Bulgaria VS Cyprus VS other - where to incorporate in 2019?

[kevino]

Hello,

The last few weeks I dig a lot to find a place to incorporate a company in affiliation business (gambling). The business just redirect players to websites, they deposit and we get commissions (classic affiliation business).

It's clean but like you know some jurisdictions don't like (Labuan or Dubai for example because relative to gambling even the business itself is NOT an online casino but information website).

I want to incorporate in "clean jurisdiction" and not shady one like Mauritius or Seychelles. One of the reason: if I want to buy a property and ask a loan to bank, they will not really enjoy funds coming from Mauritius. Besides I think in long term it will be more and more hard to be in those kind of jurisdictions. So for my long term vision, I prefer to be in clean jurisdiction directly. That's mean also I don't care about privacy as anyway I want to be clean with funds traceability.

I checked about Cyprus (12.5% corporate tax), but after many contacts and phone calling it looks like it's not an option anymore if we don't have physical presence there as now they are very carefully. Of course incorporate the company is always possible but it's for bank account there is a problem. Btw for those who are not familiar with the topic, usually it's always possible to open a company in a jurisdiction, it's when we need to open a bank account problems begin...and without bank account, the company is worthless!
If someone have information about a way to have a company + bank account (on long term!) without physical presence in Cyprus, please let me know.

Then I checked about Bulgaria (10% corporate tax + 5% dividends) during weeks. Looks interesting but we are far of the advertisement "your company for 400 euros". The price I got for incorporation the first year is more like 4000-6000 euros. There is even a company which ask me 1750 euros just for 10 hours consulting...for information I got for free with other consultants. If you have a reliable company to incorporate in Bulgaria which don't have crazy prices, let me know.

I checked also Estonia. Eventually that could be the solution but I'm sure I can get better than the 20% tax.

If you have any information to help me to find the best place to incorporate my company, you will make my day 🙂

 

[JohnLocke]

kevino said:
I checked about Cyprus (12.5% corporate tax), but after many contacts and phone calling it looks like it's not an option anymore if we don't have physical presence there as now they are very carefully. Of course incorporate the company is always possible but it's for bank account there is a problem. Btw for those who are not familiar with the topic, usually it's always possible to open a company in a jurisdiction, it's when we need to open a bank account problems begin...and without bank account, the company is worthless!
If someone have information about a way to have a company + bank account (on long term!) without physical presence in Cyprus, please let me know.
Click to expand...

I don't know who you have spoken with but it sounds like you have been all around in Cyprus. Anyway, if you setup the company in Cyprus with the right business description and the right office I can't see what the problem is to get the company + bank account setup.

You may want to register the company non resident to avoid the tax!

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[kevino]

@Admin,

That is interesting. What I understand after speaking with different people is Cyprus is not a big party like before for open account without official business there / customers there / office there / employee there. But if you confirm it's 100% sure to open bank account which will be not close 6 months after it's great! I will contact you for more info.

Note: I made a mistake posting in wrong thread this post because it's the first time 🙁 Can you move this thread to "Mentor group" root? Or maybe I delete this one to create another one in good section?

 

[TurnedToRobot]

No problem what so ever to get a bank account for a Cyprus company if you setup the company correct and with a good business plan! There is a lot of fuz going on these days with the Cyprus banks. 99% of people that claim they have problems have either played games with the bank or failed totally to provide what is required.

That's my experience. On top of this there are people that ALWAYS accuse others to have failed never them self!

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[kevino]

Well actually it's not really owner from companies who told me that. But lawyers from Cyprus who didn't have special interest to sell me something and explained me how was the actual market. What I understood is banks are much more carefully than before and don't really enjoy provide services for "nutshell" company which provides no local services in Cyprus (no office, no customers, no employees, etc.).

Actually I would like to ask, can you simply enter in Cyprus bank and tell "Hi, I just open a new company in Cyprus but I have no business here, no employee, no office, no income from your country and don't plan to have. Can you open me an account please?". Do they accept that or we need to trick somewhere? Like hire an employee there or rent office there or claim we will make business there when actually we will never? Or do you have special connection to specific bank which accept to close one eye? In that case, how long time the eye will be close?

You mentioned business plan and "or failed totally to provide what is required". One way to understand that is you give to the bank a business plan showing real business and customers in Cyprus. Then bank accept you because you suppose to do business in Cyprus. And one year after when they check what you have done, they see actually 0$ came from Cyprus customers and they want to close your account because that was not your business plan.

Clarification is welcome to know more about how it's work in details 🙂

 

[NS Corp]

Hi,

Whilst I appreciate what others are saying about Cyprus, the issue is the fact that this is a trading company in a gambling related field. A trading company, unlike their holding company counterparts, generally require some type of substance by the banks - this has become the norm. "Substance", a silly word in its own right, can be created but it's important to do a cost-benefit analysis on the situation and in my experience, Cyprus is rarely the best option.

It's all well and good saying things such as "99% of people do it wrong", but there is rarely a situation where there is smoke with no fire. Especially if the main concern here is longevity. If we were discussing a holding company, it would be a different conversation.

Last edited by a moderator: Feb 20, 2019

 

[kevino]

Thank you for add a valuable comment here!

Yes I think what I heard from lawyers could be the "substance" you mentioned with a real activity in Cyprus (customers there, office, employee, etc). If the point is to pay for all that to give impression there is a "substance", it seems not really a good deal at end.

For the gambling related field, almost all people I contacted in different jurisdictions told me it's fine because we are not "pure gambling". We are not a casino needing a special license, we are just informational website doing advertisement, so it's same like a "normal" business for most of countries. Of course for countries like Dubai, the story would be different...

You understand correctly about longevity. It's a real business with customers and workers (freelances). All is online but the point is not to change structure 6 months after because we try to do things in tricky way which not work after few months. My point is really to do things right for long term, I even don't need darks. Therefore find the best jurisdiction according our case. Which is basically simple : the business is online, freelances are working for us are online, shareholders (from Europe) are living in Asia, customers are mainly in Asia...where to incorporate to be clean but with minimum taxes/maintenance costs?

Which other country do you suggest as you mentioned Cyprus is rarely the best option?

 

[NS Corp]

Hi,

I would start by clarifying that I was not insinuating that you required a license to conduct your business. The comment was made more to point out that the banks may designate you as "high-risk" - it really doesn't take much to be designated as such these days. Nor did I wish to bash Cyprus as a whole, it may well be the best option for you.

"The world is your oyster", as the saying goes. You can incorporate a new company in a jurisdiction of your choosing, maybe open a branch office somewhere. Georgia, Armenia, Azerbaijan seem popular currently due to their robust banking options as well as reasonable operating costs - the taxes are a little higher than what you are looking for but can be brought to a more manageable level with the right accountant.

 

[JohnLocke]

kevino said:
Yes I think what I heard from lawyers could be the "substance" you mentioned with a real activity in Cyprus (customers there, office, employee, etc). If the point is to pay for all that to give impression there is a "substance", it seems not really a good deal at end.
Click to expand...

It depends very much on your situation it's not one fit all. In your case it may be the wrong way to go while for others it may be the right decision.

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[kevino]

Admin said:
It depends very much on your situation it's not one fit all. In your case it may be the wrong way to go while for others it may be the right decision.
Click to expand...

In this case can you give clarification about which kind of situation Cyprus is a good way and which kind of situation Cyprus is the wrong way?

Also can I have a clarification if in February 2019, we can open a bank account in Cyprus for a company which have no office in Cyprus, no business in Cyprus, no customers in Cyprus, no employee in Cyprus, no residence in Cyprus but many transactions with customers around the world? I think it doesn't matter if the company is in business A or business B, the law is same for every company, isn't it? So the answer should be simply YES or NO.

 

[clemens]

People need to be spoonfeed - why did you posted this topic under Anonymity & darks ? It's obvious for what you are looking is a legit setup and has at no point anything to do with darks!

What is your budget to setup the company? for me I read it that you are one of the many here with a 50$ saving account and want to go offshore to avoid to pay the .05 cent to Uncle Sam and his crew.

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[kevino]

Well actually I made a mistake like I said in my second post 🙁

kevino said:
Note: I made a mistake posting in wrong thread this post because it's the first time 🙁 Can you move this thread to "Mentor group" root? Or maybe I delete this one to create another one in good section?
Click to expand...

If admin OK with that I can ask again the question in the good section to get more accurate answers...for my case and other people in same case, probably a lot of.

clemens said:
It's obvious for what you are looking is a legit setup and has at no point anything to do with darks!
Click to expand...

You are correct about legit setup. Or at least I want to be at maximum clean in the "grey area" of offshore structures.

clemens said:
What is your budget to setup the company? for me I read it that you are one of the many here with a 50$ saving account and want to go offshore to avoid to pay the .05 cent to Uncle Sam and his crew.
Click to expand...

I have never visited Uncle Sam in my life. I'm European living in Asia for 10 years. So I have no obligations to incorporate where I born, neither to Uncle Sam's place, neither to where I live right now as the business is not there...and the shareholders neither. As consequence legally I think I have the right to incorporate where I want and it's not my country of birth which can complaint about it. So I'm not in this forum to ask how I can hide my taxes from Uncle Sam or my country of birth. I'm here to know where I can incorporate legally, in clean way, an online business which has no office and where our staff are all working remotely from their own country as freelances. As consequence I look for a place with low tax (why pay high tax if I don't need?), bank account, and quite cheap for maintenance (without need to rent office and staff except if it's really low). The only thing I'm sure is I need to incorporate in Europe.

Budget : I guess it will be 4 digits, I'm fine with that.

 

[JohnLocke]

kevino said:
If admin OK with that I can ask again the question in the good section to get more accurate answers...for my case and other people in same case, probably a lot of.
Click to expand...

I just moved the thread to avoid any confusion 😉

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[kevino]

Thank you admin 😉

 

[kevino]

clemens said:
for me I read it that you are one of the many here with a 50$ saving account and want to go offshore to avoid to pay the .05 cent to Uncle Sam and his crew.
Click to expand...

@clemens, do you still think I'm here for save .05 cent?

 

[kevino]

As there is no more answer here between "Mentor Group" members, I will try to increase my chances by posting my question in public forum.