Wyoming LLC vs UK LLP
- Thread starter airborne18
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Yes i chatted with the local lawyer here the other week and he did not see any issues with that arrangement either. I was hoping to chat with my UK accountant contact to get his perspective but he has gone all quiet for the time being. We will keep investigating, it is not something we need right now but most likely will be in the next 6 months or so. Indeed, Wyoming seems to be︀ the simplest as long as you keep up with your reporting duties but then that︁ is what the agent/accountant should be on top of 🙂
You want also to speak with @James Turner about the UK LLP it can't harm to get more input before you go on.
Have you spoken to them recently? I’d be interested to know if it’s actually possible to stay under the radar there.
Yes, I speak with them often and have asked again, no one contacted them while they were living there. They moved out last week, and the deregistration process was easy and didn’t require providing any information about where they went.
According to him, it's one of the few places where you can live for almost two years without paying taxes and then disappear into thin air permanently.
According to him, it's one of the few places where you can live for almost two years without paying taxes and then disappear into thin air permanently.
I have a call with my UK accountant soon to explore this option further. His only concerns were, in his words,
"that an LLP should be set up for an active purpose of making a profit. Whether this can be by the LLP taking a cut to justify its existence, I’m not sure.
Just one more thing, we’re all conscious of shifting funds around jurisdictions so you will need (and am sure would be anyway) to be able to demonstrate transparency and proper purpose here"
I guess one could run all the expenses through the LLP and then just bill the profit out to the︀ Montenegrin entity.
Will hopefully know more soon and report back.
"that an LLP should be set up for an active purpose of making a profit. Whether this can be by the LLP taking a cut to justify its existence, I’m not sure.
Just one more thing, we’re all conscious of shifting funds around jurisdictions so you will need (and am sure would be anyway) to be able to demonstrate transparency and proper purpose here"
I guess one could run all the expenses through the LLP and then just bill the profit out to the︀ Montenegrin entity.
Will hopefully know more soon and report back.
But would you even have to bill the profit out? If the UK LLP was owned by a Montenegrin entity, wouldn't all profits be automatically attributable to the Montenegrin company anyway?
Exactly what i thought, hence a pass through entity. Maybe he is misunderstanding me or being too conservative. I will know more when i speak with him.
That's a very interesting setup, have you made any progress with it?
I'm currently looking for professionals who can help me set up a company in Montenegro.
To me, it seems like one of the more reputable jurisdictions compared to the usual ones like Belize, Seychelles, or Costa Rica.
I'm currently looking for professionals who can help me set up a company in Montenegro.
To me, it seems like one of the more reputable jurisdictions compared to the usual ones like Belize, Seychelles, or Costa Rica.
Hi there, on the LLP and LLC front no progress as such. My UK accountant is doing some research on the UK LLP and i have another colleague who is also looking at a Canadian LLP - these vehicles were to assist with the payment processing side of things when running a business with subscriptions or a high volume of sales. There is a need for the government fiscalisation of invoices here in Monte for every transation and this is a︀ headache when using payment processors. There is one company out of Croatia called WSpay that︁ would work but they only work with a limited number of banks and their customer︂ service has so far been below par, for me anyway.
As for setting up a︃ company in Monte there are quite a few companies that will assist with this but︄ that is where the puck stops so to speak and there is no assistance with︅ accounting, residency after etc. One of my friends had this issue and had to change︆ providers once he got here. The group i used is based in Tivat and they︇ are well known throughout the expat community here as they organise the business set up,︈ residency, accounting and help with opening a bank account. Another friend of mine from the︉ UK is also looking to open up a company here with one director based in︊ Monte and one in the UK. The corp tax in the UK is killing him︋ at the moment. If you would like the contact of the group in Tivat please︌ let me know. I am relatively new to this forum so don't know if recommendations︍ are allowed but i am sure an admin will jump in and tell us 🙂
As for setting up a︃ company in Monte there are quite a few companies that will assist with this but︄ that is where the puck stops so to speak and there is no assistance with︅ accounting, residency after etc. One of my friends had this issue and had to change︆ providers once he got here. The group i used is based in Tivat and they︇ are well known throughout the expat community here as they organise the business set up,︈ residency, accounting and help with opening a bank account. Another friend of mine from the︉ UK is also looking to open up a company here with one director based in︊ Monte and one in the UK. The corp tax in the UK is killing him︋ at the moment. If you would like the contact of the group in Tivat please︌ let me know. I am relatively new to this forum so don't know if recommendations︍ are allowed but i am sure an admin will jump in and tell us 🙂
I'm almost at the end (I hope) of the process of company formation and residency. There are a lot of steps. As @airborne18 said, definitely look for a provider that can do everything or at least have a single point of contact. I had a referral from a friend and they are winding down that part of their business so I'm not able to recommend them.
There are quite a few steps and as expected, need to be done in a︀ certain order because of the dependencies. I can walk blindfolded to the notary's office and︁ after watching them I could also stamp in the correct locations, plus use the red︂ and gold string and gold seal in the correct way. I've signed my name more︃ in the last month than in the last decade. Add in an interpreter for some︄ of the notary visits. First time I have ever had my company's articles of association︅ (can't remember what they call them here) read out loud to me. That was a︆ test of concentration for both of us.
Banks here always appear busy and when I︇ walk past any branch there is usually a queue almost out the door, or further.︈ See if you can make an appointment to open an account because it's not a︉ quick visit.
In a small place like Tivat, I get the feeling all the people︊ know each other and that helps. I couldn't imagine trying to do this by yourself.︋ I've been lucky that I usually am just told to be somewhere at a certain︌ time with passport etc and some money. On the whole the costs aren't too bad,︍ just lots of little fees here and there.
There are quite a few steps and as expected, need to be done in a︀ certain order because of the dependencies. I can walk blindfolded to the notary's office and︁ after watching them I could also stamp in the correct locations, plus use the red︂ and gold string and gold seal in the correct way. I've signed my name more︃ in the last month than in the last decade. Add in an interpreter for some︄ of the notary visits. First time I have ever had my company's articles of association︅ (can't remember what they call them here) read out loud to me. That was a︆ test of concentration for both of us.
Banks here always appear busy and when I︇ walk past any branch there is usually a queue almost out the door, or further.︈ See if you can make an appointment to open an account because it's not a︉ quick visit.
In a small place like Tivat, I get the feeling all the people︊ know each other and that helps. I couldn't imagine trying to do this by yourself.︋ I've been lucky that I usually am just told to be somewhere at a certain︌ time with passport etc and some money. On the whole the costs aren't too bad,︍ just lots of little fees here and there.
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