Offshore Company + Bank + Paypal for Hosting Business

[BlaZe]

Hello,

This is an update. So finally I have processed my documents & my company will be formed in India soon. But now this suddenly striked me.

My elder brother is in US from 2014 and is on H1B VISA now (working in automobile sector). So are there any chances that I can get him to incorporate a company in Wyoming (LLC) or in Delaware ? along with US Bank A/C and PayPal.

Can anyone guide me in this ?

Also, I have nothing to hide, paying taxes & using legitimate details is what I will be doing.

 

[goldmann]

@Nomad,
2Checkout is the worst payment provider I have dealt with.
Their fees is high. They send you payments to your bank after every two weeks. When the transaction amount goes is +$10k per month then they suspend your account & hold the money for 180 days. When you start to talk & explain your business. They say web hosting is not allowed.
So they fuk you after a while when your business is running smooth.

you found any alternative to 2co ? what did you setup by now?

 

[Gxt]

I'm in the same boat as you @BlaZe . I'm an Indian citizen and am running my online business here for years as a sole proprietor but last year Indian government launched this dumb Google tax (Equilization levy) and I had to pay some $35k 2 months back and nothing is profitable here anymore. With the recent launch and implementation of GST here, you are required to pay 18% tax on foreign expenses and 18% on foreign income each month (and we have to file monthly gst returns too). You can claim some of this gst as refund but it comes after 4-5 months (for each month's claim). And then you still have to pay Google tax on every foreign expense (advertising expense). My reurns get audited eachyear because of $200k+ turnover and its a pain int he a*s. I incorporated here in February this year but have not shifted my business to my Indian company yet and am still running as a sole proprietor because Indian companies undergo much stricter compliance. You're going to end up paying 40-50% of your income (there are no less than 30% tax slabs in case of companies).

I've a Delware LLC which I registered 5 years back but haven't used it for business yet because US taxes are even more complex and not much less expensive than India's.

I was looking into opening a singapore company+bank account but I read on this forum today that its a trap, I don't know. Opening a company there is cheap (~$400) but they require a local director (and it costs ~$2-$3k each year). Also, You can use Stripe, paypal etc with a singaporean company easily. It would be great if someone can shed some light on this.

 

[diablo]

you found any alternative to 2co ? what did you setup by now?

Why don't use fake docs and open 2co account ? Company in BVI, Cyprus, St. Kitts etc ?

 

[crownblown]

Hello,

This is an update. So finally I have processed my documents & my company will be formed in India soon. But now this suddenly striked me.

My elder brother is in US from 2014 and is on H1B VISA now (working in automobile sector). So are there any chances that I can get him to incorporate a company in Wyoming (LLC) or in Delaware ? along with US Bank A/C and PayPal.

Can anyone guide me in this ?

Also, I have nothing to hide, paying taxes & using legitimate details is what I will be doing.

Company yes, but bank account NO unless he has a SNN number.

 

[JohnLocke]

I'm in the same boat as you @BlaZe . I'm an Indian citizen and am running my online business here for years as a sole proprietor but last year Indian government launched this dumb Google tax (Equilization levy) and I had to pay some $35k 2 months back and nothing is profitable here anymore. With the recent launch and implementation of GST here, you are required to pay 18% tax on foreign expenses and 18% on foreign income each month (and we have to file monthly gst returns too). You can claim some of this gst as refund but it comes after 4-5 months (for each month's claim). And then you still have to pay Google tax on every foreign expense (advertising expense). My reurns get audited eachyear because of $200k+ turnover and its a pain int he a*s. I incorporated here in February this year but have not shifted my business to my Indian company yet and am still running as a sole proprietor because Indian companies undergo much stricter compliance. You're going to end up paying 40-50% of your income (there are no less than 30% tax slabs in case of companies).

I've a Delware LLC which I registered 5 years back but haven't used it for business yet because US taxes are even more complex and not much less expensive than India's.

I was looking into opening a singapore company+bank account but I read on this forum today that its a trap, I don't know. Opening a company there is cheap (~$400) but they require a local director (and it costs ~$2-$3k each year). Also, You can use Stripe, paypal etc with a singaporean company easily. It would be great if someone can shed some light on this.

Did you find a serious provider of Singapore company formation?

 

[BlaZe]

What about Panama ? is PayPal ok with Panama ?

Again, as I said, I am not looking to evade tax or do anything illegal nor am I want to hide my real name etc. I just want to lower the transaction fee in PayPal and be able to use PayPal funds.

 

[CoinMaster]

Hello,

This is an update. So finally I have processed my documents & my company will be formed in India soon. But now this suddenly striked me.

My elder brother is in US from 2014 and is on H1B VISA now (working in automobile sector). So are there any chances that I can get him to incorporate a company in Wyoming (LLC) or in Delaware ? along with US Bank A/C and PayPal.

Can anyone guide me in this ?

Also, I have nothing to hide, paying taxes & using legitimate details is what I will be doing.

So all is setup in India now, are you fine with all of it or what are the negatives ?

 

[BlaZe]

Ok heres an update:

I incorporated a Private Limited firm in India.

My foreign clients who will be paying me with USD won't have to pay the 18% GST on the service since they are not resident Indians. Only my Indian clients will have to pay the GST of 18%

Apart from this, including all the Paypal fees the transaction reaching our bank account will be approx 9%-10% on each transaction unless the client pays in INR

So, incorporating in India was a very good thing to do. We have business Paypal now.

 

[blizz]

I am still founding solutions. I talked to a well known guy who deals in Offshore business corporation (fiveconsult) and they have offered me to go for Scotland / UK company for this purpose.

did this work for you?

I mean it is more than 1 year since you posted the thread and I was wondering how your business is doing and what setup is working for you?

Please reply, please

 

[BlaZe]

did this work for you?

I mean it is more than 1 year since you posted the thread and I was wondering how your business is doing and what setup is working for you?

Please reply, please

Its doing good. I am paying roughly 9-10% overall to Paypal and then on top of it 30% to the Indian Govt.

Got a Private Limited company incorporated in India itself.

I had to ultimately raise the prices and cut down on "useless spends"