Noob thread: avoid taxation in Uzbekistan

[Presidentofuzb]

Hello all, at first i want to say that i am totally noob in offshore questions.

So we have crazy new taxes in Uzbekistan, for taking a percentage of the sale + withdrawal of money from the company’s account, I will have to pay around 40-50% of the total amount credited to the account.

Our business is sale other firms goods (machinery) and taking % as sales percentage as commission or directly from the sale of goods (rarely), we work with Europe companies (France, Germany, Finland).

I thought that it is time to open an offshore company to evading these incredibly high percentages.
There are some problems of course:

- our partners very regulated companies and they can"t transfer money to shady countries according to European legislation.
- in Uzbekistan as a citizen you can't open foreign bank account legally.


So can you guys advice me, what is country is good for my case? Is there a country where i can open company with low taxes for sales\commisions\profit withdrawal and where my company could open bank account for deals with European companies? Won't sending any message to Uzb goverment of course necessarily.

Bonus question, how do you guys use money from Offshore accounts? Like if you need to buy something and withdraw money from a foreign account?

 

[JohnLocke]

Regardless where you are going to setup your company you need to have focus on real office setup for your company and you may even be required to have some sort of expenses for the office. The reason for this is you have to show that control and management is where the company is registered and not at home.

You also need real person nominees.

 

[Presidentofuzb]

OK so I need to open an office, take director and accountant?
The questions are, who could provide such service? How much money (approximately) do I need? How to protect your assets? And still which country is suitable for these operations?
I heard about Lithuania/UK/UAE/SWITZERLAND, any help here?

 

[Presidentofuzb]

In addition I have a person who can I trust in Switzerland. Is it a good (from tax point of view) country for offshore business? Our Annual turnover would be in 1 - 3 mln usd range.

 

[happyjohn]

Switzerland may be cool but it's expensive not sure if this is something that would work for you. Before you go into something like that may I ask how much turnover have you within a year?

 

[Presidentofuzb]

As I mentioned above it would be around 1-3 mln usd, for now in uzb it is about 0.5-0,6 mln usd.

 

[John Andrews]

Why not move to Vanuatu? You can get a citizenship by investment for 150k$.

 

[Presidentofuzb]

Why not move to Vanuatu? You can get a citizenship by investment for 150k$.

I actually doesn't care about citizenship, for now at least, all i need is a lower taxation burden on my business.

I also pretty much sure Vanuatu should be in the list of countries with whom our partners in Europe companies wouldn't be able to work.

 

[John Andrews]

Still, I suggest moving out of Uzbekistan. You'll have more flexibility in pretty much any other country.

Is there a specific reason you must be there?

 

[Presidentofuzb]

Well that is a good question. For various reasons (got kids, some business here) I couldn't myself left the country in couple of years, and yeah it sounds like a good plan but now I need working solution this year.
Still offshore company looks more realistic at first glance.

 

[libertycity]

In order to avoid CRS,first you need to have another citizenship.
Then open a company in some Asia countries.This is the best areas for your business.Because these areas have UNIOIN CARD that same with your country,so you can spend your money directly.If you choose US,EU or other countries,you can not spend your money without tax.
I had tested many areas offshore companies before,nowadays only some Asia areas have the real offshore business in the whitelist. If you need some help,I can help you with more details.