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Incorporating offshore for trading cryptocurrency

by @invictus_1 | 2yr 2 years ago | 3 comments

Hello everyone,

I am a resident of Canada and I just found this site. I have been involved in cryptocurrency since 2011. I have been taking a bit of profits and paying capital gains taxes on my withdrawals for the 5 years. The problem is, 2018 is going to be a big for me because I have some investments that I expect to 10x in value. If I proceed with active trading the gains are getting to be so much that they are really going to cut into my bottom line.

I would like to incorporate offshore somewhere so I can trade in a company’s name and then pay myself a wage through that company that I can pay taxes on. What would be the best location to do so?

I have looked at Hong Kong because I am in the area fairly often (living in Phuket now) but it seems that there are a lot of hidden costs to the 0% tax rate according to this thread:

Has anybody with a Hong Kong company been through an Offshore Profits claim? Money

I’ve just hit the 18-month mark of business in Hong Kong ready to submit by first Profit Tax Return. I also have the option of filing an Offshore Profits claim. The Offshore Profits claim itself seems to be a convoluted, long drawn-out process with significant costs to bare in working with a certified CPA to answer Inland Revenue Department questioning. I’d love it if somebody who has been through this already were able to answer the following questions: How long did it take for the claim to…

Would someone be able to offer advice or point to someone who can?

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