Offshore Company Setup for Monthly $40k Mobile App Revenue
- Thread starter rowena
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Apple is directly charging my customers and Apple is sending my revenue at end of the month with a single payment. I don't use paypal or anything 🙂
What is the reason you think it will not work ? Apple is sending SWIFT transfer. Thanks
Apple accepts Belize, Seychelles, Saint Vincent and the Grenadines, St. Kitts and Nevis, etc.
If you need an European company why not Bulgaria or UK (Scottish LP)?
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If you need an European company why not Bulgaria or UK (Scottish LP)?
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Bulgaria and UK companies are not tax-free as far as I know. Do you provide any company registration services?
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If you request this again you get banned! Hidden or direct advertising is not allowed on this forum! Also not to provoking answers that can lead to advertising of services.
All service providers have to be Mentor Group members in order to advertise services!
Don't start arguing with me about this also there is no need to PM me, otherwise I will close this thread! This is a forum rule that all may know apply to everyone!
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Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.
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Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.
I don't think this is true. If you look at itunes connect and try to add bank accounts in many zero tax jurisdictions, you cannot. You cannot add any bank in Antigua for example.
(continued from above)
Apple also says that they will not send money to correspondent banks, but I don't think that is accurate because many of the banks that do show up in itunes connect do use intermediaries.
My assumption is that if you can find it via the search functions (I use country and city), then Apple will send money there. Otherwise, they will not.
(Google, by the way, requires that app developers have the bank account in the country of incorporation if they want to get paid.)
Apple also says that they will not send money to correspondent banks, but I don't think that is accurate because many of the banks that do show up in itunes connect do use intermediaries.
My assumption is that if you can find it via the search functions (I use country and city), then Apple will send money there. Otherwise, they will not.
(Google, by the way, requires that app developers have the bank account in the country of incorporation if they want to get paid.)
CORRECTION: Please disregard my message above (#33). It appears now Apple will send money to zero tax jurisdictions. I had heard that they were making efforts to add banks and it appears that in the last month or two a bunch of banks have been added. Nevis, Antigua, and Belize banks can now get payments from i tunes connect. Sorry for any confusion.
It seems, given your description of your circumstances, that Apple must be witholding 30% since the US doesn't have a tax treaty with the UAE. Am I right about that? I'm going off this page from pwc:
http://www.taxsummaries.pwc.com/ID/United-States-Corporate-Withholding-taxes
I don't think Apple is holding %30 for tax. I know that Apple is taking %30 cut as commission, paying tax of that amount and they are sending %70 to developers but responsible for income taxes. I have UAE residency right now and in UAE personal income tax %0. Please correct me if I am wrong.
Across the globe there are things called tax treaties that specify how much tax is to be witheld. So, if you look at the table that I linked to, you will see that the US treaty with Poland requires that US companies (e.g., Apple) withold 10% tax on royalty payments to Polish entities. The US treaty with the Slovenia requires 5%. The US does not have a tax treaty with the UAE or with most other tax havens. Thus Apple must withold 30% from the royalty payments for your app. So, I would recommend you do the math for your sales and see what Apple is actually taking in from sales of your app and compare to what they are paying you. This is the downside of living in the UAE from a tax point of view. It has no tax treaties with major markets.
The only possible explanation I can think of for Apple not witholding tax is if somehow it is not a US company that is paying you. What is the full and exact name of the corporate entity that is paying you? And what jurisdiction is it in?
Since you have already resided in Dubai why not try a Ajman or RAK free zone company? - this will give you the option of UAE tax residency and, as you already have a UAE bank account it should not be difficult to get a UAE business bank account as well - Depending on the bank you should not have difficulty in linking up paypal or similar
there are jurisdictions where a COLLECTION SERVICE COMPANY is not forced by law to become associated with any banking supervision commission - can act and provide services to clients (individuals or corporate bodies) from everywhere
problem could be the SOURCE of your income... not apple paying but the companies' residence funds are paid to... the bank of the collection company would probably refuse incoming wires from the usa to become credited in favour of a seychelles structure
FFBKDAVID
problem could be the SOURCE of your income... not apple paying but the companies' residence funds are paid to... the bank of the collection company would probably refuse incoming wires from the usa to become credited in favour of a seychelles structure
FFBKDAVID
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