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And that is not the worst part. When you sell your company, you may have to wait between 6 to 9 months to get your money! Basically, taxes are always delayed a
by rdm_blackhole 8y ago
And that is not the worst part. When you sell your company, you may have to wait between 6 to 9 months to get your money!
Basically, taxes are always delayed and to calculate the exact amount that you owe to the diverse government agencies, it takes an army of accountants.
Even sometimes the accountants do not know what is going on as the tax laws are always changing, sometimes at the last minutes.
Meanwhile, you have sold your asset, your money is stuck in escrow for more than 6 months, you have no revenue and no money. Welcome to France!
Source: my parents sold their business in October last year and just got their money a week ago.
- JumpCrisscross 8y agoThe advice I was given, by a competent European lawyer, was to set up a Luxembourg S.A. which, in turn, was to hold asset-light subsidiaries in each country. (This is how Spotify is structured.)
- JeanMarcS 8y agoThe problem is, when you're resident, it looks like you try to avoid taxes. And government doesn't like that. At all. So if you're small, they won't miss you when they backfire at you :-)