What industry are you working in?

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yngmind

yngmind

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I've been here for a while. Just out of curiosity, what industry are you guys working in?

If you don't want to disclose, you can say something broadly.

I'm in e-commerce, iOS apps, and affiliate marketing.

You guys are discussing offshores here, so there is a high chance you have an online business rather than an offline one.

I feel some people care too much about paying taxes. I would instead focus on building my business first, and once I make a significant amount of money, I would focus on tax optimization.

Don't you guys feel like clowns with those legal entities, tax forms, and tax residencies?

I have recently met my friends who just get paid in crypto for their business (affiliate marketing) and don't give a s*** about taxes.

They travel the world and live a fantastic life when, at the same time, most of us sit in the overpriced desert, with the worst air quality and mediocre service, trying to save on taxes. (think about it)

If you make money in crypto, you have a free life, and you can cash it almost anywhere in the world.

Some countries won't allow you to use a lot of cash, but most of them will.

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I'm not a tax advisor, so please don't consider my posts here as tax advice. Always seek a professional opinion.
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Mine is simple and has been simple since the early 80s...

You can read about it here: jafo
 
jafo said:
jafo said:
Mine is simple and has been simple since the early 80s...

You can read about it here: jafo
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It was too complicated to understand, so I've used chatgpt, how do you like the answer?

The images you've sent describe the general concept of a business that operates without revealing proprietary secrets. It's a complex operation, and here's a summary based on the provided text and Venn diagram:

1. The business model is based on a cycle of selling, buying, and paying that seems to take place over three consecutive days. They sell a product one day, buy a product the next day, and pay for it on the following day.

2. The person operates in "ProcurementLand," which represents 19 countries where they procure products but do not reside or own a company. These products are then sold to businesses in "ImportLand," which includes 8 different countries, also where the operator does not reside or own a company.

3. The operator travels extensively, about 11 months of the year, to oversee every step of the procurement process personally. This includes the production or purchase, inspection, packing, and shipping of products. There's a strong emphasis on not having intermediaries or stops from ProcurementLand to ImportLand.

4. The business avoids any jurisdiction with corporate taxes, seeks banking in jurisdictions that will not freeze assets or funds, and does not require physical infrastructure like offices or warehouses.

5. The individual does not employ staff but relies on suppliers, manufacturers, and buyers' employees.

6. There is a clear focus on autonomy and minimalism, avoiding paperwork, bureaucracy, and any obligations that don't directly relate to the interaction between suppliers and buyers.

7. Lastly, the Venn diagram shows no intersections among ProcurementLand, ImportLand, and the individual's personal life, emphasizing a strict separation between business operations and personal matters.

Based on this information, it seems the individual is engaged in a type of international trade or procurement business, acting as an intermediary between manufacturers and buyers across different countries. They may be dealing in goods that require rapid turnover and possibly high mobility, such as perishable goods, fast fashion, or electronics. The business model also suggests a lean operation with a focus on tax optimization, legal autonomy, and minimal physical footprint.

The business strategy avoids traditional commitments like property, employees, or even a stable residence, which could suggest a freelance or contractor model of operation, possibly within a niche market that values quick, direct dealings. The emphasis on avoiding paperwork and bureaucracy hints that they may operate through verbal agreements or simplified contracts.

The secrecy and the autonomy suggest the person values privacy and possibly deals in goods that have fluctuating prices or value, which requires quick decision-making and transactions. The business model is quite unique and doesn't seem to fit into traditional categories, which may be why the person describes it as mysterious.

Toggle signature
I'm not a tax advisor, so please don't consider my posts here as tax advice. Always seek a professional opinion.
___
Business Bank Account for your US LLC Remotely
 
yngmind said:
yngmind said:
It was too complicated to understand, so I've used chatgpt, how do you like the answer?

The images you've sent describe the general concept of a business that operates without revealing proprietary secrets. It's a complex operation, and here's a summary based on the provided text and Venn diagram:

1. The business model is based on a cycle of selling, buying, and paying that seems to take place over three consecutive days. They sell a product one day, buy a product the next day, and pay for it on the following day.

2. The person operates in "ProcurementLand," which represents 19 countries where they procure products but do not reside or own a company. These products are then sold to businesses in "ImportLand," which includes 8 different countries, also where the operator does not reside or own a company.

3. The operator travels extensively, about 11 months of the year, to oversee every step of the procurement process personally. This includes the production or purchase, inspection, packing, and shipping of products. There's a strong emphasis on not having intermediaries or stops from ProcurementLand to ImportLand.

4. The business avoids any jurisdiction with corporate taxes, seeks banking in jurisdictions that will not freeze assets or funds, and does not require physical infrastructure like offices or warehouses.

5. The individual does not employ staff but relies on suppliers, manufacturers, and buyers' employees.

6. There is a clear focus on autonomy and minimalism, avoiding paperwork, bureaucracy, and any obligations that don't directly relate to the interaction between suppliers and buyers.

7. Lastly, the Venn diagram shows no intersections among ProcurementLand, ImportLand, and the individual's personal life, emphasizing a strict separation between business operations and personal matters.

Based on this information, it seems the individual is engaged in a type of international trade or procurement business, acting as an intermediary between manufacturers and buyers across different countries. They may be dealing in goods that require rapid turnover and possibly high mobility, such as perishable goods, fast fashion, or electronics. The business model also suggests a lean operation with a focus on tax optimization, legal autonomy, and minimal physical footprint.

The business strategy avoids traditional commitments like property, employees, or even a stable residence, which could suggest a freelance or contractor model of operation, possibly within a niche market that values quick, direct dealings. The emphasis on avoiding paperwork and bureaucracy hints that they may operate through verbal agreements or simplified contracts.

The secrecy and the autonomy suggest the person values privacy and possibly deals in goods that have fluctuating prices or value, which requires quick decision-making and transactions. The business model is quite unique and doesn't seem to fit into traditional categories, which may be why the person describes it as mysterious.
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rof/% rof/% rof/% rof/% rof/%

NGL, this is a very resourceful & innovative way of dealing with such a situation. Very ingenious 😉

So, you understand now, right?
 
jafo said:
jafo said:
rof/% rof/% rof/% rof/% rof/%

NGL, this is a very resourceful & innovative way of dealing with such a situation. Very ingenious 😉

So, you understand now, right?
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Yeah, just was lazy to read it, sorry.

Why don't you stay somewhere for more than 30 days though?

Kinda hard to live such a lifestyle. I like to live somewhere for most of the year, build my routine, make friends, and travel to different countries.

But when you always travel and live in hotels, you just get tired of such life, and it's hard to build a routine (but possible)

Toggle signature
I'm not a tax advisor, so please don't consider my posts here as tax advice. Always seek a professional opinion.
___
Business Bank Account for your US LLC Remotely
 
yngmind said:
yngmind said:
It was too complicated to understand, so I've used chatgpt, how do you like the answer?

The images you've sent describe the general concept of a business that operates without revealing proprietary secrets. It's a complex operation, and here's a summary based on the provided text and Venn diagram:

1. The business model is based on a cycle of selling, buying, and paying that seems to take place over three consecutive days. They sell a product one day, buy a product the next day, and pay for it on the following day.

2. The person operates in "ProcurementLand," which represents 19 countries where they procure products but do not reside or own a company. These products are then sold to businesses in "ImportLand," which includes 8 different countries, also where the operator does not reside or own a company.

3. The operator travels extensively, about 11 months of the year, to oversee every step of the procurement process personally. This includes the production or purchase, inspection, packing, and shipping of products. There's a strong emphasis on not having intermediaries or stops from ProcurementLand to ImportLand.

4. The business avoids any jurisdiction with corporate taxes, seeks banking in jurisdictions that will not freeze assets or funds, and does not require physical infrastructure like offices or warehouses.

5. The individual does not employ staff but relies on suppliers, manufacturers, and buyers' employees.

6. There is a clear focus on autonomy and minimalism, avoiding paperwork, bureaucracy, and any obligations that don't directly relate to the interaction between suppliers and buyers.

7. Lastly, the Venn diagram shows no intersections among ProcurementLand, ImportLand, and the individual's personal life, emphasizing a strict separation between business operations and personal matters.

Based on this information, it seems the individual is engaged in a type of international trade or procurement business, acting as an intermediary between manufacturers and buyers across different countries. They may be dealing in goods that require rapid turnover and possibly high mobility, such as perishable goods, fast fashion, or electronics. The business model also suggests a lean operation with a focus on tax optimization, legal autonomy, and minimal physical footprint.

The business strategy avoids traditional commitments like property, employees, or even a stable residence, which could suggest a freelance or contractor model of operation, possibly within a niche market that values quick, direct dealings. The emphasis on avoiding paperwork and bureaucracy hints that they may operate through verbal agreements or simplified contracts.

The secrecy and the autonomy suggest the person values privacy and possibly deals in goods that have fluctuating prices or value, which requires quick decision-making and transactions. The business model is quite unique and doesn't seem to fit into traditional categories, which may be why the person describes it as mysterious.
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that's mad 😀
 
yngmind said:
yngmind said:
Why don't you stay somewhere for more than 30 days though?
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I have to oversee the purchase and shipping. I'm personally liable for them as it is MY money I invest and only get paid AFTER my client receives the product!
yngmind said:
yngmind said:
Kinda hard to live such a lifestyle. I like to live somewhere for most of the year, build my routine, make friends, and travel to different countries.
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C'est la vie. I roll with the punches

yngmind said:
yngmind said:
But when you always travel and live in hotels, you just get tired of such life, and it's hard to build a routine (but possible)
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I'm the same everywhere. My routine is always the same. I don't get involved with the locals. I follow a pattern every day. 😉

void said:
void said:
that's mad 😀
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We have to admit: He figured out how to work smart as H*ll! Kudos to such resourceful people. Much respect! 😉

Last edited: Dec 10, 2023
 
jafo said:
jafo said:
I have to oversee the purchase and shipping. I'm personally liable for them as it is MY money I invest and only get paid AFTER my client receives the product!

C'est la vie. I roll with the punches


I'm the same everywhere. My routine is always the same. I don't get involved with the locals. I follow a pattern every day. 😉


We have to admit: He figured out how to work smart as H*ll! Kudos to such resourceful people. Much respect! 😉
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Your model is interesting. Do you do public procurement, especially in the EU?
 
Non registered IP, which is used for tools for Consumer, Commerce, State

Balance sheet ballooned due to appropriate management and utilizing parts of said IP in house.

Basically a internal fund today.

But stick to our roots with the IP.
 
jafo said:
jafo said:
I apologize for my ignorance, but I don't know what this means and I'm afraid to guess... I seldom guess anything correctly. Could you please explain?
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I was referring more to government contract bidding, as opposed to anything else.
 
crassus54 said:
crassus54 said:
I was referring more to government contract bidding, as opposed to anything else.
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Ahhh..... understood. No. I don't do that. I've never done that. My clients do that. Most of my clients also sell to their governments. I don't know if they sell through the winning of public bids or not. I don't ask those questions. I'm old school. As in "old school type that if-I-ask-the-wrong-questions-I-may-have-to-dig-my-own-grave old school smi(&% smi(&% "

Furthermore, I can't afford to wait 180 days or more to get paid. My pockets are not so deep AT ALL cry&¤ . Max I can hold out is 30 days for my established clients, which is the time it takes for me to locate the products, inspect products, pay for them, pack them, ship them, and wait for them (transport/shipping) to reach my client. The benefits for my clients are numerous, including but not limited to NEVER having to deal with ANYTHING "unpleasant" concerning procurement, especially delays, bait & switch, or substandard merchandise. 😉

Let's face it...with some "countries" (not going to mention them by names to avoid starting a name-bashing thread) once the products are exported, there is no way to return them (RMA) and the local manufacturers can't, by law, wire out a refund due to capital controls. stupi#21
 
jafo said:
jafo said:
Ahhh..... understood. No. I don't do that. I've never done that. My clients do that. Most of my clients also sell to their governments. I don't know if they sell through the winning of public bids or not. I don't ask those questions. I'm old school. As in "old school type that if-I-ask-the-wrong-questions-I-may-have-to-dig-my-own-grave old school smi(&% smi(&% "
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This is a good move.

I had a similar set up years ago, and on one occassion they asked me to fly to Kenya to meet the Goverment (Presidential Advisor, Minister Health, Minister Finance, Minister something else).

Anyway arrived, after a flight from SE Asia -> India -> Dubai -> Kenya

India was meeting, and Dubai was a brief meeting, i Was rather fucking shattered by that point if honest.
Flew on into Wilson Airport (kinda private airport outside of Nairobi) -> headed to the hotel quick clean up -> then to a private Gentleman club, where i entered a meeting room.

I'd been travelling and meeting now 5 days back to back with very little sleep in-between.

Guy comes in.

First thing he says.

"whats my cut?".

Meeting over.

Had that occurred and i had not been aware, and had it occurred by intermediaries i'd be ok.

But the fact it did occur and i was the one asked, i could no longer sit in the room and headed straight to the airport.

----

Few years later (last year) the election was coming up.

I had a phone call out of the blue whilst driving, don't know who or which one it was, but Kenyetta was looking like he'd loose.

The 'technology -> can we get it going?
Sure, but i am driving right now...
We want it to do this ~ can we?

It was a unethical manipulation of data to portray the competing force in the wrong manner.

Both contracts were 500k CHF signing contracts with 5m projects aligned to them.

Both times they couldn't help themselves with either 'open greed' or 'open stupidity'.

----

Indonesia was better, but Ukraine was just a huge fleece, two other examples i won't go into...

But yeah always stay far away from the handling side because you don't want to be involved in something black either knowingly or unknowingly.
 
wellington said:
wellington said:
This is a good move.

I had a similar set up years ago, and on one occassion they asked me to fly to Kenya to meet the Goverment (Presidential Advisor, Minister Health, Minister Finance, Minister something else).

Anyway arrived, after a flight from SE Asia -> India -> Dubai -> Kenya

India was meeting, and Dubai was a brief meeting, i Was rather f*****g shattered by that point if honest.
Flew on into Wilson Airport (kinda private airport outside of Nairobi) -> headed to the hotel quick clean up -> then to a private Gentleman club, where i entered a meeting room.

I'd been travelling and meeting now 5 days back to back with very little sleep in-between.

Guy comes in.

First thing he says.

"whats my cut?".

Meeting over.

Had that occurred and i had not been aware, and had it occurred by intermediaries i'd be ok.

But the fact it did occur and i was the one asked, i could no longer sit in the room and headed straight to the airport.

----

Few years later (last year) the election was coming up.

I had a phone call out of the blue whilst driving, don't know who or which one it was, but Kenyetta was looking like he'd loose.

The 'technology -> can we get it going?
Sure, but i am driving right now...
We want it to do this ~ can we?

It was a unethical manipulation of data to portray the competing force in the wrong manner.

Both contracts were 500k CHF signing contracts with 5m projects aligned to them.

Both times they couldn't help themselves with either 'open greed' or 'open stupidity'.

----

Indonesia was better, but Ukraine was just a huge fleece, two other examples i won't go into...

But yeah always stay far away from the handling side because you don't want to be involved in something black either knowingly or unknowingly.
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100% true! And in the ageless wisdom of Charlie Munger: I couldn't have said it better. 😉
 
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