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Its good to have one other account offshore, but you must declare it on your tax return if your in the US… Anything you make is definitely taxable, no matter where it ends up unless you form a holding company and it never enters the US like Apple/Google…
What AllFreeChips said.
If you’re starting out, I dont think there is any need. Just work with programs who can get you paid, if you thinking getting you paid will be an issue.
I’m no Apple or Google, but I end up paying all the taxes I should. At some point you’re going to have pay taxes when you bring it down to a country.
If I was an Apple or Google, I’d move to a country which didn’t slam me on tax. Move, as in.. migrate!
I intended on paying taxes, so that’s not the issue. I’m more concerned about privacy and flying under the radar as far as protecting myself from lawsuits, etc. I heard Offshore accounts were good for this.
lawsuits wont be changed by this. the only benefit is insuring offshore companies can pay you, nothing more.
I had all the same questions as you a few years back and really looked into it.. In the end, I just use my personal US bank account (BofA) and have had no problems. No LLC, I just file as ‘Internet Marketing’ Sole Proprietorship and use my SSN.
As long as your Bank is not giving you a hard time no need for off shore ( unless you trying to hide something)
just remember the us irs loves to collect taxes ..
@GamblingShares 251534 wrote:
As long as your Bank is not giving you a hard time no need for off shore ( unless you trying to hide something)
just remember the us irs loves to collect taxes ..
As does the UK’s HMRC. If you do open an offshore account, I would also declare it to your relevant Tax authorities for your jurisdiction.
I receive all revenue on my Neteller, Skrill and PayPal account. Once a month I make a withdrawal to my domestic business bank account. No mention of casino, gambling or whatsoever, so no problems.
RE: LLC. We formed an s-corporation, which is similar to an LLC. LLC is simply a way to limit your liability, in case you get sued. If you’re making decent money, limiting your liability isnt a bad idea. So if you get sued, it might destroy your business, but they couldn’t come after your personal assets that you built over the years.
RE: offshore account. We found it necessary to get one, after having 2 banks close our accounts because of wires from obvious gaming companies. 888 gaming, betfair, etc.
The account we have is a personal account at a canadian bank that also has us branches. They are great with cross border banking.
If I found a USA bank that wouldnt blink if we got a wire from a gaming company, I wouldnt have bothered with the Canadian account.
My .02
I’m just curious, what banks have you guys had issues with? Maybe its because I have a 15 year old account in good standing, but I have never had an issue with bofa. I did however just open a wells fargo account.. Anyone have any experience with them receiving payments?
I Bank with Wells Fargo. I find them to be amiable to wave my international transfer fees, although that could be my strikingly good looks, they have some decent business accounts. I operate under an LLC, and offer tons of other marketing services. Canadian checks are charged only a $1 fee. Checks from any BoA branch, including overseas (Lotus Asia) are free. When I begin to work with more European partners rather than just US ones I would be interested in opening other ones I guess.
