Incorporating a Wyoming LLC as NRA, what's the catch?
I've read so many articles about Incorporating a company is the US, I found Wyoming LLC to be the best choice with the least possible maintanance fees. I've even read that I don't to pay any taxes if I meet a specific criteria. I was really convinced until a read this article : https://nomadcapitalist.com/entrepreneurs/stripe-atlas-bad-idea-online-businesses/
TLDR: you don't want anything to do with US tax system, the IRS will bite you some day.
So, I want to confirm whether I should file and pay taxes before I decide whether to move forward or not:
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I'm a NRA (nonresident alien)
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I operate an online business from outside the US
(selling digital products, running saas business, provide website hosting and maintanance service, working from a computer in another country, with no office, employees or agents in the US ) -
Single person
(I'm the only person who run this business, I have no employees or agents)
(main goal is to setup a Stripe account to take payments for the services I provide and the digital products I sell) -
Have world-wide customers
(some in the US, some in Europe...etc.)
Would I be liable for any taxes based on the above?
If you incorporate your company in the US, you must pay corporate tax and US corporate tax rate is currently 21%, there's litigation risk and more.
I suggest you incorporate your business in the UK, UK corporate tax rate is currently 19% but you can run your UK company for years without paying UK corporate tax because UK corporate tax is based on profit.
You can channel all your revenue to company expenses like salary, transportation, stationary, office rent, etc including paying yourself. Even if you don't have staff, office and other things mentioned, you can invoice the company and take the money out in the name of those expenses, for example you can invoice the company and pay yourself salary as the director of the company.
Incorporating a UK company is much easier and faster to gain access to business bank account and Stripe account. It takes less than 5 working days from incorporation of a company in the UK to opening Stripe account and business bank account.
While with a US LLC you will have to wait for minimum of 7 days for incorporation of your company and another 3 months for EIN before you can open bank account and Stripe account.
Incorporating a UK company is not really difficult with the help of some platforms like Incorpuk: incorpuk.com/?aff=937YwcgV