Results 1 to 5 of 5
  1. #1

    Company incorporating ... tax registration, bank accounts ...

    So I'm setting up a web business, the bare bones of it is that it'll be run on a server (possibly in the states or elsewhere if needs be). It'll be staffed by people in various countries who'll be working from home. It's basically a recruitment business, where I have various staff working from a single db.

    Firstly I'll be concentrating on the Korean market. Unfortunately though, Korea is a heavily protectionist economy in terms of foreign investment. It'll cost me something like $50000 to get a business license from there. That's WAY too much to start of with. However, I can incorporate the business abroad and get it registered in Korea, as far as I'm aware.

    I'm a native of a Western European country. Where incorporating a business is very simple and relatively cheap. However the taxes are quite high, and I'm not sure exactly yet, whether or not I'd need offices/staff etc ... Also, the only credit card I have is from my home country also.

    Has anyone looked into registering their businesses off-shore ? Maybe the Caymen Islands or something like that. Where it'd be cheap, with a minimum of hassle and you'd also be able to get a bank account/merchant account.

    I live neither in Europe, Korea or the States. I'm not trying to dodge taxes illegally or anything, more just trying to apply a bit of business sense in terms of where I should set up shop if I'm doing business in multiple countries...

    Any help is appreciated ?

    Also what are the tax/registration implications of your business ?

    Thanks,

  2. #2
    If credit card processing capability is going to be a key requirement for the business, you might consider first finding a merchant account provider that will accept your application and tailoring your offshore corporations around that. A direct merchant account will require you to form a corporation in the same country/jurisdiction as the acquiring bank. If this country/jurisdiction is also workable for you in terms of taxes, banking, etc. then you will only need to incorporate once.
    Dave
    PH: 800-761-7475
    PH: 802-876-5087
    www.RiskPayments.com

  3. #3
    Join Date
    Oct 2002
    Location
    Under Your Skin
    Posts
    5,875
    Quote Originally Posted by dbeez
    Firstly I'll be concentrating on the Korean market. Unfortunately though, Korea is a heavily protectionist economy in terms of foreign investment. It'll cost me something like $50000 to get a business license from there. That's WAY too much to start of with. However, I can incorporate the business abroad and get it registered in Korea, as far as I'm aware.

    I'm a native of a Western European country. Where incorporating a business is very simple and relatively cheap.

    Has anyone looked into registering their businesses off-shore ? Maybe the Caymen Islands or something like that. Where it'd be cheap, with a minimum of hassle and you'd also be able to get a bank account/merchant account.

    I live neither in Europe, Korea or the States.
    Your situation is complicated... you really need to speak with a lawyer.... Plus, we don't even know were you live now... that could have a big impact on what web advice someone would provide....

    You really need to speak to a lawyer... I've seen some CRAP business advice given out on this forum... and most of those were easy questions...


    Quote Originally Posted by dbeez
    Also what are the tax/registration implications of your business ?
    I guess you only want people who have accounts overseas (outside the USA) to answer that? I do not get the question....
    Windows 10 to Linux and Mac OSX: I'm PARSECs better than you. Eat my dust!!!

  4. #4
    Join Date
    Aug 2002
    Location
    US
    Posts
    416
    Quote Originally Posted by dbeez
    Has anyone looked into registering their businesses off-shore ? Maybe theCaymen Islands or something like that. Where it'd be cheap, with a minimum of hassle and you'd also be able to get a bank account/merchant account.
    Locations I would recommend you are Panama, Belize, Nevis, Gibraltar.
    Offshore incorporation and bank accounts
    @offshoreoffer - offshore services, tax optimization info

  5. #5
    Join Date
    May 2004
    Location
    The European Union
    Posts
    31
    Do realise that if you do locate your business off-shore, the chances you could benefit from (for example) Western European grants and things are quite unlikely. If you really are considering creating a business seriously, this should be as strong a consideration as any!

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •