TMS Group offers a range of company formation and registration services in low tax jurisdictions e.g. Cyprus, Hong Kong and Singapore, together with the UK. Freezone companies - Georgia, Tbilisi Freezone and UAE, RAK Freezone. Companies formed in these jurisdictions are suitable for open trading worldwide. For those needing an IBC (International Business Company) we offer a number of options - Belize, Dominica, RAK UAE, Seychelles and St Vincent together with Delaware LLcs.
As part of our structuring, tax planning and residency services, we offer a range of ancillary services.
The jurisdictions we offer range from trading companies in low tax countries to Freezone companies (generally tax free), through to typical IBCs (International Business Companies).
Cyprus, an island in the Eastern Mediterranean is a member of the EU and of the Eurozone. As such, it is a good choice for trading within the EU, particularly as VAT number can easily be obtained. Cyprus resident companies are subject to corporation tax at a flat rate of 12.5%. It should however be noted that salaries and consultancy fees paid to non-residents of Cyprus are not subject to any kind of withholding tax and therefore represent a convenient way to reduce taxable profit.
Another option is the Cyprus non-resident company, which, as the name suggests is managed and controlled from outside Cyprus. This variant cannot register for VAT in Cyprus, but has the advantage of being completely tax free.
Georgia is an independent country in the Caucasus south of Russia on the Eastern Black Sea coast. It is a signatory to the EU DCFTA (Free trade agreement) and is an EU associate member. Georgia does not exchange information via the AEOI (CRS) with other countries and has not committed to do so.
Georgia, Tbilisi Freezone companies are not subject to corporate tax and are not required to register for VAT. Company formation generally takes 2 or 3 days from receipt in Georgia of all required information. Georgia Freezone companies must hold a relevant business licence, this is renewable annually. All company formation procedures can be carried out remotely, including local Georgia bank account opening.
RAK (Ras Al Khaimah), an emirate within the UAE, is located on the eastern side of the Arabian Gulf. It is about an hour’s drive from Dubai and from Dubai airport with Abu Dhabi airport being a little further away.
UAE, RAK Freezone companies must hold a relevant business licence, which also allows the owners to work in the UAE. RAK Freezone companies are completely tax free and, being resident companies, enjoy full access to the various international double tax treaties signed with the UAE. A personal visit is required to form a RAK Freezone company.
Commonwealth of Dominica
The Commonwealth of Dominica is located between Puerto Rico and Trinidad. Independent since 1978, it remains a member of the British Commonwealth. Dominica is relatively discreet, inexpensive and fast to form and maintain. Unfortunately, the relatively low number of TIEAs includes Germany, Scandinavia, the UK, Australia and New Zealand. Caution should therefore be exercised.
So far, 14 TIEAs have been signed. Please press this TIEA link to check the current position
Renewal is on the anniversary of incorporation, corporate directors are permitted as are nominees. A 20 year tax exemption is grated on incorporation. We recommend Dominica for asset holding and discreet trading.
Formerly British Honduras, Belize is in Central America, between Guatemala and Mexico. It gained independence from the UK in 1981.
Renewals of Belize companies must be made by the 31st of July on the year following incorporation and annually thereafter. Please note that CoGS etc. requested after April will require renewal fees to be paid.
Accounts. No filing requirement but the RA must be notified where maintained.
All the common features outlined here apply to Belize IBCs.
The Seychelles, NE of Madagascar in the Indian Ocean, became independent from the UK in 1976 but remains a member of the British Commonwealth.
Inexpensive to form and maintain and fast incorporation. Very popular when combined with a bank account with ABC Bank in Mauritius. Renewal date annually, on the anniversary of incorporation. It is a requirement confirmed annually to notify the regisred agent where the company’s accounts are maintained.
So far, 7 TIEAs have been signed. Please press this TIEA link to check the current position.
All the common features outlined here apply to Seychelles IBCs.
St. Vincent & the Grenadines in the Eastern Caribbean gained independence from the UK in 1979 but remains a member of the British Commonwealth.
Renewal date. Annually, by 1st January each year. 1st year pro-rated.
Features. All the common features outlined here apply to St Vincent IBCs. Relatively unregulated e.g. Forex trading does not require a licence.
Delaware is a small state situated on the east coast of the USA. Delaware LLC's may be formed quickly and without bureaucracy. Apart from the ease of formation, a Delaware LLC is extremely tax efficient when used by non US resident principals and where the LLC does not trade in the USA.
Formation of Delaware LLCs generally takes 1 to 2 days from instruction. Documentation is normally received in our offices in 5 – 7 days of formation. If required, EAN (employer tax number) tax be obtained, but this can take about a month.
UAE, RAK IC
RAK (Ras Al Khaimah) is located on the eastern side of the Arabian Gulf and is part of the United Arab Emirates (UAE) which also includes Dubai.
All the common features outlined above apply to RAK IC except that the suffix must be “Ltd.”
An alternative is the Free Zone Company (FZE or FZ LLC) which is a resident company and can take advantage of double tax treaties.
Renewal date. Annually, on the anniversary of incorporation.
Annual requirements. These are minimal and do not require accounts to be filed.
The United Kingdom government have stated (May 2018) that they propose to accept an amendment to legislation which will require all UK overseas territories e.g. B.V.I., Anguilla, Turks & Caicos, Bermuda , Gibraltar etc to maintain and allow access to a register of beneficial owners. This, in our opinion, kills any semblance of privacy for owners of companies in these jurisdictions. We therefore cannot recommend them.