Back in the day HK Ltd because of the following reasons.
- HK Doesn't do tax unless the business had income/revenues domestic.
- HK Didn't do reporting (pre-CRS)
- Thailand doesn't do CFC (offshore companies don't operate onshore just by you living there).
- HK Funds could be remitted to Thailand the following tax year tax free (then).
It was / is quite common in the hospitality/consulting sector (i.e in the business i was in, the GM got 150,000 THB onshore - which the company paid the taxes onshore, then additional 450,000 THB in HKD offshore in HK for consulting).
I can't really comment about︀ now, it works out well if your business is straightforward (say consulting) but if its︁ in other sectors you may have issues with the accounting requirements (i.e Grey Industries such︂ as Crypto, Gambling, Pot etc)
Also factor in that Thailand has 'imprisoned' people for money︃ laundering because their domestic laws are different to other countries and being made aware your︄ funds are from activities which are legal elsewhere but illegal in Thailand is considered Money︅ Laundering (Dutch / German guy i forget got sent to prison for 100 yrs for︆ bringing his savings into Thailand from his pot business in Europe after the tax authorities︇ enquired to ensure he paid the correct amount of taxes before coming to Thailand).
I would suggest Panama (if Crypto or derivative that involves Crypto) owned by Bahamas/HK company owned︈ by yourself, for example, Panama does purely crypto, HK does Fiat, you get Fiat from︉ HK Company.
