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Need to incorporate and pay myself dividend income. Where is good option?


by @kittytana | 4yr  | 6 comments

Hello, Iโ€™ve been earning online for the past 2 years and had no need to incorporate. But now Iโ€™m applying for a citizenship and one of the requirements is that I own a business that pays myself a dividend income. I make money in USD and get paid through a personal US bank account. Iโ€™m NOT a US citizen or resident. Been living as a tourist in many places for 2 years. Iโ€™m looking at Belize and Panama but not sure what it might entail? In terms of money logistics, Iโ€™m not understanding how that would work? Anyone has experience in this?

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@senseless | 4yr

This depends on your work situation and how exactly youโ€™re getting paid. If youโ€™re a freelancer you can register anywhere and send the company you work for a bill as a consulting service. It still allows them to deduct you as a business expense and for you to not have to deal with the IRS.

Once your HK company is registered you can pay yourself dividends or as an employee of your own company. Thatโ€™s up to you.

Personally, I would recommend Hong Kong, itโ€™s relatively cheap, straight forward, they have all of their first world amenities (online everything) and a low tax rate. Thereโ€™s no issues like in the US with deductions (Some things in the US have to be deducted over a number of years (Amortized? canโ€™t remember the word), in HK if itโ€™s a justified business expense you can deduct 100% of it). They also allow tax free reinvestment and have an easy process to obtain a permanent resident visa should you desire one.

The downsides of HK registrationโ€ฆ
You have to physically be there to open a bank account. US Citizens will also have special requirements placed on them due to FATCA.
You have to file a tax return (they will notify you when you need to file) and you have to use an accountant certified in the HK to file your taxes.

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@mohit | 4yr

Hey @kittytana, I am in the same boat. I have talked to quite a few experts and have a good understanding of how this setup would work. You can email me if you wanna get on a quick call and discuss it.

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@kittytana | 4yr

Hi Mohit! Good to know that weโ€™re on the same boat! Yea I would love to know how youโ€™re doing it, if you donโ€™t mind sharing. Thank you!

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@mohit | 4yr

Sure. In short I will basically have a Wyoming LLC set up which will act as the payment processor and It will be owned by a BVI IBC. I can pay myself dividends from the BVI company.

Since you are just looking for a dividend income, you might not even need an offshore holding company.

Send me a message if youโ€™d like to discuss further.

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@kittytana | 4yr

Oh ok. Hmm I would like to avoid a US coporation if possible though as I donโ€™t wanna be in their tax systemโ€ฆ How do you pay yourself dividends though? Like transfer the money from the BVI company to your personal bank account?

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@mohit | 4yr

Hi @kittytana, you can email me at mohit at mohittater.com and we can discuss it better on email.

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What's the best place to incorporate an online business?

 

by @octave | 1yr 1 year ago | 63 comments

I have an commerce website. We get around 1000 orders per month and this is going to get quite a bit bigger in next few years.

I am British. I live in Thailand.
Im not allowed to majority own a Thai business and small foreign entrepreneurs are not really welcome. So i need an offshore company.

I need PayPal and an ecommerce internet merchant account. Also looking at alternatives like worldpay. 2checkout etc

Does PayPal need me to be a resident to the country i register my account to? Are there complications being a non resident to get other payment solutions?

Apparently in Hong Kong you need 2 years trading history to get an Internet Mechant Account and they generally turn their noses up at those with less than $1m(us) a year turn over. Singapore seems a bit easier.

I really want to avoid paperwork and book keeping. I hate it.

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Does anyone have experience with payment providers in these countries?

Most nomads i see donโ€™t really have a high volume of small monthly transactions which i do. Im going around in circles and donโ€™t know where to start.

Ill also need a bank account for business and a personal bank account to pay my salary into

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by @dmftaras | 4yr 4 years ago | 14 comments

Hey nomads,

Iโ€™m looking for the best location to incorporate my online business (offshore programming and so on).

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  • Preferred with no audits (or other kind of paperwork)
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  • Easy to get paid from US/EU
  • Easy to send payments worldwide ( I can use Transferwise/Stripe or something like that, i donโ€™t care )
  • With corporate credit/debit cards

Iโ€™m only one owner of the company (not EU/US resident).
Iโ€™ve checked jurisdictions like BVI/Belize/Nevis and iโ€™m interested in it. It would be appreciated if you could give me some kind of advice, if you have experience with one of these jurisdictions.

My budget for incorporation < $1500

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Iโ€™m getting sick of being a CA business because too many things need to be physically mailed in. My customers are all located in the Bay Area in California, but I want to incorporate in a state with low tax liability plus the ability to manage EVERYTHING online, such as business licensing, etc. Anyone got any tips?

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How can I incorporate my business in the Czech Republic?


by @keckjs2233 | 6yr 5 years ago | 3 comments

Hey Guys,

I am planning on moving to Prague for 3-9 months as soon as May 1, 2015. I would be running a sports nutrition company remotely from there. Incorporating my business in Czech Republic and citing that as my โ€œpurpose for stayโ€ seems like the most legitimate way to obtain a long term visa. I know the Nomad Guide to Prague is supposed to have directions on how to do this. Does anyone have any intel on when that is going to be available? Any tips for incorporating my business there? Finally, does anyone have advice for staying as long as possible on a tourist visa. Thanks a lot guys!

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