Suggested setup for freelance software dev

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grasshopper

New member
Hi OffshoreCorpTalk friends,

Freelance software dev here. I'm looking into leaving my home country to find a place (where I’m treated best) for relocation or travel around as a digital nomad. My gross monthly income fluctuates but on average it's around USD 4k (it's enough for me as I'm frugal and a minimalist), though it can range between USD 0-12k.

To that end here are my considerations for where to open up an LLC or LTD as an agency for my work:

1. Minimal taxes for dividends, or salary by hiring myself, as well as investments with company funds (just looking to dump unused funds into real estate, stocks, crypto, etc.). E.g. I'm currently paying 25-50% and I'd like to get that down to preferably no more than 10% if possible.

2. Minimal or no residence requirements (e.g. UAE's 6 month abroad limit feels like too strict of a requirement).

3. Minimal upkeep bureaucracy (e.g. I like to be left alone. I don't like dealing with accountants, lawyers, govt. agents. I'm just a simple, boring, uninteresting remote worker).

4. Minimal upkeep costs (e.g. I'm currently paying an accountant around USD 4k a year because my govt obligates me even though I only have a handful of operations every other month). I don't mind paying for an accountant if it's necessary, but given my turnover I feel like my govt is just screwing me over.

The suggestions I've seen so far (some here some elsewhere) listed the following countries for opening a company in:

1. Romania
2. Bulgaria (bureaucracy issues?)
3. UAE (residency issues?)
4. UK
5. Georgia (banking issues?)
6. Estonia (banking issues?)
7. Cyprus
8. Other?

So far I’m leaning toward Romania as it seems to tick off most of my boxes. But I’m unsure about the residency aspect.

There’s a lot of difficult to comprehend information, and I’ve spent a plethora of time researching and I’m still confused. Hoping to hear back from others more experienced than me who can pitch in.

Thank you.
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
Just use Xolo Go and get everything out the box you need to operate. Then go and live where you are treated best.

 

rowena

Entrepreneur
Your business profit is very low to spend time or money to save taxes. I suggest you focus on your business and pay your taxes because your growth depends on your business profit at this stage, not tax optimization. You can start considering your business optimization options after a $150-200k profit per year.
 

FantomOffshore

New member
I doubt you will find a country that works for you without residency requirements. I work freelance too but have side-businesses as well and am currently in the process of moving to Cyprus which I find incredibly attractive and suits most of your needs apart from the residency requirements. If you are not a multi-millionaire you also have to treat the country you are staying in as good as they treat you, so I guess that means you will have to spend some of your income in their country if you are again not someone who invests a ton of money or can spend in one month what others spend in a year.

If you are looking for absolutely minimal prices in terms of food and housing look at Romania or Bulgaria indeed, in the EU however I think you have to stay for at least half a year in all countries. This can differ per your home-country too.

Just use Xolo Go and get everything out the box you need to operate. Then go and live where you are treated best.

Off-topic but does Xolo Leap also take a % fee on dividend / salary payments (I see Xolo Go does take a percentage)? This is basically an e-offshore company, crazy. If I can run this from anywhere and use it to invoice clients all over the planet a world would open up for me.
 
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Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
Off-topic but does Xolo Leap also take a % fee on dividend / salary payments (I see Xolo Go does take a percentage)? This is basically an e-offshore company, crazy. If I can run this from anywhere and use it to invoice clients all over the planet a world would open up for me.

Xolo Leap does not take a % but Xolo Go does as you saw. With Xolo Go your basically getting an out the box solution with no monthly fees. Basically a pay as you go invoicing model.
 

JohnnyDoe

Schrödinger's guy
Mentor Group Gold
Xolo Leap does not take a % but Xolo Go does as you saw. With Xolo Go your basically getting an out the box solution with no monthly fees. Basically a pay as you go invoicing model.
Xolo works reasonably well as long as your volumes are not too high
 

orangeye

Offshore Agent
Mentor Group Gold
Beside Solo a Romanian Micro company may be a solution for you that is easy and cheap to setup and you have low taxes until you reach 500K a year in profits.
 

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