Eureka! I’ve got a great idea for an online business!
That’s the way it all starts. You’ve discussed the idea with your friends, found a few partners who are interested, and worked out a business plan. You know where the capital will come from. And there is just one more step to take: register your company to officially turn the first page… And you stumble on this rock just because there are too many offers.
The easiest solution is to find a consultant – and, to tell the truth, this is the best option as each business is worth personal attention and requires a customized solution. The most difficult way to deal with that is to read hundreds of articles trying to make the right choice – instead of putting this energy into your idea. And we offer the happy middle: this post will focus on the best jurisdictions in 2022, and you can read a more detailed article on where to register an online business on our portal.
Anyway, what requirements do you expect a suitable jurisdiction to meet?
- Of course, remote opening and management opportunities
- Good reputation in the world of business
- Easy corporate account opening procedure
- International payment opportunities that would leave your counterparties satisfied
- Reasonable tax rates and tax incentives available
- Moderate reporting standards
We cannot do much about five of these items, but our experts can definitely help you with hassle-free business account opening. And there is one more tendency that we would not like to leave unnoticed: the low-tax demand is slowly but steadily taking the back seat, with the friendliness and safety of the business environment rushing forward. You can put these two items on the scales to see which weighs heavier in your case.
Before we proceed to the list of the best jurisdictions, we would like to make it clear that there are things a business consultant can easily influence, and there are those he or she cannot do much about. We have a team of experts who can help you register a company, find a nominee, get a virtual office, keep your accounting, obtain a crypto license, and much more – see the full list of our services for those who start an international business. But each jurisdiction has its peculiarities we cannot change, so look at our top 8 list with this in mind and select the one that seems to match your business idea best of all:
- The British Virgin Islands. This is a classic destination that everyone seems to know about, and it is still relevant thanks to its flexible legal framework and rich experience in dealing with international companies. The country’s infrastructure seems to be specially designed for online undertakings. If your income is generated outside the BVI, you will not pay any taxes.
- Canada. You will pay no taxes if you derive 100% of your income from foreign sources and your entity was registered as a limited partnership (LP). The country’s geographic location means that you can use US facilities and marketplaces, which can be a decisive factor for some of you. High international reputation and diverse online economy – Canada has it all for you.
- USA. This is a country of opportunities where online companies will enjoy excellent business services, an extensive internal market, and unlimited access to world markets. States like Delaware and Wyoming are dubbed “offshore states” as you can benefit from tax exemption there provided that your profit is generated abroad.
- Estonia. When the time came to select a niche, the country selected digital business! Estonia managed to create a really convenient infrastructure for online companies with easy remote formation, reporting, and management. This is quite an affordable solution that is crypto-friendly and provides incentives for reinvested profits.
- Hong Kong. You can have your company registered within just two business days – without a visit to the country! Hong Kong supports business in many ways and is not only a gateway to China but also a hub for numerous trading, training, and financial companies working online. You will need a consultant to open an account, but you will ultimately get really good banking.
- Singapore. The country has made an impressive journey from a modest fishing community to a really important business center, so it knows how to attract businesses. Benefit from its exceptional pro-business ecosystem with tax incentives, ease of doing business, and advanced infrastructure.
- UK. This is a favorite hub for businesses engaged in trade and services (however, fintech companies moved away after Brexit). Prepare your documents thoroughly (you can use our help), and your company will be registered in a matter of 24 hours. UK banks are conservative about onboarding new clients, but payment systems or EU accounts are open to you.
- Georgia. Take advantage of special conditions for IT companies, like zero corporate tax and 5% dividend, interest, and royalty taxes. Online registration will take 2-3 working days if your documents are OK. You will easily open a corporate account at a local bank. However, Internet speed may be somewhat slow, so you’d better locate your servers abroad.
This is a really good list, and you can safely choose one of the destinations. However, we still recommend working with a consultant as, sad though it may seem, there is no one-size-fits-all path to success. When you read business success stories, you probably noticed the human factors that paved the way to the goal. And an experienced consultant is one of them.
You can follow the link above to schedule a meeting with our specialists just to make sure that you have selected the right country, the legal form that will suit your business best, and you can open a business account with a suitable bank to pump the financial blood through the veins of your business at the required speed.
Good luck with your business endeavors!
