Offshore company information?

[Deleted member 1161191]

They wouldn't think twice about a USA company. I know there's a few good options for USA too where you can get away with less taxes as a non USA native who doesn't live there. And not only that, but you would be have the entire payment processor army and merchant accounts and banks at your disposal with your USA company, or LLC, or whatever it is.

So I guess there's one "offshore" option. I mean, I guess it's not offshore for US citizens, but it is offshore for me

Okay, that last bit is a bit of an issue. I guess maybe register a company in a country that has that agreement about double taxation with my country, that way I'm taxed there, and not taxed here. But yeah, that's one of the things to consider. I'm gonna ask that when I go to talk to one of the local companies that offer offshore services to people. That's one of the key things I need to ask about.

Don't believe on some forum posts about "tax-free" US. Get an accountant to consult.

 

[Scorpion Ghost]

Don't believe on some forum posts about "tax-free" US. Get an accountant to consult.

It doesn't have to be tax free.

I guess my starting point is 15%, which is what I would pay locally. Anything below that is a victory.

Also, I live in a country which, well, it's not exactly at war, but, I mean, recently the government started sending out letters for a 30 day army training thing to men my age. I mean, you never know what can happen out here in the Balkans...

And people are demonstrating like mad, want to bring down the government.

I just don't feel that good ole' stability over here.

Plus, my country is on some shit list, so a ton of payment processors don't work here. A ton of merchant account providers don't work here. Shit, Spotify doesn't work here. At the end of the day even paying 15% offshore, if it opens me up to payment processors and merchants and is a stable country with no war and revolutions on the horizon, would perhaps be acceptable.

 

[Scorpion Ghost]

Don't believe on some forum posts about "tax-free" US. Get an accountant to consult.

This looks like a great read - https://ustax.bz/non-us-entrepreneurs/

I still haven't finished it, but I like what I'm reading so far.

 

[Deleted member 1161191]

It doesn't have to be tax free.

I guess my starting point is 15%, which is what I would pay locally. Anything below that is a victory.

Also, I live in a country which, well, it's not exactly at war, but, I mean, recently the government started sending out letters for a 30 day army training thing to men my age. I mean, you never know what can happen out here in the Balkans...

And people are demonstrating like mad, want to bring down the government.

I just don't feel that good ole' stability over here.

Plus, my country is on some shit list, so a ton of payment processors don't work here. A ton of merchant account providers don't work here. Shit, Spotify doesn't work here. At the end of the day even paying 15% offshore, if it opens me up to payment processors and merchants and is a stable country with no war and revolutions on the horizon, would perhaps be acceptable.

Man, change your country then - HK is nice enough (great) for IMers.

 

[Deleted member 1161191]

This looks like a great read - https://ustax.bz/non-us-entrepreneurs/

I still haven't finished it, but I like what I'm reading so far.

Are you thinking to book a call with that person?

 

[Tom_Hunter]

Dubai you can become a resident and you only have to visit once every 6 months, I actually went to live there for a while to avoid tax

 

[cash tribe]

Delaware or Wyoming.

Thank me later

 

[FragSK]

Dubai is the best place now for incorporation, it's cheap if you avoid all agents and setup directly with freezone authority.

 

[Ninah]

I have to have a goddamn accountant

You are mentioned about good accountant so here you go

 

[Scorpion Ghost]

You are mentioned about good accountant so here you go

hahahha

That's fine, that's fine, I gots my best tax advisor. Found him right on Youtube. Now I understand all things, yay

 

[Ninah]

hahahha

That's fine, that's fine, I gots my best tax advisor. Found him right on Youtube. Now I understand all things, yay

Listen to Saul, you just need to find a nice girl who runs a nail salon I am going today to get my nails done so I can ask girls if they could do a favor to you

 

[Scorpion Ghost]

Listen to Saul, you just need to find a nice girl who runs a nail salon I am going today to get my nails done so I can ask girls if they could do a favor to you

Saul knows best... better call Saul!

 

[Scorpion Ghost]

So I explored the offshore options.

Opening an offshore company is easy and painless in most places. Can do 0 tax, can do no bookkeeping, all everything perfect. And it can be done pretty cheap too (Delaware cheaper and simpler than Dubai free zones for example, but still).

Getting a bank account is the big problem. If you start a company in Delaware or Washington or whatever, getting a bank account outside of the US for that US company is extremely hard, and getting one in the US is pretty much an impossibility for me too. Then many banks simply won't like the fact that your company is in an offshore "tax haven" country, and won't take you. And so that's also a problem.

Then we have Paypal and Payoneer and all those online payment processors, which ties to the banks also. Some of the payment processors won't like your offshore company, and then I read Paypal forces you to have your company and bank account in the same country, otherwise they don't wanna play with you. So that's another problem to consider.

And to add to it all, my business is social media, which is considered "high risk," and so that adds another layer of difficulty to the entire mess.

All things considered, I think I'll just register locally, swallow the 15%+ tax, and try to make 15%+ more money in order to maintain my current income haha

And in the future if I ever start making baller money, and can hire and pay baller people to set up a baller offshore situation, I may ball offshore

 

[nSnoopy]

Unless you earn over xx.xxx$ per month i would't open an offshore, just start a company in your country and when you earn big just close it and move offshore.

 

[negon]

Move to Dubai.. no taxes.. everything is cheap.. but basic commodities and accommodation is expensive.

If it's possible it is the best suggestion. Tax evasion is almost impossible today if you use your real identity for any company and bank account setup it will be revealet to your local country because of CRS, TIEAS and other stuff. It is most often the banks that will report you rather than any company incorporation provider.

On the other hand if you can avoud using your identity somehow it can work well for you.

 

[Ali008]

And to add to it all, my business is social media, which is considered "high risk," and so that adds another layer of difficulty to the entire mess.

All things considered, I think I'll just register locally, swallow the 15%+ tax, and try to make 15%+ more money in order to maintain my current income haha

And in the future if I ever start making baller money, and can hire and pay baller people to set up a baller offshore situation, I may ball offshore

The setup is still possible even in your case. If done correctly you will have no issues with setting up paypal, bank account and payment processor. The question is if your income is high enough to justify the investment.

 

[Scorpion Ghost]

The setup is still possible even in your case. If done correctly you will have no issues with setting up paypal, bank account and payment processor. The question is if your income is high enough to justify the investment.

Yeah, probably. But the question, probably not

 

[Griouss]

If you're planning to live from your revenues more than 3 years and build your life on it then pay tax -> accounting -> fiscality -> lawyer and all the stuff around. From my experience don't try to evade unless you re living in an offshore country. I was doing some offshore evade before, now I lost around 40% of my revenues in Taxes and costs.. but I can plan to build passive income as House rental/invest because of my legal statement and bank approval.

Conclusion It depend on your lifestyle and your long term goals

 

[Dosyhost]

if you go offshore how do you get your payments to your bank or offshore nominee directors bank?

 

[Ali008]

Yeah, probably. But the question, probably not

There are both cheap and expensive solutions, it depends on your income. I saw you posting a lot about achieving 0% tax. What country are you living in? With a cheap setup you can achieve a scenario where you only pay 5% tax depending on the turnover.