So I need to set up in France (as I am tax resident here) and the business that I'm operating is import/export oriented and needs decent banking (i.e. real bank, no EMI). But I am also a salaried employee and so I want to keep my exposure on the company registrar somewhat minimised. Of course of someone really wants to dig, they can find UBO details, but a superficial lurker won't be able to find me as an individual, so easily.
Why this 'privacy'? Essentially if I were to become unemployed from my salaried job, I could wind up in difficulties if trying to claim unemployment benefit (that I've been paying into all these years) if I am seen as a company director.
I might have found a way around this (of course your operating costs increase in such a set up, but otherwise it seems do-able) that I wanted to run here and gather your thoughts.
Essentially I will be setting up a French company (i.e. a SAS).
In the company statutes, I would be 80% owner and a New Mexico LLC would own 20%. Of course I would own 100% of the NM LLC, but that's besides the point. I would set up the French SAS with the NM LLC as the 'president' and it would be this LLC that would appear on the company registrar. Only on the company statues would I appear as the legal representative of the LLC, but no where else. The statutes won't be publicly available as far as I know (or if they are, they would be behind a paywall or something). So lurkers such as the unemployment office won't really pick up on this (and they don't go into personal tax filings - at least not as of yet.). I could substitute the NM LLC with a Canadian Limited Partnership or similar - a private-ish company structure in a 'non-exotic' state.
In addition, I would set up something called "PV de non remuneration" an officially drafted document that states that the US LLC is not being paid, nor am I as its legal representative - just in case the unemployment office pushes the matter.
So in a nutshell a French SAS, with a US LLC as the president/director, on the public record. I only appear on non-public records and UBO register potentially. However this does not matter as according to French law, being a shareholder does not impact my rights on unemployment claims, should I need to come to that.
I spoke with my Bank and they said normally such a set up is ok for them to open a business bank account as they did something similar with other customers and foreign company 'presidents'.
Any pitfalls you guys see with such a set up (other than expense - which isn't really that much, but still to be taken into consideration)?
Why this 'privacy'? Essentially if I were to become unemployed from my salaried job, I could wind up in difficulties if trying to claim unemployment benefit (that I've been paying into all these years) if I am seen as a company director.
I might have found a way around this (of course your operating costs increase in such a set up, but otherwise it seems do-able) that I wanted to run here and gather your thoughts.
Essentially I will be setting up a French company (i.e. a SAS).
In the company statutes, I would be 80% owner and a New Mexico LLC would own 20%. Of course I would own 100% of the NM LLC, but that's besides the point. I would set up the French SAS with the NM LLC as the 'president' and it would be this LLC that would appear on the company registrar. Only on the company statues would I appear as the legal representative of the LLC, but no where else. The statutes won't be publicly available as far as I know (or if they are, they would be behind a paywall or something). So lurkers such as the unemployment office won't really pick up on this (and they don't go into personal tax filings - at least not as of yet.). I could substitute the NM LLC with a Canadian Limited Partnership or similar - a private-ish company structure in a 'non-exotic' state.
In addition, I would set up something called "PV de non remuneration" an officially drafted document that states that the US LLC is not being paid, nor am I as its legal representative - just in case the unemployment office pushes the matter.
So in a nutshell a French SAS, with a US LLC as the president/director, on the public record. I only appear on non-public records and UBO register potentially. However this does not matter as according to French law, being a shareholder does not impact my rights on unemployment claims, should I need to come to that.
I spoke with my Bank and they said normally such a set up is ok for them to open a business bank account as they did something similar with other customers and foreign company 'presidents'.
Any pitfalls you guys see with such a set up (other than expense - which isn't really that much, but still to be taken into consideration)?
