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I have heard that Hong Kong company has no taxation. Hong Kong company makes trading in China is much easier, too. Have you ever heard of Touch Law Firm? They told me that they could help me open a Hong Kong company in a few days easily. Have anyone experienced setting up a Hong Kong company?
That is correct but if you are a US citizen our gov't in recent years have just made this more difficult to do for the average citizen and most of the folks that are doing this aren't citizens here or if they are they have alot of $$$$ power, resources and connections overseas. I could see the average person that is from a different country say UK Citizen or Aussie or most other countries except the US to do this without any issues.
The thing is there is alot of invasive reporting required by our gov't for US citizens which centers around overseas bank accounts/ regulations, FBAR, and business activity that it will be difficult for you to do. Such as how are you going to open up a local business account when now most countries are closing US citizens accounts in foreign countries and they don't want to do business with a US citizen because of the US gov't recent invasive reporting practice requirements, they are now trying to enforce on other countries. So in effect these countries are closing the doors for the average US citizen.
Next thing to consider, If you do manage to get a company running in another country even under a corporation, if you are a shareholder of that company. The US gov't want a extensive report of the financial information of that company among other details (Which is pure BS) If that information is with held you could be penalized. Even if you are not taking distributions they still want to tax the overseas company if you are a US citizen.
But what I have heard some business folks have done in Asia, Get an asian companion or associate, set all the stuff up in there name then you have endless tax benefit free from our government, LOL This probably would work in other countries as well.
Pretty much as a US citizen you are screwed, because they tax world-wide income. Only next best thing is to renounce then you can live the no taxation dream.
why would you want to set up company in Hong Kong one of the most expensive real estate in the world unless you talking about just rent the mailbox for company address. why worry about taxes, why not concentrate on making millions of millions of $$$$$$$ and be happy about it.
why would you want to set up company in Hong Kong one of the most expensive real estate in the world unless you talking about just rent the mailbox for company address. why worry about taxes, why not concentrate on making millions of millions of $$$$$$$ and be happy about it.
Dang right. Make your money and pay your taxes. Be thankful for what we have here in the U.S., and pay your fair share.
Hong Kong simply does not offer the quality of life of cities in the West.
Have you seen the average sidewalk in HK? It's not pleasant to walk down especially with the density of people.
I think you are better off looking at the BVI, Bermuda etc.
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