Which EU country is best for offshore company formation?

[yellowneck]

Hiya Everyone,

I'm hoping someone with much more know-how than me can make some suggestions to solve my problem.

I'm a UK citizen, tax resident in South America. The tax situation here is fab so no problems there. My only problem is that I need a business banking account that accepts USA ACH transfers (like Wise does) and I can't open one from Ecuador.

So I'm thinking about opening an offshore company so I can get a business account. I realise that a USA LLC pass through entity would work, but to be honest, the IRS seems terrifying. So I'm thinking a European option would be good. Because I already pay tax here, I'd like the lowest tax possible, easy set up etc. Any ideas?

Thanks so much in advance people

 

[Jerry1911]

Any ideas?

Yes, UK LLP

 

[Martin Everson]

My only problem is that I need a business banking account that accepts USA ACH transfers (like Wise does) and I can't open one from Ecuador.

You checked if ItalBank cannot help you here? Otherwise you can look at PaxumBank.

 

[yellowneck]

Yes, UK LLP

But I'm British. So I'd be taxed 19% no?

You checked if ItalBank cannot help you here? Otherwise you can look at PaxumBank.

Hiya, yes I tried ItalBank but they can't help with ACH transfers which seems to be the sticking point. I could accept wires but that's costly. I'll check out PaxumBank. Thanks so much!

 

[Sols]

Because I already pay tax here, I'd like the lowest tax possible, easy set up etc. Any ideas?

The far and above most popular are Malta and Cyprus. In Malta, you're looking at an effective corporate tax rate of 5% and in Cyprus 12.50%. If you can demonstrate that a company incorporated in Cyprus is in fact managed from Ecuador, you could qualify for 0% in Cyprus and only pay Ecuadorian tax (without having to worry about tax treaty or double taxation of the company).

But I'm British. So I'd be taxed 19% no?

Corporate taxation is not based on citizenship of the owners. But a private limited company would be taxable as UK resident (unless treaty non-resident).

An LLP — the proposed entity — is a tax transparent entity which requires a minimum of two members and does not incur any corporate tax in the UK. Instead, its members are taxed on personal income. If you are non-resident, you are not in scope for any UK taxation generally speaking.

 

[CyprusLawyer101]

Hiya Everyone,

I'm hoping someone with much more know-how than me can make some suggestions to solve my problem.

I'm a UK citizen, tax resident in South America. The tax situation here is fab so no problems there. My only problem is that I need a business banking account that accepts USA ACH transfers (like Wise does) and I can't open one from Ecuador.

So I'm thinking about opening an offshore company so I can get a business account. I realise that a USA LLC pass through entity would work, but to be honest, the IRS seems terrifying. So I'm thinking a European option would be good. Because I already pay tax here, I'd like the lowest tax possible, easy set up etc. Any ideas?

Thanks so much in advance people

Hello, if you are interested for a free phone consultation on your queries, kindly let me know and I can PM you to set it up.

 

[blizz]

Cyprus, Malta, Romania and Switzerland are very popular destinations.

 

[icecold]

It all depends on what you are really going to use the company for and what else you want to have under the company. For instant, if you want to lease a car it would not work with a Belize company!