71–80 of 88 posts
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if you manage to get smart card, Registering company ~186 euros. time ~15minutes online with smart card bank account ~free first year, full online support with smart card digital signature with smart card is equal with real one on all documents. taxes, bookkeeping, hire local bookkeeper ~>30euros per month and use skype/email
how about corporate tax?
Wow I was just thinking about this, having a cup of coffee next to a creek out on the edges of town, after asking this: https://news.ycombinator.com/item?id=8939426 Right now I'm in the United States and I'm forming a Nevada Series Limited Liability Company. I needed a Registered Agent to do that, but the question came up for me: how long do I need to be somewhere, and what kind of mailing address do I need, to not e…
Nevada does not share tax info with the IRS (even though no tax is owed), which can appear suspicious. Wyoming is likely a better choice. One advantage of a Nevada/Wyoming LLC is that they have specific laws which prevent veil-piercing of single member LLCs, something judges have been doing in other states in lawsuits. Wyoming LLC costs $52/yr to maintain, Nevada is around $200.
Source: http://www.bizfilings.com/nevada/ongoing-llc-requirements.as...
Do you need to register a corporation? Or do you just need a legal entity other than yourself to pass your earnings through? Will you have employees? Partners? If you just need something simple with no employees partners then you probably only need the equivalent of a u.s. LLC which separates your business income/debt from your personal income/debt. Find whatever the equivalent is where you're a resident. If you need…
After reading this incredible thread, I think either HK or SG would fit me best for now, just need to know what will be most beneficial for me in the long run.
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Nevada does not share tax info with the IRS (even though no tax is owed), which can appear suspicious. Wyoming is likely a better choice. One advantage of a Nevada/Wyoming LLC is that they have specific laws which prevent veil-piercing of single member LLCs, something judges have been doing in other states in lawsuits. Wyoming LLC costs $52/yr to maintain, Nevada is around $200.
Nevada is actually $325 per year. $125 per year to file a "List of Members and Managers" and $200 for a business license renewal. I know this since I just paid to renew my 1-man Nevada LLC a few weeks ago. Source: http://www.bizfilings.com/nevada/ongoing-llc-requirements.as...
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That's for locally sourced income or if you have a real office in HK. To pay no tax all your income needs to come from outside of HK in addition to not having a local operation.
As far as I know, this wouldn't work for U.S. citizens, as they are taxed on world wide income. Residents of countries (like Canada) do not pay tax on world wide income, if person in question is considered a non-resident for tax purposes (ie not living in Canada).
I have no idea about the legal intricacies involved for US citizens, but that doesn't change the fact that there is no corporate tax for the HK setup I described.
HK - easiest, cheapest and no taxes for income sourced outside of HK.
I have considered HK but my friend is finding it very difficult to setup a merchant account for taking online payments there. Do you have any tips in this regard?
There are company structures possible though via a second company in a EU country with a double taxation treaty that would make things easier if you need more than PayPal, but the cost for the whole setup is probably prohibitive if you're just starting out.
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I was told by a guy who used to contract in Ireland, that there's a heavy crack-down on contractors working through their own Ltd's happening in Ireland, since they want you to pay taxes as a normal employee. Something worth considering, since it could also apply to foreign-generated income.
Would that apply to group of contractors?
Ireland? CRO[1] gives details about registering a company and the requirements, and the New Companies Bill of 2014[2] will make things easier for smaller companies. [1]: https://www.cro.ie/Registration/Overview [2]: https://www.cro.ie/New-Act-2014/Overview
I was told by a guy who used to contract in Ireland, that there's a heavy crack-down on contractors working through their own Ltd's happening in Ireland, since they want you to pay taxes as a normal employee. Something worth considering, since it could also apply to foreign-generated income.
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Some friends and I have been discussing this. There is a current regime in the UAE (not just Dubai) that has established a free trade zone that costs approximately several thousand USD to incorporate and set up shop, including basement prices for established visa(s) for you and a small group of employees. I have received an email. If I have time later I will dig around to find the link to an official website from UAE…
Some zones can be as small as an office park, with different rules for each zone, e.g. medical companies vs. software companies. The Middle East in general has Internet firewalls, e.g. VOIP is often packet filtered. Might be worth checking on those policies within the zone. Some tax-free jurisdictions generate money from bureacracy and fees, which impose substantial time overhead, since penalties for noncompliance ca…
Down the street in Qatar, they routinely have Enterprenuer This and That coneferences and contests for recent college grads. I would love to see well-wishers and gov't officials face scrutiny in the form of super obvious questions regard bureaucracy and self-censorship as you described above which are hilarious.
Again, I am still not sure if I see the value. I think about it daily.
We're taxed on personal income worldwide, with small exemptions for living overseas/based on tax treaties, etc.
But on the corporate side, can you incorporate in a 0% tax location, then leave the money in the corporation? You'll be taxed when you pull it out, but if you leave it in then you have a larger capital base to re-invest, and can grow the money faster. Then worry about taxes when you take the money out.
Is this plausible? Can you own the corporation outright without any tax implications, or would it be more ideal to put it in a trust or foundation type of ownership structure?
And obviously a lot of here us are doing digital/mostly online businesses. Could you open a US based LLC that is a subsidiary of the foreign company, for passing through Stripe payments, and for managing your salary payments?