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Damien Bosco
Damien Bosco, Attorney
Category: Business Law
Satisfied Customers: 2769
Experience:  Helping you with your legal questions.
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I'm planing to move my online service business to US as

Customer Question

I'm planing to move my online service business to US as offshore company. And i want to know the legal obligations i may have. also should i be in US in order to open offahore and bank account? And does transfering money from US bank to different account will be a problem?
Submitted: 2 months ago.
Category: Business Law
Expert:  Damien Bosco replied 2 months ago.

Hello: My name is ***** ***** I am an attorney. Please give me a moment to review your question. I may ask some questions to clarify issues.

Expert:  Damien Bosco replied 2 months ago.

Are you saying you have already incorporated your business in a country outside the US and want to do business in the US?

Customer: replied 2 months ago.
Hi Damien
Customer: replied 2 months ago.
Thank you for taking my question
Expert:  Damien Bosco replied 2 months ago.

Sure.

Customer: replied 2 months ago.
My business is an online service
Customer: replied 2 months ago.
It's app and website
Customer: replied 2 months ago.
we didn't launch it yet
Expert:  Damien Bosco replied 2 months ago.

Okay. So do you want to incorporate in the US? Or incorporate outside the US and do business in the US?

Customer: replied 2 months ago.
I want to do the business outside the US
Expert:  Damien Bosco replied 2 months ago.

Are you in the US?

Customer: replied 2 months ago.
No
Expert:  Damien Bosco replied 2 months ago.

I am not quite sure the connection to the US. If you are outside the US and you want to do business outside the US, what is the US connection?

Customer: replied 2 months ago.
I need my business to be governed by the US law. Because there are alot of copyright and intellectual property matters that is not very much supported in my country
Expert:  Damien Bosco replied 2 months ago.

Okay. So you would want to incorporate in the US. Will anyone be working in the US?

Customer: replied 2 months ago.
No I don't think so
Expert:  Damien Bosco replied 2 months ago.

Generally, there are no restrictions on foreign ownership of a company formed in the United States. The procedure for a foreign citizen to form a company in the United States is the same as for a US resident. It is not necessary to be a US citizen or to have a green card to own a corporation or limited liability company formed in the United States.

I found a like that answers many of the questions. Would you like me to give it to you?

Customer: replied 2 months ago.
do i need to come to US to open the offshore company and bank account? Or could it be remotely
Expert:  Damien Bosco replied 2 months ago.

You may have to come to the US to open the bank account, but not the corporation.

Customer: replied 2 months ago.
Ok. And should i pay taxes? And am i allowed to transfer the money to outside US without any problem?
Expert:  Damien Bosco replied 2 months ago.

You will have to pay US taxes on the revenues generated by the US corporation. For transfers of money outside the US, it is possible. Each bank has it own rules or forms you would need to complete.

Customer: replied 2 months ago.
You mean i have to pay taxes if the revenues was generated from US. But if it comes from outside US there is no taxes
Expert:  Damien Bosco replied 2 months ago.

Current US tax law even taxes moneys generated outside the US. So the corporation would be taxed on all income no matter where it is.

Expert:  Damien Bosco replied 2 months ago.

Do you need further assistance?

Customer: replied 2 months ago.
I found many sites who can register the company
Expert:  Damien Bosco replied 2 months ago.

That is good. That is the next step.

Customer: replied 2 months ago.
That there is no taxation for transactions outside US
Expert:  Damien Bosco replied 2 months ago.

THAT IS INCORRECT. There are different types of taxes. Most U.S. corporate income is subject to a 35% federal tax rate. ... What's more, companies owe U.S. tax on profits they make in the United States and ABROAD, minus whatever foreign tax they've paid

Expert:  Damien Bosco replied 2 months ago.

Do you need further assistance?

Customer: replied 2 months ago.
Could you please explain more on this matter. I'm having hard time to understand.
Expert:  Damien Bosco replied 2 months ago.

It sounds like you want an extended Q&A. I can send you premium service offer so we can continue with your question.

Customer: replied 2 months ago.
Ok so could you explain to me you answer on this matter in different way so i can understand it. And then if i need more information we will go to the premium service.
Expert:  Damien Bosco replied 2 months ago.

If you form a US corporation and that corporation earns money, the profit is taxed no matter where the revenue comes from minus what you paid on the tax in another country. So, the corporation is not double taxed. Either you pay another company's income tax, or the US income tax on money generated by the corporation.

Expert:  Damien Bosco replied 2 months ago.

If you need further assistance, let me know. Otherwise, I have been happy to answer all the questions you have had.

Expert:  Damien Bosco replied 2 months ago.

Hello again: I have been happy to answer your questions. Please remember to provide a rating between 3 and 5 stars for the services I provided to you. Thank you.

Expert:  Damien Bosco replied 2 months ago.

Hello: Just following up. I know my answer was not exactly what you wanted to hear. But it is better to know what is expected in this situation. If you are satisfied with your answer, please provide a positive rating between 3 and 5 stars for the service I provided to you. If you have a follow-up question, just let me know.