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Offshore company information?

Discussion in 'Business & Tax Advice' started by Scorpion Ghost, Apr 19, 2019.

  1. Metatrons Cube

    Metatrons Cube Regular Member

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    This can be done at smaller levels quite easily, especially if you know other people locally who will buy your crypto OTC for cash or if you have a decent number of localbitcoins.com traders locally. If you're going to do it you need to avoid the banking system at all costs, unless your country has a minimum yearly income threshold before you have to start paying tax and your crypto withdrawals are below that.

    At higher levels forget it if minimizing long-term risk is something you take seriously.

    At $1,000 p/m I think this is your best option depending on the points I made above. If you're making more though, look into places like Malta. They've got a dual-company legal taxation entity that effectively reduces your tax down to about 6% from memory + you don't need to live anywhere specifically, stay right where you are. Costs a bit (~$3,500) to setup up but worth it if that $3,500 saves you multiples of that per year. Singapore is the other place I've heard people recommend regularly.
     
    Last edited: May 9, 2019
  2. johnfrieda

    johnfrieda Newbie

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    I don't want to open new thread, so anyone can recomend trustfull firm/advisor to open company in HK and set up banking ?
     
  3. Perry8

    Perry8 Newbie

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    Settting up a company in Hong Kong is relatively easy. If you google company Hong Kong you will find a lot of local advisors/agents that can do this for you. Normal price should be around USD 800 to 1,000 including government fee, address, and company secratery. Please note that there will be upholding costs of around USD 2,000 to 3,000 per year as you will need accounting, adress, company secretary, filing.

    The issue in Hong Kong is that banking have become really difficult compared to what it was only some years ago. So, you will at least need to meet in person to get an account in a reputable high street bank.

    The road a lot of chooses is to use Neat.hk. This is a Hong Kong EMI that will incorporate a company for you and give you an EMI account. My experience with them is some years old, but at least it used to be good. When you have your company up and running and can show a financial history, it will be a lot easier to change to a high street bank.

    Let me know if you have any questions.
     
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