Singapore or HK company but can’t open an account

[soleil1]

Just because your salary is flowing from abroad and paid by a︂ foreign company, does not mean it is foreign sourced. Foreign sourced means the work (or︃ dividend or rental income) was done abroad. Where were you physically when you performed the︄ work? You need to pay taxes where you worked. So you would still theoretically need︅ to pay taxes in thailand if thats where you were performing the work. Unless there︆ is some sort of tax loophole for digital nomads im not aware of?

The fact︇ that they havent asked you to pay because they dont know about your income, thats︈ a different story. Might be best not to get too comfortable in thailand 😉

 

[abchongkong]

Both Hong Kong⁣ and Singapore are good options as your start-up gateway to incorporate (i.e., setting up a⁢ HK or SG company). While a certain no. of entrepreneurs treat Singapore as a nice︀ replacement nowadays, Hong Kong still enjoys its absolute advantages such as the 8.25% profits tax︁ rate - one of the lowest tax rates in the world; acceptance of foreign directors︂ (does not require nominee directors like a Singapore entity); well-established legal framework and monetary system;︃ serving as a stepping stone to enter into China, etc.

Due to the pandemic, it︄ is not really easy to open a bank account in Hong Kong as it requires︅ the director's physical appearance. But in Singapore banks, it is possible to open a bank︆ account remotely. Singapore banks accept companies from Hong Kong, Singapore, and BVI.

Aside from opening︇ a traditional bank account, the best alternative is to open a virtual account. There are︈ various EMI / FinTech companies with which your can open your multi-currency account easily. Since︉ your main goal is to receive payments from your clients, opening an account with Airwallex︊ and Currenxie are favourable options. These FinTech companies in Hong Kong support a wide range︋ of currencies, responsive customer service, provision of corporate Visa cards, with no opening / monthly︌ fees, and no prefix on transaction records.

 

[Naka]

I opened a company with Osome and got a Neat account. Everything went smoothly, just‌ took two weeks. I am also living in Thailand, so I can just recommend it.‍

 

[sergedc]

The question is: oversea income is not taxed in Thailand, but how do they define "oversea︁ income"? Because you are physically in Thailand when you do the work

For anyone wondering︂ this would not work for HK company. Any director fee (and salary to director) is︃ taxed weather you are resident or not.

But in HK, there is 0 corporate tax︄ rate for non-HK sourced profit, so if you can qualify for that (and don't mind︅ paying 1% of revenue for Audit), you can then get the dividend tax free (because︆ Thailand will not tax foreign sourced dividend).

@bangkokowl, what did you end up︇ doing?