How I Built a Full Cyprus Company Setup for Cheap! Real-World Example.
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You may use any company for this purpose.
digital nomad, have no status anywhere, I'm almost a ghost.
I totally agree
very very difficult, but managed to have airwallex and currenxie account.
I can sense that this︀ thread has stirred up some strong emotions and caused quite a bit of trouble.
Let me clarify that I have no financial interest in the setup discussed here, and I︁ do not take on clients from this forum, despite what some of the now removed︂ claims might have suggested.
I simply wanted to contribute to OCT based on what I’ve︃ learned here. What others may think or assume about my intentions is, frankly, none of︄ my concern. No one is forced to read my posts, if you don’t like it,︅ feel free to read something else or move on.
digital nomad, have no status anywhere, I'm almost a ghost.
I totally agree
very very difficult, but managed to have airwallex and currenxie account.
I can sense that this︀ thread has stirred up some strong emotions and caused quite a bit of trouble.
Let me clarify that I have no financial interest in the setup discussed here, and I︁ do not take on clients from this forum, despite what some of the now removed︂ claims might have suggested.
I simply wanted to contribute to OCT based on what I’ve︃ learned here. What others may think or assume about my intentions is, frankly, none of︄ my concern. No one is forced to read my posts, if you don’t like it,︅ feel free to read something else or move on.
1. You do not have legal protections against the shareholders.
2. It is not legal to not disclose the UBO when there is one. Exercising 100% of control, even with 4 'shareholders' each holding 25%, is still being a UBO. Also mentioned by @CyprusLaw who has a very good understanding of this fact.
3. The cost is︀ very high compared to even high prestige and reliable structures (e.g. non-resident SG Pte. Ltd.)︁ and yet you continue to pay 12.5% without gaining any legal certainty (in fact, decreasing︂ it, because it involves committing a crime).
2. It is not legal to not disclose the UBO when there is one. Exercising 100% of control, even with 4 'shareholders' each holding 25%, is still being a UBO. Also mentioned by @CyprusLaw who has a very good understanding of this fact.
3. The cost is︀ very high compared to even high prestige and reliable structures (e.g. non-resident SG Pte. Ltd.)︁ and yet you continue to pay 12.5% without gaining any legal certainty (in fact, decreasing︂ it, because it involves committing a crime).
someone opened a thread inside mentor group https://www.offshorecorptalk.com/threads/full-cyprus-company-setup-for-cheap.47587/ please checkin once around.
I don’t understand why so many people are unsure about what this setup is all about. It’s actually quite easy to figure out how it’s been arranged! I hope the OP will shed light on all the details in the other thread that was created.
I’d like to add that the substance part can be obtained much cheaper in Cyprus, unless it includes something else?
I’ve set up something similar too. A couple of us work out of the office daily, and we’ve got someone handling the phones as well. It definitely makes things look more professional when banks, tax authorities, or anyone else calls, they can easily reach “management,” which adds an extra layer of credibility.
I’ll definitely be looking for another agent in Cyprus to help me get everything set up.
I have a setup where I’ve established an office with electricity, water, heating, an employee who handles all sorts of web work for me, and a guy who does some coding for a web project. For all this, I’m paying €5,900/month. Accounting and annual reports for the company cost €3,000/year, salaries are €190/month, and then there are smaller expenses around €150/month. Keep in mind, these are my employees working in my company.
If I could replace them with outsourced staff from a provider, it would cost me around €250︀ a month, but that would just be for show.
The problem in the OP's post︁ is that none of us have any idea what he's paying the 19K for, so︂ I just made a wild guess.
I have a setup where I’ve established an office with electricity, water, heating, an employee who handles all sorts of web work for me, and a guy who does some coding for a web project. For all this, I’m paying €5,900/month. Accounting and annual reports for the company cost €3,000/year, salaries are €190/month, and then there are smaller expenses around €150/month. Keep in mind, these are my employees working in my company.
If I could replace them with outsourced staff from a provider, it would cost me around €250︀ a month, but that would just be for show.
The problem in the OP's post︁ is that none of us have any idea what he's paying the 19K for, so︂ I just made a wild guess.
Thanks, check my answer︃ inside mentor group gold in the thread daniels opened, all in there.
As I’ve also︄ said in this thread, some of the people replying here must really have felt provoked︅ or threatened about their existence, especially someone like Johnnyboy, who absolutely 1000% knew exactly how︆ this setup worked. It was pure provocation and self promotion of his own image same︇ apply for the others which posts got removed!
But check my thread, and you’ll get︈ smarter or stick to your current setup.
As I’ve also︄ said in this thread, some of the people replying here must really have felt provoked︅ or threatened about their existence, especially someone like Johnnyboy, who absolutely 1000% knew exactly how︆ this setup worked. It was pure provocation and self promotion of his own image same︇ apply for the others which posts got removed!
But check my thread, and you’ll get︈ smarter or stick to your current setup.
I’m thinking about doing a light setup like yours, but with a UK company and a Wise account.
You think that could work? And could I pull off the same thing with a New Mexico LLC instead?
You think that could work? And could I pull off the same thing with a New Mexico LLC instead?
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