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Under either you will be taxed in on the whole. If through the S corp you will pay yourself the regular wages (W2 for S corp) and the profits will be passed to you form S corp. That will mean self employemnt to still pay in US. If W2 then you will not be paying into SS in US so you will lose years of contributing to SS for future.
You will be able to use the Form 2555 to exclude in either situation and housing.
Hong Kong has it's own taxation and it may be easier for you to enter and work if sponsored by a resident company as an employee.
That though is an immigration issue and the company that wishes to employee your services should be able to advise and assist on their end.
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Hello and thank you for allowing us at Just Answer to assist you. In addition to what Robin told you, if, within your S-Corp, declare and fund a SEP, this could lower your US taxes quite a bit. Plus, any foreign income tax you do pay will be eligible to claim as a tax credit on your Form 1040. If this position is medium- to long-term, you would be able to exclude at least a portion of your foreign earnings a short while after establishing residency.