Wyoming / Delaware LLC from Hong Kong

[Clip]

Hello, I'm a Hong Kong resident with European passport looking for creating an LLC in US. I wont target US or Hong Kong customers, mainly EU and Mainland China. The business is IT consultancy and I can create a Transferwise with the LLC but my concerns are:
- Do the US tax authorities report to HK SAR gov? In HK i don't pay taxes for overseas profits, but I do it if the decisions are made in HK.
- Do Transferwise provde Debit Mastercards for Borderless Business accounts to US? I managed to get one for EU
- Anybody managed to get two Transferwise companies with the same ID?
- Would it be better to put a holding company on top of the US so the taxes are not reported directly?

Also I live in HK with great experience in Crypto, if anybody wants help, just reply me.

Thanks

 

[fshore]

Us reports interest from banks above 10usd a year.
Also there are new reporting requirements from 2017 for foreign owned llcs, so irs sits on a lot of information, but it's not known how they actually use that, probably not any automatic reporting.

No debit card for us llc.

Not two tw for one login, but you can make a second login id

No point in holding.

Why not use a HK company taxed 8.5% up to 2 million. Or ask a local accountant how you can run your us llc from outside hk only

 

[JohnLocke]

Us reports interest from banks above 10usd a year.
Also there are new reporting requirements from 2017 for foreign owned llcs, so irs sits on a lot of information, but it's not known how they actually use that, probably not any automatic reporting.

No debit card for us llc.

Not two tw for one login, but you can make a second login id

No point in holding.

Why not use a HK company taxed 8.5% up to 2 million. Or ask a local accountant how you can run your us llc from outside hk only

Would would make a HK company a better choice compared to the US LLC ? the exchange of information is the same or not?

 

[fshore]

Would would make a HK company a better choice compared to the US LLC ? the exchange of information is the same or not?

You mean if hk exchange information with hk? Or do you mean if Hk banks exchange information with ird?

 

[Clip]

HK exchanges information with US for sure. Many US citizens here struggle to open a bank account here, the only way to get one is you have a fat salary or big deposit, seems is a headache for the banks here to be FATCA compliant.

 

[fshore]

HK exchanges information with US for sure. Many US citizens here struggle to open a bank account here, the only way to get one is you have a fat salary or big deposit, seems is a headache for the banks here to be FATCA compliant.

That was not your question was it? I don't follow. You asked about the other way

 

[Clip]

That was not your question was it? I don't follow. You asked about the other way

In the Way HK -> US, but dont really know how it works US -> HK

 

[fshore]

Us reports interest from banks above 10usd a year.
Also there are new reporting requirements from 2017 for foreign owned llcs, so irs sits on a lot of information, but it's not known how they actually use that, probably not any automatic reporting.

 

[7889]

Everyone sends data to US now (based on FATCA), but US does not send information (automatically) to anyone

 

[Clip]

Everyone sends data to US now (based on FATCA), but US does not send information (automatically) to anyone

So if you don’t make that public (LinkedIn, business cards) the tax office won’t notice?

 

[fshore]

Everyone sends data to US now (based on FATCA), but US does not send information (automatically) to anyone

They send automatically information on bank accounts that have generated $10 or more in interests.

 

[Clip]

They send automatically information on bank accounts that have generated $10 or more in interests.

What if that’s a company ?

 

[7889]

They send automatically information on bank accounts that have generated $10 or more in interests.

I don't understand what you mean. If a non-resident non-citizen alien has bank account in US, and has us-sourced income, then of course he is liable to pay US taxes, but that information does not leave US and it‘s not OP's case anyway.

 

[fshore]

I don't understand what you mean. If a non-resident non-citizen alien has bank account in US, and has us-sourced income, then of course he is liable to pay US taxes, but that information does not leave US and it‘s not OP's case anyway.

It's FATCA, similar to crs, however accounts are only reported if they generate $10 or more in interest (because irs doesn't know about them if they don't generate interest).
Im not sure how a foreign owned single member llc is reported. I think the same as a personal account.

 

[Clip]

So what if I have the money in an EMI like transferwise, nothing gets reported?

 

[bibing]

Sorry if I try to get in the way, but do any of you guys knows if by registering a company in HK, the details of the shareholder or directors are shared with Spain or Italy or France if the shareholder/director is a citizen and resident of any of these countries?

 

[fshore]

Not by just registering the company. However the shareholder and director are public info so Italy and France can look it up freely.

 

[myhand]

So what if I have the money in an EMI like transferwise, nothing gets reported?

Why do you think it is so? of course your account details will get reported??

Sorry if I try to get in the way, but do any of you guys knows if by registering a company in HK, the details of the shareholder or directors are shared with Spain or Italy or France if the shareholder/director is a citizen and resident of any of these countries?

The registry will not share information, you may open a new thread or you may use Google to search this forum, all this information is already available here and you hijacking OP !

Not by just registering the company. However the shareholder and director are public info so Italy and France can look it up freely.

Nominees could protect your from this to happen.

 

[Clip]

Sorry if I try to get in the way, but do any of you guys knows if by registering a company in HK, the details of the shareholder or directors are shared with Spain or Italy or France if the shareholder/director is a citizen and resident of any of these countries?

They don't report, but the information is public and cost 20 HKD (2.2 Eur) to check. Your best option is to have nominees but they need to know you quite well and they are expensive.

 

[cyprusbanker]

They don't report, but the information is public and cost 20 HKD (2.2 Eur) to check. Your best option is to have nominees but they need to know you quite well and they are expensive.

will that still help in 2020 / 2021 in regards to privacy and anonymity?