Jurisdiction Recommendation for $1M+ Turnover Business

[rowena]

Hello,
I started a new internet business and I need to convert it to the company ASAP.

- I have zero tax-residency.
- Yearly turnover will be more than 1 million USD.
- I don't want to deal with audits, annul return fillings, etc...
- I will use EMI for banking(TW, ePayments, etc..). Completely legit business and money transfers will come from Google.

Can you recommend me a jurisdiction?

Thanks.

 

[fshore]

Us llc.
Are you sure you need a company, google won't support a sole proprietor?‌

 

[rowena]

US LLC is subject to taxes as far as I‍ know and accounting etc..

Yes, Google supports sole but I already have a sole account⁠ for my another business.

 

[fshore]

US llc is disregarded so taxed as sole proprietor. But you⁠ need to do some accounting for 5472 form.

Not sure how it would work in⁤ Google, in amazon you don't actually mention the llc anywhere in the settings / tax⁣ interview as they only ask for the sole proprietor member of the llc.

 

[Osleak]

With Tw you should be able to work with Rak dubai offshore, belize but not⁢ seychelles, it’s support also Delaware llc i think... to be tax free and no audit︀ i think an offshore is good for you

 

[JimBeam]

Depending on the nature of your business, I think that Dubai free zone company can‌ be a good solution. I'm in the middle of the setting up a company for‍ myself. I know you can use TW with freezone company.

 

[rowena]

Actually I have a company in UAE. I am looking for another jurisdiction and you⁤ need accounting in UAE also bank account opening is very hard for flexi desk companies.⁣

 

[JimBeam]

So UAE is not wokring for you?
I know that⁠ bank account opening is difficult. It's not easy anywhere. Did you managed to get a⁤ bank account there?
Also about accounting - you'll going to need almost everywhere. If somewhere⁣ accounting is not required - it means that you either won't have banking in that⁢ country or that you won't be able to do much with that company.

Our income︀ is also for Google. We are currently on Cypruss - everything working fine except the︁ tax (12.5% + 1%) that we're trying to avoid.

 

[GrumpyMess]

Is it also hard for a freelance visas?

have you shortlisted any other options except Cyprus? 12.5% + 1%⁤ is not the most advantageous option

 

[rowena]

@GrumpyMess
If you have a bachelor's degree(about related areas like software engineering or graphic design‌ etc..), you can get a freelance visa easily.

 

[GrumpyMess]

I'm asking‍ about a bank account for a such visa setup. This visa also worth nothing without⁠ a bank account.

Is your⁤ residency UAE?

 

[rowena]

@GrumpyMess
You can get a personal bank account by visa(maybe you can get a business‌ bank account based(for ex neobiz) on your freelance permit) and yes I am UAE resident.‍

 

[JohnSeed]

OP you are very optimistic in regards to your new venture. Congrats with your venture‌ and keep us posted on how it is going.

 

[rowena]

I have several personal bank account︀ in UAE but not a business account. If you need a business bank account then︁ you need to rent a real office, real electric/water utility bill(called DEWA). They will cost︂ roughly $10k per year also yearly company fees(min $6-7K), accounting(min $2K), visa etc... You need︃ to spend around yearly $20K for all-inclusive, "proper" company setup. UAE is not a cheap︄ place but the company tax is %0.

Thank you. I am doing this business since 4︇ years that's why I can able to predict a turnover early. Hopefully, it will go︈ well.

 

[GrumpyMess]

Are there any problems in opening and running these personal accounts?

 

[rowena]

No. They are working fine

 

[GrumpyMess]

Good. Are there any issues‌ with USD accounts and cards in particular? Does the bank request a lot of documents‍ on incoming and outgoing transfers?

 

[dxbkk]

What's wrong with keeping the new business in the UAE? Am I missing something?

 

[JohnLocke]

I'm curious, with all what‌ we have read around the forum then I wonder why you don't find it secure‍ to register a company somewhere in the UAE and open a real bank account there?⁠ You could hold all your money in one or two banks and live in silence.⁤ Or isn't that the real world?

 

[BlueMist]

Some freezones e.g. Fujairah Creative City still doesn't require accounting⁠ or auditing. Yes, there is VAT reporting required but depending how complex your transactions are⁤ you can do it yourself or make someone else do it for you. You may⁣ also apply for VAT exception if your transactions are overseas or VAT zero rated.

If you have good ties with the banks by having premium or private︃ client accounts, who know you and your source of funds well, then I see no︄ reason why they would reject you. You can always threat them a bit that you︅ will close the accounts if they are not willing to help you with corporate account︆ opening.

Otherwise doing all the proper "office setup" for 1 year, then getting 3-4 bank︇ accounts, closing the office down after 1 year and keeping the accounts don't seem like︈ a bad "last resort" idea as well.