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Wyoming VS Delaware VS Hong Kong VS Others for eCommerce?

JonnyStekkino

JonnyStekkino

Member Plus
Dec 10, 2021
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Europe
#1
I run an online business making around $150k/year.
What I need it's just Stripe, Receive SEPA bank transfers and others less relevant gateways (crypto etc..)

Personal Residency: Currently Dubai, Soon Bahrain.
Looking for an alternative to Dubai which current fixed costs skyrocketed.

What's better and most cost efficient in terms of taxes and fixed costs, while having access to all the gateways and banking? considering I will not be resident of such country.

Whyoming seems like a solid option but no idea about the gateways/banking situation there.
 
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#2
I changed the spelling error of Wyoming in subject topic.
 
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#5
When complaining about fixed costs of Dubai, are you referring to the cost of living or the cost of the VISA? The latter is easily fixed with a remote work VISA: look it up. If you’re still using a freezone or mainland LLC solely for the VISA, with no economic activity in the country, you’re getting scammed.
 
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#13
saturnix said:
Please refer back to message number 5 on this thread.

The VISA is both for employed and self-employed people.
Click to expand...
Still, not interesting as you can't get payment gateways with that, and living in UAE is a "no thank you" for me.
Much prefer Bahrain honestly if I am forced to live in the middle east... thankfully not yet.

Also curious to understand how the "self-employed" somewhere else works with the fact that UAE introduced corporate tax and they are supposed to enforce the fact that you can't just make a company somewhere else.
 
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#14
Interested in this thread. Same case for me. I sell IT services to a client in Europe and make around 180k euros per year. From 2018 to 2022, I had an IBC (International Business Company) in the Seychelles with a corporate account in EPB bank in Puerto Rico. I paid 0 tax. Just company renewals and bank fees which was about 1000 euros max per year. I could easily transfer all my monthly income to my personal account in Vietnam.
Everything stopped since EPB has been on liquidation in 2022. We can see a very long thread about that in OCT Euro Pacific bank is a scam
After that, I've set up a company in Vietnam. So far, nothing to pay but my accountant told me he can't last forever like that...
So now I'm thinking about another company. I head Hong-Kong and Singapore but maintenance and renewal are not cheap at all. It's like 3000 euros per year.
How about Delaware? Not clear at all. I have a friend there paying no tax but he didn't tell me everything. I guess he's making little money and can pay his daily expenses with his corporate card. But what if it is more than 15k euros per month? Can we send to a personal account like I did with my IBC without paying tax? Not clear at all. I heard we have to pay PIT (personal income tax).
 
#16
uplana said:
where do you live @ATNTESTING ?

You won't slip away without to pay personal income tax in most cases!
Click to expand...
I live in Vietnam. I haven't paid such a tax so far but not sure if 100% legal. I didn't have any issues with my IBC from 2018 to 2022. Now with my Vietnamese company, it's a little bit different. I still haven't paid it and my account said we can bribe the tax agent if they knock on my door...
 
#18
daniels27 said:
If Vietnam does not tax your offshore company you are running from there, you can do Wyoming. Alternative would be Singapore but it's about 3000 USD per year. Hong Kong works too but comes with a 2000 USD audit per year, I would not recommend.
Click to expand...
Thanks for your input. I'll definitely dig down into Wyoming. I've recently asked my bank if I could transfer money from overseas companies to my personal account in Vietnam. He confirmed there is no regulations about that. I heard in Thailand there is...
Anyway, from my understanding, as a digital nomad with offshore company to invoice clients, we are supposed to pay PIT in the country where we are tax resident?
 
#20
ATNTESTING said:
Thanks for your input. I'll definitely dig down into Wyoming. I've recently asked my bank if I could transfer money from overseas companies to my personal account in Vietnam. He confirmed there is no regulations about that. I heard in Thailand there is...
Anyway, from my understanding, as a digital nomad with offshore company to invoice clients, we are supposed to pay PIT in the country where we are tax resident?
Click to expand...
you have the same regs in thailand as you have in vietnam ;)
 
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