Question Best banking/company setup for new higher income affiliate traveler

[jay12]

Hi,

I am looking for the ideal company/banking setup for my upcoming situation, need to start planning now.
I will shortly be receiving about $50k to $100k pm income from a US company as a legit referral partner / affiliate commissions, from about July onwards.

I am a RSA citizen expat in Thailand but plan is to travel as soon as i get my funds to do the nomad thing for a while however I am also happy to setup a "home base" and remain somewhere for a while as needed for tax residency (not sure if im using the correct words here) somewhere based on your recommendations.

Not sure what the best bank, bank country, company registration country, resident location, tax setup etc, the whole story might be ideal for my situation for the tax or other benefits, all very new to me so need some pointing in the right direction.

WY LLC, HK company, Cyprus, Dubai? Been reading a lot here but still uncertain.

My thoughts are to store and keep the majority of the funds in the new offshore account (so it needs to be safe) and use it as the main transactional account using my card for regular business expenses needed to maintain my income and then bring only smaller minimal amounts, minimal "salary", of the funds into whatever country local bank acc im living at the time for living expenses. Most funds are reinvested as biz expenses.

So the business will be transacting definitely outside my citizen country and residence country, not sure if this helps. For example I understand if I actually bring these internationally earned funds into Thailand then I owe tax on them but not if they remain outside the country?

Any advice on a good setup and behavior/tips moving forward would be appreciated.

 

[22Law]

Different countries have different ways of levying taxation, but there are a few fundamental principles. Usually residents pay tax on their income, and often that includes both onshore and offshore income. Some countries also tax their citizens regardless of residence. I'm not sure what the rules are in Thailand or RSA as to income tax, so you might want to check that.

Moving cash in those denominations will almost certainly result in reporting under the CRS regime, so you may want to put in some thought around corporate or trust structures which could minimise your tax burden.

 

[Mary Palamarenko]

Hi,

I am looking for the ideal company/banking setup for my upcoming situation, need to start planning now.
I will shortly be receiving about $50k to $100k pm income from a US company as a legit referral partner / affiliate commissions, from about July onwards.

I am a RSA citizen expat in Thailand but plan is to travel as soon as i get my funds to do the nomad thing for a while however I am also happy to setup a "home base" and remain somewhere for a while as needed for tax residency (not sure if im using the correct words here) somewhere based on your recommendations.

Not sure what the best bank, bank country, company registration country, resident location, tax setup etc, the whole story might be ideal for my situation for the tax or other benefits, all very new to me so need some pointing in the right direction.

WY LLC, HK company, Cyprus, Dubai? Been reading a lot here but still uncertain.

My thoughts are to store and keep the majority of the funds in the new offshore account (so it needs to be safe) and use it as the main transactional account using my card for regular business expenses needed to maintain my income and then bring only smaller minimal amounts, minimal "salary", of the funds into whatever country local bank acc im living at the time for living expenses. Most funds are reinvested as biz expenses.

So the business will be transacting definitely outside my citizen country and residence country, not sure if this helps. For example I understand if I actually bring these internationally earned funds into Thailand then I owe tax on them but not if they remain outside the country?

Any advice on a good setup and behavior/tips moving forward would be appreciated.

I have 2 variants of solution for your case. First one is to open company in the USA in Delaware cause your partner is a US company. Delaware state has lotal tax burden and if you have a possibility to visit the US you can open a bank account here. Also, the seond variant is simplier: to open a HK limited liabilty company and to open an acoount in European EMI (Airwallex, FAS, Genome e.g.).