AckersinNica
2/3/2016 16:51 EST
Thanks in advance for any suggestions on the subject.
My wife and I are opening a small b&b hotel/non-profit on the coast and are looking into the Tourist Law 306 and if it's worth it to apply for that.
Main question is for anyone who has done this before---how strict is the government on your paperwork? etc. I've talked to people who said you have to have 5 copies of each receipt for each income, paying taxes on a WEEKLY basis, etc.
I guess if anyone has experience with the 306 law we're wondering if that creates more headaches with paperwork, etc. than if we don't apply for those benefits.
Property is bought and we start construction in November, I'm fluent in Spanish so would gladly accept contacts that might be able to help but only speak Spanish.
Thanks for reading, look forward to any advice the community may provide.
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Salsera
2/3/2016 18:45 EST
Hi,
I previously had a company in Madagascar which was already quite bureaucratic (heritage from the French colonization and further developed by the Malagasy as people say...), but I find Nicaragua is even worse...
I have a SA and you have to manually fill out 4 books - I pay an accountant 100$ per month for all that stuff, he is the 3rd (I dropped the first 2 for certain reasons).
With a hostel you should benefit from the tax reduction (or exemption?) for investment in tourism. A friend of mine has only a matricula (personal firm) with cuota fija, so much less complicated.
If you want to work with a socia (which is obligatory for a Ltd or sa9, your socia must be a Nica with at least 1% share in social capital.
Everybody says it is best to try one-person matricula only and cuota fija, but it depends on what you want to do.
My impression (which others seem to share) is that the best is to come as a pensionista or rentista and not try to create a company...
But there are some who are quite successful. Wish you the best!
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atz111
2/3/2016 18:52 EST
The typical mumbo-jumbo from uniformed expats on here....Salso man is typical and always has the Madagascar comparison, I guess to let us all know he exotic....they want to talk even if they know not what the speak of. Business is business here ..same as anyplace. Yep, paperwork, etc. Thousands do it and no big deal. If you cannot then maybe a business is not for you. If you really want good advice on this you really need to go someplace other than this forum to find it.
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KeyWestPirate
2/3/2016 20:39 EST
I thought Salsera was a woman. I've always found her posts informative. She seems to have a head for business, and some historical experience.
What >>>specifically<<< do you object to in her post?
Incidentally, she's not a member of the poser pyrite posse. I've never met her.
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Salsera
2/3/2016 23:17 EST
Thank you Key West Pirate, and yes, I am a woman.
I do not bother about the naughty remarks of Atz111 - until now I am still waiting for a useful and constructive comment from this person. All I read from him up to now were disparaging remarks about other forum posters (you for example) - which is typical for someone who is unable to get himself something off the ground and trashes and insults others to compensate for his incompetence...
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atz111
2/4/2016 08:18 EST
Ahh..another member if the posse. There have been plenty of constructive comments by me on here...thry are facts, not the kind of nonsensical stuff you post..like about your time in Madagascar which is in almost every post by you although it makes no sense in the reply ...you just do it for self-aggrandizement. And your last one follows that up with such unintelligible nonsense that is hard to tell if you understand the language to are just loopy. You do not know what you speak of...original poster...the tax and filing requirement here are no worse than some and worse than others. 1,000's of businesses do it w/o a problem. There are lots of options...some very simple...ley 360 is worth looking into if you have any decent investment. Get a good local to advise not some loopy expats who just talk without substance....the norm on here.
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atz111
2/4/2016 08:18 EST
Ahh..another member if the posse. There have been plenty of constructive comments by me on here...thry are facts, not the kind of nonsensical stuff you post..like about your time in Madagascar which is in almost every post by you although it makes no sense in the reply ...you just do it for self-aggrandizement. And your last one follows that up with such unintelligible nonsense that is hard to tell if you understand the language to are just loopy. You do not know what you speak of...original poster...the tax and filing requirement here are no worse than some and worse than others. 1,000's of businesses do it w/o a problem. There are lots of options...some very simple...ley 360 is worth looking into if you have any decent investment. Get a good local to advise not some loopy expats who just talk without substance....the norm on here.
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KeyWestPirate
2/4/2016 11:24 EST
Depends on what you consider safe.
The Estelí water contains a parasite (see below) that is resistant to chlorine treatment.
It rarely creates problems, but can get into both your brain and your liver.
https://en.wikipedia.org/wiki/Entamoeba_histolytica
Bottled water? well, maybe, but when I lived in Estelí six year's ago a business across the street was bottling water from the Estelí tap.
Obtain a supply of Metronidazole and start it at the first onset of "problems". Continue for three days. I used to use Cipro but it's considerably harder on your body.
It's what I love most about Nicaragua: It's the Wild West here.
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AckersinNica
2/4/2016 11:30 EST
Didn't mean to ignite the tinderbox.
Thanks for the information, some useful, some entertaining...
I know people are running businesses all across the country with out any problems---though my initial inquiry was more related to the Tourism Tax Law 306 and whether that creates additional paperwork, monitoring, etc.
Additionally, still desperate to figure out how to even apply towards this program. I've contacted ProNicaragua and have left numerous messages for the executive director of Canatur to no avail.
If anyone has a trustworthy contact that might be able to help in this regard (lawyer, etc.) I'm grateful.
Carry on! :-)
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atz111
2/4/2016 11:54 EST
For the 306....you need a lawyer who has experience with INTUR and other agencies. It is a lengthy process but can mean a lot of money. Been a logjam for some reason so delays for people who have filed and supposed to be OK.. Paul Tiffer an attorney in MGA deal with this...speaks English has a great track record..not cheap, but OK I think, I have used him and he gets results. He will tell you what he thinks for free if you give him the details. My problems with th other responses you get here (or got) is that most are just tell...not based on real knowledge...these people chime in on almost everything...some are not legal residents, but will tell you how to get your residency. A fair amount do not live here full time and some are just dumb. Very few really run businesses. i have two business and it is truly doable.
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KeyWestPirate
2/4/2016 13:31 EST
Good solid advice,, thank you.
Paul Tiffer has a good rep, but has been losing some of his residency business because of his pricing.
Still, value is a perception in the mind of the buyer, so, reputation, English, counts for a lot.
A few hundred bucks extra for simplicity and piece of mind is a good value for many.
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atz111
2/4/2016 13:40 EST
I agree. (surprise, huh).....Tiffer is now overpriced for residency stuff. But he seems to have an inside track on this 306 stuff...a bit more complicated than residencies, plus on this I think contacts count. He'll chat a bit for free so no harm in an initial contact to get the lay of the land.
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atz111
2/4/2016 13:40 EST
I agree. (surprise, huh).....Tiffer is now overpriced for residency stuff. But he seems to have an inside track on this 306 stuff...a bit more complicated than residencies, plus on this I think contacts count. He'll chat a bit for free so no harm in an initial contact to get the lay of the land.
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AckersinNica
2/4/2016 14:21 EST
Look at that, on my first post I brought everyone together into agreement! :)
I have reached out to Paul Tiffer and will see what he has to say. I agree that peace of mind is worth a few extra bucks, sounds like he knows the process pretty well.
I'll start there and see what happens, feel free to chime in with other advice, I'm all ears.
Thanks all
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atz111
2/4/2016 16:09 EST
Well don't come here...you are needed in Congress or the UN with the talent .
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iguanalover
2/5/2016 09:10 EST
You need to find a Nica business manager. Dealing with the bureaucracy will not be easy. Non-profits pay the same taxes in NIcaland and they get closely watched. Ask around in the area where you are building for a business manager. Pay very close attention to the laws governing employees.
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atz111
2/5/2016 09:19 EST
If you need a "business manager" to run a small business in Nicaragua..such as the one it appears you want to do.....you should not do it. First...it is not that complicated and all the rules are published and very clear. Second, you Nica "manager" will likely not really know all they need to know...lots of guessing about stuff. A good accountant, which you will need, knows it anyway air they deal withe businesses. What you have in this lizard advice is BS and just made up because they need to ta;k not because they know what is going on.
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MarioRobleto
2/12/2016 18:46 EST
I would definitely suggest considering what Tiffer has to say, he has been doing what he does for a while now 10+ years. With reference to your business and taxes if you want to know about that just let me know. I have a Certified Public Accounting firm in Managua called SAENICSA. If you have any questions feel free to ask, and just to let you know it is important that you know what you're going to do before you do it than as you go along, because if your idea and investment plan is dependent on being approved for under the 306 law just a reminder the benefits are not retroactive.
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