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DEALING WITH AND INVOICING
EUROPEAN UNION CUSTOMERS

 

TAILORED TAX PLANNING STRUCTURE
VAT REGISTRATION

CASE STUDY FOR INTERNATIONAL EXPORTERS

 

Start invoicing your European Union customers under a VAT EU registered company.

We propose you a Secure and Reliable Tax Planning Structure

PROVISION OF TAX ADVISE
Due to the tighten regulations on the EU, dealing with EU customers is something you must be prepared to, should you need to deal with VAT matters, and get a tailored tax planning of your structure, in order to minimize your taxation, independently of your expected turnover.

One thing you should not do – use a traditional offshore company to invoice your EU customers.

This will bring them huge problems, starting with their own accountants, responsible for the processing of their clients' accounts, an ending with the IRS – local tax departments.

Local EU Tax departments are very reluctant to accept invoices issued by offshore companies.

You are in your own right to use any company worldwide for your business matters, which is absolutely legal, but when dealing with EU this will not work. Damages and problems you can address to your own clients, are too many.

Questions will be raised as to the offshore invoices, as if your client were exporting funds offshore, and subsequently, practicing tax evasion.

Keeping and healthy relationship with your EU client will be one of your main concerns too.

 

HOW WILL THAT WORK, THEN?
A tailored structure must be implemented and, and most importantly, start taken immediately your own tax benefits from this structure.

COMPOSITION OF THE STRUCTURE
Company A– your own company (the Seller)
Company B – an intermediary company incorporated in a reliable and credible jurisdiction – USA (Limited Liability Company) or Hong Kong (Private Limited Company), for instance.
Company C – your customer's EU company (the Buyer)
Company D – Branch of the Company B, open in a EU country – VAT registration and Card provided within maximum 15 working days after the submission of the branch process. Portugal is a highly recommended jurisdiction for this structure.

NOTES:
A – HK – a Private Limited Company - which although not a so called tax haven, provides you a 100% tax exemption in all your worldwide transactions, since outside HK and not involving HK customers (the Intermediary)
B – USA – a Limited Liability Company - since will not do business with USA and its members are not US citizens or residents, will be 100% tax exempted on all its worldwide incomes.

BUSINESS NETWORK HIGHLIGHTS:
1. Company A never invoices Company C directly;
2. Company A will invoice company B (the mother company)
3. Company B invoices its branch directly – Company D
4. Company D invoices Company C

MARGINS AND PROFITS, AND TAXATION BENEFITS:
Let us consider for this study – proposed structure - a product or service usually sold by Company A at US$ 100
From the moment the structure is implemented:
a) Company A will export the product/service at US$ 75 to the Company B.
b) Company B invoices its branch – Company D by US$ 95
c) Company B will invoice the customer (the Buyer) by US$ 100 (or counter value in Euros)

CONSIDERATIONS:
Considering the cost of the product is US$ 60, Company A will have a taxable profit of only US$ 15, instead of US$ 40.
Company B will have a profit of US$ 20 – tax exempted
Company D (the Branch) will have a taxable profit of only US$ 5. Considering taxation in Portugal approx. 35%, this means that Company A will generate an added profit in Portugal of about US$ 3,25.

No physical offices will be required in Portugal – just a Full Serviced Virtual Office, including mailing address – the branch registered office, mail re-forwarding services, and telephone and fax lines, with all messages redirected to you.
The operational costs with the branch will be therefore almost null, once you can do the invoicing directly by yourself, and mail it. However, we recommend you to address all letters to our offices in Portugal, so that they will be posted from Portugal to your clients – services included in our FSVO package.

ADVANTAGES TO THE STRUCTURE:
Untaxed profit maximised
Taxation minimised
No use of offshore companies for invoicing purposes
A complete reliable and credible structure
Total credibility and reliability to your client
Your client's best and most satisfaction

 

REMARKS:
Although using an EU company – Company D – you have not been subjected to high taxation thereof.

RECOMMENDATIONS:
For matters of privacy, anonymity and confidentiality, we suggest this US LLC or HK company to be formed by using our own Nominees, for the charges of Shareholders/Members and Director/Manager of the company.
Our Nominee Shareholder and Director Services are included in our Incorporation Fees.

The sole charge relates the issuance of a full Power of Attorney in your behalf, to manage the company, as its Beneficial Owner, and open and manage all bank accounts worldwide.

 

INCORPORATION AND ANNUAL MAINTENANCE FEES:

COMPANY B - INCORPORATED IN HONG KONG
Incorporation fees - Euros 2,725.00
Annual maintenance fees – 1,200.00 (*)
Local Company Secretary - Euros 250.00
Hand Plier Company Seal – Euros 75.00
Provision of an Offshore Corporate Bank Account – General Disbursements - Euros 150.00
2nd set of certified documents for Bank Account opening purposes – Euros 275.00
Certified Board Resolution Deciding the opening of bank Account - Euros 175.00
DHL delivery of documents – Euros 70.00
(*) 1st year fees will be payable together with incorporation fees.

NOMINEES FEES
Provision of Nominee Shareholder – Euros 350.00/annual
Provision of Nominee Director - Euros 450.00/annual
Provision of Local Company Secretary - Euros 250.00/annual
Certified and Appostilled Power of Attorney - Euros 650.00

VIRTUAL OFFICE FEES
Mailing address with mail re-forwarding services – Euros 680.00/annual
Telephone Number in Gibraltar – Euros 550.00/annual
Fax Number in Gibraltar – Euros 550.00/annual

or, alternatively

Incorporation and annual maintenance fees:

COMPANY B - INCORPORATED IN USA
Incorporation fees - Euros 1,700.00
Annual maintenance fees – 1050.00 (*)
Hand Plier Company Seal – Euros 75.00
Draft of Operating Agreement to meet your specific requirements - Euros 275.00
Provision of an Offshore Corporate Bank Account – General Disbursements - Euros 150.00
2nd set of certified documents for Bank Account opening purposes – Euros 275.00
Certified Board Resolution Deciding the opening of bank Account - Euros 175.00
Statement of Organizer, certified and apostilled - Euros 190.00 (Optional)
DHL delivery of documents – Euros 70.00
(*) 1st year fees will be payable together with incorporation fees.

NOMINEES FEES
Provision of Nominee Member – Euros 350.00/annual
Provision of Nominee Manager - Euros 450.00/annual

Remark: In case you will contract our Nominee Services, a Power of Attorney (certified and apostilled) will be provided in the name of the person who will be in charge for the sole Management of the company, i.e., Beneficial Owner, together with following documents:

- Nominee Services Agreements
- Manager's Declarations of Trust
- Manager's Resignation Letters signed and undated
- Power of Attorney
- Certified and Appostilled Power of Attorney - Euros 450.00

FULL SERVICED VIRTUAL OFFICES
Full serviced Virtual Office in USA, at the State of Incorporation – a service provided for those who incorporate offshore but simultaneously wish to offer the company a high degree of credibility internationally, and grant that all mail, phone calls and faxes addressed to your company by any entity, client, provider, … will be always received by you. In your specific case, this Virtual Office is highly recommended:

Mailing address with mail re-forwarding services – Euros 680.00/annual
Telephone Number in USA – Euros 550.00/annual
Fax Number in USA – Euros 550.00/annual

DOCUMENTS INCLUDED AND PROVIDED:
Certificate of Incorporation/Formation (*)
Memorandum and Articles of Association (*)
Operating Agreement - for US LLC company (*)
First Minutes
Share Certificates
Power of Attorney (*)
Nominee Shareholder/Member and Director/Manager Agreements
Director/manager's Declaration of Trust
Director/Manager's Resignation Letter
Stock Transfer Forms relating the ownership of the company shares
(*) Documents certified by public notary and apostilled as per Hague Convention.

OTHER SERVICES INCLUDED:
Opening of an offshore bank account, for Company B, with one of the Banks, having protocol with EUROFINANZZA .
Trade Reference Letter – as required by the bank
All bank services available, including credit/debit/ATM cards, net banking, and all merchant services.

 

OPENING OF A BRANCH OF COMPANY B IN THE EUROPEAN UNION

COMPANY D - INCORPORATED IN PORTUGAL
Incorporation fees - Euros 1,750.00 – one-off payment
1st year Annual Fees - Euros 750.00
Certified Board Resolution deciding the opening of the Branch in Portugal - Euros 225.00
Translation into Portuguese language of all Statutory Documents of the Parent Company (Company B) - Euros 350.00
Certification by Public Notary of above translations - Euros 250.00
Specific Power of Attorney in our behalf to deal with all matters related to the opening and registration of the Branch in Portugal - Euros 450.00
Full serviced virtual office in Lisbon/Portugal – Euros 1,780.00/year
Public Registred Account, as required, to sign and file all documents - Euros 175.00
Application for VAT registration number - Euros 175.00

DOCUMENTS INCLUDED AND PROVIDED:
Translations and Certificates of Translation of all company documents, into the Portuguese language, by Public Notary
VAT Registration and issuance of VAT tax card
Certificate of Registration with local Portuguese Registrar of Companies – Conservatória do Registo Comercial
Provision of an accountant, just for Registration purposes with Tax Department – Repartição de Finanças
Tax Department Registration – Form 1 – Start of Activity
Publication on 2 local newspapers – required

OTHER SERVICES INCLUDED:
Opening of a corporate bank account in Lisbon/Portugal
All bank services available, including net banking, check book, and all merchant services.
Should you be interested to incorporate your Secured and Confidential European Union Tax Structure please contact us.

 

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