Singapore or HK company but can’t open an account

#21
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Just because your salary is flowing from abroad and paid by a foreign company, does not mean it is foreign sourced. Foreign sourced means the work (or dividend or rental income) was done abroad. Where were you physically when you performed the work? You need to pay taxes where you worked. So you would still theoretically need to pay taxes in thailand if thats where you were performing the work. Unless there is some sort of tax loophole for digital nomads im not aware of?

The fact that they havent asked you to pay because they dont know about your income, thats a different story. Might be best not to get too comfortable in thailand
 
#22
Both Hong Kong and Singapore are good options as your start-up gateway to incorporate (i.e., setting up a HK or SG company). While a certain no. of entrepreneurs treat Singapore as a nice replacement nowadays, Hong Kong still enjoys its absolute advantages such as the 8.25% profits tax rate - one of the lowest tax rates in the world; acceptance of foreign directors (does not require nominee directors like a Singapore entity); well-established legal framework and monetary system; serving as a stepping stone to enter into China, etc.

Due to the pandemic, it is not really easy to open a bank account in Hong Kong as it requires the director's physical appearance. But in Singapore banks, it is possible to open a bank account remotely. Singapore banks accept companies from Hong Kong, Singapore, and BVI.

Aside from opening a traditional bank account, the best alternative is to open a virtual account. There are various EMI / FinTech companies with which your can open your multi-currency account easily. Since your main goal is to receive payments from your clients, opening an account with Airwallex and Currenxie are favourable options. These FinTech companies in Hong Kong support a wide range of currencies, responsive customer service, provision of corporate Visa cards, with no opening / monthly fees, and no prefix on transaction records.
 
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#24

The question is: oversea income is not taxed in Thailand, but how do they define "oversea income"? Because you are physically in Thailand when you do the work

For anyone wondering this would not work for HK company. Any director fee (and salary to director) is taxed weather you are resident or not.

But in HK, there is 0 corporate tax rate for non-HK sourced profit, so if you can qualify for that (and don't mind paying 1% of revenue for Audit), you can then get the dividend tax free (because Thailand will not tax foreign sourced dividend).

@bangkokowl, what did you end up doing?
 
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