New Structure to cover Sark & Monaco

[Barney2201]

I am resident of Sark (no income tax), pre Covid I had a hospitality company which provided hospitality for Monaco F1, my company used to rent an apartment for the F1 weekend. Ran this for about 5 years until the tenants left and Covid hit.

I'm now about to reboot the business but planning to rent the apartment full time. Will use it for F1 and other motorsport events for hospitality along with it being a European bolt hole (Sark is tricky to commute from in winter), UK passport holder so up against the 90/180 rules.

As you can't register a company in Sark and I don't plan to become Monaco resident for the first few years where would be the best location to register a company to operate the hospitality from?

I need online credit card processing (to sell packages) and a location which doesn't add VAT to my sales, and also ideally does not require a resident director (like Guernsey). Was thinking US LLC only issue is if we want to expand the operation into the US this will be a problem, although could be a quick short term solution”¦

 

[Barney2201]

Just a re-boot to see if anyone has any thoughts on this??

 

[Meta]

You are in a good position regarding Permanent Establishment laws, I presume Sark does not have any as there are no companies in the first place. Just choose any country that you like =)

If you are doing some B2B in EU, some other country in Europe I guess (Cyprus? Malta?), otherwise your clients may get nervous. If you just need to accept cards online, US LLC seems ideal. Maybe Hong Kong? You can get Stripe as well, but will have to collect some paperwork showing that everything happens outside of HK so they don't tax you.

I would think that the main problem would be "Sark? Sorry, this place is not on our list of existing countries". Maybe you can share your experience with banks regarding your residency? Explaining why your tax return contains the size of your residence and nothing much else etc.

 

[Barney2201]

Thanks Meta, as always there's more to they story.... I also own a UK events company, doing events in the UK (I bounce in / out for each event living under the 90 midnight rule). The dream is a location which would be a good place for a Hold Co structure with hold co, owning F1 company, an 'off shore event design company and the Uk Events company, use the offshore to extract a reasonable level of profit from the UK for event design services then feed profit up the chain to the hold co. A few people have said Cyprus would be good for this as it's EU and has a DTA with the UK for invoicing work to the UK company.