Yes. Correct. Also Hong Kong won't rule until you file taxes and then may not grant unless you proof tax payment elsewhere. I would strongly advise against Hong Kong for that purpose. There is a reason why Hong Kong agents help the Chinese with BVI companies and no longer Hong Kong.
Is this a new trend? I have friends with approved offshore status, and it's generally valid once approveduntil your situation changes.
Why would Singapore use HKD for tax brackets? Who wrote this? I would seriously question this source. Also the other analysis of Singapore does not align with what Sovereign told me.
No, not new.
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Ok, but I know several that's been through a irs review for the offshore status, and succeeded without proving tax residency /tax paid elsewhere.
Yes. Possibly. Depends on the activity. If you offer IT services from UK, they won't let you pass pretty much for sure as they have to play fair to their treaty partners too.
Haha, that's weird indeed. It was written by the Statrys, sine they are in HK, they are using HKD - Hong Kong vs Singapore for Business in 2024
Don't trust them too much on Singapore. They are from Hong Kong. They won't like Singapore for sure.
Depends on the country. For Switzerland, they can rule otherwise if the company is not effectively managed from Switzerland.
I am thinking about it. But in Switzerland, you have to apply for an advance ruling and then, it may still come to some discussions where and if it is managed. Also, they will still tax a bit for having a (mandatory) registered office address.
Yes, but it does not matter. Singapore tax free is only possible for non Singapore revenue, which by definition is VAT free.
A SG company selling B2C to EU or US customers would still have to pay VAT/sales tax in most cases. Otherwise foreign companies would have a competitive advantage.
Guys, what is this discussion? The topic reads "Working for own UK company whilst living in UAE", then we are discussing HK vs. SG incorporation for offshore.
"Foreign sourced income" usually refers to passive income. "Foreign income" refers to active income from abroad. We are talking about foreign income here. The problem is that while there are many countries which do not tax foreign income, they normally only do so if you perform the work outside the country of residence. Furthermore, you are not just working but managing a company, which is a major difference.
I may be missing something, but what is the advantage of this? That UK won't consider the company tax resident elsewhere? You may even fall under this without treaty IMO.
There are many of those. But your problem is the place of effective management. @Checkmelater proposed such setup for Qatar
www.offshorecorptalk.com
Yes, something like this. Panama, Paraguay, etc. Even better is to live in 3 countries or in airplanes, where it will most likely work very, very long.
Thanks for the information. In this case it would be very feasible for the director to live between multiple countries as a tourist, not picking up tax residence anywhere, they are a British citizen. I’ve heard many mixed opinions on whether it is possible to be tax resident nowhere, the UK seemingly allows this but I think getting a salary for a UK company and trying to claim this is asking for trouble…"Foreign sourced income" usually refers to passive income. "Foreign income" refers to active income from abroad. We are talking about foreign income here. The problem is that while there are many countries which do not tax foreign income, they normally only do so if you perform the work outside the country of residence. Furthermore, you are not just working but managing a company, which is a major difference.
I may be missing something, but what is the advantage of this? That UK won't consider the company tax resident elsewhere? You may even fall under this without treaty IMO.
There are many of those. But your problem is the place of effective management. @Checkmelater proposed such setup for Qatar
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It may work for GCC countries due to the lack of a PE concept. But no laws does not necessarily mean it is meant to work, you may get problem at some point.
Yes, something like this. Panama, Paraguay, etc. Even better is to live in 3 countries or in airplanes, where it will most likely work very, very long.
