Non resident Cyprus company

[euroartdesign]

Is it a good setup Hungarian resident to open Cyprus non resident tax company to get the income on EMI account on the Cyprus non resident company and:
1. Does the Cyprus tax ministry report automaticly information to the Hungarian tax ministry that the Hungarian has taxes to pay locally or they do not report anything
- may be Nominee is required, but is it enough to have nominee, so cyprus will not report to the local authorities or in both situation they report
2. Can the cash withdraws to be taken as company expenses and account them in the Cyprus yearly accounting

 

[JohnLocke]

The setup is good, but you will still get reported if the setup in Cyprus isn't done correct.

You need to setup the following:

1. real office
2. staff
3. phone
4. utility

Even with this setup you are not 100% guaranteed that you won't get reported, but if you speak to an good accountent or law firm in Cyprus you may get their help to avoid any reporting.

Don't forget to appoint nominees, they need to be real person nominees!

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[euroartdesign]

1. So first important thing this for sure should be done by good service provider in Cyprus..
2. What about the cash withdraw by debit card can this be taken as company expenses, so in the end of the year there is just a few bucks left and if they report they report just small profit?

 

[euroartdesign]

Dear Admin, to protect from reporting is it good idea
First to create Seychelles holding company
and then
Seychelles holding company make Cyprus non resident company?

 

[Gediminas]

euroartdesign said:
Dear Admin, to protect from reporting is it good idea
First to create Seychelles holding company
and then
Seychelles holding company make Cyprus non resident company?
Click to expand...

It depends on how much money you are going to be moving there, this setup might be too costly for you. Speak to offshore agents so they could give you a tailored solution for your needs. It is really hard to say in general is it good for you or not, because every situation is different.

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[euroartdesign]

Dear Gediminas, thank you for you reply,
I think about that if I make EMI on Cyprus company then owner of company is on top, so Seychelles are unnecessary.

 

[JohnSeed]

You could simply setup the Seychelles with darks, that's well possible and easy. After that you setup the Cyprus company where the Seychelles corp is 100% shareholder of the CYP corp.

 

[euroartdesign]

Dear Monneynetwork thank you for the answer,
For example if I want to open epayments account for my Cyprus company with Seychelles company owner,
which owner has to be shown to the epayments real owner or nominal director?
Where I have to use nominal in Seychelles or Cyprus?

 

[Gediminas]

Use nominal's wherever possible if your intention is to hide yourself.

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[Clip]

moneynetwork said:
You could simply setup the Seychelles with darks, that's well possible and easy. After that you setup the Cyprus company where the Seychelles corp is 100% shareholder of the CYP corp.
Click to expand...

Can you get a bank/EMI account for that structure?

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[ivan1911]

Perhaps set a company in Cypruss or other good banking place with low tax and a holding company with bank account in non CRS country...
Use nominee to hide company owner but you will still be UBO in the bank.. but at least in non CRS bank..

I'm far from offshore expert but this is what it comes down to at least in my reaserch...

Of course it all depends on how much money you want to spend.

 

[JohnSeed]

Yes if you are doing it correct you can get both EMI and bank account in Cyprus for this setup. Just be prepared that it requires some money to setup this company structure to work for banking.

GiGoGo said:
Can you get a bank/EMI account for that structure?
Click to expand...

 

[Clip]

moneynetwork said:
requires some money to setup this company structure to work for banking.
Click to expand...

How much roughly?

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[JohnSeed]

That would be considered advertising on the forum I gues ( @Admin ) - you can ask around the different agency services what they require to setup a CYP corp. with real office. real directors and sharehodlers as well as installing utility in the office.

 

[Clip]

moneynetwork said:
That would be considered advertising on the forum I gues ( @Admin ) - you can ask around the different agency services what they require to setup a CYP corp. with real office. real directors and sharehodlers as well as installing utility in the office.
Click to expand...

So you mean that for a real bank account (No EMI) you need a physical office in Cy

Thanks

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[JohnLocke]

GiGoGo said:
So you mean that for a real bank account (No EMI) you need a physical office in Cy

Thanks
Click to expand...

Today it is the case. You can try to consult some of the real agents in Cyprus and ask them if you can setup a company there with a real bank account, say with Bank of Cyprus - I already know the answer but you are welcome to try yourself.

Since a few years everything has changed in Cyprus so in the rest of this world! It is not the same as it was, the opening of real bank accounts require a lot more. I have been visiting Cyprus for 2 months ago because I thought maybe if we do personal visit and sit with the agent face to face it would change anything, but it does not.

If anyone has other information or had luck to setup a Cyprus bank account with the few reputable banks in Cyprus without to setup a real office, so please post here the agent (not a reseller) and explain how you did.

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[euroartdesign]

Today I called one agent in Cyprus and they told me if my non resident company make more then 15k monthly, company will be automatically VAT registered. Is it true?