Hi all!
I have started a SaaS business which has just recently started generating revenue. I live in a European country and I registered an LLC about 5 years ago which has been pretty much idle since then (basically no revenue, ~$2k in total expenses). I have been working on this SaaS business for 1,5 years now and paid all related expenses from my personal bank account (~$25k in mostly development costs). I closed the first sale in April and have received ~$1,300 in revenue so far. This revenue has been received to a Stripe account linked to my European LLC company mentioned. I have been planning to move the business abroad to a more tax-friendly country so I can also change my personal tax residency (let's not focus on that in this thread).
My question is basically if there are any potential legal issues to register a new company in a different country and start receiving future income to this business account? The only "connection" between the business and my current LLC is $1,300 received as income, and no costs have been paid by the company. Is it this simple, or do I need to "sell" the business from my current LLC to the new company? Because it's a SaaS business, there are no other assets than the actual codebase which I have funded from my personal bank account as explained (I guess you could then say that the codebase is owned by me, and not the LLC company?)
Thanks in advance for any tips!
I have started a SaaS business which has just recently started generating revenue. I live in a European country and I registered an LLC about 5 years ago which has been pretty much idle since then (basically no revenue, ~$2k in total expenses). I have been working on this SaaS business for 1,5 years now and paid all related expenses from my personal bank account (~$25k in mostly development costs). I closed the first sale in April and have received ~$1,300 in revenue so far. This revenue has been received to a Stripe account linked to my European LLC company mentioned. I have been planning to move the business abroad to a more tax-friendly country so I can also change my personal tax residency (let's not focus on that in this thread).
My question is basically if there are any potential legal issues to register a new company in a different country and start receiving future income to this business account? The only "connection" between the business and my current LLC is $1,300 received as income, and no costs have been paid by the company. Is it this simple, or do I need to "sell" the business from my current LLC to the new company? Because it's a SaaS business, there are no other assets than the actual codebase which I have funded from my personal bank account as explained (I guess you could then say that the codebase is owned by me, and not the LLC company?)
Thanks in advance for any tips!
