Hello,
We have opened a dropshipping business with a friend and it is working very well. We are planning to scale the business very high next months, but first we would need some help or advices to organize well "administratively" speaking and stay with peace of mind to focus only on business.
We are both from Europe and this is currently our tax residency, taxes are very high there obvisouly, and despite making a very decent profit, until now around 80% of it is taxed.
I will move to an asian country in 2 month (and try to change my tax residency) but my friend will stay in Europe for now.
So for now, we are receiving the money in our current tax residency, but we have planned to open an LLC in Delaware ASAP since there are 0% taxes on sales and as we are not USA residents.
We were also planning to open a USD Payoneer business bank account to receive the money from the company, as we've read that USA is not part of the CRS.
However, I am quite confused after reading LisaSimpson's post: Payoneer / firstpaychoice and Automatic data exchange from OECD @LisaSimpson
Moreover, even if information is not exchanged, we're not exactly sure on how we will be able to use our money in our countries, at least for daily expenses, (especially for my friend), how to use a personal bank account legally, etc.
Also, big numbers (6, 7 and even 8 figures) are being made so we would need good enough banks that will not start blocking us or ask information, being able to transfer enough money (I think Bank Of America only allows 25K per week for example), and be sure that everything is "solid".
If anyone has any sort of ideas of what we can do, please tell us.
Thank you very much guys!
Stronghold
We have opened a dropshipping business with a friend and it is working very well. We are planning to scale the business very high next months, but first we would need some help or advices to organize well "administratively" speaking and stay with peace of mind to focus only on business.
We are both from Europe and this is currently our tax residency, taxes are very high there obvisouly, and despite making a very decent profit, until now around 80% of it is taxed.
I will move to an asian country in 2 month (and try to change my tax residency) but my friend will stay in Europe for now.
So for now, we are receiving the money in our current tax residency, but we have planned to open an LLC in Delaware ASAP since there are 0% taxes on sales and as we are not USA residents.
We were also planning to open a USD Payoneer business bank account to receive the money from the company, as we've read that USA is not part of the CRS.
However, I am quite confused after reading LisaSimpson's post: Payoneer / firstpaychoice and Automatic data exchange from OECD @LisaSimpson
Moreover, even if information is not exchanged, we're not exactly sure on how we will be able to use our money in our countries, at least for daily expenses, (especially for my friend), how to use a personal bank account legally, etc.
Also, big numbers (6, 7 and even 8 figures) are being made so we would need good enough banks that will not start blocking us or ask information, being able to transfer enough money (I think Bank Of America only allows 25K per week for example), and be sure that everything is "solid".
If anyone has any sort of ideas of what we can do, please tell us.
Thank you very much guys!
Stronghold
