Offshore Company to Hide my Identity, Dubai?
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I didn't read through the whole thread, but this will be difficult.
In most countries, the foreign company would have to register in order to pay taxes.
So if you live in country A and you register the company in country B and country B allows "anonymous" companies, then to pay the tax in your home country, your offshore company would have to register a PE in country A, which will mean that the information will also be public.
Maybe you could try registering a partnership somewhere, where your local company is one of the partners.
Or a US LLC - but then there is︀ a risk of US taxes, depending on what you do.
In most countries, the foreign company would have to register in order to pay taxes.
So if you live in country A and you register the company in country B and country B allows "anonymous" companies, then to pay the tax in your home country, your offshore company would have to register a PE in country A, which will mean that the information will also be public.
Maybe you could try registering a partnership somewhere, where your local company is one of the partners.
Or a US LLC - but then there is︀ a risk of US taxes, depending on what you do.
If Cyprus offers the same as Dubai, where you can be sure that the UBO is not publicly accessible, then I would say that a Cyprus company is easier, as long as it is still possible to get a bank account for it.
You can expect this information to be leaked. There is no privacy in the UAE.
Someone could probably even just call them and ask for your contact details and they would give them out.
If you live in a high tax country, you would typically also have to register the company in your home country, so then people would be able to look up the information online after all.
The UAE is a really bad place to do business. I would never︀ incorporate there if you can help it.
Someone could probably even just call them and ask for your contact details and they would give them out.
If you live in a high tax country, you would typically also have to register the company in your home country, so then people would be able to look up the information online after all.
The UAE is a really bad place to do business. I would never︀ incorporate there if you can help it.
If you have a standard type of sales such as those on SaaS or ecommerce and maintain proper transaction records, accounting should not eat you up in fees
I would say "It depends on your activity".
If you are an online business then your accounting costs are basically only the auditor. Depending on your volume and turnover that is normally around 2500 annually. Depending on your provider you pay for a nominee somewhere between 500 and 2500. Price difference boils down to what is included activity wise in the fee. Maintaining the company can be done for 2500 for sure. So in reality I would say the price ranges between 5500 and 7500. But as mentioned; it︀ depends on the activities, the volume and the turnover, so your turnover could be a︁ very valid estimate.
If you are an online business then your accounting costs are basically only the auditor. Depending on your volume and turnover that is normally around 2500 annually. Depending on your provider you pay for a nominee somewhere between 500 and 2500. Price difference boils down to what is included activity wise in the fee. Maintaining the company can be done for 2500 for sure. So in reality I would say the price ranges between 5500 and 7500. But as mentioned; it︀ depends on the activities, the volume and the turnover, so your turnover could be a︁ very valid estimate.
Thanks for your input again - highly appreciate that.
Cyprus would be indeed a good option. I also talked with one tax advisor who told me he would choose Malta over Cyprus, though. They are similar, but corporation tax rate for Malta can go down to 5 % (12.5 % for cyprus, 9 % Dubai) and that I could use nominees as well. Basically similar to cyprus in terms of privacy as far as I understand. Both are EU.
If someone has experience with Malta, let me know.
The reason I am currently favoring Dubai is that I also plan moving abroad for 1-2 years︀ to bank as much as possible and also pay low taxes, as mentioned in my︁ previous post. So privacy + low tax is my priority. Malta, Cyprus and Dubai offer︂ all of that, but I prefer Dubai over Cyprus/ Malta to live in.
Also, all︃ 3 jurisdictions don't require >182 days spent to obtain a tax residency there, less is︄ also possible, which is good. I would just have to spend less than 182 days︅ in my current country to not be tax resident here. So it would be possible︆ to spend 180 days in my current country, 35 days in Dubai, and the rest︇ in another country and still be Dubai tax resident (would be similar with Malta/ Cyprus︈ though) as far as I understand.
Cyprus would be indeed a good option. I also talked with one tax advisor who told me he would choose Malta over Cyprus, though. They are similar, but corporation tax rate for Malta can go down to 5 % (12.5 % for cyprus, 9 % Dubai) and that I could use nominees as well. Basically similar to cyprus in terms of privacy as far as I understand. Both are EU.
If someone has experience with Malta, let me know.
The reason I am currently favoring Dubai is that I also plan moving abroad for 1-2 years︀ to bank as much as possible and also pay low taxes, as mentioned in my︁ previous post. So privacy + low tax is my priority. Malta, Cyprus and Dubai offer︂ all of that, but I prefer Dubai over Cyprus/ Malta to live in.
Also, all︃ 3 jurisdictions don't require >182 days spent to obtain a tax residency there, less is︄ also possible, which is good. I would just have to spend less than 182 days︅ in my current country to not be tax resident here. So it would be possible︆ to spend 180 days in my current country, 35 days in Dubai, and the rest︇ in another country and still be Dubai tax resident (would be similar with Malta/ Cyprus︈ though) as far as I understand.
Take it from me that in theory this sounds good. Yet in practice your home country will︀ deem you still a tax resident and tax you. Especially when you stay 180 days︁ in your home country and only 35 days in Dubai and the rest in others.︂
To avoid the tax vultures coming from you, better be prepared to approximately stay 200︃ days in Dubai, 100 in others countries and the remaining part in your home country︄ for the first couple of years.
To avoid the tax vultures coming from you, better be prepared to approximately stay 200︃ days in Dubai, 100 in others countries and the remaining part in your home country︄ for the first couple of years.
You're likely misunderstanding. Basically all high-tax countries will still consider you tax resident with such a setup.︀
Number of days spent in country is only one of many checks, and they can︁ also count days where you were not in the country.
Example: Imagine an consultant or︂ field engineer who travels to many different countries during the weekends and spends only the︃ weekends in his home country. Such a person will have very few days in their︄ home country, but still very clearly be tax resident there.
Number of days spent in country is only one of many checks, and they can︁ also count days where you were not in the country.
Example: Imagine an consultant or︂ field engineer who travels to many different countries during the weekends and spends only the︃ weekends in his home country. Such a person will have very few days in their︄ home country, but still very clearly be tax resident there.
Or "center of your economic activity". Very arbitrary but it boils down to where you spend your money in your free time. They go as far as where you receive your parcels, play tennis, drink your gin tonics, buy your clothes, or how︀ you book your flights. Just to highlight a couple of items.
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