About payments for my LLC services outside US

[catslover]

I already incorporated my LLC in the US (New Mexico) and I am planning with my partners in Asia to start business there (I will probably move in a few months).

My question is how to receive payments outside the US. Can I receive payments in cash, or to a bank outside the US? Or whenever my company receives a payment, should I receive it at my bank in the US?

 

[Larin]

It is irrelevant where you receive the payments. It is income attributable to your company so you will pay tax where your company is a resident, not where your bank account branch is physically located.

 

[MiddleEuroAsia]

My question is how to receive payments outside the US. Can I receive payments in cash, or to a bank outside the US? Or whenever my company receives a payment, should I receive it at my bank in the US?

Tbh, I don't know what is the point of your question. I mean you can do whatever you want,

You can Just wire your money from your US business bank account to your foreign account, or just buy crypto and cash it out in your country of residence or use your company card to withdraw Cash at ATMs.

 

[catslover]

Tbh, I don't know what is the point of your question. I mean you can do whatever you want,

You can Just wire your money from your US business bank account to your foreign account, or just buy crypto and cash it out in your country of residence or use your company card to withdraw Cash at ATMs.

In fact, today the impact of moving money unnecessarily is less. But it is always less convenient to have to move money from one country to another. To do so I must pay the exchange fees.

My question is because someone told me that having an offshore company in the USA, I must obligatorily receive the payments in the US bank or otherwise fill out the FBAR papers, which according to what he told me is very complicated.

 

[bigdaddyleon]

or otherwise fill out the FBAR papers, which according to what he told me is very complicated.

Who Must File​

A U.S. person, including a citizen, resident, corporation, partnership, limited liability company, trust and estate, must file an FBAR to report:

1. a financial interest in or signature or other authority over at least one financial account located outside the United States if
2. the aggregate value of those foreign financial accounts exceeded $10,000 at any time during the calendar year reported.

Generally, an account at a financial institution located outside the United States is a foreign financial account. Whether the account produced taxable income has no effect on whether the account is a foreign financial account for FBAR purposes.

Report of Foreign Bank and Financial Accounts (FBAR) | Internal Revenue Service

You may be required to report yearly to the IRS foreign bank and financial accounts (FBAR) exceeding certain thresholds.

www.irs.gov