I don't know anything about how to run a business but I am making a bunch of money as a agency owner

[michael6216]

As the title suggests starting from this November I started my social media management agency , even though I'm at the start I have already have more than 5 clients. At the moment I'm receiving around $2000 per week as revenue . My profit would be around $400 per week. My employees are from African countries like nigeria , Tanzania etc....

Right now I don't have

• Current account
• Is not registered as any form of business

From the basic research I done in internet I found out that I can't show the salary I given to non resident as expenses in P&L if I'm not cutting TDS. if I can't show the salary as expenses isn't that means the whole revenue would be considered my income?. I'm confused about this part.....

I need more advices as to which entity I need to register As . How can I plan tax etc...

If someone who already deals with foreign clients and have foreign workers please hit me up . I need some good advices....

 

[jesuslover07]

@michael6216 Have you thought about registering your company in the USA ? As a Wyoming LLC ? get a Ein and current account there . Then receive and pay directly from there . You can withdraw profits and pay taxes on them. LLC is a pass through entity so you will be paying taxes in India on money you withdraw.

You will also save on forex change coming in and going out.

I would love to hear if anyone can point flaws in this approach .

 

[michael6216]

@jesuslover07 Can I dm you to know more about this

 

[jesuslover07]

@michael6216 Sure