Offshore Company Setup for Monthly $40k Mobile App Revenue

[rowena]

Hello,
I am non-eu and non-us resident and interested in setup offshore company. I am individual mobile application developer and I have income from directly Apple USA which approximately $40k per month.

I am using Payoneer for my payments but I am not too much comfortable with them. I lived in Dubai 1 year ago and I have a bank account in UAE but it is personal account. I don't want to use it because probably it will create a problem with bank's policy.

Can you recommend me agency and setup/country?

Thank you very much

 

[DonnieBrasco]

We are in the same boat, i just cant get it figured out how to do the setup properly to live the next year as digital nomad

 

[JohnLocke]

First of all you will need to find out what offshore jurisdiction Google may support then you have to do investigation on the jurisdiction of your choice.

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[rowena]

Admin said:
First of all you will need to find out what offshore jurisdiction Google may support then you have to do investigation on the jurisdiction of your choice.
Click to expand...

Hello Dear Admin,
What is the relationship with Google ? I didn't understand. I am getting my payments from Apple USA.

 

[diablo]

Do the same with Apple, look what jurisdiction they support and then do investigation on the jurisdiction of your choice 😉

 

[JohnLocke]

Yeah I meant Apple, sorry for the mistake.

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[Luigi]

If you are going to receive payments from US forget about Delaware. I'd recommend Cyprus (I think it is 5% of Corporation Tax) or Estonia (10% but can be done rmotely).
As you said you will have 40K of revenues and you are not a US Citizen, the best option is Switzerland, however it has a cost for setup of 100K. (which can be retrieved back afterwards).

 

[rowena]

diablo said:
Do the same with Apple, look what jurisdiction they support and then do investigation on the jurisdiction of your choice 😉
Click to expand...

Admin said:
Yeah I meant Apple, sorry for the mistake.
Click to expand...

Apple does not differentiate any jurisdiction. I can send my revenue to any country.

Luigi said:
If you are going to receive payments from US forget about Delaware. I'd recommend Cyprus (I think it is 5% of Corporation Tax) or Estonia (10% but can be done rmotely).
As you said you will have 40K of revenues and you are not a US Citizen, the best option is Switzerland, however it has a cost for setup of 100K. (which can be retrieved back afterwards).
Click to expand...

How about UAE or Belize ? What are the down sides? What do you mean by Switzerland's $100.000 setup cost ? Is this really cost for company setup or initial bank deposit?

Thanks

 

[Luigi]

UAE as far as I know, you have to travel there and you company might be rejected (or might not).
Belize is not accepted by Paypal or 2Checkout, therefore I assume it will be difficult to be accepted by Apple as well.
The 100K is the bank deposit, however if you want to keep the bank account don't withdraw the whole amount immediately.

 

[diablo]

rowena said:
What do you mean by Switzerland's $100.000 setup cost ? Is this really cost for company setup or initial bank deposit?
Click to expand...

€20,000 is the share Capital that hasto be paid in for a GmbH in switzerland your 100K is for an AG which is not required, all can be done remote.

UAE requires personal visit and you need to find a reliable agent which is cheap!

Belize is easy to setup and don't require any paid up Capital at all, a few thousands and you are good to go and entirely setup.

 

[rowena]

diablo said:
€20,000 is the share Capital that hasto be paid in for a GmbH in switzerland your 100K is for an AG which is not required, all can be done remote.

UAE requires personal visit and you need to find a reliable agent which is cheap!

Belize is easy to setup and don't require any paid up Capital at all, a few thousands and you are good to go and entirely setup.
Click to expand...

Thank you for these important information. Can you suggest me agent for Switzerland ?

UAE is also ok for me. I travel 1-2 times per year to Dubai(Also If I know correct, reliable banks request $50-$200k initial deposit for offshore companies).

 

[diablo]

chec my threads here Swiss GmbH and AG or other company type new capital requirements? you may also use the search field or Google to search the forum.

Looking for Ready-Made Swiss company - mantelgesellschaft ?

 

[Luigi]

rowena said:
Hello,
I am non-eu and non-us resident and interested in setup offshore company. I am individual mobile application developer and I have income from directly Apple USA which approximately $40k per month.

I am using Payoneer for my payments but I am not too much comfortable with them. I lived in Dubai 1 year ago and I have a bank account in UAE but it is personal account. I don't want to use it because probably it will create a problem with bank's policy.

Can you recommend me agency and setup/country?

Thank you very much
Click to expand...

How much is your limit for corporation tax? There is always the possibility of setting up a company in Ireland (12.5% of corp. tax) or in the UK (19% of corp. tax with a promise that it will low down to 17% in 2020).

 

[rowena]

Luigi said:
How much is your limit for corporation tax? There is always the possibility of setting up a company in Ireland (12.5% of corp. tax) or in the UK (19% of corp. tax with a promise that it will low down to 17% in 2020).
Click to expand...

Is there any reason for not choosing tax-free? UAE offshore companies subject to zero-tax. Why should I considIrelandand or UK ?

Thanks

 

[superman]

@rowena
If you're resident of a country where the tax agency is years behind or (if this still exist) allow such setup go with a tax-free solution.
But many people live in countries where you nowdays can not do biz with such setups without to got trouble, as they request to pay taxes where your permanent establishment reside.
Aside of this depending on business you will get problems if you sent or got money from tax-free destinations.

 

[Luigi]

superman said:
@rowena
If you're resident of a country where the tax agency is years behind or (if this still exist) allow such setup go with a tax-free solution.
But many people live in countries where you nowdays can not do biz with such setups without to got trouble, as they request to pay taxes where your permanent establishment reside.
Aside of this depending on business you will get problems if you sent or got money from tax-free destinations.
Click to expand...

Absolutely, besides that, don't think that tax-free means no charge, some countries charge for an yearly tax, auditions, accounts, ....
Besides that, I insist that if you are creating an Mobile app it might be complicated for you finding a gateway if your company is located on Seychelles, for example.

 

[rowena]

@superman
I am resident and tax country is UAE which is tax-free(because I was in UAE for 2 years and just came back to my country and I need to stay my home country 181 days to change my tax residency status). Why do you think I will face problems for making bank transfers(as I mentioned before my tax residency is UAE) ?

Luigi said:
Absolutely, besides that, don't think that tax-free means no charge, some countries charge for an yearly tax, auditions, accounts, ....
Besides that, I insist that if you are creating an Mobile app it might be complicated for you finding a gateway if your company is located on Seychelles, for example.
Click to expand...

Yes of course tax-free means not everything is free I will face things like license cost etc.. but it is ok. Why do you think Seychelles is complicated ? I will have payments from USA(Apple INC) to Seychelles company. Thanks

 

[superman]

@rowena
I did not mean this concretely for you, in your case if youre tax resident of UAE ask a tax professional from UAE. I have experience in a few european countries but none with UAE. If in UAE you don't got trouble regarding Seychelles company this is sure a possible way to go.
In the past I know that Apple accepted bank accounts and companies from mostly everywhere so you should check if this is still the case, I know that Google don't accept Seychelles.

 

[Luigi]

rowena said:
@superman
I am resident and tax country is UAE which is tax-free(because I was in UAE for 2 years and just came back to my country and I need to stay my home country 181 days to change my tax residency status). Why do you think I will face problems for making bank transfers(as I mentioned before my tax residency is UAE) ?


Yes of course tax-free means not everything is free I will face things like license cost etc.. but it is ok. Why do you think Seychelles is complicated ? I will have payments from USA(Apple INC) to Seychelles company. Thanks
Click to expand...

If you want to receive Paypal or any similar gateway through a company in Seychelles, you must have a bank account in the same Seychelles, otherwise it is likely to be rejected by the Gateway.

 

[rowena]

superman said:
@rowena
I did not mean this concretely for you, in your case if youre tax resident of UAE ask a tax professional from UAE. I have experience in a few european countries but none with UAE. If in UAE you don't got trouble regarding Seychelles company this is sure a possible way to go.
In the past I know that Apple accepted bank accounts and companies from mostly everywhere so you should check if this is still the case, I know that Google don't accept Seychelles.
Click to expand...

Thanks for the explanation. It looks like Seychelles is ok for me.

Luigi said:
If you want to receive Paypal or any similar gateway through a company in Seychelles, you must have a bank account in the same Seychelles, otherwise it is likely to be rejected by the Gateway.
Click to expand...

I think this is not related with my condition. I don't use any payment gateway.