Start my own? But conditions are weird!?!
I'm a Swedish citizen that migrated out of Sweden a few years ago. I don't pay any taxes there. I'm in the US on an E2 visa sponsored by my company. I pay taxes in the US and have social security nr. My client network is really strong so I would like to resign and then start freelancing. I would prefer to start an LLC in the US and freelance while traveling around the world. Would I be allowed to keep my LLC, SSN, bank account and everything in the US if I resign and lose my visa? I wouldn't be allowed to work IN the US, but what if I keep my base here and work from the outside? Anyone have experience in doing something similar? I would like to mention that I used to be a traveling freelancer for 3 years before... I just don't want to have my base in Sweden when I do it because the taxes are SO high!!!
I’m not a lawyer and I agree, don’t take advice on blind. Consult a lawyer instead. With that said, I have researched and consulted a lawyer on some of this as I have a similar situation although not 100% identical. US LLCs must be owned by US persons. You can elect to have them treated as C corporations if you are a foreign owner. However, then you would lose many of the tax benefits as anything your corporation makes gets taxes once and then once you withdraw you will pay taxes in your country of residence. I don’t know Swedish law but here in the States there are also rules to prevent working through a foreign corporation to avoid taxes (in your case for tax minimization, you’d want a Belize Corp, e.g., where there are zero taxes). Further, I have read anecdotally that applying for any sort of visa within the US becomes challenging if you have a corporation in the States as immigration assumes you want to come here to work. Your world travels would then probably have to not include the US or while you were here you could do nothing with your business. Further, you may risk not being fully protected liability wise owning a Corp in a foreign jurisdiction. But again, I don’t know all the laws everywhere. My advice, consult an attorney and really hammer out the specifics. That’s what I wound up doing... Best of luck!
Thanks for your extended response! 🙏 Most of what you write seen 100% logical and I think you're right.
Np! Glad to see others think like me on this... at least one lawyer I talked to kind of thought I was nuts. As I said, discuss with a lawyer, but be advised that getting answers is not always easy (and is always expensive) as you’re trying to intersect business, tax, and immigration law and no lawyer is qualified in all three areas for advice. From what I’ve been able to piece together, it seems like the easiest approach is always to incorporate in your state or jurisdiction of residence (where the “mind and matter” of the corporation is) and then register that corp as an out of state or province corporation wherever you’re looking to “do business”. Of course if you’re just freelancing or writing some code online you could possibly bypass incorporation entirely and just work under your own name or register a dba. You’d only pay tax to your jurisdiction of residence then.
This can be done, but probably not with an LLC.
I have recently applied to the FANG companies and if I don't get any response, I think I might just setup something in a remote tax paradise company and then start traveling again :) Those years were the best time of my life and I miss it so much!
What was the traveling +freelancing experience like? I’m curious to know that, maybe I’ll be inspired myself.
It was just AMAZING. For the first time in my life I felt FREE! I moved to Bangkok and had an apartment there. Worked 1-2 weeks per month and travelled the rest. I have been all around SEA, Japan, and I meet so many amazing people. It was also so cheep to live there so when I got back home I had a lot of money saved from freelancing. I just bought an apartment for the money as an investment and then moved to New York. (I am from EU)!
Don’t take advice on blind. Talk to an immigration lawyer.
^^ Except for this advice. Take this advice.