Best EU structure: Romania micro-company (1%) + Georgia high net-worth (%5)
- Thread starter Min Park
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How difficult will it be to open a bank account for such an DMCC entity and do you know how to go about it?
The $16k is minimum business turnover, not running cost. The tax and pension requirements on $325 per month salary are only about $300 per year. I doubt that the OP would need a residence permit anyway, based on their requirements.
As cyprus123 points out, you can choose expensive options like Regus and you can find an expensive (by Georgian standards) accountant.
I think that UAE can work very well for some people, but costs are higher.
As cyprus123 points out, you can choose expensive options like Regus and you can find an expensive (by Georgian standards) accountant.
I think that UAE can work very well for some people, but costs are higher.
DMCC is one of the best regarded centres for business in the GCC. Bank account opening is easy as the banks have branches there.
If the bank has some doubts regarding your business they will normally ask for a $10K deposit and ask you maintain that as a minimum balance.
Ajman is also very proactive and its about 40 min drive from Dubai International Airport. They want a bigger slice of the market and so have priced there proposition quite aggressively.
If the bank has some doubts regarding your business they will normally ask for a $10K deposit and ask you maintain that as a minimum balance.
Ajman is also very proactive and its about 40 min drive from Dubai International Airport. They want a bigger slice of the market and so have priced there proposition quite aggressively.
Correct me if im wrong but he will need to establish a "base" otherwise his home country could come after him.
My thinking︀ is total coverage so there are no questions. It would be cheaper in the long︁ run to have a total solution therefore negating any future issues.
Thats what I advise︂ my clients but thats not to say there maybe other very good options like Georgia.︃
As always if you want tax free solutions then move to a tax free country.︄
My thinking︀ is total coverage so there are no questions. It would be cheaper in the long︁ run to have a total solution therefore negating any future issues.
Thats what I advise︂ my clients but thats not to say there maybe other very good options like Georgia.︃
As always if you want tax free solutions then move to a tax free country.︄
Even if OP has a base offshore I don't see how it helps with taxation at place of residence. The location of the work is the issue. Maybe you can fall through the gaps if you move country frequently enough, but that nomadic approach is not easy.
Absolutely true. Or compromise and move somewhere with low taxes that you like (weather, food, people, etc) and has a good cost of living.
Or look for territorial taxation if you have passive income.
Absolutely true. Or compromise and move somewhere with low taxes that you like (weather, food, people, etc) and has a good cost of living.
Or look for territorial taxation if you have passive income.
Last I checked it was more like $250k and you must bring either 50% or $250k to the table.
So you could either buy an apartment for $1m and make a downpayment of $250k or buy an apartment for $250k (the minimum amount), but then only 50% can be loaned.
And also the apartment must be in your name, not the bank’s name. Which most banks won’t go along with.
In other words: If you don’t have at least $125k to invest, or ideally enough︀ cash to buy the apartment outright, forget about it.
So you could either buy an apartment for $1m and make a downpayment of $250k or buy an apartment for $250k (the minimum amount), but then only 50% can be loaned.
And also the apartment must be in your name, not the bank’s name. Which most banks won’t go along with.
In other words: If you don’t have at least $125k to invest, or ideally enough︀ cash to buy the apartment outright, forget about it.
Depends which Emirate.
Ajman currently allows︀ you residency with this investment. Dubai and Abu Dhabi is a lot higher.
Similarly a︁ DMCC Service company will cost you 8-10k per year but an Ajman will cost 6-8k︂ per year. Ajman are a bit more flexible than Dubai or Abu Dhabi
Ajman currently allows︀ you residency with this investment. Dubai and Abu Dhabi is a lot higher.
Similarly a︁ DMCC Service company will cost you 8-10k per year but an Ajman will cost 6-8k︂ per year. Ajman are a bit more flexible than Dubai or Abu Dhabi
Some service providers ranking on the 1st page of Google actually have outdated info, e.g. 20% management consulting fees, which was removed from the law, or even the 65,000 threshold instead of 1,000,000.
The most recent article I've managed to find so far: Micro-Enterprise in Romania: 1% Corporate Tax
The most recent article I've managed to find so far: Micro-Enterprise in Romania: 1% Corporate Tax
When I spoke to Romanian accountants, they said that F/X does not count as regular income (requires quarterly statements), but the net gains for the whole year constitute a tax base in the last quarter of the fiscal year. So, as far I understood, you need to keep the same 1M/year limit even if F/X is your sole activity.
As far as I understood, 1M regards active earnings per year. F/X case is particular because there are capital gains that are basically seen as active income in the last quarter of the year. But if it's capital accumulated over years, I don't think there is any limit.
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