Withdrawal of funds from the Georgian company

[Thandus]

Hi to all,
I am an EU tax resident, to avoid high taxes in my internet business some time ago I opened a company in Georgia in which I am a hidden real beneficiary.
The company has a Georgian bank account, account card and PayPal / TransferWise, it is registered in the Free Zone so I do not pay income taxes. Unfortunately, I have a problem withdrawing funds from the company. I was thinking about two options.

1.) Opening a company account on some cryptocurrency exchange and under the pretext of buying BTC and then selling it anonymously in my home country, e.g. in a Bitcoin ATM.
Unfortunately, there is a problem with the stock exchanges because most require Video verification, and my nominee does not want to agree to it. Do you know any exchanges that do not require it and you can top up your account using a credit card?

2.) Trip to Georgia to open a private bank account. Then withdraw funds from the company account to personal under the loan. Unfortunately, the downside here are internal transfers between banks in Georgia that can only be made in the GEL currency, which means I would be losing currency conversion.

Do you have any other ideas? Is there anyone here who specializes in Georgian companies and could help for a fee?

I apologize in advance for my English.

 

[Martin Everson]

Whats your end goal to have the cash in your hand from the company?

Toggle signature
Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Thandus]

Exactly.
In addition, we have several contractors who do not issue invoices so we must buy goods from them for cryptocurrencies.

 

[JohnLocke]

Now something just pop up n my head here... there are threads in one of the other forums about Crypto ATM's - wouldn't it be possible to withdraw your crypto in cash using such ATM's ?

Sorry it is completely next door.

Toggle signature

>> Unlock the Power of OffshoreCorpTalk: Become a Member of the Mentor Group Gold <<​

Latest Video Interviews, Offshore Company Resources, Payment Processing Tips & Tricks, Articles and Anonymity Hints only a click away!
Support the Freedom of Speech of our Community

Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.​

 

[Thandus]

Yes, withdrawal of cryptocurrency would be possible in this way.

However, I am looking for a way to buy cryptocurrency as a Georgian company, so as not to pay dividend tax.

 

[Martin Everson]

Buying crypto in Georgia is easy via ATM.

https://coinatmradar.com/city/1334/bitcoin-atm-tbilisi/

Thandus said:
However, I am looking for a way to buy cryptocurrency as a Georgian company, so as not to pay dividend tax.
Click to expand...

Lets assume you lost your original receipts for company expenses incurred while traveling abroad in an obscure country in a local village shop. There are free online tools like Receipt Maker to re-create these business receipts you lost.

http://www.fakereceipt.us/sales_receipt.php

Last edited: Jan 29, 2020
Toggle signature
Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Thandus]

I understand, thank you for the idea, but it seems to me that with larger amounts in the order of 50k EURO this way is not good.
It seems to me that during fiscal control such receipts could be easily verified.

Maybe a better solution would be to open an additional company at sea so that you can normally withdraw funds by credit card?

Alternatively, there is always a loan option between the company and me on my Georgian account.

 

[Martin Everson]

50k is way too much for receipts I agree. I didn't expect figure to be that high eek¤%&. You need to speak with your accountant regarding this reverse directors loan i.e from company to director. I have no idea over the tax treatment of such loans as if it was that easy everybody would be doing loans and no corporate tax would ever be paid...lol.

Toggle signature
Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Thandus]

I talked and said it was the best solution. That is why the idea of investing in cryptocurrencies arose. It seems to me that the government is unable to check whether we actually still have cryptocurrencies purchased for investment purposes.

 

[7889]

Transfers within one bank can be made in usd/gbp/euro, there's no conversion involved

 

[Martin Everson]

Thandus said:
I talked and said it was the best solution. That is why the idea of investing in cryptocurrencies arose. It seems to me that the government is unable to check whether we actually still have cryptocurrencies purchased for investment purposes.
Click to expand...

Hummmmm ok.....then you can buy crypto from the below Georgian company 😕. They hold accounts at all the Georgian banks. Better to buy local this way than send funds outside Georgia to get crypto and run into reporting issues.

https://www.mycoins.ge/
(Just go to bottom of page and switch to English Language).

Toggle signature
Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[onemansomewhere]

1. Travel to Georgia.
2. Open personal bank account in curreency you need.
3. Withdraw a funds from your company bank account
4. Deposit cash into your new georgian personal bank account
5. Wire money out of the country in your selected currency

 

[here2learn]

Can

Thandus said:
Hi to all,
I am an EU tax resident, to avoid high taxes in my internet business some time ago I opened a company in Georgia in which I am a hidden real beneficiary.
The company has a Georgian bank account, account card and PayPal / TransferWise, it is registered in the Free Zone so I do not pay income taxes. Unfortunately, I have a problem withdrawing funds from the company. I was thinking about two options.

1.) Opening a company account on some cryptocurrency exchange and under the pretext of buying BTC and then selling it anonymously in my home country, e.g. in a Bitcoin ATM.
Unfortunately, there is a problem with the stock exchanges because most require Video verification, and my nominee does not want to agree to it. Do you know any exchanges that do not require it and you can top up your account using a credit card?

2.) Trip to Georgia to open a private bank account. Then withdraw funds from the company account to personal under the loan. Unfortunately, the downside here are internal transfers between banks in Georgia that can only be made in the GEL currency, which means I would be losing currency conversion.

Do you have any other ideas? Is there anyone here who specializes in Georgian companies and could help for a fee?

I apologize in advance for my English.
Click to expand...

Can't your nominee get you a company debit card, which you can use at any cash machine to withdraw a decent amount each day?

Or have I misunderstood?

 

[onemansomewhere]

You can become a corporate bank account disponent. You do not have to be a director. And you an do with account almost everything..