How are you paying yourself? This is a hot topic from many listeners – as entrepreneurs, digital nomads, e-commerce sellers traveling the world- how do we pay ourselves? Its important to take care of ourselves – but also maximize the tax benefits – for Hong Kong as well as anywhere in the world.
And I apologize for last week we left some swear words and other parts of the show that were a bit not cool for some of you – Doug and others -we have since cleaned that up – and today’s show is a bit 180 – with talking taxes and corporate. This is my business partner, Ray Ng, from Unipro Consulting Limited – doing HK corporate services together. So lets tune in
Topics Covered in this Episode
My business partner at the consulting firm Unipro Consulting Limited, great to have you on the show.
Hong Kong CPA
So you’re a licensed HK CPA, right? How exactly does one become a CPA in Hong Kong? Not that I want to be – just curious haha.
Options To Take Money Out
A lot of entrepreneurs here wonder how to get the money out of their companies to pay their rent, food, beer, and coconuts. What are the options?
Option 1: Dividend
So Hong Kong doesn’t have a dividend tax, right? so that is nice. Is this the more common way?
How to take out the dividend?
Just head on over to the ATM at Nana’s in Bangkok and withdraw a few times, pay the international ATM bank fees and currency exchange rate, and that’s it?
Option 2: Salary
So, there’s the other option which is hiring yourself in the HK company. What does this mean exactly?
HK Employment Tax
HK Employment form
Each year, Hong Kong companies get this form in the mail that asks how many employees they have, can you explain that a bit? So if the owner is paying dividend, they don’t count themselves, but if they are counting themselves as an employee, that should be as 1 person?
Hiring people outside of HK
So if the HK company has staff working full time, in Thailand, do you need to report that in HK? How does that work?
Regarding tax exemption as an offshore elect company – does option 1 or 2 matter for filing offshore as a HK company?
When does someone need to decide which way?
Is this something the business owner should decide from the beginning? Can they call the ATM withdraws at Nana’s a dividend or a salary later on?
Any tips for a listener who is a bit confused on what they should do for their situation?
And how can you, or we – help them? What is the best way for them to reach out. Website, email, [email protected]
Glad to finally get you on the show!
People / Companies / Resources Mentioned in this Episode
Episode Length 25:23
So that’s a wrap – I hope to get Ray back on in the future to talk about taxes and other accounting help. Actually something in the works already on Amazon and e-commerce accounting streamlining and strategies.
And another cool announcement- we talked about meetups and workshops in an open platform – well Vietnam is coming! June, you can check that one as well as a lot of other events, courses, and workshops at our new experts platform – experts.globalfromasia.com – ok, see you next week!
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