Setting up an offshore company in Dubai versus Hong Kong
Aug 21, 2014, 6:43 am
#1
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Setting up an offshore company in Dubai versus Hong Kong
Hey guys,
I have an online business and want to relocate my company to either Hong Kong or Dubai (Ras Al Khaimah) as tax is lower and accounting is much easier.
For Hong Kong there are companies who can set you up (everything) for $400-600...however what I'm finding for the UAE are prices upwards of $3000 at least, with $1500+ annual renewal fees.
Anybody experience in this and know a company that can set something up in the UAE for a price similar to what it would cost in UAE?
If this is the wrong forum, I'd love it if somebody could point me out to a place where I can ask this question.
Thanks!
I have an online business and want to relocate my company to either Hong Kong or Dubai (Ras Al Khaimah) as tax is lower and accounting is much easier.
For Hong Kong there are companies who can set you up (everything) for $400-600...however what I'm finding for the UAE are prices upwards of $3000 at least, with $1500+ annual renewal fees.
Anybody experience in this and know a company that can set something up in the UAE for a price similar to what it would cost in UAE?
If this is the wrong forum, I'd love it if somebody could point me out to a place where I can ask this question.
Thanks!
Aug 21, 2014, 6:49 am
#2
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I have no idea, but I suspect you'll have more joy in the ME forum, or OMNI!
Aug 21, 2014, 6:52 am
#3
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Aug 21, 2014, 7:05 am
#4
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You might not have enough posts for OMNI.
Aug 21, 2014, 7:08 am
#5
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Is it a requirement for you to register your business in HK or the UAE? They are both relatively expensive jurisdictions for an online business and really do not have any advantages over cheaper jurisdiction such as the BVI. In fact you could even structure a US LLC in a way that would allow it to operate pretty much tax free.
Personally I registered my online business in Belize and bank in HK and Singapore. The running costs are low (350$US/year) and there are no audit requirement, no tax, no public registry...
Personally I registered my online business in Belize and bank in HK and Singapore. The running costs are low (350$US/year) and there are no audit requirement, no tax, no public registry...
Aug 21, 2014, 7:13 am
#6
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Is it a requirement for you to register your business in HK or the UAE? They are both relatively expensive jurisdictions for an online business and really do not have any advantages over cheaper jurisdiction such as the BVI. In fact you could even structure a US LLC in a way that would allow it to operate pretty much tax free.
Personally I registered my online business in Belize and bank in HK and Singapore. The running costs are low (350$US/year) and there are no audit requirement, no tax, no public registry...
Personally I registered my online business in Belize and bank in HK and Singapore. The running costs are low (350$US/year) and there are no audit requirement, no tax, no public registry...
Dubai does have zero income tax and no accounting requirements either.
Other options are possible. I live in Europe currently but travel quite a bit.
Aug 21, 2014, 7:21 am
#7
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Not a requirement, HK looks cheap to set up and little annual fees. From what I've found on Dubai/RAK it looks more expensive but then again I may not have found a service that does it as cheaply as those I found for Hong Kong.
Dubai does have zero income tax and no accounting requirements either.
Other options are possible. I live in Europe currently but travel quite a bit.
Dubai does have zero income tax and no accounting requirements either.
Other options are possible. I live in Europe currently but travel quite a bit.
Aug 21, 2014, 7:40 am
#8
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Setting up the HK company is cheap but maintaining it is expensive. The annual government fee is around 200-300$US and the audit will cost you around 1000-1500$US if you don't have a lot of transactions. In my view it is better to incorporate somewhere else and then open your bank account/merchant account in HK.
Why would the audit be so much?
I use Wave apps account for my business. Super simple. Just need an accountant to file the stuff at the end of the year and that's it..
Aug 21, 2014, 8:53 am
#9
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You can ask a few of the authorised audit firms in HK for a quote, you will be surprised how expensive it can get.
Aug 21, 2014, 10:22 am
#10
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Do you have right of abode in HK? if not the cost goes up for non-resident individual and corporations.
I think you should do some real research in setting up a HK corp, not just what you hear on the internet.
Been there and done that many times, the numbers you qouted is way out of the league.
I think you should do some real research in setting up a HK corp, not just what you hear on the internet.
Been there and done that many times, the numbers you qouted is way out of the league.
Sep 3, 2015, 8:45 am
#11
Join Date: Sep 2015
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mr rshah
Is it a requirement for you to register your business in HK or the UAE? They are both relatively expensive jurisdictions for an online business and really do not have any advantages over cheaper jurisdiction such as the BVI. In fact you could even structure a US LLC in a way that would allow it to operate pretty much tax free.
Personally I registered my online business in Belize and bank in HK and Singapore. The running costs are low (350$US/year) and there are no audit requirement, no tax, no public registry...
Personally I registered my online business in Belize and bank in HK and Singapore. The running costs are low (350$US/year) and there are no audit requirement, no tax, no public registry...
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Last edited by JY1024; Sep 3, 2015 at 8:58 am Reason: added mod note
Sep 3, 2015, 9:02 am
#12
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Having recently spent 20k on this (including deegistering a HK company), allow me to pass on advice received.
-create a Cayman company
-create a HK company with one share that is owned by the Cayman
Cayman costs more than bvi, but the price difference is worth it because they have laws there.
Eta: the reason we killed our last HK company is because we issued 30 million shares (don't do this).
-create a Cayman company
-create a HK company with one share that is owned by the Cayman
Cayman costs more than bvi, but the price difference is worth it because they have laws there.
Eta: the reason we killed our last HK company is because we issued 30 million shares (don't do this).
Last edited by moondog; Sep 3, 2015 at 9:14 am
Sep 3, 2015, 9:22 am
#13
Join Date: Sep 2015
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What I'm not clear on is how you incorporate abroad without being there in person, then setup a business bank account in the US or UK. I'd love to incorporate abroad for a variety of reasons (including deterring patent trolls) but figured it would cost me a lot in attorneys fees.
If it turns out simple and you manage to get US banking from it, I'd be curious to hear what you did.
If it turns out simple and you manage to get US banking from it, I'd be curious to hear what you did.
Sep 3, 2015, 10:08 am
#14
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This is probably the last post you guys will see before this thread gets moved to omni, so here are my comments before the move:
-it's really easy to find agents online
-Cayman companies are reputable enough to contract with other companies
-bvi companies are not, but are better for personal investment
-it's really easy to find agents online
-Cayman companies are reputable enough to contract with other companies
-bvi companies are not, but are better for personal investment
Sep 3, 2015, 10:36 am
#15
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The essence of the thread are the business, legal, and policy questions of foreign incorporation. These are serious decisions, whether the place to incorporate is next door or continents away. Members should be guided by qualified advice and not rely on general replies on an internet discussion site, based on very general information provided.
With the admonitions above, we would normally move this to the OMNI forum, but as the OP and other members who have asked about foreign incorporation do not have enough posts, or tenure, or both to qualify to participate in the OMNI forums, we'll close the thread now. Ocn Vw 1K, Moderator.
With the admonitions above, we would normally move this to the OMNI forum, but as the OP and other members who have asked about foreign incorporation do not have enough posts, or tenure, or both to qualify to participate in the OMNI forums, we'll close the thread now. Ocn Vw 1K, Moderator.