Hi Dmitry. The decision really depends on individual circumstances, but if I were to do it again, I’d consider setting up a C-Corp or LLC only if I had at least $3,000 in annual revenue just to cover the recurring admin and tax compliance costs. Also C-Corp makes only sense if you intend to have multiple shareholders and/or plan on raising venture capital. If it's just you it might be an overkill at the beginning and an expensive prestige project.
Regards to other jurisdictions I am not sure.
Another point I forgot to make, as a non-us resident I noticed that foreigners are required to submit more and more paperwork (accountants usually charge 200-500 USD per form) to submit to the authorities. In essence more bureaucracy for foreigners which usually leads to more costs.
Hi Dmitry. The decision really depends on individual circumstances, but if I were to do it again, I’d consider setting up a C-Corp or LLC only if I had at least $3,000 in annual revenue just to cover the recurring admin and tax compliance costs. Also C-Corp makes only sense if you intend to have multiple shareholders and/or plan on raising venture capital. If it's just you it might be an overkill at the beginning and an expensive prestige project.
Regards to other jurisdictions I am not sure.
Thanks for the input, makes total sense!
FYI, a corporation in Estonia is about $1000-1500 annual full accounting and compliance support. Not sure how much is it in Singapore or Dubai.
Another point I forgot to make, as a non-us resident I noticed that foreigners are required to submit more and more paperwork (accountants usually charge 200-500 USD per form) to submit to the authorities. In essence more bureaucracy for foreigners which usually leads to more costs.
That’s interesting. I guess the market makes it so.
I already pay thousands for my US tax prep (CFC, FEIE and such), so it doesn’t shock me 😅
That’s interesting. I guess the market makes it so.
I already pay thousands for my US tax prep (CFC, FEIE and such),j so it doesn’t shock me 😅