Hello - I am newly attempting to move my business offshore. I would welcome any advise or direction about how to go about the process of selecting the right country, meeting with the right professionals etc. Any perspective or advice you can share would be greatly appreciated.
In case it helps, here is a little information about my business.
I have a sole proprietorship that consists of myself (based in the USA) and a number of international contractors that work remotely. We dropship products (most of which are sold in the United States). Most of the items we purchase are from USA based Ecommerce websites such as Overstock, Walmart, etc. We sell most our products on a variety of Online Venues (such as Amazon, Ebay, websites, etc). We do not hold hardly any inventory, though we do process a small number of returns out of one staff member's house (based in the USA).
We pay a very high amount of taxes, and it makes sense for my wife and I to move to another country and save on taxes, at this point. Our income is just under $800,000 from this business as of last year.
Most of our payments are received via Paypal or Credit Card Processing (Paypal Braintree) as of now.
Am hoping to determine answers to any of the following questions:
(1) Are we actually good candidates to move our business offshore and reap tax benefits?
(2) Is there a country or countries that would best for us to move our business too (i.e., Hong Kong? Bahamas? UK? Etc
(3) Will we need to physically move out of the United States to get the tax savings, or can I only move the business out, and perhaps travel to work outside of the country?
(4) What are the best steps for me to take initially to connect with the right adviser(s) to get this set up
(5) Are there any hazards or pitfalls we are likely to fall into if we try to go this route (and should thus be sure to avoid).
Thanks again for any advice you can give!
- Tim
In case it helps, here is a little information about my business.
I have a sole proprietorship that consists of myself (based in the USA) and a number of international contractors that work remotely. We dropship products (most of which are sold in the United States). Most of the items we purchase are from USA based Ecommerce websites such as Overstock, Walmart, etc. We sell most our products on a variety of Online Venues (such as Amazon, Ebay, websites, etc). We do not hold hardly any inventory, though we do process a small number of returns out of one staff member's house (based in the USA).
We pay a very high amount of taxes, and it makes sense for my wife and I to move to another country and save on taxes, at this point. Our income is just under $800,000 from this business as of last year.
Most of our payments are received via Paypal or Credit Card Processing (Paypal Braintree) as of now.
Am hoping to determine answers to any of the following questions:
(1) Are we actually good candidates to move our business offshore and reap tax benefits?
(2) Is there a country or countries that would best for us to move our business too (i.e., Hong Kong? Bahamas? UK? Etc
(3) Will we need to physically move out of the United States to get the tax savings, or can I only move the business out, and perhaps travel to work outside of the country?
(4) What are the best steps for me to take initially to connect with the right adviser(s) to get this set up
(5) Are there any hazards or pitfalls we are likely to fall into if we try to go this route (and should thus be sure to avoid).
Thanks again for any advice you can give!
- Tim
