As business becomes global, more and more entrepreneurs are taking advantage of international tax agreements to reduce their tax liabilities and ensure that they’re not paying more than they have to. Traditionally, most people have assumed that this type of tax residency is the preserve of large multinational companies. In truth, all you need is the correct insight and advice, and your business can be set up in an optimal tax residence.
INCO Business Group specializes in helping entrepreneurs set up foreign businesses. As part of our work, we’ve become experts at understanding different tax regulations and how best to make them work for you.
What does it involve?
In order to take advantage of tax-friendly possibilities overseas, you will need to establish your business in one of the relevant territories. In order to be classified as a tax resident, you will need:
- A physical location in the particular country where the business activities are performed
- Locally appointed personnel to manage responsibilities, particularly if you yourself act as a (non-resident) director
Satisfying these requirements can sometimes be difficult, particularly for small or medium sized business who are only just starting out. As part of our services, we offer local Bookkeeper or Secretary services that can support you in meeting the requirements while avoiding the need for nominee services that can be costly and come with complex compliance procedures.
INCO Business Group can provide you with intelligent solutions for setting up your company that keep you in full control of your business while appointing a local individual to satisfy the requirements to achieve tax residency.