Activity: buying/selling domain names
Nationality: British
Current location: Ireland
Potentially planning to move to Malta or Cyprus.
Annual profit: 300,000 to 400,000 Euros, possibly more if a couple of larger deals come to fruition.
I am looking at options for company incorporation at present.
So far I have been fixated on the Malta/Cyprus fiscal unit set-up to achieve 5% corporation tax whilst keeping the company in the EU and benefitting from easier banking access etc.
Corporate substance in Malta for the trading activity is not much of an issue since I already travel there for genuine business activity: meetings, conferences etc. and I have clients there.
However, looking at the fees for incorporation + ongoing management of the set-up I would need for the two companies + audited financial statements for both MT + CY companies + the fiscal unit, it's looking like quite an expensive exercise (15 - 20k euros per annum - no plans to "cut corners")
I could simply incorporate in Ireland and avail of a 12.5% corporation tax rate here without any issues at all, and very low recurring annual costs.
Just a little note on the personal situation: I have non-dom status here, so as long as I'm living off my savings and not remitting into Ireland, I don't have a personal tax liability here.
However, the savings I brought to Ireland are unfortunately not unlimited therefore I can't stay here forever if I want to avoid the high personal tax rates, and so I will likely be moving on within a year or so.
Back to company matters:
Is there a simpler set-up than the Malta/Cyprus fiscal unit which would see me achieve similar or better rate of corporation tax without the high costs and complexity?
To be honest, more than the cost, it's the 3 sets of audited financial statements that is bothering me 1 for each company + the set for the fiscal unit. It just seems like overkill for my level of business.
Are there options in Asia, like Hong Kong/Singapore? Or am I just storing up potential problems for myself since I wouldn't be able to show trading there, and realistically, I'm not going to spend any time there.
Taking all of this into account, is a UK LLP out of the question? I'm a British national, so there's no problems setting it up and getting banking. I will travel to the UK to see family etc. so it's easy to show that the company is not a "sham", and I have UK clients/vendors too.
We all know that the UK LLP itself does not generate a tax bill, the partners are taxed >>> if partner has residency in a 0% or low tax jurisdiction >>> simple and optimal set-up?
Please critique this as harshly as you like - bonus points if you can be constructive!
Nationality: British
Current location: Ireland
Potentially planning to move to Malta or Cyprus.
Annual profit: 300,000 to 400,000 Euros, possibly more if a couple of larger deals come to fruition.
I am looking at options for company incorporation at present.
So far I have been fixated on the Malta/Cyprus fiscal unit set-up to achieve 5% corporation tax whilst keeping the company in the EU and benefitting from easier banking access etc.
Corporate substance in Malta for the trading activity is not much of an issue since I already travel there for genuine business activity: meetings, conferences etc. and I have clients there.
However, looking at the fees for incorporation + ongoing management of the set-up I would need for the two companies + audited financial statements for both MT + CY companies + the fiscal unit, it's looking like quite an expensive exercise (15 - 20k euros per annum - no plans to "cut corners")
I could simply incorporate in Ireland and avail of a 12.5% corporation tax rate here without any issues at all, and very low recurring annual costs.
Just a little note on the personal situation: I have non-dom status here, so as long as I'm living off my savings and not remitting into Ireland, I don't have a personal tax liability here.
However, the savings I brought to Ireland are unfortunately not unlimited therefore I can't stay here forever if I want to avoid the high personal tax rates, and so I will likely be moving on within a year or so.
Back to company matters:
Is there a simpler set-up than the Malta/Cyprus fiscal unit which would see me achieve similar or better rate of corporation tax without the high costs and complexity?
To be honest, more than the cost, it's the 3 sets of audited financial statements that is bothering me 1 for each company + the set for the fiscal unit. It just seems like overkill for my level of business.
Are there options in Asia, like Hong Kong/Singapore? Or am I just storing up potential problems for myself since I wouldn't be able to show trading there, and realistically, I'm not going to spend any time there.
Taking all of this into account, is a UK LLP out of the question? I'm a British national, so there's no problems setting it up and getting banking. I will travel to the UK to see family etc. so it's easy to show that the company is not a "sham", and I have UK clients/vendors too.
We all know that the UK LLP itself does not generate a tax bill, the partners are taxed >>> if partner has residency in a 0% or low tax jurisdiction >>> simple and optimal set-up?
Please critique this as harshly as you like - bonus points if you can be constructive!
