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From the Managing Director's desk

Preface - LAVECO Newsletter 2017/3.


15/09/2017

Miért éri meg a jövőben is offshore céget működtetni?

Autumn is upon us, and we are publishing the latest edition of the LAVECO Newsletter. Our leading article tackles a question which has been relevant for many years and is still relevant today: is it worth having a foreign company and bank account in the era of information echange? Is it worth holding money in a foreign bank account? Which is better, accumulating, or spending everything straightaway? Of course, rather than giving the definitive answer, we try to offer guidance fpr further thought, taking into consideration the situation of the modern world economy.

Sharjah, one of the 7 members of the United Arab Emirates, offers excellent opportunities for company formation, particularly for those interested in establishing free trade companies. As this is not an offshore company, but still enjoys significant tax advantages, it provides a very good opportunity for businessmen considering trading via the internet.

The majority of banks around the world today are not too enthusistic about working with foreign-registered companies. They even look suspiciously on companies registered in neighbouring countries, and opening accounts is difficult. This is the case whichever continent we turn to. This is why we are always very happy when a new opportunity for cooperation with a financial institute arises. Virpay offers a very favourable, flexible solution for the opening of bank accounts, even for foreign companies.

The bitcoin completely divides internatioonal business opinion. To some it represents an enormous opportunity, whereas others see it as a con of global proportions. Even as we speak, time seems to be running out for the cryptocurrencies, as China closes its bitcoin exchange, but even then there is significant turnover in virtual currencies, as bitcoin is only the most well known of many.

Generally speaking the taxation of idividuals is tied to the country in which they are resident. Today, numerous countries offer excellent opportunities for tax-related resettlement. According to the latest regulations in Cyprus, in certain cases it can be enough to spend 60 days a year on the island in order to achieve tax resident status and enjoy the benefits that provides.

We have written about the benefits on offer in the United Arab Emirates many times in teh columns of the LAVECO Newsletter. Having spent 14 years carefully monitoring the situation, LAVECO has now established its own representation in the Emirates. In our opinion this is a dynamically developing business hub within the world economy. It is well worth taking advantage of the original opportunities business/taxation possibilities provided by the state.

I wish you a pleasant autumn and a very enjoyable read.

LAVECO Newsletter 2017/3. - Is it worth hiding money abroad?

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