Offshore company information?

Metatrons Cube · May 9, 2019

Scorpion Ghost said:
2) Don't pay taxes, flip everything to cryptos and evade

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.

johnfrieda · Mar 23, 2020

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

Perry8 · Mar 26, 2020

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

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.

nizare · Jan 13, 2021

nakamura said:
Yes, but in almost every country you have to do tax returns and all those burocracy stuff. Its also not as hard as it sounds. Pay under your company name, save the receipts, save the transactions. Not so hard at all. For everything else there are lots of softwares where you just enter the amount etc. You only have to do it once a year, by yourself or hire someone.

I know, usually every income you generate outside of HK you don't need to pay taxes. If you successfully made the tax exemption. Getting it can be hard and expensive. Otherwise the taxes are about 16,5%. Still depends on the income tho. My friend paid around 8% taxes last year. Its still MUCH less than he would pay in his own country, where he would pay around 30% or more.

About the costs: There are different packages. I would pay around $800 for setting it up, getting all documents and other stuff. Everything I need to have also for opening a business bank account.

The ongoing costs per year really depend on the transactions you have, what accountant you hire etc. In HK you need to renew the business license, virtual secretary etc. which would be a fix cost of around $400 per year (it can be more tho - depends).

As I said its mostly because of the location. I have been to HK by myself many times. I found it pretty solid and legit. Next to Shenzhen, where I would need to go many times tho. The tax system there is also much more easier than in my country.

Don't forget about another point. Depending on your business it can also distract lots of potential customers/other companies, when you incorporate in the Seychelles, Belize, Cayman Islands etc. which got quite a bad image. Often brought up together with scams or tax fraud tho. But this really depends on your business model. Right now if I would incorporate in Belize and someone from my home country would see that, they would definitely think "ohhh, tax heaven, tax fraud blablabla", which could also attract financial authorities/government to investigate me. Don't need this trouble.

In HK is it necessary to have a substance(real office, electrisity bill...)+ local manager ?
Do recommend Singapore for online businesses or SaaS startups ?
I really need u're POV on this

nakamura · Jan 14, 2021

nizare said:
In HK is it necessary to have a substance(real office, electrisity bill...)+ local manager ?
Do recommend Singapore for online businesses or SaaS startups ?
I really need u're POV on this

HK needs at least a virtual office and secretary, but you can easily book those online.

HK and Singapore are both good locations for SaaS and other kinds of online businesses for example apps or mobile games, but from what I know you need a Singaporean person to be the director for the Singapore company.

Offshore company information?

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