Setting up a company can be a straight forward process and with a bit of knowledge, time and patience anyone could probably make the necessary arrangements. If you are setting up a business in a foreign country you should also travel there so you can ensure you know what is expected of you.
As easy as this all sounds, there are many pitfalls in setting up a company especially in countries where you may not know the rules and regulations. From the very outset it is extremely important to get proper advice about the structure and ownership of the company, and how it should be administered and controlled. Getting professional advice at the beginning will make sure there are no unexpected issues later.
Setting up a company requires many years of experience in professional structuring to ensure that what may seem an easy and straightforward matter achieves the desired result. Gone are the days when for example setting up an offshore company and offshore banking achieved substance in International Tax Planning.
Substance is now not just applicable in the country of Incorporation, but also in the country that you have tax residency in and the two must align.
Every case is different, hence why there is not a one size fits all approach. High levels of expertise are required to ensure that the advice is up-to-date, effective and as importantly, fully compliant.
Failure to structure and manage the company correctly could mean that intended tax savings are not realised, and in some cases could result in an increase in the tax payable with hefty fines and in many cases Criminal Proceedings being initiated.
Europe Emirates Group provide professional structuring advice and once we have understood your personal and business requirements we are in a unique position, through our Global IR Network, to advise on a suitable structure which will meet those needs. This should also result in significant tax savings that will be able to be maintained for many years to come.
For more information on how Europe Emirates Group can help you please get in touch.