Where is the best place to open a company abroad? Business abroad, or where it is better for a Russian to open his own business. IT and programming



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Registration of a company abroad

Currently, registering a company abroad has become especially important.

If you have a need to change the structure of your business, and you decide to open or purchase a ready-made company abroad, you need to decide on the country in which it will be registered. The choice of country will depend on the goals that you set for yourself and your business. But in any case, registering a company abroad is good decision for your business. Through competent tax planning, you can optimize your tax burden by moving your business to low-tax jurisdictions.

Open a company offshore, and you will gain experience of doing business in another country, additional income and the respect of your colleagues.

Offshore business

Many domestic and foreign companies choose to own one or even several offshore companies. Such companies open offices and bank accounts in various countries around the world to conduct international trade.

It should be noted that offshore business It is needed, first of all, to optimize tax policy, and not for tax evasion, as many people think. Tax evasion is an economic crime in any country. There are several ways to optimize taxation, for each of which it is necessary to determine the corresponding goals and objectives. Many businessmen, when choosing offshore zones, choose politically stable countries, while others are more attracted by the absence of taxation as such.

Many Russian companies, which have a foreign company among their founders, as a rule, opens its representative offices in Cyprus, the British or Virgin Islands, forming holdings. Holdings are very complex structures and anyone who wants to optimize their business in this way must clearly understand why they need it.

Offshore registration

If you are for development own business decided to register an offshore company or purchase a ready-made company in an offshore zone, then the first question (after choosing a country) that you will face is the question of company registration.

After completing the registration procedure offshore company You will receive a package in your hands necessary documents, which will be important to you because they are the ones who make you the owner of your own offshore company!

Offshore registration- This simple procedure, only if it is performed by experienced lawyers with practical experience in registering companies in offshore zones.

Azimuth Business Consulting will help you confidentially and quickly with registering companies in offshore zones and in Europe, opening bank accounts, tax planning, secretarial services and other services necessary for managing a company.

Specifics of opening companies abroad

If your business has become significantly stronger and is ready to enter the international market, or you are simply interested in such a question as opening a company abroad, contact law firm"Janis Consulting" The specialists of the law firm “Yanis Consulting” have a sufficient level of experience and professional excellence to provide comprehensive support for the registration of enterprises and companies of various fields of activity in any country in the world. With our help, you will quickly and painlessly bypass all the “sharp corners” and bring your business to the international stage.

Even the wise one successful entrepreneur, taking your business to the international level and starting opening a company abroad, due to his extreme busyness, may make a number of mistakes in this complex matter, which, at first glance, may seem insignificant, but in the future will bring serious troubles. Opening companies abroad provides for careful consideration of the concept of their development and future activities. In this case, it is necessary to take into account the economic situation within the country in which the company is planned to be opened, the peculiarities of its tax system and other factors. In addition, you need to thoroughly know all the legal issues - such as, for example, the required list of documents when registering a company, etc.

Lawyers at the law firm “Yanis Consulting” offer turnkey company registration. This means that we will provide you with all the information necessary to carry out this procedure, and will also help with drawing up a package of necessary documents. Registration of a turnkey enterprise with the law firm “Yanis Consulting” provides for:

1.Individual development of a unique company name.

2. Preparation of all necessary information, without which the successful operation of the company is impossible.

3.Selecting a country for company registration.

4.Assistance in choosing the form of ownership of the enterprise.

5. Registration of all necessary documentation.

6.Company registration.

7.Assistance in choosing a bank and opening an account.

8.Legal support for the company, providing advice and assistance in filing reports.

We can provide assistance in registering new companies “on request”, and also help the client become the owner of an existing registered company. Each foreign project of the law firm “Yanis Consulting” is purely individual, as it embodies all the ideas and wishes of the client.

When choosing a country for opening a company abroad we are always guided by the terms of reference entrepreneurial activity in each specific country and choose the most favorable options that guarantee minimal risks and the broadest prospects for the future.

The presence of a branch in one of the European Union countries always contributes to the growth of the company’s image and emphasizes its reliability and respectability. For any entrepreneur registration of a company abroad in the Russian Federation- this is a guarantee:

formation of a positive image;

increased trust from customers, suppliers and partners;

unhindered access to the world market;

stability of the financial system;

ease of operation accounting and financial reporting;

liberal tax legislation.

Regardless of the field of activity of your company, business goals, sources of profit and form of ownership of the enterprise, a team of experienced professionals at the law firm “Yanis Consulting” will help you expand your business and reach a completely new international level for you.

Favorable conditions for registering a company abroad: from $800 with a choice of jurisdictions, the possibility of remote opening of accounts, preparation and provision of all necessary documents.

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Do you want to find the most profitable option for registering a company abroad, minimize costs, and open the most suitable bank account?

Legal advice...

Probably every businessman will agree that owning your own company is almost own child, to whom almost all the time and energy of the “parent” is devoted. And of course, I want the “child”, that is, the business, to have the most Better conditions for development. Unfortunately, the current economic situation in Russia does not allow such conditions to be created fully, so many founders began to think about registering own company in other countries with more lenient tax policies.

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Company abroad: what does registering a business outside of Russia provide?

We all know what gives a person the status of a citizen - these are certain rights enshrined at the legislative level and responsibilities to the state and its citizens. Belonging to a particular country partially determines the attitude of acquaintances. For business, the situation is similar - however, unlike individuals, “citizenship” for legal entities can be chosen even before the opening of the company.

What forces Russian founders to register a business outside home country? Each entrepreneur looks for certain advantages depending on the specifics of the company, but most often they are as follows:

  • loyalty of legislation: absence of frequent inspections by government agencies, security of data about founders and shareholders;
  • reduced taxation or complete absence of taxes;
  • increasing the company's prestige in the eyes of clients and partners;
  • the opportunity to work in a foreign market or in close cooperation with international companies;
  • simplified entry into the country of registration of the company for founders and employees (and sometimes obtaining a residence permit or even citizenship, as, for example, is practiced in Cyprus).

Exactly what benefits a business will receive will depend on the country chosen. Let's look at the procedure for opening a company in different states and the advantages of individual jurisdictions.

It is important
Many people are concerned about the question: is complete anonymity possible when opening a company abroad? Unfortunately no: it violates basic principle banking system - “know your customer”. However, in many offshore zones, information about the owner of the company, directors and shareholders is maximally protected: in the Seychelles, Belize and the Virgin Islands, the data is available only to the registrar.

Stages of registering a company abroad

Choosing a country: step one

There are three groups of countries in which our compatriots prefer to register companies. Each group has certain advantages and the choice should be made based on the main goals of opening a foreign business.

Offshore zones

Offshore countries attract foreign capital with favorable conditions for non-residents. Thus, for companies operating outside the country of registration, there are provisions tax benefits, up to the complete absence of fees. An important part of the policy of many offshore zones is confidentiality: information about the founder is not disclosed.

Registering a company in offshore zones also has a significant drawback: business reputation company will be dubious. Many states do not recommend or directly prohibit local entrepreneurs from interacting with offshore companies, and also impose certain restrictions on the activities of such companies. Each country has its own blacklist of offshore countries: for example, in Russia there is a list approved by order of the Ministry of Finance of the Russian Federation dated November 13, 2007 No. 108n. The list includes 40 states, in particular the Seychelles, Maldives, Mauritius, Liechtenstein, and Belize. In addition, when deciding to register a company in another country, it is worth studying the provisions of the letter of the Ministry of Taxes and Duties of the Russian Federation dated March 27, 2002 No. FS-6-26/360 “Information Exchange” and the instruction of the Central Bank of the Russian Federation dated August 7, 2003 No. 1317 -U.

On a note
According to the instructions of the Central Bank of the Russian Federation No. 1317-U, offshore zones are classified into three categories:
1. Respectable jurisdictions: Montenegro, Hong Kong, Ireland, Malta, Switzerland, Singapore and others.
2. Classic offshore companies: Belize, British Virgin Islands and others.
3. Odious offshore companies: Andorra, Aruba, Liberia, Liechtenstein, Marshall Islands and others.

Low to moderate tax jurisdiction

In fact, these countries are not much different from classic offshores: they also have a system of preferential taxation for companies operating outside the state. In some cases, they differ from offshore zones in that they have easier access to information about the founder.

And most importantly, a company registered in these countries will be able to participate in international transactions without restrictions. Jurisdictions with low taxation include, for example, Cyprus, Great Britain, Latvia and others.

Other countries

Registering a company abroad is not only a way of tax optimization, but also, as already mentioned, working in a stable legal environment, increasing confidence in the company on the part of international partners. Because of this, even despite the high tax rate, registration in Asian countries is becoming increasingly popular. Opening a company in the EU or the USA is traditionally considered prestigious.

Advice
On November 24, 2014, amendments were made to the Tax Code of the Russian Federation aimed at large-scale deoffshorization Russian economy. Before making a decision to register a company abroad, we advise you to familiarize yourself with the new Chapter 3.4 of the Tax Code of the Russian Federation “Controlled foreign companies. Controlling persons."

Studying the country's legislation: step two

When opening a company abroad, it is very important to familiarize yourself with the laws of different countries. This will help to understand the main aspects of registration and further functioning of the company: the need for the services of a nominee director, opening an office and submitting reports, the degree of control by the state, the policy for transferring data on bank accounts, etc.

Another important aspect that needs to be taken into account when choosing a state for registering a company is studying the legal field in which it is planned to conduct business: in particular, the current list of offshore zones. For example, in Russia, companies registered in the country from the approved list of offshore companies are prohibited from participating in government procurement.

Choosing the name and form of ownership of the company: step three

The procedure for registering a company and the type of taxation is largely determined by the organizational and legal form of business legal entity. For example, in the UK there are limited liability companies (Ltd, an analogue of Russian LLCs, which pay taxes in general procedure) and limited liability partnerships (LLP, not subject to tax).

As for the company name. By analogy with Russian legislation, it must include the organizational and legal form of the company (Paris LLC, etc.) and be unique, and also not contradict generally recognized and national moral standards, and not be misleading. For example, Hong Kong prohibits names that indicate links to the government or the royal family.

Preparation of documentation: step four

The standard package of documents required to register a company abroad usually includes:

  • application form for opening a company;
  • a copy of the identity card of the founder(s);
  • a document confirming the founder’s place of residence, for example a utility bill;
  • letter of recommendation from the bank;
  • company charter.

Depending on the country, you may need additional papers, for example, information about the company’s shareholders (Cyprus), business plan (Denmark), confirmation of the presence of an office (legal address), memorandum of association, minutes of the meeting of founders (Czech Republic).

Registration as such: the final stage

After selecting a country and preparing the necessary package of documents, all papers are handed over to the registrar, who checks them and sends them to government authorities. In some cases, a decision can be expected after this: for example, Cyprus and the UK accept applications to open a company remotely. For most countries, a personal visit to the registration authority by the founder or his legal representative is mandatory.

As a rule, the average time for registering a foreign company is 3–4 weeks. After a positive decision is made, the founder receives a full package of documents: registration certificate, charter, company seal. In some countries, original documents must be kept by the secretary or registrar, and only certified copies are issued to the owner.

Opening an account abroad as an integral stage of registration

An obligatory part of the registration and operation of a foreign company is the registration of a current account. This procedure also consists of several stages.

Bank selection

It is not necessary to choose a bank from among the residents of the country in which the company is opened; having a representative office is sufficient. However, it is worth paying attention to the following features:

  • The cost of services for opening and maintaining an account varies greatly and is not always proportional to the reliability and quality of services.
  • Deadlines. The average duration for preparing documents in banks is usually 2–4 weeks, but there are also offers with periods of five days or more. Some banking organizations offer expedited processing.
  • Convenience of paperwork for many businessmen is a key issue when choosing a bank: some organizations require personal presence, others open an account remotely.
  • Ease of work: availability of Russian- or English-speaking employees, Internet banking, notifications.
  • Kudos. When interacting with business partners, it is important to have an account in a reliable, trustworthy bank. You can learn about reputation from independent ratings of analytical agencies such as Fitch, Moody’s, Standard & Poors.
  • Requirements. A number of large banks, when opening an account, request not only a standard package of documents, but also recommendations from other clients. In some countries (for example, Germany) an account can only be opened if you have general director having local citizenship.
  • Privacy Policy. Despite uniform legislation within one country, some banks are especially careful in protecting information about their clients. This is relevant in cases where the founder wants to be sure of the non-disclosure of information about his identity.

Account selection

As a rule, banks offer different kinds services at different prices - depending on the list of included and additional services and the quality of service. The choice is completely determined by business needs: in some cases it is necessary to minimize service costs, in others it is necessary to achieve highest speed processing transactions by bank employees.

Applying for opening an account

The standard package of documents submitted when opening a current account in a foreign bank includes:

  • identification;
  • registration certificate, company charter;
  • documents confirming the person’s authority to open and manage an account (power of attorney, protocol for the appointment of the general director, etc.);
  • proof of origin of funds;
  • in some cases - recommendations from other bank clients.

All documents, if necessary, must be translated and apostilled.

Price issue

The cost of registering a company will directly depend on the selected country. It consists of mandatory payments and additional ones. You will have to pay a state fee and contribute the authorized capital (from 1 euro). Opening a company current account abroad (on average 700–1000 euros) and translating documents submitted to the registration authorities will require some costs. Other types of expenses are optional and will depend on the situation and requirements of a particular state:

  • deposit in the company account. Can be returned after account closure;
  • so-called nominee service - services of a nominee general director and/or shareholder; in some countries it is also necessary to hire a secretary. Cost - from 500 euros per year depending on the country;
  • office rental;
  • expenses for visiting the country to register and open an account (if personal presence is required).

Do not forget that some payments will become regular, for example, nominal service, office rent, annual renewal registration in government agencies, accounting services(from 250 euros per year), account maintenance.

Registration of a company abroad provides many advantages in doing business, but it is a rather complex procedure that requires studying many nuances and legislation of different countries. For a person who is not an expert in international law, the whole path will take a lot of time and effort, so most entrepreneurs resort to the services of professional registrars.

To do this, we have selected the 10 most common questions that our clients ask us. Although we answered each question based on the client's specific situation, we hope that after reading this article you will have a clearer understanding of what to consider when starting a company.

1. Where is the best place to start a business?

Before you think about the location of your new company, it makes sense to think about what your business plans are, where your customers and suppliers are located, and where you are located. These three main points will allow you to geographically locate the right location.

The next step is research. Factors that should be carefully examined include the following:

  • available options for business structure of enterprises;
  • taxation system;
  • possible incentives in your industry;
  • level of industry development;
  • quality labor resources and prices on the labor market;
  • infrastructure development.

This information will allow you to narrow the list to several countries or to just one.

Our websites serve as good sources of information about all the advantages of a particular country in terms of doing business:

  • https://www.hongkong-business.ru/ – about China and Hong Kong
  • https://www.start-business-in-singapore.com/ – about Singapore
  • https://www.start-business-in-estonia.com/ – about Estonia
  • http://blog.offshore-manual.ru/ – about Hong Kong, Singapore, Estonia, Cyprus, Malta, Sweden, etc.

Detailed research is a vital necessity when starting a business. To avoid surprises in the future, a country must be chosen taking into account all the criteria.

Read also “What is substance and why is it necessary?”

2. What about tax havens?

Traditional tax havens are very popular jurisdictions for clients who want to minimize taxes. However, upon closer examination, it becomes obvious that they are not suitable for the long term.

What attracts clients to offshore jurisdictions is that companies operating abroad are not subject to local corporate tax, information about owners and directors is not available to the public, and most offshore companies do not enter into agreements with other countries on the exchange of tax information.

However, due to these advantages, tax havens do not have a good reputation around the world and are often associated with money laundering and tax evasion. Companies registered offshore typically have difficulty opening bank accounts with reputable banks and are not taken seriously by clients and suppliers around the world.

As an alternative to tax havens, we recommend that our clients who want to minimize their tax liability register companies in zero-tax countries such as Singapore, Hong Kong and Dubai.

3. What are the requirements for registering a company?

Each country has its own requirements for registering companies, but there are several points that are important to pay attention to:

  • Shareholders: it is necessary to know whether the country's legislation establishes the citizenship and place of residence of shareholders. Most countries in the Middle East, for example, require at least one shareholder to be local and do not allow the registration of a company owned only by foreigners. On the other hand, the Philippines allows the establishment of companies with foreign participation, provided that the foreign shareholder resides in the country.
  • Directors: just as in the previous case, it is important to clarify whether the director must be a citizen of the country in which the company is registered, or whether the fact of residence on its territory is sufficient. Also, what is the minimum number of directors allowed in a company. In Singapore, for example, there can be one director, but in Thailand 7 are required.
  • Requirements for a company secretary
  • Registered address: All countries require companies registered on their territory to have local legal address. In some cases, a virtual office is allowed to comply with the law; in others, authorities require a lease agreement office space before completing the company registration process.
  • Capital requirements: minimum size The capital required to start a company can vary greatly from country to country. For example, in Singapore, the capital requirement is only US$1, while in Saudi Arabia, companies with foreign shareholders are required to have a capital of US$27,000. In addition, some countries require that the amount authorized capital was deposited into the bank account before the company is registered, while others allow payment of capital after the registration process is completed.

Read also “Registration foreign company: is this legal?”

4. What if you do not have a local or resident director/shareholder?

If you are wondering how to open a company abroad without having a local director, then we can provide you with nominee shareholders and directors. The nominee ensures that clients meet all the necessary requirements for company registration, but does not play any role in the management of the company and does not have the right to sign bank documents. Before a director is appointed, an agreement is made to protect both parties.

5. How long will registration take?

In fact, the registration time depends on the country and can vary from 1 week to 6 months.

If you need a company within a week, then the choice is given to Hong Kong and Singapore. These countries have a good online registration system, which greatly simplifies and speeds up the process.

However, to avoid surprises, it is essential to have a realistic idea of ​​the timeline. The Doing Business website posted short description The time and steps required to register a company without foreign shareholders or directors, however, if your company does not fit these criteria, the time frame may be much longer.

Read also “FAQ about registering a foreign company”

6. Where should I open a bank account?

Opening a bank account depends not only on your business plans, but also on the banks themselves. Unfortunately, in last years Banks have become more cautious about opening corporate bank accounts. Depending on the type of business the company does, where it is registered and the nationality of shareholders and directors, opening a bank account may not be easy.

Judging by our experience, for example, companies registered in classic offshores face difficulties in opening bank accounts in reputable jurisdictions, so they have to turn to banks in other tax havens with less stringent requirements.

However, the first thing to consider when thinking about how to open a company abroad is the purpose of the company and bank account. If you are creating a regional company to serve local clients, then the best option will open a bank account at a local bank.

7. Do I need to go somewhere to open a bank account?

As mentioned earlier, banks are increasing their requirements for opening bank accounts. You need to be prepared for the fact that you will need to submit additional documents, including purchase and sale agreements, lease agreements and letters of recommendation from lawyers and licensing authorities. In addition, you will have an interview with a bank employee. Regardless of which bank you apply to, all shareholders, directors and persons authorized to sign bank documents are required to come in person to open a bank account.

8. How long does it take to open a bank account?

Opening bank accounts usually takes at least 4 weeks. For clients with high level risk, the bank may require additional verification or request personal presence, thereby delaying the opening process. Practice shows that clients should be patient for a month before receiving the long-awaited set of current account numbers.

9. I want to apply for a visa for ease of travel and management.

Obtaining a visa is becoming increasingly difficult, but it is not an ordeal that is impossible to pass. We recommend the following to our clients deciding how to open a company abroad and obtain a work visa:

  • Sign contracts with local customers. The authorities will want to check whether you really intend to do business in their country or whether your company is just a front to obtain a visa. You will need contracts and invoices indicating cooperation with local companies to obtain a visa;
  • Invest at least $50,000 in your company. Although most countries allow you to register a company with a capital of as little as $1, this step will show that you are ready to make a significant investment in the country. This will also serve as good proof that your business is real, and not for the sake of a visa;
  • Whenever possible, plan to hire local employees. Although not all countries have such requirements, before applying for a visa, it is good to show that you are going to hire local specialists for the job, and not just resort to the services of foreign workers;
  • Do your own research on this issue. All countries have many requirements for applicants: level of education, salary, work experience. It is important to take them into account at the stage of deciding how to open a company abroad. Additionally, most countries have specific investor programs that are worth taking a look at to see if your company qualifies.

Now more than ever, countries are making it more difficult for companies to hire foreigners, preferring to keep jobs filled by locals. The mere fact of registering a company is not sufficient justification for obtaining a visa. Companies and employees must comply with additional requirements.

Read also “How to get a startup visa in Estonia? The new visa program has already launched!”

10. What about taxes?

Taxes are one of the main factors influencing the choice of country for registering companies, and rightly so. Taxation is considered the most important element. Every company must take it into account, especially after completing registration.

Typically, companies are required to submit monthly reports and pay monthly VAT, taxes on wages, make contributions for social needs. Submitted on an annual basis financial statements and corporate income tax is paid. This applies to all companies in all countries. In case of non-compliance with tax laws, the company will face fines.

Today, business goes beyond state borders, develops new markets, and expands the geography of partners and clients. Opening a company abroad provides similar opportunities.

This will provide many benefits:

  • development of activities in countries with stable economies and loyal legislation;
  • attracting reputable organizations to cooperation. The presence of a foreign company and an account in a foreign bank increases the level of prestige and characterizes a business with the best side;
  • access to financial instruments of the international market;
  • relief/relief from generating reports;
  • confidentiality of personal information;
  • diversification of risks by dispersing assets;
  • the possibility of obtaining a residence permit in one of the developed countries of the world.

The choice of jurisdiction for starting a business is determined by a number of factors: the specifics of the activity, goals, personal preferences, peculiarities of legislation, etc.

How to open a company abroad

Regardless of the country of location, there are two options for registering a company.

1. On your own

You will have to independently study the requirements for the applicant, collect and submit all the papers. It is important to understand all the nuances of the legislation. They concern not only the registration procedure, but also further activities in the legal field of the country. This is a huge amount of data, sometimes complex and not logically structured, and it is very difficult to cope with the assimilation of all the nuances. This will take a lot of time, and the risk of making a mistake will be significant. The result is delays in deadlines or even refusal to register a company.

This option of opening a business abroad is optimal for entrepreneurs who have experience of cooperation with the country, legal education, and a business already operating in the jurisdiction. Knowing all the pitfalls, they will quickly and successfully complete all procedures without red tape. Otherwise, it is advisable to take the help of experts.

2. Using intermediaries

Unlike a business owner who is new to the specifics of international activities, experts from specialized firms know all the nuances of the process. The advantage of hiring specialists:

  • minimal personal involvement of the entrepreneur in the routine process;
  • reducing the likelihood of errors to zero;
  • minimizing the risk of failure;
  • saving time;
  • consulting support.

Employees of specialized companies will not only carry out the work of collecting documents and transferring them to the necessary authorities, but will also accompany the entire process until they receive papers confirming the registration of the business. In addition, they can recommend a jurisdiction with the most favorable economic climate, organizational and legal form, and help with opening a bank account. The latter is especially important.

Advantages of opening a bank account abroad

It is impossible to conduct business abroad without an account. At the same time, it may also be required for those who are not building a business abroad. An account in a foreign bank will allow you to:

  • establish foreign trade activities;
  • avoid unnecessary conversions when paying partners’ bills;
  • optimize currency control;
  • develop correspondent relations and, as a result, simplify the process of money transfers between countries;
  • increase your authority in the eyes of foreign partners - many large companies enter into contracts exclusively with trusted companies, and having an account in a prestigious bank in the USA, Switzerland or another developed country will be one of the signs of reliability.

To open an account for a non-resident, foreign banks may require a package of documents, justification for the need for such a financial instrument, and often material support (minimum balances, turnover limits). At the same time, in some cases it is enough to provide a passport and confirm your registration or place of residence. And you need to know this before the procedure begins.

You can open an account, like a company, abroad yourself. However, be prepared for the fact that this will take a lot of time. The bank may require a lot of documents (recommendations from a national financial institution, certificate of employment, confirmation of the absence of debt to creditors, utility services, etc.), then it will consider them and only after that will make a decision. The disadvantages of this method are the need for personal presence in the country, significant time spent studying legislation and preparing papers, and the risk of being refused. At the same time, you will not have to pay intermediaries.

Opening an account in a foreign bank with the support of experts will eliminate all bureaucratic nuances, help save time, eliminate the risk of mistakes and obtain guarantees of compliance with all laws, both foreign and local (in particular, in matters of taxation and currency control).

Prifinance specialists will help you understand the issue in detail and make the best choice. Other publications about "".