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Business Operating Abroad

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  • 12-12-2018 12:54am
    #1
    BlackEdelweiss
    Registered Users Posts: 1,537 ✭✭✭


    I want to set up a consulting business that will work exclusively in the Southern Hemisphere. I will be living in Ireland and can do the work online. Where would my company have to be registered and where would I be paying tax? If I set it up in the other country does this affect my tax in Ireland? Is there anything I should be aware of by doing this? I will continue to work in Ireland as well but not under this company.


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    #2
    Gloomtastic!
    Registered Users Posts: 8,479 ✭✭✭Gloomtastic!


    If you don’t have one already, it’s probably best you speak to several accountants about this. I say several because each one will probably give you a different opinion. Choose the one you like the sound of but make sure they are prepared to sign off what they’ve promised you, as opposed to leaving you exposed to any Revenue come back.


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    #3
    pedroeibar1
    Closed Accounts Posts: 5,108 ✭✭✭pedroeibar1


    You will have to pay tax. Should you set up a company outside of Ireland, be aware that non-residents in most countries need local directors or a bond. That costs. You are based in Ireland, any dividend remitted to you will be taxed in Ireland. Why not keep it simple and set up a company (if one actually is necessary) in Ireland? Why bother with a company? why not simply treat the fee income as additional income on your existing Irish income? You need professional advise if you do not understand these basics.


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    #4
    realitykeeper
    Registered Users Posts: 4,138 ✭✭✭realitykeeper


    BlackEdelweiss wrote: »
    I want to set up a consulting business that will work exclusively in the Southern Hemisphere. I will be living in Ireland and can do the work online. Where would my company have to be registered and where would I be paying tax? If I set it up in the other country does this affect my tax in Ireland? Is there anything I should be aware of by doing this? I will continue to work in Ireland as well but not under this company.

    I assume you have somewhere specific in mind but if not, perhaps one of Rwanda`s special economic zones would be worth your consideration. This video is about new economics zones planned, following the success of the Kigali economic zone: https://www.youtube.com/watch?v=cqCD1u6K4aM

    Rwanda is (slightly) south of the equator in the great lakes region of Africa. Recently I watch a video and someone was saying that region of Africa will be important in feeding the planet as climate change causes drought and disrupts weather patterns. The equatorial region seems to be an area where rainfall will continue while drought zones in the tropics push the Sahara northwards into southern Europe and the Kalahari southwards to places like Capetown.


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