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Does anybody have experience with setting up an offshore company and bank account in Labuan (Malaysia)


in Malaysia by @nomads_and_drifters | 4yr  | 4 comments

Hi there,
We are a husband and wife who travel a lot and have a small company set up in Fiji. We offer services to clients all over the world, but the Fijian banking system isnโ€™t very accommodating for a digital based business with a lot of overseas expenses.

To make our life easier we are planning to set up an offshore company and bank account in Labuan.
We have a Fijian, Belgium and Uk passport but have residency in Fiji.

Does anybody have experience with a situation like this? and any advice how to go about setting up an offshore company and bank account ideally in Labuan (or Singapore)?

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@busdriver | 4yr

Surprise, I just received this from a friend: โ€œno physical presence is require to open an (offshore company) account with Fidelity Asia Bankโ€

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@busdriver | 4yr

@manu: the international banks (like HSBC) should be OK, I guess. No?

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@busdriver | 4yr

I am working on the same thing (offshore company in Labuan with bank and PayPal accounts).
It seems one has to involve a local service provider (called โ€ฆtrustโ€ฆ) to set up a company there. Later a local secretary and a registered office is needed. I could not decide for any of the providers yet. I am still waiting for replies coming in this week (after the holiday).
It seems set-up service costs from US$ 2700. It take 2-3 working days till the bank account can be set up (assistance to do so included in those service costs). 1st year secretary and registered office are included too and cost $2400 from the 2nd year. Auditing is required to pay 3% tax on the the profit. Auditing is not required if the company opts for paying 20ooo MYR flat (around US$5000)
What are your findings, @nomadsanddrifters?

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@manu | 4yr

Banks are not much better here in Malaysia. And Labuan needs minimum capital now if you want work permits. So not as good a deal as it used to.

If you still want referrals, better PM me instead of discussing in public.

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Read and participate in 14,056 discussions on Nomad List

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Iโ€™m curious whether anyone drove to Mexico instead of flying and used their car down there. Iโ€™ve heard bad stories of people driving down there but not sure I believe them. How safe is it to drive through rural areas, and to park in cities? It would be cool to have the car to explore while there.

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Hey, is there currently a way to save filter settings? I feel like it would be helpful for planning the trip as I have several ideas on what to target and would like to cycle between them

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Anyone know an accountant for Canadian nomads/expats?


by @noam_lightstone | 10mo 9 months ago | 16 comments

Hey guys, this was my first year as a Canadian nomad.

As far as I know of, Canadians donโ€™t pay taxes if they do not live in the country for 6 months.

But Iโ€™d like to talk to an accountant or someone who does Canadian taxes specifically for expats and nomads to get clear on the rules and for help on my return coming up.

Does anyone know someone who specializes in Canada who can help? Iโ€™ve seen plenty of US recommendations but none for us canucks.

Thanks guys!

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What's the best bank account for a global nomad?

 

by @barrybjjoubert | 1yr 1 year ago | 25 comments

Dear all
As a wanna be nomad figuring out a way to get free of the rat race, I was wondering what is the best bank account to have while travelling the globe? I need an account where is easy for me to receive payments from all over the world and it also need to be a bank that I can find almost anywhere in the world. I want to avoid carry cash on me if itโ€™s possible.

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by @eduardoyi | 1yr 1 year ago | 1 comment

Looking for recommendations for reliable accountants who understand how remote businesses with off-shore freelancers and clients work. Thanks!

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Where to set up offshore LLC (as an American)?


by @gnefkow | 2yr 1 year ago | 8 comments

Hello,

Iโ€™ve been searching through the forum, but most of the information Iโ€™ve found seems a little old and Americans, unfortunately, seem to be exceptions to a lot of things.

Situation:
Iโ€™ll start a new job with a 1-2 year contract outside the US in about a month, I:

  • am a US citizen - it is the only passport I hold

  • have been using my parentsโ€™ address (Texas) as my official address for the past few years.

  • will be on-sight in South East Asia, but officially billed as a private contractor for the company.

  • will make less than the cut-off amount for the American tax exemption in next year. It is realistic to assume based on my career, though, that in the coming years I will be over that mark.

  • plan to qualify for the 330 rolling days outside of the US

  • Donโ€™t plan to return to the US for at least the next several years, maybe ever for residency.

From research so far, it looks like the best options for me are Belize, though I see a lot of people talking about Hong Kong or Singapore. I know that within the US, Delaware LLCโ€™s are easy to set up, and may be a good short-term option since Iโ€™ll likely qualify for the foreign tax exemption in 2018.

I would love to talk to anyone that has some experience with this as my head is spinning a little bit. Website recommendations would also be great (there is a lot of information out there, but figuring out what is and isnโ€™t sketchy is a bit harrowing - has anyone worked with, like Nomad Capitalist or Flag Theory before?).

Thanks!!

Nomad Capitalist: http://nomadcapitalist.com/
Flag Theory: https://flagtheory.com

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Gaming Cheat Software Offshore Incorporation


by @pixels | 2yr 1 year ago | 1 comment

Greetings Nomads,

I recently closed a US company that was used to sell cheats or hacks for popular games due to imminent litigation.

I have just recently embarked on a similar venture, but working as a contractor. Myself, and my lead developer have just found ourselves in the position of not being paid and will need to re-establish ourselves.

Due to my experience in marketing, distribution and management I know running a company myself would still be a successful venture, I just do not want to run it out of the US.

Due to the nature and risk of litigation from large gaming companies I believe moving offshore will be the path I should take. I spoke with my attorneys, who basically made it sound like it would be impossible to set up without physically living somewhere, based on my past experience with these guys, and paying tens of thousands of dollars to protect myself just for them to say โ€œitโ€™s best to shut downโ€ the moment we were contacted by a gaming company, I am going to assume itโ€™s their lack of experience.

My questions are:

  1. As a service likely in the same realm as Adult Services or Gambling, with myself residing in the US and my Lead dev residing in Europe, what country would be a good option to set up with fair tax that cant easily be pressured by US or European game producers?

  2. In said country should I find and contact legal council there instead of using US attournies to fumble through this charging me exponentially more to just relay info and elongate the process?

Thank you in advance for any assistance.

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by @tylertringas | 2yr 1 year ago | 18 comments

Any US nomads found health insurance with global coverage? My current approach has been to have US health insurance, essentially a waste of money but if I ever got very sick I could go home and have coverage. My actual healthcare is a combination of travel insurance (havenโ€™t really used it much though) and paying cash in cheap places like SE Asia and Latin America. The cobbled together approach is neither simple nor very cost-effective. Love to find a product with global coverage that also satisfies Obamacare requirements. Any leads?

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Is there a US bank for easily creating new business checking accounts remotely?

 

by @tylertringas | 2yr 1 year ago | 23 comments

Every accountant is going to tell you that you really should be keeping separate accounts for all your businesses and even projects that may one day become businesses. But in my experience setting up a new account associated with an actual business entity is a pretty annoying process involving an in-person visit to a bank branch, proof of residence in that branchโ€™s region, etc. Has anybody seen a bank that letโ€™s you easily create a simple business checking account online and more importantly that would let you add additional accounts and transfer funds between them?

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Iโ€™m a U.S. accountant who works with Americans who live abroad, ask me anything!

 

by @olwagner | 2yr 2 years ago | 100 comments

Hi everyone,

If you have a U.S. tax question or would like some U.S. tax insight on your business/structure, ask away!

I have been preparing tax returns for US citizens abroad since 2012. I can answer any question in US tax with an international flavor. I operate 1040abroad.com and I have maintained a blog at taxsamurai.com

I look forward to answering all your questions. And if you are in Ho Chi Minh City in December, letโ€™s meet !!!

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Hey there, i wanna spend one month on a greek island in August. Just need a view by the sea in a small village. Anybody has advice? By the way, i am a translator, so i need Internetโ€ฆ

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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.

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

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Anybody with a software consultancy having issues finding clients while travelling?


by @raz | 3yr 2 years ago | 4 comments

I recently started running a software consultancy in the UK that specialises in MVP development and onboarding/marketing strategies. I found it relatively easy to get leads by attending networking events (quite a lot here in Edinburgh).

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Where is the best place to open a bank account in Europe?


by @julien | 3yr 2 years ago | 7 comments

Hello the community,

I am thinking about opening a business bank account in another country outside of France.
I live in Paris and I work as a freelancer. The taxes on my salary are very expensive (around 85%). I would like to know if there are better options for bank accounts within Europe.

Thank you in advance for your help.

Regards,

J

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Is anybody a Digital Nomad in the UK and not a resident?


by @creative_nomad_ | 3yr 2 years ago | 6 comments

The situation is that my BF is a UK citizen and I am not. We are traveling around SEA and planning to stop in the UK for 6 months to rekindle funds. Granted, the UK is not the cheapest place to rekindle funds, however, he can work and get a good job there.

I have already done my working visa in the UK so I canโ€™t legally work there again. Iโ€™m a graphic designer and web designer and have decided that I will try and get freelance work to support myself whilst Iโ€™m over there.

My question is more related to tax and visas. I am an Australia citizen so I can get a 3 month tourist visa. Iโ€™m just a little worried about how strict they are over there on visas and questioning finance etc

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Does anybody have experience with being a digital nomad on Cabo Verde?


by @marthavanderbly | 3yr 2 years ago | 4 comments

I am contemplating to spend some digital nomad time on Cabo Verde. But as it is not yet on the Nomad List I was wondering if anyone has been there and what it is like re: Internet speed and accommodation?

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USD bank account


by @piovella | 3yr 2 years ago | 9 comments

Hey guys,

Iโ€™m in the beginning of my nomadic life. I currently have a UK account in GBP currency but most my clients pay me in USD either via Upwork or Transferwise. I was wondering if you know if there is a better way to deal with the fees?
I was looking at opening a USD account but the fees are ridiculous (I looked at HSBC).
Not sure if this is useful information but at the moment Iโ€™m still working as an independent freelancer. I havenโ€™t set up a company yet as am looking for the best option for that.

Thanks

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How do I open a business account in Hong Kong? Proof of business?


in Hong Kong by @omar | 3yr 3 years ago | 6 comments

Hello guys, I was wondering if anyone had any experience in opening a business bank account in Hong Kong. Iโ€™m getting all the paperwork ready to incorporate in Seychelles and open the bank account but the agency that is helping me says Hong Kong bankers are getting more picky. They are asking me for business โ€˜proofโ€™ since iโ€™ve always ran my sites as an individual I wonder if just proof of payment from ad networks is enough. If you have any advice it would be much welcomed.

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European bank account for non resident


by @theunisk | 3yr 3 years ago | 5 comments

I hold South African/Portuguese dual citizenship, however I was born and (officially) reside in South Africa. Any recommendations for a nomad friendly european bank account ? Ie, one that does not require residency, proof of address, or have easy ways to get around these.
I will not be using it much for day to day expenses, more as a way to hold euros and be able to transfer between accounts. My US bank account has very high fees.
I am in europe for the next week or two (currently Italy) and hope to be able to get one before I leave.

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Quito Ecuador anybody?


in Quito, Ecuador by @jjuter | 4yr 3 years ago | 3 comments

I was thinking of living in Quito for a few months. Anybody have any experience there?

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