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How to Leverage Offshore E-Commerce within Your Existing Business
By admin | July 6, 2008
Some regard ecommerce as an entirely new way of doing business, while others see it as simply a new channel to market existing products or services.
You could start something completely new from scratch. Better, though, is to avoid starting from zero. Instead, adapt your existing business and expertise to an offshore, e-commerce model – giving you the freedom to live where you choose, on your terms, while legally paying almost zero tax!
Sounds improbable? Let me give you an example of how offshore e-commerce applies in real life to the hotel business, which on the face of it seems like a static kind of bricks and mortar business.
My friend Billy, a French-Canadian, is in the hotel business. He takes bookings and collects credit card payments through a website hosted in Panama for his chain of boutique hotels in the Caribbean. Most clients probably don’t even know he is “offshore,” since their credit cards are charged in US dollars and they don’t read the small print on the contract.
After making payment, they print out a voucher which they take to the hotel as payment for the stay. The hotel operating companies then bill the Panama company, which pays the hotel. All the profit stays offshore, tax-free in Panama. Billy runs the entire operation from an office in Buenos Aires, Argentina where he likes to live. Since neither Argentina nor Panama tax foreign-sourced income, and Billy is non-resident as far as Revenue Canada are concerned, he pays no income nor corporation tax anywhere. Of course, if he gets bored in Buenos Aires, he can travel anywhere in the world and still run his business from anywhere with an internet connection.
If you give the matter some more thought, you can see how this concept can be applied to any business. Both products and services can be sold online. Often it’s just a question of “intermediation.”
Other offshore, e-commerce people are better described as telecommuters, selling their skills and services in the global online marketplace. Any job where you spend most of the day sitting in front of a computer can fairly easily be outsourced to any place on earth with a reliable internet connection.
That’s why I love offshore e-commerce. I have quite a number of clients who are already doing this. Would you like to join them? If so, the place to start is www.qwealthreport.com Or email me directly using the contact info on this site.
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Topics: Banks and banking offshore, Offshore Wealth Creation | No Comments »
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