Dubai substance

[OJ333]

Due to all the replies I received about "being wrong" I sent an inquiry to‌ the legal / accounting firm I use as an offshore advisor and mediator to confirm‍ the thesis and update my knowledge. I am quoting:

"At the moment there isnt a⁠ procedure in the bulgarian tax law according to which the UAE company can be obliged⁤ to pay corporate tax in Bulgaria".

So there you go, end of question. No one⁣ is being wrong, its up to the jurisdiction.

To Alenka - if you are sure⁢ Georgia doesnt have any loophole and you are sure you want to personally move to︀ another country you might inquire about BG. European country, peaceful, relatively good rule of law,︁ good IT entrepreneurial climate, Christian, democratic and you will just pay your 5% on the︂ dividend you receive 🙂

 

[FixieHartmann]

That is why I wrote

There might be places that are not as strict (and it seems that Bulgaria︅ is in that group) but I’ve yet to hear about a high tax country where︆ you could easily run offshore companies without substance that will not become tax resident where︇ you live.

Just out of curiosity, @OJ333 do you speak Bulgarian? How easy is it︈ to get by with just English in Bulgaria?

 

[OJ333]

Most of the people under 40 have a basic english level. It is⁣ mandatory since 1st grade and a lot of parents send their kids to private lessons⁢ too. So you will be able to ask for "bread" or "bank" or "where is︀ the police station" or strike a simple conversation if you don't mind bad grammer.
The bigger the city, the more pronounced the above tendency is. If you visit an entrepreneurial︁ or IT event or a concert of a foreign group chances are almost all of︂ the people will be fluent.
People above that age group have mostly studied russian as︃ kids, but out of necessity the more intelligent / who have travelled will have some︄ basic words in their vocabulary.
The only places where it would be near impossible to︅ speak english is remote villages with mainly old people.

 

[Alenka]

Really nice place,︂ if next year will be the same situation I will exactly make UAE company and︃ move to Bulgaria, but I need to do smth this year as well 😀

 

[Alenka]

I'm thinking to open an US LLC or Irish LP, but have doubts that I‌ can open bank account and connect Stripe to it. Maybe some of you guys know‍ if it still works?

I would like to pay taxes in Georgia as well if⁠ possible, like Sole trader with special status small business(1-3% on turnover) and make LP or⁤ LLC for payment processing(I can't add any Visa/Mastercard in Georgia, so for me registering an⁣ LP or LLC and connect it to my Sole Trader with this status would be⁢ nice.

Regarding the second I can contact my local tax advisor, but the first one︀ they surely don't know.

 

[manwithtoupe]

How is the︂ COVID hysteria in Bulgaria?

As they get more people vaccinated, do you think that they︃ will ever ban unvaccinated from entering stores?

Do you think they will keep doing lockdowns︄ and curfews? Will businesses like gyms be affected?

 

[OJ333]

After seeing what is happening in France, I really can't say anything for sure⁤ anymore. All I know is that almost everything here is open, most places don't require⁣ masks (except hospitals, government buildings or big stores) and BG has the lowest vaccination count⁢ in EU (only country with less than 25%). And there aren't any dead bodies on︀ the streets 🙂

I suspect it would be extremely hard to force people here adopt a︁ health pass since there is a lot of mistrust for the political class due to︂ corruption skandals, abuse of power (just check the name "Borisov prime minister" in google) etc.︃ As I said above, we don't even have a government right now 😀 (they are still︄ struggling after the elections).

I suspect that we would be the last ones to be︅ forced to get vaccinated, probably only second to Hungary and Poland. I for a fact︆ know that I will be dead on the street with a bullet in my chest︇ before I get jabbed by force. The Eastern and Central European countries are still haunted︈ by the ghosts of communism, which weirdly makes them one of the best places to︉ live in my opinion. When you have had your grandparent put into concentration camp because︊ he owned a small shop (true story) you are not very likely to respond well︋ to totalitarian measures or socialist bs.

 

[erni]

all gone with corona and covid19 - Ukraine is the new s**t in the world‌ with Putin in front....

back to topic... wonder who is able to help with substance‍ in Dubai for company there?

 

[Fred]

We provide the necessary as⁠ part of our All-Incl. Package.

 

[erni]

great and good to know. thanks for prompt response.

 

[tacokai]

all good now?