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Starting a SaaS website with paid service -- Best practices for setting up payment collection? (from US)


by @dedalux5yr  | 4 comments

Over the past few months I started doing javascript development work and Iโ€™m trying to build projects for my portfolio. Iโ€™m working on a productivity tool that would have a paid tier for users and Iโ€™m not sure about the best practices for setting up this up for myself in terms of tax efficiency and ways to incorporate.

Right now itโ€™s only me who works on this and I project a modest user base in the beginning with perhaps a few hundred dollars of revenues that I would like to expand ideally. Iโ€™m looking at services like Stripe which has an option for individuals without the need for incorporation.

Meanwhile Iโ€™d like to reach to a point where I can hire some people to develop with me and run operations if thereโ€™s more steady cash flow coming in. Fundraising is also of course an option on the table. I donโ€™t foresee a lot of potential for legal liabilities with this project but Iโ€™d like to be personally protected. Iโ€™d Hence I think incorporation is inevitable down the road.

Iโ€™m not sure if I should incorporate as early as possible, since there is some costs associated with this. But if I were to do this, with US status, I am wondering what should I be looking for to ensure that I can run this well in the long run. If any nomads have had experience with the business side of a personal start-up project Iโ€™d love to hear your opinion and experiences.

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Hi @dedalux I would worry about tax efficiency when youโ€™re about to hit $10k/month in revenue. I would worry if a new productivity tools is what people want? Just my ideas :slight_smile:

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@rbruce5yr

Incorporation usually costs less than fifty bucks to file online, but it comes with its own costs and benefits on the business sideโ€ฆ

Youโ€™re exposed to double taxation and all the nightmares that go with it, but it makes it much easier to cleanly separate your business and personal finances. Youโ€™ll have to do it eventually, so just bite the bullet! Iโ€™d recommend an LLC or S-Corp, depending on what youโ€™re looking to do in the future.

Disclaimer: Iโ€™m the king of do-as-I-say here, because while I did incorporate, I ended up never actually leaving the nice warm bubble of my sole proprietorship. This was partially due to me not starting with everything segregated, and I didnโ€™t want to deal with transferring assets from my sole proprietorship to my Inc. company. I did keep funds in a separate checking account, though, in order to make accounting easier.

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@opt5yr

Did you end up using a fictitious name/DBA as a sole proprietor?

With a SaaS you typically want to bill as a business entity, and not โ€˜Some Guyโ€™ (unless thatโ€™s your business name). Different from freelancing.

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@rbruce5yr

Iโ€™d incorporated because I was starting to get more legitimate business prospects, and buying $10k of computer equipment from โ€œSome Guyโ€ doesnโ€™t really instill confidence. Prior to that I just had two different checking accounts in my name, one I kept for โ€œbusinessโ€ stuff.

Sales talks fell apart, so I decided โ€œmehโ€ and stuck with my DBA. It was beer money in college and something I did until I found a salaried gig after graduation, so I just got lazy. I totally know that I did it wrong (hence the โ€œdonโ€™t do what I didโ€ disclaimer)

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Read and participate in 14,118 discussions on Nomad List

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How to save filter settings on Nomad List?


by @krzemian2yr 1 year ago | 3 comments

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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App/tool/service for nomads to bring things from another country?


by @brmolin2yr 1 year ago | 4 comments

I vaguely remember hearing about such a service before, but Iโ€™m drawing a blank on the name. Basically I left my tablet on a connecting flight in Europe, right before my main flight to Thailand. They have my tablet and are willing to ship it out for me, but people have warned me thereโ€™s a big risk of it getting โ€œlost in the mailโ€ if I ship something expensive like that to Thailand.

Iโ€™m wondering if thereโ€™s a service or community, where I can find a nomad whoโ€™s in Europe/heading to Thailand soon, so I can have it shipped to them in Europe and pay them to ferry it down here for me? I met someone in Budapest a ways back who had built something for this type of use-case, but I canโ€™t remember the name of it. Any help would be appreciated!

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Best place to set up a company selling digital services?


by @pras_k2yr 2 years ago | 10 comments

Whatโ€™s the best place?
For residency Iโ€™m looking at Portugal and they have the NHR (non habitual resident) program which would exempt dividends from foreign income.
So all Iโ€™m really looking for is the best place to actually start the company.
Biggest factors are of course low taxes and ease of setting up the company plus a business bank account that enables me to receive payments through Stripe.

What I found so far:
Hong Kong
Corporate tax rate of 16.5% (8.25% for the first HK$2 million)
โŠ•/โŠ– offshore income from outside HK is exempt from taxation but itโ€™s not clear whether this can be done in the first year and prorated or if itโ€™s only through filing the offshore exemption claim. This might take two years and requires not income from HK at all. More info on that would be great
โŠ– seems very difficult to get a business bank account
โŠ– necessary services and fees are roughly around โ‚ฌ2000 / year
โŠ– accounting requirements seem to be very strict
โŠ• Doesnโ€™t require local partner
โŠ• Agencies available that seem to handle most of the work

Singapore
Corporate tax rate of 17% (0% on the first S$100k, 8.5% up to S$300k)
โŠ– requires a local director. What are the implications of this?

Malta
Corporate tax rate of 35%
There is the โ€œfull imputation systemโ€ but I donโ€™t really understand it.
"In most cases, the tax refund to the shareholder is 6/7 of the tax paid by the company on profits distributed as dividends. The tax refund rate may be different in the following cases: " This would result in an effective corporate tax of around 5%.
โŠ– European customers would have to pay VAT and Iโ€™d have to deal with that

Cyprus
Corporate tax rate of 12.5% and there seem to be ways to lower this
โŠ– European customers would have to pay VAT and Iโ€™d have to deal with that
โŠ– requires staying in Cyprus for 2 months / year

I find it surprising how much research this requires and how much โ€œit dependsโ€ information is out there when Iโ€™d assume that there are probably thousands of digital nomads who probably have very similar requirements.

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Wich is the better international SIM card for data only service?


by @chelocoach2yr 2 years ago | 14 comments

Hi there!

Iโ€™m looking for international sim card services. I looked for other posts, and I know there are other alternatives, but Iโ€™m interested to have an international sim-card with only data plan, just to be used while I get a local one.

Alternatives:

ยฟAny experience using any of these services?
thnx!

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Co-working space in Shanghai WITHOUT monthly payment


in Shanghai, China by @katrin2yr 2 years ago | 0 comments

Daily/hourly pass needed.
Canโ€™t work in normal cafรฉ because having clientโ€™s laptop for security reasons, canโ€™t use open networks. Working for R&D. Also laptop is so huge it doesnโ€™t fit normal cafe environment because itโ€™s far from discreet.

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Whatโ€™s a good European call & SMS forwarding service?


by @adrienbetweets3yr 3 years ago | 5 comments

Hi all

What do you guys use for receiving both sms & calls on a European phone number?

Iโ€™d like to have a phone number that does not change for at least 1 or 2 years.

I did my homework & found this thread but itโ€™s only about US services so I donโ€™t think itโ€™s relevant: Whatโ€™s a good US call and SMS forwarding service?
Also, I looked into Google Hangout but it doesnโ€™t support European phone numbers.

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What's a good US call and SMS forwarding service?


by @vong4yr 3 years ago | 12 comments

Hi all,

What do you guys use for call and sms forwarding?

Currently I have a Skype US number that forwards to my local phone number. However, it canโ€™t receive SMSโ€™es so thatโ€™s a huge dealbreaker.

Thereโ€™s RingCentral - but that starts at $29/month which is rather pricey.

Any suggestions? Iโ€™d just like to be able to call and text like Iโ€™m still in the US (when Iโ€™m not). Thanks in advance!

Sarah

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Mail forwarding service based in Wyoming?


by @hollymona4yr 3 years ago | 4 comments

Hello, Iโ€™m a nomad based in Asia, but recently incorporated in Wyoming. Does anyone use a mail forwarding service with a Wyoming street address that you would recommend?

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Best SIP/VOIP service for small remote teams?


by @luisplz4yr 4 years ago | 5 comments

Hi everyone,

we are a very small remote german company (3 at the moment) but we are expanding and three new colleagues will be working for us in the upcoming weeks/months. Up until now, we used Skype and my regular mobile phone line for all the intern/support and selling calls but since we will have soon other people working for support and selling too, we need to profesionalice that aspect.

In your opinion and experience, what is the best and more cost efficient VOIP / SIP service that we could use? Thanks!

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What items/services etc did you wish you had the first time you set off to travel?


by @theunisk4yr 4 years ago | 3 comments

A friend of mine is setting off on her first long solo trip, starting in Brazil. She will initially be backpacking but may turn to working on the road at some point.

Iโ€™d like to get her a nice gift for the trip and though I have a few ideas, I thought Iโ€™d come here for some further inspiration. What have you found yourself missing on the road, or what item or service has made your travels better/more comfortable/enjoyable ?
An example from my experience: a way to organise laundry, eg packing cubes or dry bags.

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How can I find a fair incorporation service in Hong Kong?


in Hong Kong by @otsuka10074yr 4 years ago | 9 comments

Hello, Iโ€™m thinking about launching a new company in Hong Kong for an international EC business though Iโ€™m not a resident nor have any address, will not live in Hong Kong.
Iโ€™ve googled and found hundreds of incorporation service offices but donโ€™t have any idea which one is trust worthy, and which one is rip-off or con.
Can anybody recommend a specific service or tell me how to find a good service?

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Hotel Tracking Website


by @yl_ksa5yr 4 years ago | 3 comments

I was wondering if anyone knows a website to keep track of the hotels I have stayed in, I really like to keep track of everything. I have a couple of websites to track each flight I took and was wanted to see if there is something similar but for hotels.

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Is there a website for Career Counselling for Digital Nomads


by @imabhimallik5yr 4 years ago | 0 comments

For digital nomads, there are few specific platforms for specific info like-
Finances and Investments - NomadCapitalist
Dating - Nomad Soulmates
Travel - Digital nomad travel mag

I am a budding digital nomad and looking forward to going completely online and serve as a digital marketer. Is there a site dedicated to career counselling of nomads? i.e. which offers guidance on selection of online courses followed by awareness on various remote job sites and freelancing platforms.

Kindly advise!

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In which cities thereโ€™re meal delivery services that provide customers with weekly pre-proportioned meals with recipes?


by @denis.peskov5yr 4 years ago | 3 comments

Think American Blue Apron, or Moscow-based Elementaree for that matter. Iโ€™m not a big fan of food-shopping or market-haggling, you know. Yet Iโ€™m OK with cooking myself :slight_smile: Such services would definitely make a stay easier.

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Trang (Thailand ) starting mid January, how is internet there?


in Thailand by @oriettaxx5yr 4 years ago | 1 comment

Thinking about Trang, but need at least a 5M download internet
Will be hard to get it?

any suggestion about Trang is welcome (need to find a cheap apartment, and need also to stuck in front of my laptop to work :wink:

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Am I biting off more than I can chew? Kicking off a big project whilst starting travels


by @skewed_corp5yr 4 years ago | 1 comment

First post here; very excited to be part of the community :slight_smile:. My question is pretty subjective, but perhaps other users have stories to share.

Iโ€™m going to be travelling to Bangkok in 2 weeks to start off my Digital Nomad journey. This has aligned with the kick-off of what might be the biggest project Iโ€™ll be undertaking to date (internal comms + training design consultancy / art direction).

Iโ€™m planning to get there, find a nice hostel, join the Hive and then dive straight in, but wonder if the set up period might be prone to causing some intial blackouts in communication that would not go down well at this stage of the build-up or just general fatigue. Iโ€™m hoping the excitement of being in a new place will counteract that.

Anyone have any tips for ensuring continuity and the smoothest transition? Stories? Thanks in advance!

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Feedback on UK mail handling services


by @sarab5yr 5 years ago | 5 comments

Hi everyone,

Iโ€™m thinking of changing my current setup for mail/post receiving and scanning (at the moment I have some friends doing it for me), and I was wondering if anyone has any specific feedback/advice regarding UK companies. Iโ€™m currently looking at UKPostBox.

Any personal insight would be greatly appreciated!

Sara

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What is the best voice service in Europe?


by @que5yr 5 years ago | 6 comments

Hello, what is the best voice service to use in Europe? I plan to move around to different to countries. Iโ€™m wondering what people are doing?

I was thinking of using Appleโ€™s Sim for data, but that doesnโ€™t include voice.

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Good Bank Account / Prepaid for travel?


by @dondizzler5yr 5 years ago | 5 comments

Hey guys, iโ€™m a Canadian resident. I have a corporation registered in Canada, and all of my income flows through this account and eventually into my personal account. Iโ€™m considering either opening a second Canadian account or an offshore bank account for the purpose of travel. My goal is not to change my business structure or avoid taxes, but simply to make it easier to make purchase worldwide.

Iโ€™m planning to do some travel in Asia and eventually South America. I know that in many countries, fraud can be a problem. Not only will I have to fight with my back to keep my account from being locked (they tend to be cautious when it comes accessing your account internationally) but iโ€™m also concerned about having my card duplicated and used illegally.

What iโ€™m looking for is some kind of bank account or prepaid card I can use to travel with. The idea is that I would transfer money to the account online, then withdraw the balance in cash to pay for my expenses. Because there will never be a balance on the card, I wonโ€™t have to worry about fraud. Iโ€™d also like to see if there is a way that I could reduce the fees I pay on currency exchanges or withdrawing in a foreign country.

Anybody have any suggestions?

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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_drifters5yr 5 years ago | 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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