Cheapest online offshore company formation destinations to utilize non dom benefits
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Income will be local, if you are based on US. If you offer services outside of US, then you can co-operate with US companies without to pay 30% tax
This one might not be suitable for my case since LLP would tie down income personally to me rather than to the company.
Really are you sure tax code says that local US income can be exempted too under foreign income clause because services offered outside US? This kind of goes against non dom foreign income clause as per what I understand︀ since the whole point of this tax code is to bring in foreign remittances/cash flow︁ without that cash flow being from their own country meaning you sell to other countries︂ except US and if sell to US you pay tax since you incorporated there?
Really are you sure tax code says that local US income can be exempted too under foreign income clause because services offered outside US? This kind of goes against non dom foreign income clause as per what I understand︀ since the whole point of this tax code is to bring in foreign remittances/cash flow︁ without that cash flow being from their own country meaning you sell to other countries︂ except US and if sell to US you pay tax since you incorporated there?
Can we maybe clear the correct meaning of the title? "Non dom" commonly means:
UK residents whose permanent home is outside the UK may be entitled to non-domiciled status. A non-domiciled UK resident earning less than £2,000 in a year outside the UK does not pay tax on this unless it is transferred to the UK.
Source: https://en.wikipedia.org/wiki/Taxation_in_the_United_Kingdom#nondom
What OP is imo looking for is a zero tax company.
UK residents whose permanent home is outside the UK may be entitled to non-domiciled status. A non-domiciled UK resident earning less than £2,000 in a year outside the UK does not pay tax on this unless it is transferred to the UK.
Source: https://en.wikipedia.org/wiki/Taxation_in_the_United_Kingdom#nondom
What OP is imo looking for is a zero tax company.
Company doesn't need have zero tax just it's foreign income tax needs be 0, have viable card payment processing options that can be opened online and no quarterly doc filling headaches. With low penalties for being late on annual return/CIT some of these countries saw the penalties they have no chill for example who can accept $3K penalty for being︀ late to submit return/cit
Insticts tells me it is a bad idea and checked out paperwork looks like u need fill like 3 forms for taxes seperately and there is a concept of federal tax and state tax applying further adding complexity and more docs and for incorporation also u need get an EMI or ENI number and payment processor want you to have a physical address in US with probably setting up mail forwarding. And for example Delware LLC have annual fee of like $400. And penalties saw some articles stating stuff like 25K. Just see︀ on YouTube how tough the cop situation is there so can imagine the beuracratic nightmares︁ have to face incase of delays/errors on audits/return submissions etc. Most people can say don't︂ worry hire a good firm to do all that. Have done that and geuss what︃ all most all of the famous ones even file everything last minute even after you︄ send them all docs 3 months prior to deadline and constantly followup if accounts/audits done︅ and have changed firms as well but still same story and to make matters worse︆ their calculations in accounts frequently have errors like some fresher did the accounts for you︇ and gave. Even if tax/audit firm submits everything for you most of times they fill︈ tax form putting your name as person who filled it and not as the firms︉ name and in other cases that the firm puts their name and submits then still︊ if any error the penalties get's slapped on your wrist since all famous audit firms︋ get you to sign an agreement of engagement before work which states you as management︌ liable and they are not liable.
You need an EIN number. You need annual renewal and you need 1120 and 5472 form︌ annually to report what you took out. And then there is BOI filling. Annually. Sorry︍ simple, you can do it yourself.
Honestly, it won't get any cheaper than that. You︎ can ask www.guidomoeller.com to handle it for you.
Honestly, it won't get any cheaper than that. You︎ can ask www.guidomoeller.com to handle it for you.
There are no state forms unless you do business in a state. After set up it's just the 5472 and 1120 to the IRS every year and the BOI as a one off (or whenever you change address).
And you dont even need to tell the IRS your PnL, just where you live, and how much you put in and took out of the LLC.
I think no jurisdiction beats the US in terms of costs︀ and banking access. And the US is pretty good in ease of paperwork too. I︁ used help the first year, but have been doing it myself ever since, it s︂ a 20 min thing.
[Edit/Correction: Im used to New Mexico where there are no state︃ forms, but many other states actually require an annual form (that is quickly done).]
And you dont even need to tell the IRS your PnL, just where you live, and how much you put in and took out of the LLC.
I think no jurisdiction beats the US in terms of costs︀ and banking access. And the US is pretty good in ease of paperwork too. I︁ used help the first year, but have been doing it myself ever since, it s︂ a 20 min thing.
[Edit/Correction: Im used to New Mexico where there are no state︃ forms, but many other states actually require an annual form (that is quickly done).]
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