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Where should I register my company as a digital nomad? Singapore, Hong Kong?


in Singapore by @raphadk | 6yr  | 14 comments

Hey guys, hereโ€™s a question Iโ€™ve been asking nomads I meet everywhere, but still havenโ€™t found good information. My startups mostly focus on american and european markets but I donโ€™t have a registered company, nor I live permanently on any of these countries.

I get the cash payments online in paypal (or adsense) and transfer it to Thailand (or Malaysia, or Bali, or Brazil, or wherever Iโ€™m at). The thing isโ€ฆ for low volume living expenses it seems fine, but as I scale the business, Iโ€™m starting to think more and more about fiscal law.

A fellow nomad told me to transfer it to Singapore, Hong Kong or The Virgin Islands, and then use an international credit card anywhere. I donโ€™t know if itโ€™s the best way to optimize thisโ€ฆ any ideas?

Also, could there be any problems in selling to these countries without a registered local company?

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@miguelelsuizo | 2yr

A Limited Liability Partnership in British Colombia might be a great option: If you donโ€™t have any clients in Canada itself, there are no taxes and you donโ€™t need to do any book keeping. And, as the name implies, youโ€™re protected against liability.

As Canada hasnโ€™t a reputation of a tax paradise (but as a tax hell), opening bank accounts should be possible without problems. Costs are about 2000USD, when done by a local lawyer.

I didnโ€™t look into the details, yet, but what I know about it sounds great. Iโ€™ll probably go this way, as soon as turnover is big enough.

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@mender | 2yr

I know this is a late response, but what about Dubai Free Zone company in the RAK zone? It costs about $1500 to incorporate and has no taxes or filing requirements. Of course, you must not live in other countries for extended periods of time or you will become a tax resident there and thus liable for taxes.

Dubai rents are cheaper than Hong Kong and cost of living seems a bit better. Plus youโ€™re closer to Europe.

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@nouk | 4yr

Singapore requires 2 directors.
Hong Kong requires a HK resident secretary.
HK requires an annual audit even for a company that earns $1.

Annual Financial statement is mandatory as well. During the annual financial statement you have to add a form to prove you donโ€™t make money out of HK because 0% corporate tax is not automatic.

HK government does not allow a non resident HK bank to pay through wire transfer for gov fees or profit tax or any tax. You need HK bank account to pay fees and tax to HK government or you need to pay someone in HK to pay HK fees.

I know a country that is incredibly under-estimated in Europe. It is called Bulgaria. Full protection of owners. corporate tax 10%, Cheap Accountants, Cheap & Serious Local Banks (sociรฉtรฉ gรฉnรฉrale, Raiffeisen) who just require passport and utility bill. The only thing that you cannot do in Bulgaria is distributing pornography.

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@flyonthewall | 4yr

Is there any particular reason folks are looking to setup companies rather than operate under their own names?

What is the benefit of a corporation vs just running your โ€œbusiness/consultancyโ€ under your own name? Why go for an offshore โ€œcompanyโ€ when you can just go for an offshore personal bank account?

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@stewartpatton | 4yr

For US citizens who live outside the US, there are US tax benefits to operating a business through a non-US corporation instead of through their own names.

More on this here: http://ustax.bz/how-to-structure-your-non-u-s-business-or-profession/

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@karenchen | 4yr

I wouldnโ€™t suggest incorporating in countries like BVI, Seychellesโ€ฆas these are perceived as tax avoidance countries and that many companies are not carrying out normal business but just set up there to hide funds to avoid tax. This is evident by the fact that there has been increasing scrutiny and new regulations in BVI in the recent years to battle this.
Set up business in Singapore or Hong Kong is definitely better option as it is perceived that you are running a legitimate and real business. Besides, your funds are safe as HK is one of the major financial centres in the world. Clients in general, will have more confident in your company. Regarding the company set up and maintenance costs, it is actually very cheap considering that the maximum corporate profit tax rate is only 16.5% (in some cases can be as low as zero). You just have to work with a reliable and professional local service provider. You will be amazed that this is actually very cost effective and efficient.

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@stewartpatton | 4yr

Putting up with the Hong Kong hassle just for perceived legitimacy of your company may be beneficial for certain startups. But itโ€™s absolutely unnecessary for a business owner that simply wants to make money.

No one cares about the type of company you use to hold your Amazon FBA business, SaaS product, blog, podcast, etc. And if you structure things correctly, no one will even know about it.

More thoughts here: http://ustax.bz/want-to-form-a-hong-kong-company-read-this-first/

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@vincentash | 5yr

Hello, I agree with โ€œfreedomsurferโ€. Hong Kong and Singapore both are very expensive for startup needs. Additionally to BVI and Belize I can recommend Seychelles International Business Company - it will be relatively inexpensive and incorporation process is very fast. Check World-Offshore.com for more info regarding other jurisdictions and their correspondence to your business activity.
Good Luck!

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@thom801 | 5yr

This post is very relevant for me at the moment. At the moment I am trying to set up a small software consulting (totally remote) firm in the US and it has been a pain. I am currently nomadic US citizen but not entirely sure that I will always be nomadic. As for my company, I see no problem in it being based offshore since we are a global team. What I am wondering is what guidelines my company has to follow to be legit even if I were to live in the US and do business with clients there. Currently my only clients are in the US but I could easily work with some clients elsewhere if that would help my case.

@freedomsurfer that blog post is awesome thank you for that. From reading the post it seems like BVI may be a good choice. Would I hire a firm or agent to help with that process or just do it all myself?

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Singapore and Hong Kong come with filing and reporting requirements. Youโ€™ll also be liable for tax in most circumstances (yes, even in Hong Kong). If youโ€™re not a US citizen, or a citizen of some countries that are going crazy against offshore structures (i.e.: Turkey), a traditional offshore jurisdiction may be the best to avoid costly filings and audits. Panama is good; BVI and Caymans are UK territories and more expensive. I think the trend is going to paying a little tax vs. paying 0% tax, so a country like Gibraltar that has 0% tax rather than no tax could be helpful, also, but it will come with more requirements.

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@freedomsurfer | 6yr

Hong Kong and Singapore are probably not the most cost efficient jurisdictions for your company. Hong Kong because of the high annual cost of the mandatory audit and Singapore because of the requirement for a local director. It really depends on what you do but since you get paid online Iโ€™d say jurisdiction reputation isnโ€™t that important. An IBC in Belize or BVI works pretty nicely for most businesses and they arenโ€™t only cheap, there are no tax returns to file there and no audit requirement.

Check out my blog post here about some of the most popular jurisdictions:

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@gonzohall | 6yr

Iโ€™m looking for the same, but in europeโ€ฆ Ireland looks to be the best, both on taxes and on startup enviromentโ€ฆ But Iโ€™m also looking for solutions worldwide.

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If youโ€™re not an EEA citizen, setting up shop in Ireland can be expensive. It also has a 12.5% tax rate that requires some trickier set-ups and transfer pricing or invoicing if you want to reduce that rate.

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@manu | 6yr

Hi Raphael,

Thatโ€™s an excellent question. I canโ€™t give you a binding answer as Iโ€™m not a lawyer, but can provide these remarks. For a deeper discussion, you can hit me up via PM. Iโ€™ve been dealing with these issues for a few years now and may be able to give some tips.

  • There seems to be a (WTO?) treaty that will grant your passport country taxation rights, if there is no company or other place of residence. I donโ€™t have a source for this and it doesnโ€™t seem to get enforced.
  • Americans will always have their worldwide income taxed until they cancel their citizenship or youโ€™re subject to a Double Tax Treaty.
  • If you deliver to the EU consumers, you need to collect VAT since 2015. Even on virtual goods.
  • There are a number of countries that allow you to put up an official residence without really being there.
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Read and participate in 14,056 discussions on Nomad List

Suggested topics

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How do I get Travel/Medical Insurance for Portugal for visa application from Australia?


in Portugal by @jonathanpoh | 5d 5 days ago | 5 comments

I'm preparing my Portuguese D7 long-term visa application and one of the required documents is proof of travel insurance with medical coverage. However, as an Australian citizen, if put that as my country of residence in many travel insurance companies' quick quote forms, I'm unable to get ANY insurance coverage at all because of the current travel ban out of Australia, and the Australian govt's 'Do Not Travel' advice to ALL countries. I know that Aussies are applying for, and successfully getting visas from the Portuguese Consulate here, so where and how are they fulfilling this insurance requirement if insurers aren't selling any coverage? Does anybody know or have any ideas?

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Video chat coworking solutions?


in Brazil by @essentiallyint | 6d 6 days ago | 2 comments

I am new to working out of coworking spaces. My business entails a lot of video conferences. I haven't chosen a specific coworking space yet but generally, what are the potential solutions for this? I have a microphone and headphones but still fell like it may be inconsiderate to take the calls anywhere in the coworking space. For a solo person, what are some general solutions? Are there usually options to rent a private room by the hour with just enough room to set up my microphone and laptop? Sidenote: any coworking space recommendations in Florianapolis, Brazil would also be appreciated. Thanks in advance!

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Is there a map of countries open for travel now?


in Russia by @vernon99 | 7d 6 days ago | 7 comments

I have two passports from different countries and am trying to understand where can I travel now. Is there a publicly available map of countries open for visitors by passport country that I can use to see what are my options? I was pretty sure such a thing should exist, but cannot easily find any.

Maybe at least there're maps for specific passports? Mine are Russian and American.

If there's no such thing, I'd be down to build one, let me know if interested to collaborate :)

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Any nomads in Arizona, US?


in Netherlands by @info132 | 7d 7 days ago | 0 comments

Hi guys,

After the Netherlands, the Bay Area, Colorado and being on the van life for 8 months, I am now in Sedona, AZ with a few other digital nomads. We are sharing a home here and are wondering if there are more like minded people in the area.

We do a bunch of hikes and campouts in the northern of Arizona. If you would like to connect with us, please do so :)

Val

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Best place in Portugal near cool nomads, good surf, and a great cowork spot


in Portugal by @joelnicholson | 8d 7 days ago | 10 comments

Hi there, title says it all. Canadian nomad hoping to find the city/town in Portugal with great, consistent surfing, a solid coworking spot, and a fun group of young nomads. Please recommend!

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Best place for solo UK traveller for surf, sun & working between Oct and Dec??


in Tenerife, Spain by @leojb | 9d 8 days ago | 0 comments

Hey Nomads, would love to know any thoughts here.

Top of the list are currently Tenerife, Lagos/Ericeira (Portugal) & Malta??

Would love to know if anyone can vouch for these at this time of year.

Beautiful beach would be the dream. Basically European Bali! I'm sure something many of us are searching for.

Thanks a million. Much love.

Leo

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Are there any digital nomads in the Islands e.g Bermuda, Barbuda, St. Kitts and Nevis?


in Antigua, Guatemala by @momo11 | 11d 10 days ago | 0 comments

Does anyone ever travel to any Islands like Bermuda, Barbados, Barbuda and St. Kitts & Nevis?

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Tax advisor for permanent nomads?


by @eljaques | 14d 13 days ago | 1 comment

I'm in need of a tax advisor who understands "our" typical situation. I'm all good on being legal on taxes at this point, but as I'm doing more investing and there's more compliance and KYC and such, it's getting more complicated to deal with this topic. Not living in my country of citizenship, company in another country, resident in yet another country, banking in a different country ... you know how it is, a pile of red flags.

Would be great to find a good tax advisor to sort things in a way that makes my situation as "explainable" and easily dealt with as possible. Any leads?

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UK Expats travelling to Greece?


in Bulgaria by @davda1546 | 21d 20 days ago | 2 comments

Hi all, my husband and I have been living in Bulgaria for the past month and were hoping to travel to Greece next. Have any UK nationals entered Greece lately? I believe that anyone entering Greece requires a negative COVID test 72 hours before travel - is this what they are requiring at the borders please? (Reason we ask is for Bulgaria we filled out forms but weren't asked for them) Thanks.

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UK Expats travelling to Turkey?


in Turkey by @davda1546 | 23d 22 days ago | 0 comments

Hi all, my husband and I have been living in Bulgaria for the past month and were considering Turkey next! Have any UK nationals entered Turkey lately? I believe that anyone entering Turkey will undergo health screening and if they show symptoms they need to get medical treatement, did this happen for you? Reason we ask is for Bulgaria we filled out forms but weren't asked for them) Thanks.

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Anyone want to share an airbnb villa in Mexico?


in Mexico by @wouternomad | 23d 22 days ago | 3 comments

I will be traveling/working through Mexico with my dog February to April. My plan is to stay in Sayulita for about 2-4 weeks, then travel south along the cost.

Is there anyone who wants to share an airbnb apartment? I was thinking of renting a private villa, but because these are large and have multiple rooms, I was wondering if there are fellow nomads wanting to share? Iโ€™m open to other locations as well (Puerto Vallerta, Oaxaca, and everything in between these two locations.

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How to get into the digital nomad lifestyle?


in Switzerland by @filiptk | 26d 26 days ago | 1 comment

Hi, I've got a question to anyone who had experience with the digital nomad lifestyle. I'm 24, I'm in my last year of university doing computer science, got 3 years of experience mostly doing web development.

I never liked the idea of staying in one place, getting a job and growing roots - hence the will to take the opportunity and travel the world. My main question is โ€“ how do I go about it? Are there any useful resources I could look into?

How do I go about insurance and such once I decide to move. I currently live in Switzerland and do freelance work for one company. It's not a lot, since my studies don't allow me to pick up a full time job, but it allows me to cover simple expenses.

I'd be happy to get some insight into how things work and also happy to network with anyone interested.

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Where should I set up my company as a remote worker?


by @beloruchka | 1mo 1 month ago | 7 comments

Iโ€™m looking for any recommendations for services or people others have used to get answers on the best place to set up their businesses based on their personal circumstances.

Leaning towards Singapore after a ton of research, but would really like some concrete advice before jumping in.

Appreciate it!

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How to learn a language without taking a formal class?


by @zakamercury | 1mo 1 month ago | 5 comments

How to learn a language without taking a formal class, while traveling in different countries?

What advice can you give me?

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What's the best thing to do with your phone/ your phone number when travelling?


in Poland by @davda1546 | 1mo 1 month ago | 6 comments

Hey, hope everyone is well!

We're leaving in a month to go travelling. Our first destination is still to be confirmed, but will likely be Poland or Slovakia. We will be moving around every month or two to different destinations.

The question we have is: what do people do with phones/ phone numbers when hopping from country to country? Ideally we'd just like one number for the whole trip (even better, the number we already have) wherever we go, rather than getting new SIMs with different numbers.

This is just so it's easier to keep in contact with family/ clients/ etc.

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Where do I get good legal advice/support to have a long-term stay?


in Lisbon, Portugal by @mzorrilla | 2mo 2 months ago | 1 comment

Hello, everyone!

My idea is to stay as low as 6 months and as long as a year (maybe, who knows) over Lisbon after doing some analysis from many cities in Europe.

I'm an Argentinian and Chilean (both nationalities) so... no Euro-pass for me (getting my Italian nationality could take 2 years easily). I'm also a remote worker and I have a really good income (I work for a Silicon Valley company) so I can show more than enough resources to stay in the country.

Everything I see online doesn't inspire me much confidence (most sites looks a bit scammy) and this is not a "vacation stay"... I want to be clear my head far away from Argentina right now. If someone has a good website, recommendations, etc I will super appreciate.

Thanks in advance!

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How do I set current location? I've looked everywhere for this option.


by @yousifyalda | 2mo 2 months ago | 5 comments

All I see is section to add trips, but I reside here. Home and all.

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What are some nice French beach towns?


in France by @amin | 3mo 2 months ago | 4 comments

I'm thinking to head over to France during the winter and I'm looking for recommendations on a good French town that has beach and is warm enough during the winter.

What are your favourites? Any recommendation is appreciated.

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What is the best online insurance for digital nomads ?


by @berberos | 3mo 2 months ago | 4 comments

Hi guys ! hope you are doing well.

I would love to get your feedback regarding the best insurance for digital nomads. i'm traveling around Asia since 1 year and for next 4 or 5 years. Would love to buy an insurance to cover especially :

- health

- laptop, phone ...

- Flights

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Driving from Italy to Croatia..how to handle passport?


in Croatia by @ld | 3mo 2 months ago | 3 comments

Hello, we are US citizens that have been able to stay in Italy past our standard visa stay due to covid. Now we must leave. We want to drive to Croatia as our โ€œout of EUโ€ stay. But Iโ€™m now wondering what considerations I need to take care of for my visa. I wonโ€™t go through an airport and get my passport stamped. But I assume I need to get my passport stamped as a way to prove Iโ€™m out of the EU.

Anyone else travel in and out of Schengen zone via car? Or know what I should do to properly handle the visa situation? I get unclear answers online. Hmm.

Appreciate your help!

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