Which Offshore Corp is least demanding with compliance checks?

[RickSanchez]

I am planning to run a business as a non-tax-resident (this is how if someone is interested: Life & business as a non-resident - a concept )

As I will not be tax resident of any country and have no home rented with utility bills, I am looking for a corporation that is the least demanding when it comes to yearly compliance checks.

I would need it for income from affiliate websites and for some coaching payments (clients are fine with non-deductable invoices). Business partners and clients are located in Europe and maybe in the US in the future. Anonymity is a plus, but not mandotary. Income is <1,5K per month and business is growing.

An agency (privacy-solutions.com) wrote me that for a Belize IBC only a bank letter with my adress is needed, no other utility bills. That is the only thing I would be able to organize in the future. Does someone know if that is true?

Does anyone have another solution that is easy with yearly compliance checks or maybe doesn't even have any?



Also something else I've thought about: How crazy do you find the idea to run a business just in my name without a company frame getting paid on several private accounts?

 

[Internationaloff]

Hello.
If your business partners accept all offshore jurisdiction, you can use Belize or St. Kitts and Nevis as jurisdiction (the second is better than the first).

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[Martin Everson]

If you want to do business in EU then make sure the offshore corporation is not the EU list of non-cooperative jurisdictions for tax purposes before setting it up.

St Kitts is on it :-(

Common EU list of third country jurisdictions for tax purposes - Taxation and Customs Union - European Commission

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Internationaloff]

Martin Everson said:
If you want to do business in EU then make sure the offshore corporation is not the EU list of non-cooperative jurisdictions for tax purposes before setting it up.

St Kitts is on it :-(

Common EU list of third country jurisdictions for tax purposes - Taxation and Customs Union - European Commission
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I have customers in Europe with St. Kitts and Nevis companies and they work without any problem.
The blacklist does not say that it is forbidden to do business with companies incorporated in those jurisdictions, but only that there will be more checks on invoices and wire transfers in output by the EU. thu&¤#

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[Internationaloff]

@RickSanchez If your business partners and/or clients have problems with St. Kitts and Nevis, you can use Belize or other jurisdictions. thu&¤#

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[JohnLocke]

RickSanchez said:
An agency (privacy-solutions.com) wrote me that for a Belize IBC only a bank letter with my adress is needed, no other utility bills. That is the only thing I would be able to organize in the future. Does someone know if that is true?
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This is not true always, most providers if not all will require you to provide a utility bill not older than 3 months together with a notarized passport.

That said, in your situation and to make sure everything looks good and trustworthy I would setup a company in Cyprus or Malta to avoid people to think that you are hiding from the tax auth or have anything else to hide.

St. Kitts, Belize, Seychelles and what else you can find are all looking bad towards people you do business with. Stick to something people can understand and recognize.

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[RickSanchez]

Admin said:
This is not true always, most providers if not all will require you to provide a utility bill not older than 3 months together with a notarized passport.

That said, in your situation and to make sure everything looks good and trustworthy I would setup a company in Cyprus or Malta to avoid people to think that you are hiding from the tax auth or have anything else to hide.

St. Kitts, Belize, Seychelles and what else you can find are all looking bad towards people you do business with. Stick to something people can understand and recognize.
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Thanks for all your answers.

Regarding choosing a more reputable jurisdiction like Cyprus or Estonia: Would'nt I have the same problems with being asked to show utility bills every year? What I'm trying to find out is, if there is any kind of jurisdiction out there that would'nt ask me for utility bills, as I simply would'nt be able provide any as non-resident without a rented home. A letter from a bank with my previous adress is all I could organize.

I just need it for affiliate work (even Amazon doesn't care as long as they get an IBAN) and some coaching (my customers don't care either).

 

[JohnLocke]

It depends on the agent, most won't ask you for a new utility bill every year but only once and that's when you setup the company.

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[RickSanchez]

Admin said:
It depends on the agent, most won't ask you for a new utility bill every year but only once and that's when you setup the company.
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Ah ok, it depends on the agent, didn't knew that. Can someone recommend an agent that only asks once in the beginning, not yearly?

 

[JohnLocke]

RickSanchez said:
Ah ok, it depends on the agent, didn't knew that. Can someone recommend an agent that only asks once in the beginning, not yearly?
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check my signature 😉

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[Richmond]

RickSanchez said:
Ah ok, it depends on the agent, didn't knew that. Can someone recommend an agent that only asks once in the beginning, not yearly?
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Do you need an agent for which jurisdiction?

 

[RickSanchez]

Richmond said:
Do you need an agent for which jurisdiction?
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So far I'm most interested in a Belize IBC, but I'm open to potential better solutions.

 

[negon]

RickSanchez said:
So far I'm most interested in a Belize IBC, but I'm open to potential better solutions.
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maybe great if you could out lined why you don't want Belize, St. Kitts nor any other suggested that may help us to suggest different!

What's your reason for not choose the suggested, privacy, tax ?

 

[undercover]

Belize works good for me already yet I want to discover a different jurisdiction for new ventures to not have everything at one place 😉

 

[Spinat]

1 vote for Belize.. have 3 such baby's

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[RickSanchez]

Thanks for all your answers! That was helpful.

I'll be deciding between a Belize IBC and an 'one-man' Limited Partnership in Ontario for non-residents (which pretty much works like an IBC without anonymity but with the benefit that my invoices would be deductible for clients in Western Countries).

 

[undercover]

What is the tax rate in Ontario?

 

[RickSanchez]

undercover said:
What is the tax rate in Ontario?
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It works like an IBC. Company tax rate is 0% as long you don't have domestic sourced income in Canada. You can either run it as a 'one-man' company with you being General and Limited Partner at the same time or use one of your already existing companies as a business partner.

If you don't have domestic income, you won't need to file out any tax reports. No audits. Company opening around 2K, yearly costs about 1K

 

[jrmb]

You can also use a Guatemalan corporation, with little requirements and bank account opening just in 3 days after starting the process.

 

[JohnLocke]

jrmb said:
bank account opening just in 3 days after starting the process.
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What is required to do so? stupid question.. do they provide direct SWIFT transfers with on SWIFT code? I assume no IBAN accounts.

What are the requirements to open an account? personal visit required or can it without 3rd party be opened remote?

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