New business live in hungary need offshore company how?

[Emirates]

Hi,

I living in Hungary and want to open an offshore company because of the security in my country is not stable and we can't trust the authorities here in my country.

Do you know if there are any problems for me to start an offshore company and open a real offshore bank account for my business?

I need to have access to my money 24/7/365 with Debit card and internet banking, can it be done?

 

[techtrader]

Yes but problem is CFC rules and effective control & management.

 

[Emirates]

Do you think it apply for me? What is the CFC can you explain it quickly please?

 

[techtrader]

If you resident of Hungary and have virtual office and nominees in other countries...

 

[Emirates]

Yes but if I plan to open the company with nominee director, shareholder and real office address where I have mail forwarding then it should be possible or not?

 

[techtrader]

Yes but if I plan to open the company with nominee director, shareholder and real office address where I have mail forwarding then it should be possible or not?

From January 1, 2010 a foreign company which either (i) has a beneficial owner who is a Hungarian tax resident private individual holding a ten percent interest during the majority of the tax year or (ii) derives the majority of its income from Hungarian sources, will be treated as a CFC, provided that it does not meet the comparable taxes requirement, and it does not have real economic presence and tax residence in an OECD or treaty country.

New CFC regime in Hungary - Lexology

 

[Emirates]

The introduction of the concept that levying personal income tax on undistributed profits of CFCs most probably puts an end to the era of the popular Cypriot professional service companies held by Hungarian individuals, with no local employees engaged. It will no longer be a viable option to earn and accumulate revenues by a Cypriot company with the view to finance investments in the future. The undistributed taxed profit of the company will be subject to the hefty Hungarian personal income tax and social security contribution charges.

I see bad luck for Cyprus and people from Hungary (like me) but that own a Cyprus company!! What is the workaround of all of this do you know that? I don't believe that the new world will be persistent of only legal setups where all companies pay their duty's to the tax offices around or ?

 

[techtrader]

Even if you pay tax in Hungary there still benefits to such setup... you aren't in public registry and you don't have to pay yourself a salary. Probably no accountant also.

And you will have to pay tax on dividends if you incorporate in Cyprus, Nevis, BVI or whatever.

Also about DTA(Double Tax Agreements) with Cyprus/Hungary. I think you have to apply with tax office in Hungary regarding this. So if they approve this or not is good question. It's not automatic for sure.

 

[Montecristo]

From what I see, it is possible. There are countries that is not in the TIEA. Nominee director and shareholder is the answer to it. It is all zoom down to how trustworthy is the provider for nominee director and shareholder.

 

[Montecristo]

Hi,

I living in Hungary and want to open an offshore company because of the security in my country is not stable and we can't trust the authorities here in my country.

Do you know if there are any problems for me to start an offshore company and open a real offshore bank account for my business?

I need to have access to my money 24/7/365 with Debit card and internet banking, can it be done?

Possible, but only left 4 days. Need to be fast.

 

[MisterFree]

First, you should decide what type of kind of business you want to have in an Offshore country. When you're already decided, get every advantage/disadvantage of every Offshore companies. Once your're done with that, you could pinpoint which country is the best for your business. Every business has a perfect choice of country, you just need to give the full details/info and ask which country if fits perfectly here in this forum..

Goodluck!

 

[Montecristo]

Actually, the fastest I ever get my offshore company plus a bank account under my company's name is slightly more than a week. This is provided my service provider notarises my passport, proof of address and corporate documents for me. A lot of notary public that I know need to see the original documents which will slow down the entire process.

 

[MisterFree]

Actually, the fastest I ever get my offshore company plus a bank account under my company's name is slightly more than a week. This is provided my service provider notarises my passport, proof of address and corporate documents for me. A lot of notary public that I know need to see the original documents which will slow down the entire process.

That's the normal time on how much it would take to wait after applying and submitting all the required documents in creating a company and bank.

@OP , try to ready your documents and validate them as early as you can so you won't have to worry about it in the future.

 

[SirTycoon]

If you are well knowledgeable about the rules and regulations or policies of your country and the offshore country in terms of setting up an offshore business, I think you will be good and don't need to hire or a help from a good lawyer.

 

[happyjohn]

Actually, the fastest I ever get my offshore company plus a bank account under my company's name is slightly more than a week. This is provided my service provider notarises my passport, proof of address and corporate documents for me. A lot of notary public that I know need to see the original documents which will slow down the entire process.

I agree it takes at least 2 - 3 weeks to get it all done Sometimes it will even take more time.

 

[JohnLocke]

Did you find something that works for you OP or do you need help?

 

[BelizeFinancial]

Seems OP is busy with his business I can't imagine any troubles when you register a Cyprus Company for your Internet Marketing business or any other Internet based business. You get all what most seek, privacy, low tax, Merchant account and even option to accept PayPal.

 

[JohnLocke]

Seems OP is busy with his business I can't imagine any troubles when you register a Cyprus Company for your Internet Marketing business or any other Internet based business. You get all what most seek, privacy, low tax, Merchant account and even option to accept PayPal.

second that. Check Cyprus for company registration if you want the lowest possible tax, VAT registration for your business and total privacy!

 

[negon]

Seems OP is busy with his business I can't imagine any troubles when you register a Cyprus Company for your Internet Marketing business or any other Internet based business. You get all what most seek, privacy, low tax, Merchant account and even option to accept PayPal.

You need to pay attention when you setup your business like that to the minor details that are required for this to work.