Registering in Delaware to be able to run company from anywhere?

[Guest682]

Hello,

First off, I've read the book and its completely changed my sociological and economic perspectives in the most positive ways! Thank you MJ DeMarco!
I am unsure if this is the right section to post these question but here goes.

I'm in ecommerce and also getting involved in virtual business incubation as a technology adviser for the firm and its clients. Lastly I will be running a personal research campaign by traveling across the world for an undetermined amount of time for a travel start up that is my ultimate passion and dream.

I will be talking to a lawyer soon to get everything set up properly but I am hoping the experts here can enhance my prospective questions before I meet with the lawyer.

Before I start I do actually want to do this legitimately & legally as possible and still pay taxes and all that, I don't maintain a perception that taxation is robbery.

Here goes, I want to be able to run my company remotely from where ever I am in the world, receive my physical correspondence digitally converted by I guess a virtual office space that can actually receive mail? I would like to be able to move money around and open bank accounts from wherever I am. And I would also like to have the ability to absorb other companies as a I progress with a minimal amount of employees whom might also be around the world. I currently reside in NJ but soon will actually have no PHYSICAL location to my name except a UPS BOX, no house, no office or anything.

I spoke with a "Registered Agent" the only information I could get from him was
"Nominee Agent"
"Virtual Office Service"
"Mail Forwarding Service"
And that I might do better registering in Nevada.

I know he gave me the key words and I've researched a little bit but there is a lot of companies saying they can perform some of these services for me, but my fear is something happening to these companies. So I guess the last question im asking is: Does anyone here have experience with this type of operational model and could recommend reputable services that they've personally used? Thanks in advance for your help.


I will soon do an introduction, but have to run to a meeting soon, I must say my mind is BLOWN by the wealth of information on this forum. In the meantime if anyone would like to talk about free and cheap technology solutions to effectively run companies, multiple employees remotely while giving a large physical appearance I am your guy. My specialties are integrating & holistically streamling cloudbased Project Management, Customer Relationship Management, and online presence engagement into any operational model, while being cost effective for even small companies. PM me to visit your threads.

 

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[davidil]

No no no.
You register a company in PANAMA. And you open a bank account in Switzerland. And you leave the US and get paid to Panama and transfer your money to Switzerland and you live less than 3 months in each country a year, and you don't have to pay tax to anyone... give up your American passport bro, it doesn't worth 50% of your money.

 

[sharky]

Today you're better off opening a bank account in Liechtenstein and not Switzerland (it's the next country over..., as the swiss banks are now required to report to the US gov't if you open an account w a US passport.
Regarding opening your company as a Delaware corp, I have used a place called The Company Corporation (no affiliation to them) and they worked out great.

 

[GlobalWealth]

Before I start I do actually want to do this legitimately & legally as possible and still pay taxes and all that,

In your case since you plan to live outside the US, an offshore company would serve you better. Since it is an operating company I would recommend a Seychelles Offshore IBC.

Here goes, I want to be able to run my company remotely from where ever I am in the world

Easily done using the right set up.

receive my physical correspondence digitally converted by I guess a virtual office space that can actually receive mail?

There is software and maildrops that can manage this.

I would like to be able to move money around and open bank accounts from wherever I am

You will find it exceptionally difficult to open non-US bank accounts for a US company, esp. if you are a US citizen. One of the reasons an offshore company may suit you better.

I currently reside in NJ but soon will actually have no PHYSICAL location to my name except a UPS BOX, no house, no office or anything.

To make your life easier, you should set up the company while you still have a physical address as setting up the bank accounts and offshore company will get VERY difficult without a physical address.

And that I might do better registering in Nevada.

Not if you are living outside the US.

but my fear is something happening to these companies.

Most companies in this space are nothing more than online incorporators and don't really work with you to offer solutions. You can easily screw up here.

Does anyone here have experience with this type of operational model

Yes, for many, many years.

and could recommend reputable services that they've personally used?

I'm slightly biased.

 

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[GlobalWealth]

You register a company in PANAMA.

Not a good idea for Americans (assumption is you SurfCEO is American).

And you open a bank account in Switzerland

Nearly impossible for Americans. Only possible if you show up with $2M+ in a suitcase and you know someone. Switzerland is off limits for Americans now.

give up your American passport bro, it doesn't worth 50% of your money.

Not horrible advice, but easier said than done nowadays.

 

[GlobalWealth]

Today you're better off opening a bank account in Liechtenstein and not Switzerland (it's the next country over..., as the swiss banks are now required to report to the US gov't if you open an account w a US passport.

There is only 1 Lichtenstein bank that openly accepts American clients and there is a $1M+ minimum account opening balance. This banks is specifically set up by a trust company there just for American clients. They are SEC registered and therefore report all new accounts to the IRS.

 

[davidil]

Hey man

I opened bank accounts in many countries... Austria, Hungary, Switzerland... but that was a few years ago, maybe it's harder nowadays and maybe it's even harder for Americans, I don't know. But I think that if you walk into a bank in MANY countries and tell them you want to open an account, it won't be a problem. And then, you open the account, you get a debit card for it, and you don't live in that country, you just travel with the card and withdrew money where ever you are. As long as you don't LIVE in THAT country, why would they bother you with taxes or anything? They won't.... and why would they give your name to the US Gov? and even if they did... I don't know, lets say you don't live in the US for 20 years, and 20 years from now the US Gov will come to you (how would they find you???) and tell you that you owe them taxes.... you'd say "I don't F*cking live here for 20 years leave me alone" and would probably pay a fine or something, they won't throw to jail some guy whose been living out of the country for 20 years. No F*cking way...


So when you try to open a bank account, if they ask you how much you're going to put in it, say $500,000, for investment (or more... ) You don't have to show cash, you say "I will wire it as soon as it's open" and then once open you can wire only $5000 or whatever, and it's too late for them, they already opened your account. What will they do? Close it with your money inside? Nobody is expecting you to come with $1m in cash... that's rubbish. So all you say is "I will write XYZ" and then you're fine.

In any case, I think my bank in Panama would give me a company credit card if I'd ask for one and I could live from it. I don't even NEED to withdrew the money out to another country... I don't know about other counties but in Panama I have no corporate tax, I can accept Visa, MC and Amex payments, I wire the money out and nobody ever asks me anything...

But I would suggest that you start doing this only when you have an income of at least $5000 a month... it doesn't worth it if it's less.

Check out my blog: www.vanofvictory.com

 

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[GlobalWealth]

I opened bank accounts in many countries... Austria, Hungary, Switzerland...

It was doable a few years ago, but Switzerland is off limits for Americans now.

maybe it's harder nowadays and maybe it's even harder for Americans, I don't know

If you are not American, it shouldn't be an issue.

I think that if you walk into a bank in MANY countries and tell them you want to open an account, it won't be a problem.

The global banking rules have changed in the past 3 years. KYC and AML laws are much stricter. Many countries, esp. in Europe require you to be a legal resident of the country to open an account. It is MUCH more difficult now.

As long as you don't LIVE in THAT country, why would they bother you with taxes or anything?

Americans are taxed on worldwide income regardless of residency. Almost all other citizens from other countries are taxed only on their residency.

They won't.... and why would they give your name to the US Gov?

New FATCA laws require that all FFI (foreign financial institutions) provide to the IRS information about American account holders or they will be subject to banking restrictions and huge withholding taxes on USD transactions.

(how would they find you???)

Easy, you must submit your passport to the bank for account opening. New FATCA laws require US reporting of all US accounts. They would just freeze your account.

"I don't F*cking live here for 20 years leave me alone" and would probably pay a fine or something, they won't throw to jail some guy whose been living out of the country for 20 years. No F*cking way...

They will and they do.

you say "I will wire it as soon as it's open" and then once open you can wire only $5000 or whatever, and it's too late for them, they already opened your account.

The account would be closed and your funds returned. Bankers monitor this very closely. You are required now to provide information about your expected turnover and initial deposits. If you don't fall within range of your promise, the account will be closed. I've seen it numerous times.

What will they do? Close it with your money inside?

No, they will mail you a bank check to your provided mailing address. I've also seen this numerous times. Ask the 10's of thousands of American clients who banked in Switzerland who received the letter with a bank check.

Nobody is expecting you to come with $1m in cash... that's rubbish. So all you say is "I will write XYZ" and then you're fine.

Not true. For an American to open an account in someplace like Austria or Lichtenstein without having residency there, the banks typically require $1M opening balance.

 

[Vigilante]

And this, folks, is why you need to be careful whom you listen to.

 

[davidil]

And this, folks, is why you need to be careful whom you listen to.

Haha... this guy is SELLING (REselling) financial planning. I've been doing this for 10 years. I'm telling you all the "secrets" for free, so of course this guy will start to argue against everything I say.

Just go and open a company and bank account in Panama and ask them to give you a company credit card and use it whereever you "live" or open a bank account somewhere and wire the money from Panama to that account and live off of that card. Very simple. This guy is probably (re)selling "planning services" for $10,000 .

As an American, try to get another citizenship and give up your US one because that global taxation is a pain. But really I'd do it only if you're making $1m a year or more.... if not, just keep traveling, nobody will bother you for small amounts.

 

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[davidil]

"How they will find you?"

"Easy, you must submit your passport to the bank for account opening. New FATCA laws require US reporting of all US accounts. They would just freeze your account."

What I mean is, you live on some island in Thailand and travel all the time and don't live in the US, have no US bank account, no US address. What will they do? Put a "wanted" request on your passport? For less than many millions nobody will give a f about you.

And by the way Mr. Nice Guy, if you're so nice with your advice why don't you tell him what YOU would do if you were him? You only told him "Seychelles " and "Easily done using the right set up." so why don't you just describe the setup and how it works? Open a company where, open a bank account where, get your credit card where? Why this country and not somewhere else, etc etc... So what are you doing in this forum, just fishing for customers with "teasing" answers?

 

[GlobalWealth]

Haha... this guy is SELLING (REselling) financial planning.

I don't do financial planning. Nice try kiddo.

I've been doing this for 10 years.

Check out my blog: Your Guide for Perpetual Travel, Adventure & Romance.- VanofVictory.com

Hmmm, looks like you drive around Europe in a van taking pictures and F*cking girls.

I'm telling you all the "secrets" for free, so of course this guy will start to argue against everything I say.

I am only trying to provide actual information. I work with clients every day and your drivel is bullshit. Maybe what you are vomiting out of your mouth worked 5 years ago, but not today.

Just go and open a company and bank account in Panama and ask them to give you a company credit card and use it whereever you "live" or open a bank account somewhere and wire the money from Panama to that account and live off of that card. Very simple.

Maybe, but Americans will find it exceptionally difficult to open a bank account now in Panama. If you know what you are doing, you can actually open the Panamanian company with bank account and use your debit card worldwide. This can also be accomplished in a few other places as well.

This might be the only semblance of intelligence in your entire series of posts. But not everyone can or will fly to Panama to open the company and bank account. Most people need to use a service provider to make this happen.

This guy is probably (re)selling "planning services" for $10,000 .

You make some assumptions here, but in fact I don't work for free. Do you?

if not, just keep traveling, nobody will bother you for small amounts.

You really are an uneducated ignorant moron aren't you?

 

[GlobalWealth]

And by the way Mr. Nice Guy, if you're so nice with your advice why don't you tell him what YOU would do if you were him?

Actually I answer specific questions all the time on this forum. I don't know enough about his business or his personal and financial situation to offer specific advice though.

 

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[davidil]

Hmmm, looks like you drive around Europe in a van taking pictures and F*cking girls.

Yes. I also, among other things, dance salsa and fly planes, take acting lessons, guitar lessons, and working on a couple of scripts, generally enjoying life. I'm retired you know. Look for me tomorrow during the semi finals of the Beach Volleyball in the Olympics, I'll be in first row.... bro. Good luck to you sir.

 

[GlobalWealth]

Yes. I also, among other things, dance salsa and fly planes, take acting lessons, guitar lessons, and working on a couple of scripts, generally enjoying life. I'm retired you know. Look for me tomorrow during the semi finals of the Beach Volleyball in the Olympics, I'll be in first row.... bro. Good luck to you sir.

:bsmeter:

Congrats you win the pissing contest and the douche-bag championship.

 

[davidil]

Thanks. Check the posts about Latvia. Two girls in two nights.

 

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[Guest682]

give up your American passport bro, it doesn't worth 50% of your money.

How does one give up their passport? Also check your original thread I'll be posting a few questions in there too.

 

[Guest682]

In your case since you plan to live outside the US, an offshore company would serve you better. Since it is an operating company I would recommend a Seychelles Offshore IBC.

First off thanks for taking the time to pic apart my questions and really offer some advice. I will check this company out. Maybe I will open up a few companies for different things because my technical abilities are almost boundless. So it's possible for me to run multiple types of businesses that may be more suited for different regions. My main question is about the dropping the US Passport? I'd say 20 years ago having a US passport was a powerful thing, but yea today clearly questionable. So I'm guessing I become a citizen somewhere else? I'll check out your linkedin also.

 

[GlobalWealth]

How does one give up their passport? Also check your original thread I'll be posting a few questions in there too.

You would need to go to the local embassy where you live and fill out the application and pay the fee. You may owe an exit tax depending on your net worth.

It is highly recommended that you acquire citizenship in another country before you go that route, although I do have one client who gave up his US citizenship and went stateless.

 

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[GlobalWealth]

First off thanks for taking the time to pic apart my questions and really offer some advice. I will check this company out.

No problem.

 

[Guest682]

Update: I decided to register my company in delaware which cost like under $200 heres how I did it.

https://www.thefastlaneforum.com/bl...te-llc-delaware-any-state-total-cost-165.html


also to process payments I went through a company called Flagship Merchant services, for FREE they got me a hand held CC Proc device for my iPhone which allows me to bill and swipe customers face 2 face. The package also included an account with Authorize.NET which I now use for my online store and Freshbooks which allows me to send bills and have customers pay me via email. good luck!

 

[preciseau]

Even if you open a Nevada/Delaware/Florida, etc. LLC where they have no state tax, but live in a State with state tax (F*cking California), you still have to pay CA state tax because you live there. I think the rule is that you have to live 6-9 months out of the year in the state where you register to not pay out of state tax. When I spoke with my accountants and tax attorney, they said the benefit to registering in the tax free states is for asset protection and that it is easier if you end up moving to one of these non-tax states. Ex. If you had a CA S corp and moved to Florida, California would still want their taxes.

 

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