Selling E-books where open a company
- Thread starter Talyn
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Because where I live, they said: "you can open a company where you want but you have to open a company representation here and pay your taxes here."
For them open a company in cyprus and don't pay taxes here it is a law abuse.
But I am open to any solution to avoid paying corporate taxes and social charges here.
If I open a cyprus company I will still have to pay personnal taxes on dividends?
Last edited by a moderator: Aug 31, 2015
The only way to avoid personal income tax is to consult a very good (actually the best you can get in your country) tax lawyer and have him help you to develope a loan agreement that allows you to make loans in the company, pay interest to your company but don't make you liable for personal income tax. This can be done with a Cyprus corp. with nominees and if you already have some income in your country that is taxed.
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What country are you from?
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You can also do private investments from the company i.e. buy a vesel, property, stocks and so on which then (depending on your countries tax laws) don't get taxed as personal income.
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I didn't find any lawyer to do that here.
Some of them advises me to set up an offshore company with nominee and charge the local company.
But the problem will be the same. My name will be on the application for a bank account, even if I use nominees.
Some of them advises me to set up an offshore company with nominee and charge the local company.
But the problem will be the same. My name will be on the application for a bank account, even if I use nominees.
That's true, however, if you have a tax lawyer to form a loan agreement that will match what you can effort with your tax income then you should be fine.
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I visited a local law firm which I got recommended by a friend, they are specialized in International business law and were very helpful after I paid them aprox $2000 in consulting fee. They draft the agreement and a few other documents which I finally just had to sign. Time will tell if this is going to work or if I get troubles, they say we won't get troubles if we keep to this strategy.
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I'm in a similar situation as yours. I have consulted a tax firm and asked them to give me a plan how I can do this without getting too much trouble with the local tax office. When I have more information I will post here but will be following this topic in the meantime.
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Find a good local tax lawyer and aks him to help you, if you live within the EU you have some good options to avoid personal income tax at some point. Also you will be able to make use of double tax treaties and other tax setups that help you to avoid to pay the highest tax possible in Europe 😉
You could consider to use a UK Trading company owned by a overseas / offshore Seychelles holding company. in the UK you make use of the double tax treaty between Czech Republic and the UK and in the UK you make use of the low tax and even consider your trading to be offshore not UK resident so it's tax free 🙂
I sell e-book also do you able to say where you opened company and bank account to sell ebooks please?
Don't you have options in your country to form a company specially for startup's / entrepreneurs and avoid to pay full tax the first year or 2 ? Some EU countries have introduced this form of companies to help startups grow and be strong.
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No possibility here for that.
Moreover I would like to add, if you are using freelancers in Europe and if you're company is based in Europe, you will have to pay the vat in your country (vat charge by the beneficiary in accordance with Article 196 of Council Directive 2006/112/Ec) and if you decided to use the possibility of option vat exemption, you will pay your freelancers 20% more.
Since 1st january vat on electronic books sales is cleared by market places (amazon, Google, etc). If you are declaring vat you need to find an accountant aware of all the new decisions taken by Europe for dematerialised goods.
Europe is a wonderful place to make business.
I should move in Seychelles and enjoy the beach.
Moreover I would like to add, if you are using freelancers in Europe and if you're company is based in Europe, you will have to pay the vat in your country (vat charge by the beneficiary in accordance with Article 196 of Council Directive 2006/112/Ec) and if you decided to use the possibility of option vat exemption, you will pay your freelancers 20% more.
Since 1st january vat on electronic books sales is cleared by market places (amazon, Google, etc). If you are declaring vat you need to find an accountant aware of all the new decisions taken by Europe for dematerialised goods.
Europe is a wonderful place to make business.
I should move in Seychelles and enjoy the beach.
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