Hello all,
before coming to this nice forum I took considerable amount of time to educate myself. All I want is to check with you guys if I made correct decision, so that I don't shoot myself in the foot.
Originally I started to look about a month ago for a tax heaven for my trade company. I'm resident in Canada, I have a full time job and pay lots of taxes. In parallel I run a trade company with a partner. The trade company does not have any activities in Canada whatsoever and we started to wander WTF we pay the tax at all. We do trade between Europe and Asia in case if it matters.
The other activity is professional services: I work for a Canadian IT company and one my relative in Asia has a small IT consulting firm. I negotiated with my employer to give them some contracts from time to time. The Canadian IT company has like 30 full time employees, a few of them from the USA and customers are mostly from the USA as well. The estimated monthly contract on average will be around $10000-12000 for the first year or two, then it will be a bit lower (maintenance phase), around 5-7K per month.
For a trade company I decided to register in Dominica. Simply because it offers the same siht like most others, the cost (yearly maintenance fees) is almost the lowest in the industry, they are an English speaking country and are located close to Canada (not a big time difference). I absolutely don't need to have any nominee stuff and other gimmicks, I can have myself as the shareholder and the director. Occasionally, we also do some trade with Canada as well (our partners/customers are a couple of big companies in this field with clear reputation). So the question is: is there any problem for them to deal with our Dominica-registered company? If I put myself as the owner/director, could somehow Canadian taxman come to me and claim that I need to pay tax? I hold dual citizenship (Canadian and from an Asian country), is there any advantage if I show my other citizenship, or there is no difference?
What bank is recommended for a trade company? I was recommended HSBC (cheaper fees etc).
Any idea if a Canadian resident/citizen has to pay tax on all worldwide income?
For an IT firm of my uncle: they do local jobs only, so they never dealt with foreign customers. I told him to register an LLC in Delaware and open a bank account so that my Canadian employer could pay him to his US-registered company.
Is there anything wrong in my decisions?
thanks!
before coming to this nice forum I took considerable amount of time to educate myself. All I want is to check with you guys if I made correct decision, so that I don't shoot myself in the foot.
Originally I started to look about a month ago for a tax heaven for my trade company. I'm resident in Canada, I have a full time job and pay lots of taxes. In parallel I run a trade company with a partner. The trade company does not have any activities in Canada whatsoever and we started to wander WTF we pay the tax at all. We do trade between Europe and Asia in case if it matters.
The other activity is professional services: I work for a Canadian IT company and one my relative in Asia has a small IT consulting firm. I negotiated with my employer to give them some contracts from time to time. The Canadian IT company has like 30 full time employees, a few of them from the USA and customers are mostly from the USA as well. The estimated monthly contract on average will be around $10000-12000 for the first year or two, then it will be a bit lower (maintenance phase), around 5-7K per month.
For a trade company I decided to register in Dominica. Simply because it offers the same siht like most others, the cost (yearly maintenance fees) is almost the lowest in the industry, they are an English speaking country and are located close to Canada (not a big time difference). I absolutely don't need to have any nominee stuff and other gimmicks, I can have myself as the shareholder and the director. Occasionally, we also do some trade with Canada as well (our partners/customers are a couple of big companies in this field with clear reputation). So the question is: is there any problem for them to deal with our Dominica-registered company? If I put myself as the owner/director, could somehow Canadian taxman come to me and claim that I need to pay tax? I hold dual citizenship (Canadian and from an Asian country), is there any advantage if I show my other citizenship, or there is no difference?
What bank is recommended for a trade company? I was recommended HSBC (cheaper fees etc).
Any idea if a Canadian resident/citizen has to pay tax on all worldwide income?
For an IT firm of my uncle: they do local jobs only, so they never dealt with foreign customers. I told him to register an LLC in Delaware and open a bank account so that my Canadian employer could pay him to his US-registered company.
Is there anything wrong in my decisions?
thanks!
