Offshore Company to Hide my Identity, Dubai?

[James Turner]

Maybe moving the company outside Europe would be better.

 

[yngmind]

No you shouldn't be able to retrieve the UBO. What report would that be?

Yes, you're right.

I had a call with the CY law company, they told me there is no way to get info about the UBO if you use the nominee service.

 

[CyprusLawyer101]

Yes, you're right.

I had a call with the CY law company, they told me there is no way to get info about the UBO if you use the nominee service.

You should have a call with us too

 

[daniels27]

No you shouldn't be able to retrieve the UBO. What report would that be?

Î think BORIS
https://e-justice.europa.eu/38590/EN/beneficial_ownership_registers_interconnection_system_boris

 

[JustAnotherNomad]

I didn't read through the whole thread, but this will be difficult.

In most countries, the foreign company would have to register in order to pay taxes.
So if you live in country A and you register the company in country B and country B allows "anonymous" companies, then to pay the tax in your home country, your offshore company would have to register a PE in country A, which will mean that the information will also be public.

Maybe you could try registering a partnership somewhere, where your local company is one of the partners.
Or a US LLC - but then there is a risk of US taxes, depending on what you do.

 

[CyprusLawyer101]

Î think BORIS
https://e-justice.europa.eu/38590/EN/beneficial_ownership_registers_interconnection_system_boris

Try to find the BO of a Cyprus co on it

 

[daniels27]

Try to find the BO of a Cyprus co on it

I cannot, you need to have an account. Seems it is bullet proof.

 

[bubbledouble]

If Cyprus offers the same as Dubai, where you can be sure that the UBO is not publicly accessible, then I would say that a Cyprus company is easier, as long as it is still possible to get a bank account for it.

 

[JustAnotherNomad]

UAE / Freezone have UBO registers and require that, but it is not public. Only available to government.

You can expect this information to be leaked. There is no privacy in the UAE.
Someone could probably even just call them and ask for your contact details and they would give them out.
If you live in a high tax country, you would typically also have to register the company in your home country, so then people would be able to look up the information online after all.

The UAE is a really bad place to do business. I would never incorporate there if you can help it.

 

[yngmind]

Maintaining CY LTD is costly, with high expenses for auditing, accounting, nominees.

If you have a lot of transactions, you should aim for 10,000 EUR annually.

 

[CyprusLawyer101]

Maintaining CY LTD is costly, with high expenses for auditing, accounting, nominees.

If you have a lot of transactions, you should aim for 10,000 EUR annually.

If you have a standard type of sales such as those on SaaS or ecommerce and maintain proper transaction records, accounting should not eat you up in fees

 

[GPT]

Maintaining CY LTD is costly, with high expenses for auditing, accounting, nominees.

If you have a lot of transactions, you should aim for 10,000 EUR annually.

I would say "It depends on your activity".

If you are an online business then your accounting costs are basically only the auditor. Depending on your volume and turnover that is normally around 2500 annually. Depending on your provider you pay for a nominee somewhere between 500 and 2500. Price difference boils down to what is included activity wise in the fee. Maintaining the company can be done for 2500 for sure. So in reality I would say the price ranges between 5500 and 7500. But as mentioned; it depends on the activities, the volume and the turnover, so your turnover could be a very valid estimate.

 

[Dandyline]

Yes, you're right.

I had a call with the CY law company, they told me there is no way to get info about the UBO if you use the nominee service.

So the nominee is registered as UBO as well?