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


by @kittytana5yr  | 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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@senseless5yr

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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@mohit5yr

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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@kittytana5yr

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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@mohit5yr

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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@kittytana5yr

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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@mohit5yr

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

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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.

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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?

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

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by @keckjs22337yr 6 years ago | 3 comments

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