Post: #26

(06-19-2013 04:20 AM)artur jedi Wrote:  Singapore sounds legit. How about HK, is anyone familiar with this matter?

I'm in the process of filling the forms to register my company in HKG with a company/agency called jumpstart. http://www.jumpstartoffices.com/

I did my research and was hesitating a lot between SG and HKG but at the end, HKG came on top or various reasons. Mainly the fact that with a biz registered in HKG, you only pay tax on revenue generated within HKG. Any revenue generated outside of HKG, you pay 0% tax. Since my target markets are outside of HKG, it's perfect for me. Plus, it's super fast, easy and inexpensive to get going. With Jumpstart, it's about 1k all in, to get registered. You just fill in the forms, send it to them and once there, you just sign the final docs and pick up your company's docs once you're in HKG.

G,
the 5 flags, registering businesses in HKG and all that jazz are all covered extensively inside the DC. I certainly believe you will benefit from it.

Having said that, SG is also very legit. Nothing wrong with it at all. I just chose HKG as a personal preference as I love HKG. HKG and SG have been respectively, # 1 and # 2 in the world for the past decade or so in terms of best places in the world to register a biz.

Another great alternative/place to register your biz is the Philippines, specially in a PEZA zone (google it). Main advantage of that is that with a Phils corp, you don't pay any tax for the first 5 years, which is enough time for you to make some good money and figure out your next move. However, it's not as cheap and straight forward as HKG. The Phils would be for those with a bigger biz with existing large cash flow (say over 6 figs).

Post: #27

(06-19-2013 02:21 PM)Vacancier Permanent Wrote:  

(06-19-2013 04:20 AM)artur jedi Wrote:  Singapore sounds legit. How about HK, is anyone familiar with this matter?

I'm in the process of filling the forms to register my company in HKG with a company/agency called jumpstart. http://www.jumpstartoffices.com/

I did my research and was hesitating a lot between SG and HKG but at the end, HKG came on top or various reasons. Mainly the fact that with a biz registered in HKG, you only pay tax on revenue generated within HKG. Any revenue generated outside of HKG, you pay 0% tax. Since my target markets are outside of HKG, it's perfect for me. Plus, it's super fast, easy and inexpensive to get going. With Jumpstart, it's about 1k all in, to get registered. You just fill in the forms, send it to them and once there, you just sign the final docs and pick up your company's docs once you're in HKG.

G,
the 5 flags, registering businesses in HKG and all that jazz are all covered extensively inside the DC. I certainly believe you will benefit from it.

Having said that, SG is also very legit. Nothing wrong with it at all. I just chose HKG as a personal preference as I love HKG. HKG and SG have been respectively, # 1 and # 2 in the world for the past decade or so in terms of best places in the world to register a biz.

Another great alternative/place to register your biz is the Philippines, specially in a PEZA zone (google it). Main advantage of that is that with a Phils corp, you don't pay any tax for the first 5 years, which is enough time for you to make some good money and figure out your next move. However, it's not as cheap and straight forward as HKG. The Phils would be for those with a bigger biz with existing large cash flow (say over 6 figs).

I can vouch for all this information. Particularly incorporating in Hong Kong and using Jumpstart offices for both incorporation services and virtual offices/secretarial services, as I do not live in HK and manage my company remotely.

I do not think Singapore follows a territorial tax treaty like Hong Kong. This is based on anecdotal evidence, I may be wrong. If you decide to incorporate in Singapore you might want to bank out of Hong Kong so as to not have to repatriate your profits to Singapore and thus be taxed.

As always, do your due diligence on this. This is just what I've heard from SG incorproated people.

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Post: #28

VP or YMG...

Do you bank in Hong Kong as well? If YMG does, did you have any problems opening an account with a US passport. I am assuming Jumpstart is also the resident agent. I thought it was required for forming a corp there. Great stuff guys. I was looking at Singapore and HK and your posts helped.

Post: #29

WWT,
As of now, still banking in Canada. Once I get to HK in the fall, I'll also open a bank account there with HSBC, which Jumpstart can also assist with booking an appointment direct with an account manager to expedite the process. I'm not a US citizen (thanks God!) so can't comment on the ease of doing so for a US citizen or not.

I heard that opening an account in the Phils is extremely easy, even as a tourist, you can get one in 30 minutes. Can those currently in the Phils or those with first hand experience on that confirm/deny or shed more lights into that?

Post: #30

(06-19-2013 07:55 PM)worldwidetraveler Wrote:  VP or YMG...

Do you bank in Hong Kong as well? If YMG does, did you have any problems opening an account with a US passport. I am assuming Jumpstart is also the resident agent. I thought it was required for forming a corp there. Great stuff guys. I was looking at Singapore and HK and your posts helped.

Yes I bank with HSBC in HK for both my company and my personal. No, I did not have any problems opening an account as an American.

If I could do it all over again I would probably choose an Asia based bank like DBS.

This situation might not last forever so if you are an American swinging by Hong Kong, I would go ahead and set up a company, corporate account, and personal account - just so you have it in case you need it. If you go back to to the US, you can still manage everything remotely.

I showed up in HK at like 10 PM at night on a Sunday.

On Monday I showed up at Jumpstart at like 9 AM - I was all set up with my company kit (a green box the size of a suitcase).

I was then sent to HSBC's central office, where I set up a corporate account. They book this appointment for you.

Then I crossed the street and set up a personal account at one of HSBC's personal/retail operations.

I had a HK corp and two bank accounts set up before lunchtime. This kind of efficiency is why I love HK.

HK does not require a resident director like Singapore does. I am assuming this is what you meant. I've never heard the term resident agent. This is a reason why I did not want to incorporate in Singapore - I didn't want some random Sri Lankan stranger to be my resident director. I don't care if it's just a formality - that seems like something the western world might be cracking down on.

It is noticeably cheaper to incorporate in HK compared to SG.

Click here to learn more: http://www.guidemesingapore.com/country-...-hong-kong

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Post: #31

(06-19-2013 11:45 PM)youngmobileglobal Wrote:  HK does not require a resident director like Singapore does. I am assuming this is what you meant. I've never heard the term resident agent. This is a reason why I did not want to incorporate in Singapore - I didn't want some random Sri Lankan stranger to be my resident director. I don't care if it's just a formality - that seems like something the western world might be cracking down on.

It is noticeably cheaper to incorporate in HK compared to SG.

Click here to learn more: http://www.guidemesingapore.com/country-...-hong-kong

-

From my research, it looks like the law changed in regards to resident directors which is why I asked.

"Restricting the appointment of corporate directors by requiring every private
company to have at least one natural person to act as director, to enhance
transparency and accountability"

http://www.cr.gov.hk/en/publications/doc...nnex-e.pdf

Post: #32

(06-20-2013 12:39 AM)worldwidetraveler Wrote:  

(06-19-2013 11:45 PM)youngmobileglobal Wrote:  HK does not require a resident director like Singapore does. I am assuming this is what you meant. I've never heard the term resident agent. This is a reason why I did not want to incorporate in Singapore - I didn't want some random Sri Lankan stranger to be my resident director. I don't care if it's just a formality - that seems like something the western world might be cracking down on.

It is noticeably cheaper to incorporate in HK compared to SG.

Click here to learn more: http://www.guidemesingapore.com/country-...-hong-kong

-

From my research, it looks like the law changed in regards to resident directors which is why I asked.

"Restricting the appointment of corporate directors by requiring every private
company to have at least one natural person to act as director, to enhance
transparency and accountability"

http://www.cr.gov.hk/en/publications/doc...nnex-e.pdf

I don't think this is about resident directors. Read it again.

Natural director. They don't say resident director.

IMO this means that they dont want the director to be "CLANDESTINE HOLDINGS CAYMAN ISLANDS"

And would prefer a John Smith or Raymond Lam to be Director.

I may be wrong.

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Post: #33

I think for a US citizen, a good strategy would be as follows:

1. Move to Canada
Canada is very pro rich-immigrant, like all those Chinese buying property in Vancouver. Once there, get permanent residency by investment. However, currently the investment or entrepreneur program applications are backed up from all the Chinese, so a new option (startup visa) may be a good strategy. All you need to do is convince some VC to invest 100,000 or something into your "startup". I think a way around this would be to guarantee it or pay them juice. If this fails, look into bribing someone into giving you a fake job in Canada.

http://www.cic.gc.ca/english/immigrate/b...gn=generic

2. Live there for three years
The good thing in this is that in Canada, foreign derived income is not taxed for 5 years. So basically they are paying you to become a citizen. Of course you still got US tax liability during this time, but this process is not overnight (alt. buy St. Kitts passport, renounce US, live in Canada, but have to get visas everytime you want to enter US)

3. Apply and recieve citizenship
If you're english (or french) speaking and financially independant, this is feasible.

4. Establish residency in tax haven
Either Panama or DR or Uruguay, but if looking for first world residency, go to Gibraltar. Englsih speaking, stable protectorate of UK, has HNWI program. http://www.google.com/url?sa=t&rct=j&q=g...5248,d.dmg

Downside is 30,000 EUR in fixed "tax" plus you gotta rent a "luxury apartment". Reason I suggest it is there is no physical residency requirement, plus you dont have to invest any capital (ex. Andorra requries 400,000 EUR Real estate purchase). Plus Gibraltar has airport. Then again, Panama requires only like $5,000 bank desposit. Gibraltar is just the a good first world residence.

5. Renounce US Citizenship
Because you have Canadian passport, you can reeneter the USA without visa. 121 days/yr limit to avoid US taxes, plus if US govt becomes more controlling and decides to not issue visas to tax exiles, you are in good shape.

Besides ability to easily reenter USA, Canadian passport is a first world passport and will help you out in certain situations (and with less heat than a USA one). http://en.wikipedia.org/wiki/Canadians_of_convenience

These lebanese "canadians" were able to get Canadian military to save their asses, even though they don't live in Canada and pay not taxes there.

Funny how so many lefties want to move to Canada when a rightwinger is president; I view Canada as a semi-tax haven, where one can the benefits of western citizenship without the taxes or surveillance.

Post: #34

(06-20-2013 12:51 AM)youngmobileglobal Wrote:  I don't think this is about resident directors. Read it again.

Natural director. They don't say resident director.

IMO this means that they dont want the director to be "CLANDESTINE HOLDINGS CAYMAN ISLANDS"

And would prefer a John Smith or Raymond Lam to be Director.

I may be wrong.

-

You may be right YMG and hopefully you are. So far the only problem I see about incorporating in Hong Kong is if it qualifies for the low dividend rates. Not a problem if you keep most your money in the company but a problem if you want to take it out cheaply. It is strange because China is on the list for qualifying countries but it doesn't include Hong Kong. Maybe HK is included automatically with China. I didn't see Singapore on the list either.


Here is the list I was talking about. This may be of interest to the US guys.
http://intltax.typepad.com/intltax_blog/...nd-income/

Post: #35

(06-20-2013 06:24 AM)Exactaking Wrote:  I think for a US citizen, a good strategy would be as follows:

1. Move to Canada
Canada is very pro rich-immigrant, like all those Chinese buying property in Vancouver. Once there, get permanent residency by investment. However, currently the investment or entrepreneur program applications are backed up from all the Chinese, so a new option (startup visa) may be a good strategy. All you need to do is convince some VC to invest 100,000 or something into your "startup". I think a way around this would be to guarantee it or pay them juice. If this fails, look into bribing someone into giving you a fake job in Canada.

http://www.cic.gc.ca/english/immigrate/b...gn=generic

2. Live there for three years
The good thing in this is that in Canada, foreign derived income is not taxed for 5 years. So basically they are paying you to become a citizen. Of course you still got US tax liability during this time, but this process is not overnight (alt. buy St. Kitts passport, renounce US, live in Canada, but have to get visas everytime you want to enter US)

3. Apply and recieve citizenship
If you're english (or french) speaking and financially independant, this is feasible.

4. Establish residency in tax haven
Either Panama or DR or Uruguay, but if looking for first world residency, go to Gibraltar. Englsih speaking, stable protectorate of UK, has HNWI program. http://www.google.com/url?sa=t&rct=j&q=g...5248,d.dmg

Downside is 30,000 EUR in fixed "tax" plus you gotta rent a "luxury apartment". Reason I suggest it is there is no physical residency requirement, plus you dont have to invest any capital (ex. Andorra requries 400,000 EUR Real estate purchase). Plus Gibraltar has airport. Then again, Panama requires only like $5,000 bank desposit. Gibraltar is just the a good first world residence.

5. Renounce US Citizenship
Because you have Canadian passport, you can reeneter the USA without visa. 121 days/yr limit to avoid US taxes, plus if US govt becomes more controlling and decides to not issue visas to tax exiles, you are in good shape.

Besides ability to easily reenter USA, Canadian passport is a first world passport and will help you out in certain situations (and with less heat than a USA one). http://en.wikipedia.org/wiki/Canadians_of_convenience

These lebanese "canadians" were able to get Canadian military to save their asses, even though they don't live in Canada and pay not taxes there.

Funny how so many lefties want to move to Canada when a rightwinger is president; I view Canada as a semi-tax haven, where one can the benefits of western citizenship without the taxes or surveillance.

Also to add you have access to the special TN (Treaty NAFTA) work visa, which is significantly easier to obtain than an H1-B if you wish to work/live in the USA again. Mexicans also have access to the TN visa, and many US B1/B2 visas also last for 10 years with multiple entry once you have one.

I have to emphasize you MUST be living in Canada for 3 years during the PR period, unlike lets say Chile or other South American countries. They will literally count the days from your passport stamps. Also the timer starts when you obtain your PR card, not necessarily when you get the status.

Unless your working in mining, oil, some finance work, or your own business it can be difficult to make as much money as the USA vs Canada. Alberta is usually the best place to make money and not pay stupid rent in Canada. Montreal is also a fun place to be, but is the highest tax area of Canada. Montreal has a bunch of Software game studios there, like Ubisoft.

Post: #36

Correct me if I'm wrong, but in addition to your HK incorporation costs you have to pay $350/yr for a license fee. Any other annual fees, either for the corporation or for bank account maintenance?

Post: #37

I will also be using Jumpstart to register my company in Hong Kong.

Post: #38

Great thread, thanks all. I'm a newbie to this forum but not to Five Flags. Been spending a lot of time researching and making limited progress but I'm hoping to make some significant changes to that over the next 3-12 months.

Currently have Australian Citizenship, hoping I can get Italian Citizenship. Banking is currently between Aus and Canada which isn't ideal IMO as I believe both countries' banking sectors are exposed to "bail-ins" aka Cyprus.

Ideal scenario would be a holiday via Hong Kong to start a company and get a bank account there, and then continue on to Europe and setup a bank account in Liechtenstein.

Very keen to hear more about incorporation costs and yearly fees in HK..

Post: #39

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This is a good blog on this topic

http://www.flagtheory.com

http://flagtheory.com/how-to-get-a-hong-...edit-card/

http://flagtheory.com/offshore-company/