.

 

[uplana]

Because they are selling UK LTD formation services? LOL

Who does this in this thread ?

 

[volcanotnt]

Hey guys. My name's Daniel. I'm new to this forum and a total newbie in the offshore industry.

I'm looking for some advice. I want to create an offshore LLC (or something better if you recommend) for some of my digital companies and money earned online.

I basically want my profits earned from my online assets: 2 companies (websites earning monthly profit via SAAS), crypto, forex, and stocks be separate from my personal finances, and pay myself a monthly salary from said profits. I heard an offshore LLC is the best bet in this situation. And my offshore company must have it's own bank account.

I currently live in Austria but I'm a Romanian citizen and have residence in both countries (currently my main residence is in Austria).
I searched online for a service to help me out with setting up an offshore LLC but all of them seem kind of sketchy. Poor website design, trial version of chatting software, etc.

I don't know where to start, so I'm hoping someone here can guide me in the right direction with a few tips.

Thanks in advance,

Daniel.

Scottish LP, suitable for two non-UK residents (either individuals or companies) acting as General and Limited Partners. If no business is conducted within the UK, this can be an excellent structure for an online business.

In Scottish LP you don't need to declare anything with a company if you don't distribute profits. (Provided you meet certain requirements).
You declare profit distributions and taxes pay when you transfer to your personal account.

I can recommend my agent with him I work from 2017

 

[koohl]

You can setup similar structure for an anonymous and tax free way to get the funds out of a simple cheap LTD with homless nominees! The Scotish LP requires more shareholders you trust - most don't want that so you have to appoint nominees like, anyway! Learn more about such ways in mentor group gold, cheaper than some agent that do exacty the same!