When would you start your own offshore company?
2014-01-10, 09:32 PM, (This post was last modified: 2014-01-10, 09:35 PM by Gedeon.)
#1
Hey Elites!

Well, I've been in the internet marketing bandwagon for a while now, and I would say I have reached an average $2k per month income.

I like to play by the rules, and I'm a bit worried about tax authorities and stuff.

I can see two options here;
1 - play by my country's rules and open a company here and pay tax
2 - open and run an offshore company somewhere in Belize, Seychelles or something

My question is quite general yet; when it's worth to run a company like this, what do you think, how much money does it take to run it? If it's a couple hundred dollars a year it might be interesting to think about it.

I think an offshore company might be ideal for internet money, so down the line you would enjoy most of your cash while keep it clean, since owning offshore companies is not illegal at all. It just... it's more like a moral question, you try to keep your taxes low by avoiding your own coutry's tax, but as long as its there and legal, who cares, right?

If you have any input on this folks, feel free to post it up! Thank you very much.
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2014-01-10, 10:16 PM,
#2
I read a while back about this and I think Bahamas is the best choice, since it has the lowest taxes for creation and maintenance.

Calculate how much money you will have after paying for option 1 and option 2. After that it should be pretty easy to figure out which is the best choice for you. :D

The first year the offshore company is most expensive, since you will pay for the creation and in the next few years the taxes will get lower.

Sure, we can call it immoral since you are not helping your country, but some bank, but I personally could not care less.
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demigod888(2014-01-10 10:41 PM) 
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2014-01-10, 10:33 PM,
#3
Thanks for your opinion aptrov, keep 'em coming guys!

I think there's a quite good scheme for paying taxes after my online income, but the problem is the following; if you reach a ceartain amount of income in a given year the taxes suddenly go to 40%. Man, this is a lot, almost half of it.

On the other hand, if you own an offshore company, this is obviously not a limit. That's why I'm thinking.

And some of my online properties are greyhat-ish and I don't want to show these domains and websites directly to nosy people. I guess when it comes to an offshore company nobody gonna see this.
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demigod888(2014-01-10 10:42 PM) 
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2014-01-10, 10:43 PM,
#4
I would suggest to go to a local accountant and advocate - pay for consultation and have your best answers. Best bet.
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2014-01-10, 11:04 PM, (This post was last modified: 2016-12-02, 01:46 AM by DutchPride.)
#5
(2014-01-10, 10:43 PM)demigod888 Wrote: I would suggest to go to a local accountant and advocate - pay for consultation and have your best answers. Best bet.

Yup, that's what I'm gonna do, but I try to gather as much info on this as I can.

(2014-01-10, 10:55 PM). Wrote: Gedeon where are you from if i may ask?

I would rather keep this as a secret :)
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2014-01-10, 11:40 PM,
#6
(2014-01-10, 11:20 PM)Copy Cat Wrote: This is what I done and I got all the answers I needed in regards to opening a business to handle tax :)

Mind asking, you ended up with an offshore company or something else, like a local one in your country?

I also would like to ask if you run primarily what?

- whitehat
- greyhat
- blackhat

Thanks for sharing!
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2014-01-11, 03:39 AM,
#7
(2014-01-11, 01:37 AM)Copy Cat Wrote: I would be glad to help...

We spoke about offshore but more in a joking manner as I want my finances to be all legitimate in terms of, I reside in the UK so I should have a UK business so I did this.

All whitehat CPA now. I used to do blackhat but found whitehat more moral, safe and I genuinely think I'm making more than I ever would of with blackhat.

Aham, so you're now a small business in one person or maybe running an LLC (or something similar to it)?
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2014-01-11, 03:46 AM,
#8
Your business will not get taxed a crazy amount. There are so many tax deductions and shit that you won't get hurt much. Talk to your accountant about tax loopholes and shit. You can mark off so much shit for business expense and stuff. It really isn't that bad for growing business in the states.
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2014-01-11, 03:51 AM,
#9
I'm not from the US :)
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2014-01-11, 04:43 AM,
#10
Personally I'd say go see a decent accountant, I went and saw a specialist one and he showed me how to keep my taxes low, onshore and totally legal.

Obviously it depends where you live but usually there are lots of ways to reduce your tax when running your own company. I could infact run mine as a non profit and pay no tax but it was a step too far (I want to be able to sleep at night and not have the accountant ring me at 3am)

Please don't message me with mentoring or business proposals as I simply do not have the time. If you need any help please use the link below for the helpdesk.

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