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It is possible to visualize the rise of digital nomads during the advent of the coronavirus pandemic. This was mainly due to remote working and different travel restrictions.
A move towards the adoption of technology was the key factor in this rise. It made digital nomadism even more flexible and free than ever before.
It is expected that the number of digital nomads is likely to rise to one billion by 2035. When you are deciding which country is best suitable for your business as a digital nomad you will have to assess the alternatives for your kind of business.
Here are some of the better options.
1. Hong Kong: You can find many digital nomads setting up their businesses in Hong Kong. There are many tax benefits associated with doing business in Hong Kong such as 0% income tax for offshore companies as compared to 16.5% on domestic businesses. Hong Kong has also created a pro-business environment that has few barriers to entry and this makes it simpler to register the business. There are lesser restrictions on foreign companies compared to other countries.
You will find lower audit costs, no sale tax, and there are no CFC rules you must comply with. It is also possible to use online platforms such as Air Corporate to register your business online in Hong Kong. There is an added advantage of proximity to China because of the Closer Economic Partnership Agreement between the two countries.
China is another alternative as well. China is a country that has been on the rise for years, and it’s not showing any signs of slowing down. With so many people from around the world wanting to invest in this market due to its growing economy full of opportunity, China will be an obvious choice when expanding your business overseas. China company register services can help you establish your business there.
2. Singapore: You can find several strong investment and trade opportunities in Singapore because of several benefits associated with registering a business in the country as a digital nomad. Firstly, Singapore offers these businessmen several tax benefits. These are a major source of attraction for the different digital nomads.
You can also find many tax incentives in Singapore for businesses such as a lack of corporate gains tax and startups are not needed to pay taxes for the initial three years of doing business.
You can also get a convenient business incorporation process, a huge market for big investors, a range of banking options, and a stable economy that has a GDP greater than developed countries.
3. Andorra: There is a new digital nomad law in place in Andorra that provides many investment opportunities, innovation, and sustainability for digital and remote businesses.
Andorra is not only going through a big digital transformation, but it has also offered economic, political, and legal security to foreign businesses. This together with a competitive and internationally approved tax system gives the country a massive advantage over European countries.
4. Belize: This country is widely recognized as one of the more tax-friendly countries and they also offer asset protection via offshore banking. There are many benefits associates with registering a business as a digital nomad with guaranteed confidentiality and privacy. You can also get international banking and financial stability. You can register a company in the country of Belize within just a couple of days by using a remote corporate bank account.
5. Malta: You can seriously consider registering your business as a digital nomad in the country of Malta. It is an attractive alternative for these businesses because the tax rates are liable to go down to as low as 5% if you can successfully apply for all the grants and utilize the different tax relief programs that are offered.
In addition to that these digital nomads will benefit from the trade agreement with the EU and several banking options. It is also one of the cheaper places for getting a transferable business license for the EU. There are also no exchange controls in place for these companies registered in Malta.
There are a few things you need to keep in mind while setting up a business as digital nomads in these countries. A digital nomad is a person with location-independent work that is normally conducted on the web via telecommunication technologies.
Where you register the business as a digital nomad is significant and it also depends on the kind of business you have. You have to take into account many factors while deciding where you are going to register your business as a digital nomad.