Resume and 2 questions

[FRANCO]

Hi,

I am new on this forum. After I read a lot of threads, I would suggest the following resume :
- There are several 0% tax places around the world for no-resident offshore compagies, however the difficulty is to open an account to be able to do business, especially for e-commerce companies which need that clients pay by banking card on their website. These difficulties are increasing with years.

Two questions :
- I am thinking about opening an LLC offshore company in USA, in delaware or Wyoming. However, it is still not clear if it will be easy to open a bank account for this company. Seems that banks refuse now to open accounts for no-resident companies. Is this true ? Anyone has recently created an offshore company there ?
- Another question regarding this LLC company : what will happen if after one year you keep money in the company bank account? Because you must pay taxes following tax rules of the country where you are resident. What will happen if you don't transfert money to your private bank accout in the country where you are living ?

Thanks

 

[GiGoGo]

- I am thinking about opening an LLC offshore company in USA, in delaware or Wyoming. However, it is still not clear if it will be easy to open a bank account for this company. Seems that banks refuse now to open accounts for no-resident companies. Is this true ? Anyone has recently created an offshore company there ?

You can open EMIs without problems like Mercury or Transferwise. If you visit US or Puerto Rico you can even open with a regular bank.

- Another question regarding this LLC company : what will happen if after one year you keep money in the company bank account? Because you must pay taxes following tax rules of the country where you are resident. What will happen if you don't transfert money to your private bank accout in the country where you are living ?

It's ok if you keep the money but if you withdraw to your personal account you should declare it as dividend. Another way would be invoicing yourself as company director services and get an invoice paid.

 

[FRANCO]

Thanks for your response.
What I would like to do is to keep the money in company's bank account for 2 or 3 years. I'll then pay myself because after 2 or 3 years I'll be resident in a 0% tax on personal income like panama or Dubai. I cannot go there before for personal reasons.

Is it possible to keep money in company's bank account for 3 years without paying any tax ?

 

[GiGoGo]

Is it possible to keep money in company's bank account for 3 years without paying any tax ?

Yes, just don't withdraw that money in your personal bank account

 

[FRANCO]

Let's check my understanding:
- creating an llc offshore company in US is easy and does not cost a lot.
- What 'EMI' in your response above means (You can open EMIs without problems like Mercury or Transferwise ) ? Will this EMI enable my company to receive money from buyer's cards and enable me to do transfers to my private account ? What EMI stands for (my english is a bit poor).
- Any list of countries where foreign income is not taxable. I already know Panama and Emirates.

Thanks

 

[GiGoGo]

- Any list of countries where foreign income is not taxable. I already know Panama and Emirates.

Add Homg Kong, Singapore and I think Malaysia. Some people do Vietnam, they tax foreign income but they are not part of CRS

 

[JohnSeed]

- I am thinking about opening an LLC offshore company in USA, in delaware or Wyoming. However, it is still not clear if it will be easy to open a bank account for this company. Seems that banks refuse now to open accounts for no-resident companies. Is this true ? Anyone has recently created an offshore company there ?

It's not possible to open any traditional bank account for this company but EMI's like Transfwerwise will be well possible.

- What 'EMI' in your response above means (You can open EMIs without problems like Mercury or Transferwise ) ? Will this EMI enable my company to receive money from buyer's cards and enable me to do transfers to my private account ? What EMI stands for (my english is a bit poor).

It is exactly what it is.. you want to checkout the website of say Transferwise to get a better understanding about what a EMI is and how TW for instant operate!