SWISSMONEY Iban Accounts with Sepa

Our valued sponsor

EmiratesSetup
SWISSMONEY Iban Accounts with Sepa
EmiratesSetup

Singapore or HK company but can’t open an account

#10
skidrowking said:
If I want to live in Thailand which is the best option: UK LLP, UK LTD, Estonia OU?
Which entity would you recommend from your experience in terms of easiness in saving on taxes, managing the company, accounting and filling taxes?
(Currently I'm in Georgia)
Click to expand...

My strategy: I live most of my time in Thailand. So I am a tax resident there. Money (salary) from foreign sources is not taxed in Thailand. I have a UK LTD and all money made there is paid to me as a normal salary, so the UK LTD is not making a profit and not paying tax. This is a setup which I invented myself, I am not 100% sure if it is bulletproof.

I really should have someone with knowledge of this look at my setup. At the moment I pay 0% tax.

When making a choice you also have to think about opening a bank account. Starting a company is easier than getting bank accounts.
 
  • Like
Reactions: ska
#11
bangkokowl said:
Hi, I’m a Brit in Northern Thailand who is opening up a Singapore or HK company to do a few consultancy gigs

problem is I can’t open a bank account in either place and need some way of receiving money from my customer (there is only one of them)

I can’t go back to UK to open one there either

what are my options?
something like transferwise?
Click to expand...
Currenxie has been very good for me. Easy to open remotely.
 
#12
bangkokowl said:
Hi, I’m a Brit in Northern Thailand who is opening up a Singapore or HK company to do a few consultancy gigs

problem is I can’t open a bank account in either place and need some way of receiving money from my customer (there is only one of them)

I can’t go back to UK to open one there either

what are my options?
something like transferwise?
Click to expand...
Statrys was also easy to open.
 
#13
dimitri said:
My strategy: I live most of my time in Thailand. So I am a tax resident there. Money (salary) from foreign sources is not taxed in Thailand. I have a UK LTD and all money made there is paid to me as a normal salary, so the UK LTD is not making a profit and not paying tax. This is a setup which I invented myself, I am not 100% sure if it is bulletproof.

I really should have someone with knowledge of this look at my setup. At the moment I pay 0% tax.

When making a choice you also have to think about opening a bank account. Starting a company is easier than getting bank accounts.
Click to expand...
That seems really cool, also because it's a real trusted european company.
But to me seems too aggressive... I mean UK HMRC are not so happy if they can't take anything from the company and they could argue that a company can't make 0 profits for years and years.
So maybe they will audit your company... What do you think?
 
#15
bangkokowl said:
Hi, I’m a Brit in Northern Thailand who is opening up a Singapore or HK company to do a few consultancy gigs

problem is I can’t open a bank account in either place and need some way of receiving money from my customer (there is only one of them)

I can’t go back to UK to open one there either

what are my options?
something like transferwise?
Click to expand...
Wise does not offer borderless account for Hong Kong companies, so that is not an option.

You can try Neat Hong Kong, they do accept HK entities with foreign owners.
 
#19
skidrowking said:
That seems really cool, also because it's a real trusted european company.
But to me seems too aggressive... I mean UK HMRC are not so happy if they can't take anything from the company and they could argue that a company can't make 0 profits for years and years.
So maybe they will audit your company... What do you think?
Click to expand...

I've read a lot, they say that as a director you can pay yourself a salary, what is left is profit for the company and you can get that as a dividend. The company will pay Corporation Tax in that case. But there is no rule about how much salary you can give yourself. In most cases paying yourself with dividend is better, because less tax is paid. Corporation Tax is 19%, income tax much higher. Unless of course you live in a country where you do not pay income tax.

But I should hire someone with more knowledge to look at it. I am also not completely sure if I do everything right.
 
#20
MT2021 said:
Statrys was also easy to open.
Click to expand...
With the conversation I had with this company and their advertising campaign they look very professional and are licensed to do what they are doing. I would try them.
 
You must log in or register to reply here.

Forum Announcement

Latest Threads

Offshore Bank Accounts
SWISSMONEY Iban Accounts with Sepa
The KingDom Bank
Top Bottom
Back