Where to create offshore company

[troubled soul]

Stripe has this service also
You can check it too
https://stripe.com/atlas
https://www.shoutmeloud.com/open-bank-account-usa-india-stripe-atlas.html

 

[tyrexoid]

How Montenegro compares to UAE and Georgia? I like the idea of living there it's‌ a beautiful country. Also center of Europe, so close to fly visit nearby countries for‍ shopping/festivals.

 

[nomad123]

Thanks, what about federal taxes?

 

[Rprox]

Is it worth opening a Limited Company in Montenegro?⁠ Company formation over may be slightly more expensive than the UK though, Would someone advise⁤ if its not on your country's list of DTA between countries, then would you advise⁣ to start a company there?

 

[tyrexoid]

what is DTA? btw cost of LLC + bank account +⁤ residency (as a result of LLC ownership) is ~1500 Euro.

 

[tyrexoid]

I plan to actually live there because it's a beautiful place and also close to‌ my home country, and close to all destinations in EU. Great choice IMHO for low‍ tax residency. By spending 183+ days a year, I can travel anywhere else and keep⁠ my 'relatively nomadic' lifestyle as is.

 

[Rprox]

DTA - Double Taxation‍ Agreement between your country of origin and the country where you intend to initiate the⁠ offshore company. Usually governments have a long list of these, the ones that are not⁤ on the list are usually expensive in my opinion..

 

[Kakarot]

If i create a delaware or NM LLC -- i get a EIN number, open‌ a mercury account or maybe even get a citibank etc real bank account....

and because‍ USA is not CRS.... those bank accounts i make in the USA would never mention⁠ that they exist to my home country right?

 

[Rprox]

Can someonw share their experience with an Offshore Company in montenegro, costs, taxes, laws, restrictions‌ for non-residents. Please let me know.

 

[legrant]

They probably⁤ won't, but you need to put the companies profits in your personal income tax return⁣ in your home country, if you don't do that, you're committing tax evasion.

Edit: The⁢ above if you choose not to be taxed as a C Corporation, if you choose︀ to be taxed as a C-Corp, you will pay US corporate tax and then dividend︁ taxes on your home country once profit is distributed

 

[JohnLocke]

in that case would a double treaty not be⁠ important to avoid to pay taxes in both countries?

 

[legrant]

The thing with US LLCs is:

If you're the only member (owner) of the company and you choose to not to be‍ taxed as a C-Corp, the company will be a disregarded entity, which means, the profits⁠ generated by the company will have to be taxed in the owners home country in⁤ their personal income tax return. In most countries, it doesn't matter whether you take the⁣ money out or not, you will have to pay the taxes.

But if you choose⁢ your LLC to be taxed as a C-Corp, you will pay US corporate taxes on︀ the profits generated and then, when taking the money out of the company as dividends,︁ you will pay the taxes on the dividends in your home country.

So it's either︂ paying taxes in your home country or paying corporate tax in the US and then︃ dividends in your country. The US company would make sense if you moved to a︄ 0% income tax because you wouldn't have to pay any taxes on the profits the︅ company generates.

 

[JohnLocke]

that's one of the most important points to consider.⁤ Actually I was always thinking if that wasn't the case and people just were confused,⁣ but you are right that's how it will work in most countries.

One of the⁢ bigger questions may be if the tax auth. in your own country will accept that︀ setup.