Living in Thailand , Which Jurisdiction is best for company registration except Dubai ???

[troubled soul]

If someone is living in Thailand as Tax free Nomad. No tax on foreign income If it is not remit to Thailand.
What is the best option for company registration and for day to day expenses except Dubai ??
I do not worry about tax. I can pay any amount of tax. Just easy and simple to file tax and audit related things .


Thanks

 

[Wellington]

In Thailand it's all about⁣ remitting in the next tax year for tax free... note it's unsure whether Debit Cards/Credit⁢ Cards from overseas will be 'observed' as previously people earned overseas and spent in the︀ same tax year but by card/withdrawals, however Thailand joined CRS starting this year, so will︁ begin getting information this year about what people hold overseas, thus, what they earn etc,︂ which will enable them to tax...

 

[StuartG]

Use a Singapore company without Singapore income and keep income in a third country until‌ new calendar year - equals zero tax

 

[Wellington]

No real need‍ to use Singapore company (more expensive, headaches etc) can use Seychelles, BVI etc etc

 

[Mike Forman]

And where would you open a bank account‍ for a BVI or Seychelles company?

 

[StuartG]

Singapore is somewhat more expensive than Seychelles or BVI but considered much more reputable and‌ legitimate (if that is important to you) and never creates "issues"

 

[TheCryptoAnt]

BVI is feasible in Singapore for example.
Seychelles almost impossible.‍

 

[disconnected]

Which countries would‍ be recommended to open a bank account for a Singapore company relatively easy?

Perhaps Labuan⁠ could be an interesting option as well, worth looking into. I believe there is a⁤ 3% corporate tax but lower company running costs. It also seems more straightforward to set⁣ up and open bank accounts. Money could be kept in major banks in Malaysia.

If you were to go with a Seychelles or BVI company, which can be hard to⁢ open bank accounts for, consider using an EMI. Open a personal bank accounts such as︀ HSBC expat account in Jersey, then transfer the funds from the company EMI to personal︁ bank account.

 

[benbao]

Labuan requires audit for the tax rate now. Malaysian⁤ banks will not open for you without residency, which is hard to get with Labuan⁣ company due to abuse by south Asians in the past. Even with residency opening for⁢ Labuan and foreign owned company in Malaysia is very tedious and limited mostly to non︀ local banks (UOB, ocbc) which require high deposits.

 

[Praetorian]

Be careful using BVI/Seychelles entities even if you manage to find banks willing to accept‌ you, they'll automatically case you in a high risk category and will be recertifying your‍ accounts very often which will lead to additional costs/lawyer help to get things sorted out.⁠ Banks have gotten more risk averse unless we're talking about a lot of money. The⁤ other route is using said entities with EMIs but that basically means trusting a bunch⁣ of russian guys in their basement somewhere in st petersburg to not run off to⁢ Monaco with your money, so be conservative with the amount you deposit and open many︀ accounts at different EMIs. That route can work depending on your cash flow but you︁ need to be comfortable with the risks and the additional costs of operating accounts for︂ "high risk" entities some EMIs may charge you.

Using a singapore entity is more costly︃ for sure but at least you won't have problems finding decent banks to deal with,︄ and you won't be treated like a drug dealer right off the bat. If cost︅ is an issue to you then stick to a simple set up that doesn't involve︆ offshore entities, or use a company from your home country if you can manage to︇ avoid taxation.

 

[StuartG]

Wise (Transferwise) works well with a Singapore company if your business is legitimate and functions‌ very well as a bank account andWisde also provide a debit card. Other bank accounts‍ can also be opened but depends upon size and business connections. Try opening a bank⁠ account with a bank in a country from which your income arises - that automatically⁤ gives you a business connection. Singapore company does not need audit unless pretty sizeable

 

[fshore]

It's not easy‍ to not have Singapore source income with a SG company. The income the SG company⁠ earns is likely singapore source. The no tax on foreign income mostly refer to no⁤ tax on dividends from subsidiaries in other countries.

 

[disconnected]

If living in Thailand and money don't come from SG companies and not employing⁤ people in SG and keeping the money in a third country bank, how can the⁣ income be SG source? It can't in my view.

 

[fshore]

I don't⁠ think your view is relevant here. Talk to some SG accountants to see what they⁤ say about it.

 

[StuartG]

The setup I recommend works perfectly

 

[fshore]

Do you mean that‌ you run an active SG company that invoices and have income from worldwide clients (outside‍ SG)? How do you file this income, or don't you file it at all? Have⁠ you had local SG accountants that confirms that this is an acceptable way of accounting⁤ this income? Have you been audited by IRAS, or have you been in touch with⁣ IRAS and have they accepted that the income is not taxable?

 

[bigdaddyleon]

Personally, I think the US LLC is the simplest option.
It is one of the‌ cheapest & is also not on any blacklist of the EU (if customers are available‍ there).

 

[TheCryptoAnt]

Clearly not imo, SG companies are taxed in worldwide income at i believe⁠ 17%.
They are very efficient if all you do is capital gains cause its 0%⁤ and you can get easy banking (even wise) but if you are selling stuff/services/whathaveyou then⁣ thats taxable.

I wouldnt f**k with the IRAS tho, prolly not fun.

 

[orangekangaroo]

Yes LLC or UK LLP

 

[StuartG]

I have operated this way for several years and all⁢ income is correctly filed and audited; I have no problems with ACRA or IRAS or︀ anyone else. As I said before, the setup I recommend works perfectly but do your︁ own research and due diligence