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Singapore is a very easy place to incorporate (24 hours + $350), but there are enough other downsides (credit card merchant account, banking, foreign reporting)
by sivers 14y ago
Singapore is a very easy place to incorporate (24 hours + $350), but there are enough other downsides (credit card merchant account, banking, foreign reporting) - that it's probably worth doing what the other people advise here, and just set up your US LLC/corp and bank account in the U.S. first, then take off and go hang in Phnom Penh, Nha Trang, Luang Prabang, Chiang Mai, Bali, Kerala, etc. (I can introduce you to interesting techies in any of these places & more. Feel free to email me at derek@sivers.org)
Singapore often wins the “ease of doing business” awards, but those are grading things like imports/exports, foreign employees, and such.
When it comes to doing an internet-based business, U.S. wins hands-down. All those lovely online things like Stripe, easy online banking, online statements, PayPal integration and such are much harder to set up outside the U.S. So set it all up first. Online-only statements for your bank, etc.
Oh and yes, EarthClassMail is awesome. Set it up first before you incorporate, and make your EarthClassMail address the sole address for your LLC/corporation from the start. It's a little expensive but so worth it.
Get a CPA you trust in the U.S. first, and give them some pre-signed blank business checks before you go. There are some things that require paper checks, and it's a drag when you're across the world and need to send one. Usually they're tax-related so have your CPA send one of your pre-signed checks. And when needed, have EarthClassMail forward tax things to your CPA.
On that note, it helps if a family member can sign your name for you, so if some forms insist that they need the "signed original", you don't have to have a f'ing FedEx jet flying a piece of f'ing paper to Asia and back just to get your pen on it.
Hope that helps. I won't be monitoring this HN post for future comments, so anyone please feel free to email me with any questions.
- Derek
- infinii 14y agoSingapore just surpassed Hong Kong as one of the most expensive places to live in Asia. I think it'd be more rational to discuss more developing countries such as Vietnam, Thailand, South America, etc.