Ontario LP for crypto trading

nomad999

New Member
Hey everyone,

So the goal is to transfer my crypto inside an offshore company and pay as little corporate tax as possible. Aside that I would get tax residency in a territorial taxation country to avoid tax on worldwide income.

Would a Ontario LP be suitable and easy for this ? would I be able to easily open accounts on exchanges like binance or kraken ?

Also as I am a total newb on this, can I transfer my crypto into the company ? is this a simple matter of signing some documents ?

In the case of a Ontario LP, is it possible to pay myself a salary, dividends or director's fees using crypto (like a USD stablecoin) and avoid the hassle of opening a corporate bank account ?

Another thing I can't figure out is how would a territorial taxation country consider my activities as a trader/investor when I stay 183 days per year in the country, could they claim tax on the corporation since you are clearly operating it while under their juridiction ?

Btw everything would be 100% legal and clean.

Any insight on this setup would be awesome, thanks !
 

GiGoGo

Building Trust
Entrepreneur
Mentor Group
May I know wich jurisdiction are you moving?
Why Ontario LLP?
 

nomad999

New Member
Thailand, can stay 3 months at a time almost no requirements very easy to get visa and can do it 2 to 3 times per year for about 100 USD each.
You dont pay tax on foreign income until you remit money earned in the current tax year into Thailand.
Unfortunately they consider crypto to be local sourced and it falls under the 15% capital gain tax, thats why i need an offshore company for crypto trading.

Ontario LP is interesting because you can be the sole owner of the company, despise the name there is no need for any partnership apparently. Its very low fees to incorporate and no audits fees. Also everything can be done remotely.
I dont like that your name will be displayed publicly though, so i am not sure, looking at other options at the same time.
How about Hong kong, does your name appears on public records ?
 

GiGoGo

Building Trust
Entrepreneur
Mentor Group
Thailand, can stay 3 months at a time almost no requirements very easy to get visa and can do it 2 to 3 times per year for about 100 USD each.
You dont pay tax on foreign income until you remit money earned in the current tax year into Thailand.
Unfortunately they consider crypto to be local sourced and it falls under the 15% capital gain tax, thats why i need an offshore company for crypto trading.

Ontario LP is interesting because you can be the sole owner of the company, despise the name there is no need for any partnership apparently. Its very low fees to incorporate and no audits fees. Also everything can be done remotely.
I dont like that your name will be displayed publicly though, so i am not sure, looking at other options at the same time.
How about Hong kong, does your name appears on public records ?
In Hong Kong IRD doesn't care if you come and cash your Bitcoins in cash, you can top up prepaid cards until 5000 HKD

For most countries you have 3 months visa free and I know an Australian doing visa runs for 4 years.

Unfortunately, all director and shareholder information about companies are public but it's possible to run a BVI/Cayman from here without Tax problems. Your challenge would be to have a bank account in HK with an offshore company, its possible but you need to have enough money to pay a private banker to look into your details.

For tourists visas I don't think Thailand would enforce you to pay taxes on your crypto
 

nomad999

New Member
My idea is to avoid dealing with banks at all by using crypto for salary, dividends or director's fee. I believe I can cash out small amount below 10k per month with my personal bank without issue, or at least as long as everything is legal.

The thing is after you stay 183 days in Thailand you need a tax certificate for your home country to leave you alone. For this you need to pay some kind of tax in Thailand in order to get tax return and then be eligible for a tax certificate. Without this I expect euro countries to hunt you down if they find out they can get a reasonable amount. Anyways this would put you potentially under the radar of the Thai revenue dept.

I kind of expect crypto to explode at some point within the coming years so I really want to stay on the legal side in case I end up with a fair amount, I really don't want to have to deal with money laundering scheme or whatever afterward.

I really like privacy even though I try to stay on the legal side, I looked at Labuan but the regulations have changed this year and economic substance requirements is too much of a burden and also they tax you on director's fees now apparently ... I believe BVI is heading the same direction unfortunately.

Now there is also the option of a few states in the US, I would rather not get involved with the IRS at all but if there is no better solution then maybe ...
 

nomad999

New Member
Anyone know if is it possible to open an Ontario LP using like a Labuan company (where my name wouldn't be registered publicly) without having my name appearing on the Ontario public register ?
or maybe a Hong Kong company ?

I don't mind giving my identity to authorities, I just don't want my name to be on any google search purely for privacy concern.
 

GiGoGo

Building Trust
Entrepreneur
Mentor Group
Anyone know if is it possible to open an Ontario LP using like a Labuan company (where my name wouldn't be registered publicly) without having my name appearing on the Ontario public register ?
or maybe a Hong Kong company ?

I don't mind giving my identity to authorities, I just don't want my name to be on any google search purely for privacy concern.
Use Seychelles for that, at least I know some people that managed to do it with Wyoming
 
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