The Right Side Of History and the Secrets of Offshore Corporations

Episode #104 – The Right Side Of History and the Secrets of Offshore Corporations
Date: 2012-05-24
Link: Lifestyle Business Podcast
 
People are going to want to do business with other countries based on their needs.
There is not a right answer.
The U.S. is the number one offshore jurisdiction in the world.
In the U.S. you need an EIN for your business.
You need to have a primary source of income in the U.S. before you setup offshore.
Earned Income Exclusion Act.
You must disclose all ownerships of foreign corporations that are over 10%. Or if you are a beneficiary.
You have to tell IRS about any foreign bank accounts with more than $10k in them.
Starting companies overseas is a form of asset diversification.
Hong Kong and Singapore are great first steps outside of the country.
Hong Kong is slightly cheaper. Singapore is slightly better.
For Hong Kong corporations you need to keep every receipt on file for seven years. And you need a certified account to certify your receipts every year.