Wyoming - why is it not so known?

[Btraveler]

If your Wyoming registered company is selling product or services in the US, it is subject to Federal taxes on its profits on products and or services sold in the US.

You personally, may not be liable for US federal taxes, but your Wyoming company will be.

If you have an LLC as disregarded entity (only you as unique owner and sharedholder) and also the company doesn't sell anything inside USA, you won't have to pay taxes

 

[onemansomewhere]

I also have a Wyoming LLC, I registered my company EIN with the IRS and then opened my US bank account with no issues. They just want a US address (can be a postal forwarding service) and ID (passport) plus copies of the LLC paperwork. Took me about 30 minutes to set up with Wells Fargo bank. Great online banking. Worked fine for me. That was two years ago and all is running sweet. Even just received US covid-19 subsidy payout to my Wyoming company as all my company tax returns had been filed.

It was possible in a past. Wells fargo does not accept mail forwarding centers as address. But there is a way how to have one customized for few hundred bucks..

If you have an LLC as disregarded entity (only you as unique owner and sharedholder) and also the company doesn't sell anything inside USA, you won't have to pay taxes

He does not have to pay any taxes in the USA. But has to file returns..
And pay personal income tax from all profit in his country of residence,..

 

[Btraveler]

He does not have to pay any taxes in the USA. But has to file returns..
And pay personal income tax from all profit in his country of residence,..

Yes, but USA doesn't report under CRS

 

[onemansomewhere]

Not yet. I believe, that one day will be applied some mechanism, how exchange data officialy.

IRS unofficialy sent data from returns to country of residence of LLC members as so called "operational received tax relevant informations". So there are no informations shared from banks, but there are informations shared from IRS. From 2020, every one LLC has to file a rerutn form, where profit divided to each member is declared..

 

[Btraveler]

Not yet. I believe, that one day will be applied some mechanism, how exchange data officialy.

IRS unofficialy sent data from returns to country of residence of LLC members as so called "operational received tax relevant informations". So there are no informations shared from banks, but there are informations shared from IRS. From 2020, every one LLC has to file a rerutn form, where profit divided to each member is declared..

Interesting to know that

 

[eRabbit]

No matter what, you still have to file a company Federal Tax return every year. And your account will advise what needs to be paid.

Thanks!
Do you know what’s the percentage on that tax? Would it be paid whenever a payment from one of the networks is received or just when dividends are distributed?

 

[onemansomewhere]

Thanks!
Do you know what’s the percentage on that tax? Would it be paid whenever a payment from one of the networks is received or just when dividends are distributed?

This is passed to your local income tax return. Each country has a different rates.. you have to check in your country of residence.

 

[eRabbit]

This is passed to your local income tax return. Each country has a different rates.. you have to check in your country of residence.

Thanks! If the country is Panama would that be 0%? Also, what tax would be paid on a corporate level then?

 

[onemansomewhere]

If member of US LLC is a resident of Panama, then it will be 0 % if company is administered not from Panama. So paper residence is the best.. Better situation is if US LLC mambers are Panamian company and panamian foundation, this panamian foundation is onlye shareholder of that panamian company and board of panamian foundation are 2 foreign companies + 1 panamian paper resident..

 

[eRabbit]

Thank you for your help!

Do you know if:

- I am a fiscal resident of Panama
- I earn commissions from American affiliate marketing networks as an individual

Would that be considered foreign earned income and therefore subject to no tax?
In case that would be taxed, what would you suggest as the best solution for earning online commissions wihout paying tax or paying as little as possible?
Are there specific residences + business setup that you'd suggest? Or perhaps just a residence + receiving the commissions as an individual?

Thank you in advance!

 

[onemansomewhere]

Thank you for your help!

Do you know if:

- I am a fiscal resident of Panama
- I earn commissions from American affiliate marketing networks as an individual

Would that be considered foreign earned income and therefore subject to no tax?
In case that would be taxed, what would you suggest as the best solution for earning online commissions wihout paying tax or paying as little as possible?
Are there specific residences + business setup that you'd suggest? Or perhaps just a residence + receiving the commissions as an individual?

Thank you in advance!

It looks, this a a foreign income. Just be carefull to do not become a US tax resident. You can not have a client in US, whose main supplier will be you. And you can not have a supplier whose main client will be you.

 

[eRabbit]

It looks, this a a foreign income. Just be carefull to do not become a US tax resident. You can not have a client in US, whose main supplier will be you. And you can not have a supplier whose main client will be you.

Great! Thank you for your help! These are major affiliate networks so I would just be one in millions

 

[onemansomewhere]

We screen the payment market to give an accurate picture of the different payment processing and banking options. We can pre-apply on behalf of your business with hundreds of payment providers, card processors and banks.

Here is one of their emails



We find out who would accept your business and what fees are offered so you can make an informed decision about where to keep your money. You do not have to waste time on the research and application with the different banks.


NeoBanQ understands the unique needs of payment processing. Our payment processing expertise can help your business acquire merchant accounts at very competitive rates.

***We also have Banking Solutions for our clients, SWIFT, IBAN and Crypto friendly Banks.

Apply for a Merchant Account here:Apply Now – NeoBanQ Global
Apply for a Bank Account here: Apply Now - NeoBanq
--
Best regards,

NeobanQ Ltd M: +44 (701) 007-4357 P: +44 (800) 776-5142 E: sales@neobanq.email A: 17 Hanover Square, Mayfair, London W1S 1BN www.neobanq.ltd www.neobanq.global

I would never send any documents nor personal details to such company. Few days existing, just virtual office, virtual numbers, ...
This smells like identity theftbusiness

 

[Tankboy]

I would never send any documents nor personal details to such company. Few days existing, just virtual office, virtual numbers, ...
This smells like identity theftbusiness

Sorry - I copied that email from someone else's comment about dodgy iPay to send to a friend via email and somehow I must have accidentally pasted it here as well.

And for some reason I cannot delete it or edit it.

I am not sure what happened.

I don't even know how I seem to have posted it here.

Apologies for it ending up in this thread.

 

[El Aprendiz]

Tankboy, Do you think NAOBAN bank is reliable? I didnt understand.

 

[Tankboy]

Tankboy, Do you think NAOBAN bank is reliable? I didnt understand.

I believe NeoBank are bad.

They are linked to another know very bad company, iPayTotal.

I was wanting to warn a friend about them.

I would stay clear of them.

 

[El Aprendiz]

Thanks!