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


in Singapore by @raphadk7yr  | 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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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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@mender3yr

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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@nouk5yr

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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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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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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@karenchen5yr

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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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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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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@thom8017yr

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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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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@gonzohall7yr

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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@manu7yr

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 14,118 discussions on Nomad List

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It's been 6+ years now but I'm in this for the long term and with the boost remote work got last year it's even more exciting to work on Nomad List than ever.

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by @orangutan38mo 8 months ago | 1 comment

What are the best places right now in the Caribbean/LatAM? (Also cheapest flights/accommodation?) Asking from the US.

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List of Visa/Residency Information in Table/Spreadsheet format?


by @innovatelife9mo 8 months ago | 2 comments

As part of signing up for this website I was hoping I would come across a list of Visa and/or Residency requirements by country ideally in a table format to assist with decision making. Does anybody recommend any other websites that might present the information in this format (or Google Spreadsheet)?

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Most Walkable Neighborhood / City In The World ?


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Any nomads in Arizona, US?


in Netherlands by @info1329mo 8 months ago | 4 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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International number & internet?


by @leobassam9mo 8 months ago | 1 comment

Has anyone figured out a way to get setup with a virtual number and internet connection anywhere you go?

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Are there any tax issues I have to be aware of?


in Germany by @clara9mo 9 months ago | 0 comments

Hi everybody. I live and work in Germany and want to go to Canary Islands for 6 months to work from there. I'm going to keep my current job, just change the "home" in the home office part of things. Are there any tax issues I have to be aware of? I was reading about becoming a residence after 183 days, thus having to pay taxes there plus my employer having to register there. Does anybody know how it works exactly? Thanks a lot!

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Chiang Mai accommodation


in Chiang Mai, Thailand by @bertieb9mo 9 months ago | 0 comments

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Is anyone travelling right now?


by @viktor10mo 9 months ago | 3 comments

Winter is coming and Iโ€™m feeling the ache of travelling after being stuck in the same place since the Pandemic started. Wondering if anyone is travelling right now? If so, where are you currently located and how is the situation where you are?

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Anyone up to explore some city which is kinda virus safe?


in Bangkok, Thailand by @germanrobert10mo 9 months ago | 2 comments

Hello World!

I'm an experienced Digital Nomad and after being in Lockdown in Bangkok and Germany for one year I would like to team up with someone to visit a new place. Or just doing some exchange about what destinations would be interesting currently.

I take the virus seriously and still I think we can still be able to take our life in our own hands. So I'm aiming for cities/countries which are not in full lockdown, are not too complicated about immigration (I'm looking at you Thailand, your state quarantine costs like 1k USD and is basically a prison) and is also rather safe regarding the virus. I tend to stick for rather big cities and like culture. I'm not a beach or nature person. I'm pretty flexible about the money topic.

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Holร  ! What's the internet / wifi situation in Sayulita ?


in Puerto Escondido, Mexico by @ambroisedebret10mo 9 months ago | 0 comments

After being told it's unworkable in Puerto Escondido, looking for alternatives :)

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How to find accomodation in Las Palmas, Canary Islands


in Las Palmas, Spain by @philippg10mo 9 months ago | 2 comments

Hi, we are trying to find a house to rent for 2-3 persons near Las Palmas for 4-5 months at the moment and it seems to be almost impossible except through Airbnb which is super expensive. Any advises or local contacts?

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If you're American but live in Guatemala, do you still count as American for travel purposes?


in Guatemala by @chasindreams10mo 10 months ago | 0 comments

What I mean is, for example, since most of the EU has banned Americans, if I live in Guatemala and will be traveling FROM Guatemala to the EU, could I get in? Or does the ban count for all Americans regardless of where they live?

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Ukraine Residency


in Ukraine by @reticle10mo 10 months ago | 1 comment

I have a slightly above average US income which I can work remotely from paired with a $1000 a month income stream and more than enough to purchase a middle end Flat in Ukraine. Does anyone with knowledge of this process have any advice to acquire a reliable way to stay in the country?

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Are co-working spaces a good way to meet people in a new city?


by @donaldbough10mo 10 months ago | 1 comment

My fiancรฉe and I are most likely moving to NYC (maybe DC) in August, and as a technical startup co-founder I'd love to meet new people that are also into startups. Would joining a co-working space be worth the money to do this?

I work for a big tech company that has an office in NYC, but it's mainly sales so I wouldn't be able to meet others that are related to any of my 9-5 work or likely into tech.

If co-working spaces, post covid of course, aren't a good way to meet business starting people in a new city, what is?

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


in Antigua, Guatemala by @momo1111mo 10 months ago | 3 comments

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

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Is La Gomera a nice place to stay?


in Norway by @kvarsten11mo 10 months ago | 1 comment

Hi, my name is Eric and I am a remote worker from Norway. Me and a friend is flying into Gran Canaria on Friday and spending two weeks in San Agustin on the south side of the Island.

After that we are pondering about staying in La Gomera. Does anyone of you have an experience staying there or are there anyone of you staying there now? :)

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Is there a map of countries open for travel now?


in Russia by @vernon9912mo 11 months ago | 8 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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in Seville, Spain by @antoine_th12mo 11 months ago | 0 comments

Hello Everyone

I'm planning to stay in Seville for 6 weeks for mid January - end of February. Do you any recommandations for a coliving or a place to live in?

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Are restaurants, cafes and malls working in Mexico City taking into account COVID situation?


in Mexico by @thateverdmitriy12mo 11 months ago | 1 comment

I am planning to travel to Mexico City next weekend and stay for 7-10 days there. I wonder if cafes, stores and other places like these work? And if cafes work, do they work as usual or only for take away&delivery? Will be very thankful if someone can help here.

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