Looking to setup offshore company

[cyyber]

Hello,

I am from India. I am looking to open an offshore company in a tax free country. I have foreign clients and I work for them as freelancer from India. My client pays me via bitcoin. I need to pay GST + Income Tax. Now, according to rules, GST is not applicable on export of service. But since my clients are paying me in terms of bitcoin and then I convert it into INR, via exchanges, so I need to pay both GST + Income Tax. According to rule, to prove that its an export of service, I must receive payment in foreign currency and bitcoin is not treated as currency or foreign currency. So I am looking to open offshore company. My purpose is not to avoid the tax, but just to avoid GST, which is actually should not be applicable in my case, but I still need to pay GST, because of this bitcoin thing. Moreover, I cannot ask my client to pay me in foreign currency instead of bitcoin. So I am open to suggestion, how should I step forward.

If I open an offshore company, will that help me. Can I pay myself salary through my own offshore company (owned by 1 person only)?
Having an offshore company, I can pay myself in terms of foreign currency, as I will convert bitcoin to some foreign currency where I have setup my offshore company and deposit the amount in the offshore company's bank account. Later I can pay myself using foreign currency, which is enough to avoid GST as I am providing export of service to my own offshore company?

Will that work? Do you have any other idea?

Thanks in advance

 

[negon]

Welcome aboard

If I open an offshore company, will that help me. Can I pay myself salary through my own offshore company (owned by 1 person only)?

yes that is possible and how people do it, some just take out the money and don't worry about this after that.

Your problem is that most banks don't like Bitcoins at the time we speak! There are Swiss banks and other countries where it is possible but the account opening process makes it almost impossible to open remote accounts for your offshore company!

There may be an EMI provider where you can open an account for your offshore company and which is bitcoin friendly but I have no idea so far still researching on that.