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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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New Business in Maryland
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HOPE2
Level 9
08-21-2024
11:58 AM
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Hi everyone,
A new client has a company in Dubai that deals with the export and import of medical equipment. He wants to start a similar business in Maryland. Since the source of funds coming into his business account in Maryland will be from his company in Dubai (which doesn’t have any income tax), he needs to transfer his income to Maryland from Dubai. When purchasing equipment that will be imported to Dubai, he can maintain greater control over his profits and transactions.
Could you provide some guidance on the steps he should take in Maryland?
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3 Comments 3
sjrcpa
Level 15
08-21-2024
01:03 PM
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Get a MD business attorney with import/export and Dubai expertise.
The more I know, the more I don't know.
qbteachmt
Level 15
08-21-2024
01:12 PM
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"he needs to transfer his income to Maryland from Dubai."
Funds get transferred. Not Income. Income is the result of math. Funds are money.
I googled this:
maryland foreign corporation formation dubai
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Don't yell at us; we're volunteers
Don't yell at us; we're volunteers
HOPE2
Level 9
09-01-2024
08:06 PM
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You right, it was my wrong!
