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Advice on offshore jurisdiction

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UncleMac

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Jun 3, 2020
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#1
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Hi,

My business partner and I are looking to move activities in a Thai company to an offshore jurisdiction. However, we are uncertain as to which jurisdiction would be best for us, and I'm therefore posing the question here in the hopes that some of you knowledgeable people can offer a bit of useful insight. Here is a bit of background info:

We, the two partners in the business, are from the UK and from Denmark. None of us live in our home countries. Our business is a web hosting business, and we get quite a few payments in Bitcoin every month. Here are some of the things that the perfect jurisdiction should offer:
  • Cheap and fast setup of both company and bank account remotely
  • As few reporting requirements as possible
  • No or low tax, VAT, administration fees etc.
  • Ability to easily register a PayPal account for the business
  • Crypto friendly legislation
We have been looking at potentially setting up a company in Delaware, but we are having trouble figuring out the exact tax requirements for a foreign owned business registered in Delaware, and just how much reporting would be required on a monthly/annual basis. Any insight on this matter is greatly appreciated!
 
#2
Where are you going to live in the future?
 
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#4
I think you are on the right track with a US LLC and probably a normal EMI to channel your fiat transactions. Crypto payments you should keep seggregated and you can exchange in various ways , and if necessary you also find a bank willing to accept incomings from an exchange.

Your US tax and filling obligations would depend on whether you generate any income/sales from US based customers. If not, then actual filling requirements are not much hassle.
 
#5
CyprusLawyer101 said:
I think you are on the right track with a US LLC
Click to expand...
That's awesome news!

CyprusLawyer101 said:
EMI
Click to expand...
What is an EMI?

CyprusLawyer101 said:
Your US tax and filling obligations would depend on whether you generate any income/sales from US based customers
Click to expand...
We do have a few clients in the US, but not many. Would reporting requirements be a huge hassle for those, or is it manageable? We are a small operation, and we like to keep bureaucrazy (I know what I said) to a minimum.
 
#6
EMI stands for Electronic Money Institution. Basically are mostly online regulated financial institutions with licensed banking operations limited to processing transactions.

I am not well versed in the tax filing obligations for income generated in the US , but it should be subject to a 30% tax there. I am sure other around the forum can give some better feedback as to the filing obligations where income is generated from US sources.
 
#7
UncleMac said:
Hi,

My business partner and I are looking to move activities in a Thai company to an offshore jurisdiction. However, we are uncertain as to which jurisdiction would be best for us, and I'm therefore posing the question here in the hopes that some of you knowledgeable people can offer a bit of useful insight. Here is a bit of background info:

We, the two partners in the business, are from the UK and from Denmark. None of us live in our home countries. Our business is a web hosting business, and we get quite a few payments in Bitcoin every month. Here are some of the things that the perfect jurisdiction should offer:
  • Cheap and fast setup of both company and bank account remotely
  • As few reporting requirements as possible
  • No or low tax, VAT, administration fees etc.
  • Ability to easily register a PayPal account for the business
  • Crypto friendly legislation
We have been looking at potentially setting up a company in Delaware, but we are having trouble figuring out the exact tax requirements for a foreign owned business registered in Delaware, and just how much reporting would be required on a monthly/annual basis. Any insight on this matter is greatly appreciated!
Click to expand...
Maybe look into Wyoming as well. From what I heard it is both cheaper and more crypto friendly than Delaware.
 
#9
I believe so, I personally do not know much about the details but I think most / all should be able to be found with Google / possibly on this forum (and of course tax advisors / consultants etc)
 
#10
UncleMac said:
Hi,

My business partner and I are looking to move activities in a Thai company to an offshore jurisdiction. However, we are uncertain as to which jurisdiction would be best for us, and I'm therefore posing the question here in the hopes that some of you knowledgeable people can offer a bit of useful insight. Here is a bit of background info:

We, the two partners in the business, are from the UK and from Denmark. None of us live in our home countries. Our business is a web hosting business, and we get quite a few payments in Bitcoin every month. Here are some of the things that the perfect jurisdiction should offer:
Click to expand...
If you are doing hosting in Thailand, we should chat, i have a lot of compute power powered down...

And will want to liquidate...
 
#12
UncleMac said:
Always happy to discuss options. I wanted to send you a DM, but doesn't appear like I have that option available. Can you perhaps DM me?
Click to expand...
Yeah, weird that, wellington_offshore AT proton.me

(hope that's ok admins).
 
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