Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Please tell me this is possible!

Options
  • 05-01-2016 2:12am
    #1
    ronnieboy111
    Registered Users Posts: 3 ✭


    Hey guys,

    I have a plan to quit my 9-5 job in Ireland and travel abroad. The venture will basically involve selling my own branded/unique products on amazon.

    My question relates to tax. In a nutshell I want to avoid paying any tax on the salary I will give myself as a director. Bearing in mind that I will be out of the country for at least 10 months of the year for the foreseeable future. I will also have a resident Irish family member acting as the other director.

    Does anyone know if something like this is possible?
    Would it be easier to register the company in Hong Kong as an ‘off-shore’

    Thanks
    Tagged:


Comments

  • Options
    #2
    ronnieboy111
    Registered Users Posts: 3 ✭ronnieboy111


    To clarify, I am proposing to set up an Irish company with the CRO.


  • Options
    #3
    SmartinMartin
    Registered Users Posts: 2,937 ✭✭✭SmartinMartin


    This is possible.


  • Options
    #4
    Armchair Andy
    Closed Accounts Posts: 1,847 ✭✭✭Armchair Andy


    This is possible.


  • Options
    #5
    ronnieboy111
    Registered Users Posts: 3 ✭ronnieboy111


    Great, any chance of elaboration on that guys?


  • Options
    #6
    SmartinMartin
    Registered Users Posts: 2,937 ✭✭✭SmartinMartin


    ronnieboy111 wrote: »
    Great, any chance of elaboration on that guys?

    You asked us to tell you this was possible, so we told you this was possible.


  • Advertisement
  • Options
    #7
    adrianw
    Registered Users Posts: 236 ✭✭adrianw


    SmartinMartin wrote: »
    You asked us to tell you this was possible, so we told you this was possible.

    Hi Smartin,

    I don't think so.

    His salary as a director will be taxable in Ireland, irrespective of where he lives / travels.


  • Options
    #8
    [Deleted User]
    Posts: 5,121 ✭✭✭ [Deleted User]


    You have to be resident somewhere - where will you be living the rest of the time?

    At the very least that country will be interested in your income, unless you are moving to the Cayman Islands or something.

    I am sure that a tax advisor would explain how it is possible - for a fee.


  • Options
    #9
    adrianw
    Registered Users Posts: 236 ✭✭adrianw


    Even if he does move to the Cayman Islands, as a director of an Irish company, the salary attributable to this role is still Irish source income and subject to income tax in Ireland.

    If he is tax resident of another country, that country may also wish to tax the income but the Irish Revenue will have primary taxing rights.


  • Options
    #10
    dbran
    Moderators, Business & Finance Moderators Posts: 2,094 Mod ✭✭✭✭dbran


    The best advice is the advice you pay for.

    You need proper professional advice and this is not going to be got from an online internet forum.

    Thread is closed for your own safety.

    dbran


This discussion has been closed.
Advertisement