Hi, I am new here and looking for advice about setup a company. We(I and my colleague) have experience with offshore (one Belize corp. with nominees), actually running the business on it, but with new CRS I do not feel safe. We both live in EU.
Our business is online advertising, affiliate etc. We receive around 100k per month from partners which are also mostly offshore (Seychelles, BVI, San Marino), from which we send around 80k to our clients. So profit is about 20k euros per month. We are using a lot of bank transfers (at least 50 per month - non-SEPA) so the cheap bank will be good - it makes no sense to me avoid taxes, but pay the money on fees to the bank. We also need to access bitcoin exchanges like Kraken and also will be good to use PayPal since some clients want to receive money on it. I am also thinking about opening TransferWise Borderless or RevolutBusiness account since clients prefer different currencies (we mostly sending to Russia or Indonesia).
Right now we are taking profit from the company with ATM withdrawals in a neighbor country or selling cryptocurrencies for cash (bitcoin, monero). Not sure whether it will work with CRS, or how is safe to get profit from the company. I don't know how tax office will look at it, because it is a corporate account, with no books, so they can't see the profit. No profit/no taxes?
So main goal is to keep more money in business and have good sleep at night. I can live to pay some taxes if it is necessary. I read here about "darks" but I think this is no way to go for me. I also read here about Cyprus bank - Bank of Cyprus, but i think it is useless when we have to pay 20k per year on fees.
I think about creating a free-zone company in UAE, with residency visa and bank account there (Mashreq), no nominees.
The setup costs don't matter, so I am open also to setup multiple offshore companies if needed.
Can you advise me what jurisdiction will be best for our business? What setup should we use?
Our business is online advertising, affiliate etc. We receive around 100k per month from partners which are also mostly offshore (Seychelles, BVI, San Marino), from which we send around 80k to our clients. So profit is about 20k euros per month. We are using a lot of bank transfers (at least 50 per month - non-SEPA) so the cheap bank will be good - it makes no sense to me avoid taxes, but pay the money on fees to the bank. We also need to access bitcoin exchanges like Kraken and also will be good to use PayPal since some clients want to receive money on it. I am also thinking about opening TransferWise Borderless or RevolutBusiness account since clients prefer different currencies (we mostly sending to Russia or Indonesia).
Right now we are taking profit from the company with ATM withdrawals in a neighbor country or selling cryptocurrencies for cash (bitcoin, monero). Not sure whether it will work with CRS, or how is safe to get profit from the company. I don't know how tax office will look at it, because it is a corporate account, with no books, so they can't see the profit. No profit/no taxes?
So main goal is to keep more money in business and have good sleep at night. I can live to pay some taxes if it is necessary. I read here about "darks" but I think this is no way to go for me. I also read here about Cyprus bank - Bank of Cyprus, but i think it is useless when we have to pay 20k per year on fees.
I think about creating a free-zone company in UAE, with residency visa and bank account there (Mashreq), no nominees.
The setup costs don't matter, so I am open also to setup multiple offshore companies if needed.
Can you advise me what jurisdiction will be best for our business? What setup should we use?
