Got in troubles! Can't open local company because of my lenders!

[TurnedToRobot]

It's a strange situation I got into and a horrible situation 🙁

I had a local business venture which worked out great for me. The bank was willing to lend me 600,000 EURO for my project so I was able to grow my business.

The problem now is, 4 years after, I owe more than 2 million EURO to banks and other creditors which I have been able to lend money from and buy goods on credit!

I have been banned in my country to run a company again and I'm registered in a public register like "Schufa in Germany" so I can't do nothing.

So how can I run a business again? Would you say that if I can rise the money to setup a Cyprus company and use an EMI account it would be my outbreak of this hell?

Any help would be much appreciated.

This is not about tax evasion, not about to avoid tax, I'm happy to pay tax locally.

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[Samuel Newman]

kanakke said:
It's a strange situation I got into and a horrible situation 🙁

I had a local business venture which worked out great for me. The bank was willing to lend me 600,000 EURO for my project so I was able to grow my business.


This is not about tax evasion, not about to avoid tax, I'm happy to pay tax locally.
Click to expand...

you may open local Cyprus company + Cyprus bank account + Cyprus director + Cyprus office
so, you will have comapny, that is tax resident in Cyprus, 12.5% tax rate would not be a problem to you as I see
also, it works better if check tax treaties between Cyprus and your mother country

 

[TurnedToRobot]

But why cyprus director and cyprus office? my tax advisor tells me I just need an entity in EU so I can tell my local tax office that's where I earn money??

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[Samuel Newman]

kanakke said:
But why cyprus director and cyprus office? my tax advisor tells me I just need an entity in EU so I can tell my local tax office that's where I earn money??
Click to expand...

a lot of options are availible for you
1) incorporate somewhere(Cyprus,Gibraltar etc.) non-resident company and do your business from your resident country without hidding anything and paying taxes in mother country
2) incorporate a company as a tax resident of the country of incorporation and pay taxes in this country (you may save something in taxes, depends on the counrty you reside in)
3) incorporate a company using fiduciary services and do not pay even a shekel in taxes and stay anonymous

 

[TurnedToRobot]

What about darks? it works I read for some?

But back to Cyprus, so you say a Cyprus company with Mister Tango can work for me right?

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[Samuel Newman]

kanakke said:
But back to Cyprus, so you say a Cyprus company with Mister Tango can work for me right?
Click to expand...

it may work, but more details about your business are neccessary to advice structure for you
all that depends on business activity and turnover

 

[TurnedToRobot]

This is about a legal setup not about tax or stuff.. let me pin point it.. am I allowed to setup a company in Cyprus and open a mister tango account?

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[Samuel Newman]

kanakke said:
This is about a legal setup not about tax or stuff.. let me pin point it.. am I allowed to setup a company in Cyprus and open a mister tango account?
Click to expand...

anyone is allowed to do so, but if you want to make things legal, maybe you need to report to your local tax authorities about your foreign companies and accounts (depends on laws of your place of residence)

 

[TurnedToRobot]

Anyone else has input here?

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[negon]

You can setup even a UK company if you want that. However, are you resident in an European country?

 

[TurnedToRobot]

Thank you - yes I live in Europe!

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[David97255]

UK ltd, it s not offshore, but it will be enough for your need.

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Scammed people on the forum!

 

[countryfree]

There are many people like you!
To play it safe, I recommend to do everything outside of the EU. It's a bit like a ticket for driving too fast. Say, if you're German, you can get a fine from Spain. The judicial systems are getting more and more integrated...