charlesdm

Perhaps it's more streamlined in the UK, but generally in Europe you will have to go to a notary.

The process is often 1) notary (incorporation deed creates the entity), 2) followed by setting up a bank account (get the initial capital in) and 3) do some additional registrations for your new entity, such as corporate and VAT number.

While it can take a while depending on the country, it in all honesty isn't as bad as portrayed. But since he was setting up a holding entity to hold the shares before he could incorporate his actual operating company, he had to go through it twice.

400 million revenue, 20 billion acquisition price. Sounds like free market to me? They paid up to protect their business and everyone walked away happy.

The right way is to move away from gas and invest in renewables.

Where are you based? If you are able to speak English well, the honest answer is that you can be making the same as EU/US based peers. But perhaps not at the same company.

Usually landing a remote position creates significant opportunities. My girlfriend, a talented senior designer, has increased her compensation nearly 5 fold from her previous work situation and now also works from home.

You ultimately get what you negotiate.

The answer is likely not to hold any local currency. Which might not really be feasible for many local people.

Which is fine. It's fine to get paid. That's the deal -- you are getting a bag of cash (more than you could ever make as an employee) for an asset. You lose all say over it once you have gotten your bag of cash.

VAT is a tax on consumption. But it is only levied when you take a certain action with your funds -- i.e. consume it. You could also (re)invest and let your capital compound.

So yes, if you spend all your money to the last penny, that would be your tax rate. But many (higher income) people do not.

It seems weird you are forced to distribute the dividend in BGN. Pay the withholding tax, yes. But the dividend itself? Most accountants can calculate the corresponding currency equivalent for the dividend being declared on the payout day. Worth looking into.

Also, does Bulgaria support interim dividends? The loan set-up, while not an issue, can perhaps be avoided by use of interim dividends.

Unless you're actually living in a tax haven or a third world country with no CFC laws, you're almost certainly breaking the law with this.

The conversations I have had with people who have found the gold wheel is mind boggling, and they almost all get in trouble at some point.

He is probably adding VAT to his income tax rates, which imo is not correct.

Consumption yes. But how do you get to 70-80% for reinvesting? Corporate taxes are 20%, dividend taxes 30% on remaining 80? That gets you to 44% net tax. From gross to net. Income taxes are higher but still not 70-80%?

I agree income taxes are high throughout most of Western Europe, but the way to grow wealth is by acquiring assets that can grow without having to sell them and pay taxes.

An investment fund (or a property) can often grow for a long time and throw off cashflows that are taxed more efficiently. So can a business where you build up value in the equity. Cashflow keeps the lights on, but equity (even in a small business) builds wealth.

You can't just work your way to wealth. You need to reinvest what you make into other assets and let them compound...

That said, I know self employed developers making 150-200k (EUR) gross per year as contractors. But I also know employees that get allocated a few 100k/year in stock options as part of their compensation.

Yes, you do need to be exceptional. And you need to be smart in the choices you make. I thought that was a given, since millions of dollars don't just come falling from the sky.