Where do I go for a new start up LTD company - UK or Estonia?? 🤔

[MinervaNomad]

First of all, hello!

My first time here so good to e-meet the community. I'm at the start up phase of a ltd wellness company I want to scale globally online.

My question is, do I go UK or Estonia??

I've heard so many good things about Estonia for new business. I visited some years ago and was very impressed by the setup they have as well as the friendly people. Benefits include favourable conditions for digitalisation, ****** and taxation.

However, I have concerns over HMRC if I spend more than 183 days in the UK (something i plan to avoid as emigration is my long term plan).

However, I already draw the personal tax allowance from my forces pension, and also have a limited company (in the UK) for consultancy work.

I really appreciate any advice and or signposting to other resources or people that can help.

Massive thanks in advance!

 

[WaveJumper]

Welcome to the UKBF my first thoughts on this are you perhaps need to decide now where do you want to be UK or Estonia and then set up accordingly, picking the latter might prompt you to shut your UK operation and shift along with yourself.

Others may have a different view but trying to run offshore residing here unless you are talking serious amounts of turnover can prove to be pretty costly, you probably need to seek the advice of a tax expert who can look at your overall financial situation preferably one who has experience in setting up offshore entities.

Not looked but but what sort of status / visa's etc do you need to operate a company in Estonia

 

[Paul Kelly ICHYB]

Only you can really answer this question!

Speak to an accountant who will dive deeper into your finances and should be able to give specific advice.

 

[Ozzy]

Don't let the 'tax tail wag the dog'
My comment is the same as above, choose where you want to live and work and then setup there based on that and not where you'll pay the least tax. Trying to limit your tax outgoing will become a constant chasing the tail where you could be spending that time focusing on your business and lifestyle instead.

 

[Chris Ashdown]

Being in the EU has lots of advantages if thats where most of your customers are

 

[MinervaNomad]

Thanks all for your responses and advice. My hunger to start my new company and leave the UK is of the highest and equal priority.

Estonia has jumped out at me due to my research so far. As I am less certain of whete I want to live, it seems like a good option for the 'digital nomad'.

Estonia also seems better than the UK for operating a business remotely, and it's certainly an advantage having access to EU client base.

Double taxation could be the biggest fly in the ointment. But as some of you have commented, a chat with my accountant would be a good start.

The research continues!

Thanks again all.