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Swimming out to sea

A detailed account of a Fastlane process...

teteie

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Apr 16, 2024
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Guess we're keeping with the swimming titles for now :D
Last Sunday I posted an intro here
(TLDR: Software Engineer based entrepreneur living in Portugal)

Moving to an execution themed thread makes more sense now.

2 main advances this week.

1. Webapp
As per my mentioned struggles in the thread above, one of them being "Anaysis paralysis" and being undecided on what tech architecture route to go down. I've chosen a direction, stuck to it, and have gotten the core of my webapp working.

Main Stack:
* NodeJS
* TypeScript
* Vue3
* MongoDB
* UI lib yet to be decided
* Deployment platform to be decided

That's it - keeping it clean and simple, and with the least dependencies as possible. A bit more headache now, but worth it long term.

The intention here is to have a basic boilerplate for deploying webapps one by one, testing how they fair in the market and iterating from there.
So after the initial inevitable failures, momentum can be built to improve the processes along the way.

This week, I'm onto the webapp "filling" and deployment options.

-----

2. LLC Formation
I've started researching and meeting with consultants about how and where to open an LLC. I prefer the liability protection for selling anything online without being at personal risk.

Context:
* Portugal is not a good place to open a company that'll be selling digital products. If you open a company, you need around 6K euro just to keep it alive...even if it's not making any profit.

So I'm considering opening an LLC as a non-resident in the countries below:

* USA
Startup costs of around €1K
+ For non-residents, potentially 0% corporate taxes
+ There's many consultants providing opening service 100% online
+ Great market for tech products
+ Quick opening process
+ No translators needed

- Apparently banks (e.g. Mercury, Chase) can just close your account and hold funds for no reason. This feels scary. If anyone has further information on this, please feel free to share.
- Harder to travel to physically.

* Andorra
Startup costs of around €6K
+ Good corporate tax rate (10%)
+ Actually considering moving there in the future, since I genuinely like the place, so good potential long term investment
+ Easier to learn the language (Catalan) for us latin folks


- No online payment providers like PayPal or Stripe
- Opening process takes a while

* Hungary
Startup costs of around €10K
+ Good corporate tax rate (9%)
+ Online payment providers check

- Will need translators, and language is harder to learn
- Not looking to live there long term

-----
More updates next week.
Goals:
* Decide where to open an LLC
* Filling of webapp complete

If anyone has any insights in opening LLCs as non-residents in the countries above, or suggestions for other countries, It's greatly appreciated
 
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Gypsy Soul

Bronze Contributor
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Jun 27, 2024
152
192
San Antonio, TX
Guess we're keeping with the swimming titles for now :D
Last Sunday I posted an intro here
(TLDR: Software Engineer based entrepreneur living in Portugal)

Moving to an execution themed thread makes more sense now.

2 main advances this week.

1. Webapp
As per my mentioned struggles in the thread above, one of them being "Anaysis paralysis" and being undecided on what tech architecture route to go down. I've chosen a direction, stuck to it, and have gotten the core of my webapp working.

Main Stack:
* NodeJS
* TypeScript
* Vue3
* MongoDB
* UI lib yet to be decided
* Deployment platform to be decided

That's it - keeping it clean and simple, and with the least dependencies as possible. A bit more headache now, but worth it long term.

The intention here is to have a basic boilerplate for deploying webapps one by one, testing how they fair in the market and iterating from there.
So after the initial inevitable failures, momentum can be built to improve the processes along the way.

This week, I'm onto the webapp "filling" and deployment options.

-----

2. LLC Formation
I've started researching and meeting with consultants about how and where to open an LLC. I prefer the liability protection for selling anything online without being at personal risk.

Context:
* Portugal is not a good place to open a company that'll be selling digital products. If you open a company, you need around 6K euro just to keep it alive...even if it's not making any profit.

So I'm considering opening an LLC as a non-resident in the countries below:

* USA
Startup costs of around €1K
+ For non-residents, potentially 0% corporate taxes
+ There's many consultants providing opening service 100% online
+ Great market for tech products
+ Quick opening process
+ No translators needed

- Apparently banks (e.g. Mercury, Chase) can just close your account and hold funds for no reason. This feels scary. If anyone has further information on this, please feel free to share.
- Harder to travel to physically.

* Andorra
Startup costs of around €6K
+ Good corporate tax rate (10%)
+ Actually considering moving there in the future, since I genuinely like the place, so good potential long term investment
+ Easier to learn the language (Catalan) for us latin folks


- No online payment providers like PayPal or Stripe
- Opening process takes a while

* Hungary
Startup costs of around €10K
+ Good corporate tax rate (9%)
+ Online payment providers check

- Will need translators, and language is harder to learn
- Not looking to live there long term

-----
More updates next week.
Goals:
* Decide where to open an LLC
* Filling of webapp complete

If anyone has any insights in opening LLCs as non-residents in the countries above, or suggestions for other countries, It's greatly appreciated
Good vanilla stack. I like your plans on refining the stack over time and iterating on it.


Check out the US state of Delaware with a corp tax rate of 8.7%. The most popular state to incorporate in the US. Reasons below.

Why incorporate in Delaware?

Corporate Income Tax FAQ's for Delaware
 

nopalmer

Contributor
MEMBER
User Power
Value/Post Ratio
86%
Feb 7, 2023
44
38
Backing up the Delaware suggestion. Although you could start with Catalan slowly since you're considering Andorra for the future. The online payment options you mentioned might become available and I believe you can use Wise there at the moment. I think it's a great place to live.
 

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