Isle of Man vs Cyprus

[Dave]

Hello!
I wonder what you think are the KEY differences between Isle of Man and Cyprus? Do you think Isle of Man can be used as easily to conduct the business in Europe (given it has ZERO corporate tax)?
Dave

 

[icecold]

It's very interesting question.. if it works for Europe it would be a great alternative? Did you checked what the fee is to setup a IM company?

 

[dotbloup]

I am a European, i tried everything to see if it was possible. Just like in Jersey,Guernsey, i have never found an agent accepting to incorporate for less than £3500 & still i was not sure banks would say yes even if i am a European. banks said no to me as non residents. Plus paypal said it is forbidden to use Paypal as merchant in those places. In my case payment gateways said 100% no.
But if you succeed post all the story here because for me you would be a hero.

The only jurisdiction that is a bit better it is Gibraltar. But their banks don't want small accounts. They want investor accounts just like in Switzerland.

 

[negon]

Thanks dotbloup for you input. I have read lots of information about Isle of Man and was already wondering if it worth it.

 

[Dave]

so the real question if the price of incorporation right? woudl it NOT BE OFFSET BY ZERO CORPORATE TAX if you earn at least 10000 or 20000 per year?

 

[Dave]

or the real question is opening a bank account in local banks? can you NOT open a bank account in Cyprus and connect a payment gateway to it?

 

[Dave]

do all payment gateways have this rule in STONE that you need to bank in the same country as your incorporation?

 

[JohnLocke]

or the real question is opening a bank account in local banks? can you NOT open a bank account in Cyprus and connect a payment gateway to it?

Sure if you can find a payment processor it's not a problem.

 

[Dave]

Sure if you can find a payment processor it's not a problem.

thank you - so if I can find such a processor IOM is preferable to Cyprus? or it is harder to use nominees in IOM ?

 

[negon]

so the real question if the price of incorporation right? woudl it NOT BE OFFSET BY ZERO CORPORATE TAX if you earn at least 10000 or 20000 per year?

Yes, because if you register a Cyprus company to be non resident there is also no tax.

The question is if a Isle of Man company will require filing of tax and financial report including accounting!?

 

[Dave]

Yes, because if you register a Cyprus company to be non resident there is also no tax.

The question is if a Isle of Man company will require filing of tax and financial report including accounting!?

I wonder if it is much EASIER to prove your non-resident status in Cyprus than in say Hong-Kong?

 

[Dave]

The use of Cyprus Non-Resident Companies (Cyprus Companies which are not managed & controlled in Cyprus) - effectively not taxed for their non-Cyprus income in Cyprus - but, as a non-resident person it cannot enjoy the benefits of the Cyprus Double Taxation Treaties.

This means there will be WITHHOLDING TAX when sending dividends home from Non-Resident Companies???????

 

[JohnLocke]

The use of Cyprus Non-Resident Companies (Cyprus Companies which are not managed & controlled in Cyprus) - effectively not taxed for their non-Cyprus income in Cyprus - but, as a non-resident person it cannot enjoy the benefits of the Cyprus Double Taxation Treaties.

This means there will be WITHHOLDING TAX when sending dividends home from Non-Resident Companies???????

Well there are workarounds for this.. no problem at all, depending on which agent you use of course

 

[JohnLocke]

I wonder if it is much EASIER to prove your non-resident status in Cyprus than in say Hong-Kong?

As long as you appoint foreign nominees it is the same either Cyprus or Hong Kong.. you will under any circumstances need assistance from a local tax lawyer.. at least in most cases.

 

[Dave]

As long as you appoint foreign nominees it is the same either Cyprus or Hong Kong.. you will under any circumstances need assistance from a local tax lawyer.. at least in most cases.

Can you please comment on the attractiveness of IOM in relation to Cyprus?

 

[Dave]

no one who has experience with Isle of Man companies?

 

[suzy]

no one who has experience with Isle of Man companies?

Would like to know the same? ATM I'm contacting different agents to check with them about price and requirements. Once I have found at least one or two reliable I will post them here. In the meantime should anyone know about someone reliable to use please POST, POST, POST here

 

[myhand]

do all payment gateways have this rule in STONE that you need to bank in the same country as your incorporation?

No, real payment processors don't have this requirement. You can have a offshore or normal company in one jurisdiction but bank somewhere else.

 

[bonox]

As far as I read Isle of Man have same tax regime as Marshall Islands has or am I wrong?!!

 

[hungryit]

As far as I read Isle of Man have same tax regime as Marshall Islands has or am I wrong?!!

Is that good for online businesses or not?