How do you manage your location independent business as a Nomad Entrepreneur?


#1

I’d like to invite nomad entrepreneurs in this topic to discuss what are the challenges you face in filing taxes, insurance and banking complications, while travelling and running your business remotely.

Please share your thoughts! I would be happy to help!


#2

Well, what I’ve done is started a company in Dubai and by and by I want to process all my incomes from the Dubai company. Dubai has no income tax, but 5% VAT now.
It’s a challenge, but gotta do it.


#3

This is a great thread! Thanks for starting it!
I work remotely, however, all of my income, clients and resources are from California. I have not dabbled into the international or even interstate requirements, laws, and tax issues. As for insurance, I rely solely on travelers insurance. Banking, I have someone that does my banking for me back in California - I set it up to be automated for me - and have blank checks ready as needed. Clearly - it’s with someone I trust deeply - FAMILY! haha


#4

For US nomads (living outside the US) the best structure I’ve seen is US LLC owned by non-US corporation. If selling anything other than your time the structure eliminates the self-employment tax (about 15%). Also gives access to US banking and doesn’t make a difference if your clients are in the US–or anywhere.

There’s a webinar by US tax attorney on how to set this up: http://ustax.bz/webinar

And full disclosure: I am working with Stewart (attorney) on this webinar series. I actually met him when I became a client and he set this structure up for me. Before setting this up I looked into Hong Kong company and Panama residency but didn’t need it cause this is way simpler and cheaper to manage.