Hi,
I would like to open a business (or maybe as a individual since I'm not planning on hiring anyone) to sell online classes and also different self -paced digital courses worldwide. I am French and have permanent residency in Paraguay and live there. I absolutely hate paperwork so I would like something as easy as possible and being able to do it remotely. So I think I have the following options:
- Paraguay: the easiest would be to run this as a freelancer, use my personal bank account, and pay 10% income tax above $10k. But there is no Stripe or Paypal here so I will have to rely on other payment gateways like 2Checkout, I don't know if they would accept individuals, it take a while to create a company, banks are very bad (tons of paperwork ) and most of my revenue will be in dollar and euro so the fees to convert each transaction into the local currency might be high.
- USA: use Stripe as an individual but I'm not even sure that is possible. I did live in the US for a few years so I did have an SSN and I still have a bank account but not sure I can still use the SSN and what would be the tax treatment for a non resident. I certainly do not want to pay income tax in the US. However, I don't have a physical address in the US which is a requirement for Stripe or Paypal.
- USA: create an LLC in New Mexico, open a Wise business or Mercury and get Stripe. I would pay 0 taxes since I'm not resident but the rules are changing regularly and not in the right direction and the actual wording apparently for the 0 tax for non resident is so vague that it could be a risk.
- Panama: it seems interesting and more risk-free compared to the US but creating a corporation is a lot more expensive, then for the bank, it's not easy or maybe I can use Transferwise business.
- Others....
Do you have any of these setup? Can you advise me? Thanks a lot.
I would like to open a business (or maybe as a individual since I'm not planning on hiring anyone) to sell online classes and also different self -paced digital courses worldwide. I am French and have permanent residency in Paraguay and live there. I absolutely hate paperwork so I would like something as easy as possible and being able to do it remotely. So I think I have the following options:
- Paraguay: the easiest would be to run this as a freelancer, use my personal bank account, and pay 10% income tax above $10k. But there is no Stripe or Paypal here so I will have to rely on other payment gateways like 2Checkout, I don't know if they would accept individuals, it take a while to create a company, banks are very bad (tons of paperwork ) and most of my revenue will be in dollar and euro so the fees to convert each transaction into the local currency might be high.
- USA: use Stripe as an individual but I'm not even sure that is possible. I did live in the US for a few years so I did have an SSN and I still have a bank account but not sure I can still use the SSN and what would be the tax treatment for a non resident. I certainly do not want to pay income tax in the US. However, I don't have a physical address in the US which is a requirement for Stripe or Paypal.
- USA: create an LLC in New Mexico, open a Wise business or Mercury and get Stripe. I would pay 0 taxes since I'm not resident but the rules are changing regularly and not in the right direction and the actual wording apparently for the 0 tax for non resident is so vague that it could be a risk.
- Panama: it seems interesting and more risk-free compared to the US but creating a corporation is a lot more expensive, then for the bank, it's not easy or maybe I can use Transferwise business.
- Others....
Do you have any of these setup? Can you advise me? Thanks a lot.
