GCC Resident (Zero Tax) + Wyoming LLC

[ih8socialism]

Hello,

I am currently having an free zone company within the UAE and live there since a few years now.

However, at the same time I am acquiring a new partner in Germany, but their compliance doesn't feel very well with a GCC country.

So as a new setup, I thought about an US company in Wyoming. I m trying to avoid the EU at all costs and it is not really an option for me. I am currently holding residencies in 3 zero tax countries, so that shouldn't be an issue.

Is this a suitable setup, any tips / infos or you guys have any other recommendations?

I'm having several meetings with my tax advisor in the near future, but I want to gather as much informations as possible before.

Best Regards

 

[Nicholas Van Orton]

HI OP, out of curiosity, what are those 3 zero-tax countries you hold a valid residence on?

 

[ih8socialism]

HI OP, out of curiosity, what are those 3 zero-tax countries you hold a valid residence on?

UAE, Bahrain and Saudi, basically you could stuff all three together into "GCC" Residency so theres no big difference

 

[Nicholas Van Orton]

Got it, thanks, are there any effective differences between Bahain/Saudi and UAE? Some providers have approached me in the UAE to forma Saudi Co...wtf?

 

[ih8socialism]

Got it, thanks, are there any effective differences between Bahain/Saudi and UAE? Some providers have approached me in the UAE to forma Saudi Co...wtf?

Well most people in the western world do not seem to understand the GCC / Gulf area, sometimes when I tell people I am currently in Riyadh the start talking about Dubai lol

Bahrain compared to UAE:
- You need an actual office space if you wanna start a company
- Can take longer than UAE, even tho we have strong saudi partners it took us quite some time
- On the other hand, Bahrain is still a little bit more "if you know the right guy, everything is possible" compared to UAE
- Opening a bank account in Bahrain can be a pain in the a*s, but same goes to UAE
- No income tax
- Saudi market is easier to access from Bahrain than from UAE, since Bahrain can be considered as an officel protectorate from saudi
- Costs of living are cheaper I would say almost about 1/3 or even more right now
- Obtaining CPR can take forever sometimes

Saudi compared to UAE
- If you open a company as a foreigner in KSA you have to pay 20% tax, even with local partners
- Saudi is way more closed compared to UAE or Bahrain
- Obtaining iqama (residency) is possible by just knowing some saudis who are willing to sponsor you, thats how i got mine
- Saudi is imo not really ready yet for a massive wave of foreign companies, they just recently started giving out tourist visas lol

Well, saudi is still the biggest market and player in the region (lets see how it goes with the current oil thingy) so its worth having a look into it, for easiest access to KSA Bahrain is probably the best option, opening subsidiaries in saud with an bahraini company is fairly easy.

Best Regards

 

[Nicholas Van Orton]

OK thanks for that...I have some Saudi connections, they basically tell me they cross the border to Bahrain to go play at the Casinos, since they are not banned there, lol

 

[ih8socialism]

OK thanks for that...I have some Saudi connections, they basically tell me they cross the border to Bahrain to go play at the Casinos, since they are not banned there, lol

Yes Bahrain is full with saudis during the weekend, especially if its the first weekend of the month sometimes you can be stuck up to 6hrs into traffic at the causeway to Bahrain. Bahrain is also the most liberal / open GCC country

 

[clemens]

Bahrain is also the most liberal / open GCC country

How safe would it be to live there or simply just do holidays there? Don't you risk to get a bomb in your head?

 

[ih8socialism]

How safe would it be to live there or simply just do holidays there? Don't you risk to get a bomb in your head?

Pretty safe. This is not afghanistan or somalia. Bahrain is pretty safe destination, almost as safe as UAE i would say.