Is it possible to setup a company online and operate if fully remotely?
The answer is YES, but as always…it depends on many factors. Let us show you some examples of business incorporation in some of our favourite jurisdictions.
Georgia
Registration of a company can be done in one day. You can either send us apostilled set of documents and we register the company remotely as your attorneys, or you can use nominee services that will shorten the process. Georgia is a great choice: companies don’t pay any corporation tax if they don’t distribute dividends, so you can operate totally tax free. Georgian government also introduced some interesting regimes, like Virtual Zone Company, Special Trading Company or Free Zones that give you total exemption from corporation tax. So, even if you withdraw profits: you pay zero tax, legally!
Estonia
For e-residents the company can be registered in one day, all can be done electronically. If you are not an e-resident, we can register your company through a power of attorney in just few days. In case you use a nominee service, it is the same as for e-residents: one day registration. Estonia also doesn’t tax the company unless it pays dividends, so you can operate the company tax-free. No wonder that Georgia followed the Estonian taxation model and implemented the similar benefits for entrepreneurs.
United Kingdom
It takes only 24 hours to have the company registered and everything is done through the electronic system. There is even no need to sign any corporate documents.
Cyprus
Incorporation takes around 1 week, and it can also be done remotely. If you will be a director or a shareholder, we just need scanned documents from your side. There is no capital gains tax on sale of shares, no withholding tax and the corporation tax is a fixed rate of 12.5%, so there are huge tax benefits of establishing in Cyprus.
IN A HURRY?
You can speed up the process of registering the company by:
- Purchasing a ready-made company: this shortens the process to minimum: with the moment of signing the transfer documents, you can start using the company.
- Using nominee services: if you use nominee director and shareholder services, your involvement in the incorporation is not needed at all. You just need to sign the trustee agreements between yourself and the nominee. If is very efficient and you still have full control over the company.
DO-IT-YOURSELF?
Why is it not always safe to do it on your own?
- Registered office address: instead of having your company registered in a garage or at some random place, you should have your company registered in a proper office, with facilities and with possibility of visiting, receiving correspondence and in the way that it doesn’t damage the reputation of your business.
- Directorship services: if you need a nominee director either for tax or marketing purpose, make sure who would be appointed on this position. The director of your company should be professional, trusted, qualified, have good reputation and not to appear as a nominee in 1000 other companies.
- Accounting, legal and tax services, professional advice: make sure these are taken care of properly, so that your business can operate legally and in compliance with all local regulations. Also, since you will have an international exposure, make sure the firm you choose to register your company has experience with tax structures on domestic and international level.
- And one last piece of advice: don’t believe everything what internet says. Always check if your advisor is telling the information that are reliable and exist in both: local and international legislation.
- Also, forget offshore companies. They just create more complications and risks and it’s probably not worth it. Choosing an onshore jurisdiction which offers no or low tax exposure is always a better idea.
WHO CAN GO REMOTE?
Can you do business remotely for all activities?
No, only certain businesses can work remotely (and without risk of double taxation). Some examples of activities for remote businesses can be: IT services, consulting, design and creative works (e.g. architects), marketing, PR services or social media related (social media managers), any online businesses (online shops, teaching, couching, translations), trading companies and trading intermediaries, and many other jobs for contractors and freelancers.
If you have a great idea in mind, you can build up your own business straight away. Every moment is good to start!
