Best Legal Entity for American Living Overseas (5)
For those of you that are American and are living overseas, what legal entity do you recommend setting up for your AM business? Does anyone have any recommendations for lawyers or accountants that they use for their business?
I read that Nevada LLCs are a good option, however, I really don't know any Nevada corporate attorneys that I could consult with to set one up. I know you can do a google search, however, I would rather go through a STM referral.
Please advise.
This thread may point you in the right direction http://stmforum.com/forum/showthread...highlight=corp
Do you want to set up a US-based business or could it be anywhere?
I think the main problem you face is not so much the business incorporation side, more so what geos will allow Americans to be involved (lol) and of course obeying the letter of the law with FATCA, which you'll need to do regardless of where you go.
FYI from boots on the ground here in asia ...
US citizens are not welcome at HK banks...this has been an issue for a while but what I hear from my sources out of HK, (and experienced this personally myself recently)...you will NOT be able to get a bank account if you are a us citizen...no matter who you know...
If you already have established relationships you may still be able to ....but it could be very likely that anyone considered a US person aka green card holder may even have accounts closed...
just an fyi to all of us who are chained by the red, white and blue
Originally Posted by zeno
I am currently working full-time in Asia and will set up an AM business on the side. Although it would be great to do AM full-time, I get the feeling that I need to first keep my day job and ramp up my AM business until I can reliably make a lot of money from it.
I routinely transfer money to my U.S. accounts and would like my AM business to operate through my U.S. accounts. I read some posts that recommended that a person first set up a legal entity before they start in AM and that is an approach I am considering. The other approach I am considering is to just start my AM business and to hold-off on setting up my AM business LLC until I am making some decent money with my AM business.
Which approach do you recommend? Although I read some AM posts several months ago, I didn't really start getting serious about it until now. My personality is such that I am biased towards taking action right now and to not over-think this setting up a corporation thing and to just start...albeit rather small until I can reliably scale.
Cheers,
David
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