Currently doing dropshipping / ecommerce and i have some income from affiliate marketing and advertising.
I am an EU citizen. I use paypal and 2co as my standard payment gateways - all legit transactions, no complaints, etc...
Things are going rather well and revenue is starting to increase, so i'm looking to set up a company so that i don't have to pay taxes.
I'm not looking for full anonymity (i wouldn't mind having it), i just want to deal with taxes (or at least high taxes).
I sell stuff (from services to products - clothing, health and beauty, tech stuff, etc) to people all over the world : US (about 40% of customers), EU, AU/NZ, CA mostly
Currently doing about 100k per year in revenue, but i estimate we can hit 500k or more within 12 months (and most of that will be profit)
I'm looking to set up a cheap option (company + bank account) to run the ecommerce stores without much hassle.
I don't need a specific location for the company, but the thing is, for the bank account, i don't want to travel outside the EU to open it (and with the covid thing, it might be difficult to travel). I want to set up things asap.
Here are the options i found so far, don't know which one to choose.
1) Delaware / Wyoming / New Mexico LLC (or even Corp - not sure which one would be best) : it's cheap to set up, and i can get a US bank account without going there - cost is $350 (or $450, can't remember exactly) bank account included
I should be able to use paypal or stripe to process payments, i have 2 main concerns : a) i know there's no state tax there, but i remember reading something about a 30% federal tax (on all sales made to the US) which is a bummer; b) i don't want to have to deal with account and statements and filings (or having to deal with an accountant).
2) Seychelles IBC + Singapore Bank account - i actually found an offer on this forum from 6sigmagovernance.com (any feedback on this would be appreciated) - $800 for the whole package which seems great - i know there are no filings required each year and there's just a flat fee per year - thing i'm not sure about is what kind of payment processing options will i get accepted into with a seychelles ibc (paypal and 2co i think accept SC, but not sure)
3) Hong Kong company + bank account by NEAT - found this recently, don't know much about it, incorporation by neat is $700 or so and it seems to have everything i need, not sure what are the hidden catches, or how much taxes i need to pay (i don't sell anything to HK) or how private is everything.
4) any other solution i missed and suits our needs (most of them seem pretty expensive tho).
So main reqs :
- cheap (up to $1000 bank account included)
- no need to visit the bank
- low or no taxes
- no need to file things constantly (or as little as possible)
- privacy is good but not required
I am an EU citizen. I use paypal and 2co as my standard payment gateways - all legit transactions, no complaints, etc...
Things are going rather well and revenue is starting to increase, so i'm looking to set up a company so that i don't have to pay taxes.
I'm not looking for full anonymity (i wouldn't mind having it), i just want to deal with taxes (or at least high taxes).
I sell stuff (from services to products - clothing, health and beauty, tech stuff, etc) to people all over the world : US (about 40% of customers), EU, AU/NZ, CA mostly
Currently doing about 100k per year in revenue, but i estimate we can hit 500k or more within 12 months (and most of that will be profit)
I'm looking to set up a cheap option (company + bank account) to run the ecommerce stores without much hassle.
I don't need a specific location for the company, but the thing is, for the bank account, i don't want to travel outside the EU to open it (and with the covid thing, it might be difficult to travel). I want to set up things asap.
Here are the options i found so far, don't know which one to choose.
1) Delaware / Wyoming / New Mexico LLC (or even Corp - not sure which one would be best) : it's cheap to set up, and i can get a US bank account without going there - cost is $350 (or $450, can't remember exactly) bank account included
I should be able to use paypal or stripe to process payments, i have 2 main concerns : a) i know there's no state tax there, but i remember reading something about a 30% federal tax (on all sales made to the US) which is a bummer; b) i don't want to have to deal with account and statements and filings (or having to deal with an accountant).
2) Seychelles IBC + Singapore Bank account - i actually found an offer on this forum from 6sigmagovernance.com (any feedback on this would be appreciated) - $800 for the whole package which seems great - i know there are no filings required each year and there's just a flat fee per year - thing i'm not sure about is what kind of payment processing options will i get accepted into with a seychelles ibc (paypal and 2co i think accept SC, but not sure)
3) Hong Kong company + bank account by NEAT - found this recently, don't know much about it, incorporation by neat is $700 or so and it seems to have everything i need, not sure what are the hidden catches, or how much taxes i need to pay (i don't sell anything to HK) or how private is everything.
4) any other solution i missed and suits our needs (most of them seem pretty expensive tho).
So main reqs :
- cheap (up to $1000 bank account included)
- no need to visit the bank
- low or no taxes
- no need to file things constantly (or as little as possible)
- privacy is good but not required
). Legit until nobody looks into it. This solution flys only in conjunction with advanced privacy planning or with permanent relocation to a banana island that does not care.
