Offshore bank account for LLC Wyoming ?

[Jeff Lab]

HI everybody,
I'm Jeffrey from France , i'm a total newbie in international business.
I want to opena Drop shipping business with the use of an LLC in Wyoming.

For the bank, things are a bit complex for me. I'm tax resident in my land and for personal and huge medical reason , i'm not fully ready to leave my land as my government allow me a small pension for disability.
You guys also know that France is not a tax heaven, there is a serious pressure on entrepreneurs, many either give up or flee.

Does any of you knows where i could set business bank account off radar , time to make a decent income before eventually relocating in future ?
Any suggestions are welcome.
Cheers guys.

 

[Tax Cow]

My recommendation is to move as soon as you can. But if you stay, you will need a solution that bypasses CRS in entirety. More importantly, you will need to maintain a modest lifestyle that more or less corresponds to your tax returns. You can save up, but you should not spend too much at this point. As I've heard in regards to latest trends from my consultant, taxmen in more and more countries shortlist their investigations to individuals that have a lot in their name but not much income on their tax reports to back up their lifestyle.

There are 2 major ways to bypass CRS while living in a socialist hellhole:

1. Bank in a non-CRS country that also has no TIEA with your country of residence.
2. Bank with an institution that does not issue dedicated IBANs to account holders. As for now, pooled accounts that rely on transaction reference number are not reportable under CRS. Do your own research to find specific institutions, I do not give banking recommendations.

 

[Clip]

Your best option it may be TransferWise for your Wyoming Llc, but you should declare your profits as sooner or later the French Tax Office will discover your extra source of revenue

HI everybody,
I'm Jeffrey from France , i'm a total newbie in international business.
I want to opena Drop shipping business with the use of an LLC in Wyoming.

For the bank, things are a bit complex for me. I'm tax resident in my land and for personal and huge medical reason , i'm not fully ready to leave my land as my government allow me a small pension for disability.
You guys also know that France is not a tax heaven, there is a serious pressure on entrepreneurs, many either give up or flee.

Does any of you knows where i could set business bank account off radar , time to make a decent income before eventually relocating in future ?
Any suggestions are welcome.
Cheers guys.

 

[Jeff Lab]

Thanks for your reply guys.
May be I should mention that I have an bank account in Thailand but im not sure I can link.it with my llc.

 

[Dubsize]

Thanks for your reply guys.
May be I should mention that I have an bank account in Thailand but im not sure I can link.it with my llc.

Well you're half way there if you have a bank account in Thailand.
Thailand is a non-AEOI juridiction - meaning : they will not report this bank account to the taxman (fisc)
The other half, is to open a bank account for your LLC in this bank... you should speak with them and see if it's possible.

 

[Jeff Lab]

I can even go deeper then. My bestie , that I enterely trust no matter what people migh think is Thai. She is a business woman and we already worked together in past.. I was thinking to put both our name in the llc so opening a business account migh be easier. I migh need also a work permit there, which is horrible to set..We'll see.

And for even more security, I can leave my credit card here to someone I trust to here, family for example to mimic my basic expense here. What you guys think?

 

[Dubsize]

business account migh be easier

correct - It's always easier when you partner with a local. Banks will see it in a better way.

I can leave my credit card here to someone I trust to here, family for example to mimic my basic expense here

I am not following, so you are planning on leaving France ? Why would you leave your credit card to someone in FR. if you are planning on living in France?

 

[Jeff Lab]

Actually I plan to move back there but not now. And also not all year round..

 

[Dubsize]

Actually I plan to move back there but not now. And also not all year round..

You plan to move back to Thailand ?
Leaving your CC with someone in France does not make much sense. You don't need to do this and if you're trying to hide the fact that you're spending an important amount of yout time in Thailand that will be useless. When you will leave FR. with your passport they will know it
It is still unclear what you're really trying to do, However, If I can give you an advice ( I am french also) do not mess around with Bercy (french tax authorities) they are on the edge and tracking people.

 

[Martin Everson]

Does any of you knows where i could set business bank account off radar , time to make a decent income before eventually relocating in future ?

This sort of planning is a recipe for disaster . It's like an out of work plumber who enters an MMA ring to earn a bit of extra cash in the short term - if he doesn't get killed in the first round he will end up needing a new body .

 

[Jeff Lab]

Ok Martin , I got your point.
Any advice for a newbie like me?
Thanks.