Forming a Delaware C-Corp as a foreign citizen and wiring funds monthly.

[Dayef]

With my corporation registered in Bangladesh, I can only accept card payments on my website through Bangladeshi payment gateways. The issue with Bangladeshi payment gateway is due to the regulation of central bank, payment gateways are required to ask for a one-time-password sent to the cardholder's phone or email. As such, our current payment gateway is not able to accept payments from foreign credit or debit cards.

We want to register a C Corporation in Delaware and allow our foreign users to pay with PayPal or Stripe on our website, and wire funds to Bangladesh monthly. In the first year, we expect to wire around $5,000 every month.

From my research, it seems like there are a few different agencies such as XxXX who will do the formation for me.

My questions are,

What I will have to do to keep operating the company?
What will the tax structure be?
Will there be any complications on wiring funds internationally frequently?

 

[quincy]

In what country are you located?

You should seek legal assistance in your area. Your business concerns require a personal review and personal reviews exceed the scope of this forum.

 

[Taxing Matters]

What I will have to do to keep operating the company?

The requirements are not terribly burdensome. You'll have to file periodic reports with Delaware and pay annual fees to Delaware. You'll have to maintain separate books and records for the U.S. company. You'll need to keep up certain corporate formalities like periodic board meetings, etc. A U.S. corporate law attorney can give you all the details of what you need to do.

What will the tax structure be?

The U.S. taxes its companies and citizens on their world wide income. So a corporation organized in Delaware will be taxed on its income from this venture at a rate of 21% at the federal (national level) and there would also potentially be Delaware tax to pay, too. Moreover for federal tax purposes a corporation owned by a non U.S. person is by default treated as a U.S. real property interest (USRPI) for federal tax purposes which adds tax complexity to certain transactions you may do, like transfers/sales of the stock of the corporation. You may be able to avoid much of the U.S. federal tax here by using a limited liability company (LLC) rather than an entity taxed as a C corporation.

Will there be any complications on wiring funds internationally frequently?

Not from the U.S. side of things. The U.S. does not impose any currency restrictions in or out of the country like some nations do.

 

[Taxing Matters]

You should seek legal assistance in your area.

For the questions the OP asked here, I think he/she would be far better served getting advice from a U.S. corporate law attorney and a U.S. tax attorney familiar with taxation of U.S. business entities owned by foreign persons than getting legal advice in his/her home country.

 

[quincy]

For the questions the OP asked here, I think he/she would be far better served getting advice from a U.S. corporate law attorney and a U.S. tax attorney familiar with taxation of U.S. business entities owned by foreign persons than getting legal advice in his/her home country.

Legal advice can more conveniently come in his/her home country from an international law firm, depending on where in the world Dayef is located.

 

[Taxing Matters]

Legal advice can more conveniently come in his/her home country from an international law firm, depending on where in the world Dayef is located.

Perhaps, though finding a Bangledeshi law firm that is well acquainted with Delaware corporate law and U.S. tax law will be quite a challenge, I think.

 

[quincy]

Bangladesh does appear to be his country of residence. There are several firms in Dhaka.