Quote:
Originally Posted by Donkey Punch
Interesting thread..
I'd like to incorporate in a low tax area and pay myself a minimal salary.
I'm thinking this would allow me to grow my *business* quicker by being able to invest more money into it by paying little to no tax?
Amiright or at leat on the right track ?
|
Depends where you are resident - if it's the US that hoss don't run. If it is in almost any other country, it can be an option - depending.
As a rule of thumb - the moment you draw funds into your country of residence, there are taxes applicable (and it's not worth the hassle not declaring this.) However, it "may" be possible to retain funds offshore and use these soley for business trading - maybe. You need a tax lawyer in the country you reside - tho they are generally useless on this topic.
The simplest version is be resident in an offshore location (as long as you are not a US citizen). This skips all crap and tax problems and you can do whatever the hell you want with your money - and nobody is interested in taxation elements.