Citizen abroad. Should I set up a sole trader in Ireland for online business?

Did a search but didn't find anything.. I'm living in Vietnam but it would be impossible for me to set it up here as a foreigner and with such a closed banking system so I'm researching a sole trader in Ireland. Purely online business with no physical products.

I wouldn't want to be visiting home (for this anyways) so could I do it all online? Would I need a business bank account or would Stripe link to my current account?

And would any profits be my salary and would I then have to pay tax as a non-resident? Would all my initial outlay on advertising / servers / programmers need to be recorded?


I don't really know my position since being in Vietnam really excludes me from any normal sort of approach. Thanks for any information.

pedroeibar1

Ireland is as relevant as the Moon on this question.. You and your business operations are based in Vietnam, so if you want to have any commercial activity it must be compliant with Vietnamese laws/procedures, including you obtaining a business visa, etc. Nothing to do with this country, unless you break the law and need Dept of Foreign Affairs assistance!

As a foreign national the first thing you need is a business visa, they have different ones, FWIW I had a “B” visa for VN years ago, cost a few (nominal amount) USD for three months, but it allowed me multiple entry/exit and was easy to renew; obtained it without much trouble – I applied for one straight off, rather than getting a tourist one and applying for an “upgrade”..
I had a very strong/good local contact, we registered a business (services sector), cost a just few hundred USD, and a bank account was not too hard either, just the usual amount of paperwork, copy of business seal, etc., and actually a lot easier to obtain than opening one in the USA a few years later! We ended up moving from the state bank to Asia Commercial Bank as we knew a good guy there. From memory we had to have two accounts, one in USD and the other in Dong/NVD and because there was foreign ownership we had to comply with minimum balance rules – not onerous. It has to be easier now – I go back to the first few years of Doi Moi when it was the "Tiger Years" and currency was being brought out of Laos (legally) in a suitcase case and banked/invested in Vietnam.

pedroeibar1

pedroeibar1 wrote: »

Ireland is as relevant as the Moon on this question.. You and your business operations are based in Vietnam, so if you want to have any commercial activity it must be compliant with Vietnamese laws/procedures, including you obtaining a business visa, etc. Nothing to do with this country, unless you break the law and need Dept of Foreign Affairs assistance!

As a foreign national the first thing you need is a business visa, they have different ones, FWIW I had a “B” visa for VN years ago, cost a few (nominal amount) USD for three months, but it allowed me multiple entry/exit and was easy to renew; obtained it without much trouble – I applied for one straight off, rather than getting a tourist one and applying for an “upgrade”..
I had a very strong/good local contact, we registered a business (services sector), cost a just few hundred USD, and a bank account was not too hard either, just the usual amount of paperwork, copy of business seal, etc., and actually a lot easier to obtain than opening one in the USA a few years later! We ended up moving from the state bank to Asia Commercial Bank as we knew a good guy there. From memory we had to have two accounts, one in USD and the other in Dong/NVD and because there was foreign ownership we had to comply with minimum balance rules – not onerous. It has to be easier now – I go back to the first few years of Doi Moi when it was the "Tiger Years" and currency was being brought out of Laos (legally) in a suitcase case and banked/invested in Vietnam.

I have a work permit in Vietnam as it is but I don't know how long I'll be here.. I certainly don't want a business set up here when it has nothing to do with the Vietnamese market. And I'd only be able to own 49% of it. And accepting payments would be a nightmare. And tea money to get anything would turn into my biggest expense.

Is it actually illegal for me to have a sole trader in Ireland? I can't imagine it's as irrelevant as the moon.. I'd rather just get a family member to open the business at home since there are no financial risks with it.

pedroeibar1

You need to understand what "Sole Trader" means legally. Comprehend that and the rest will fall into place. (A sole trader is not a business, it has no legal personality, it is YOU, so you cannot "get" a family member to "open a business" unless they form a limited company and even then you must comply with local legislation in VN.)

pedroeibar1

pedroeibar1 wrote: »

You need to understand what "Sole Trader" means legally. Comprehend that and the rest will fall into place. (A sole trader is not a business, it has no legal personality, it is YOU, so you cannot "get" a family member to "open a business" unless they form a limited company and even then you must comply with local legislation in VN.)

Ok, I'll read up on it more.. What I read online suggested that I could register a business name and a sole trader and it would be quite simple.

I read in another thread here to only register an online business once it shows it's worth it. Maybe I'll just do that and try to work out some other payment method.


What would you do in my situation? I certainly won't go through the expense and heartache of dealing with the Vietnamese authorities before I know the business model works.



Edit: Since it would be far cheaper to register a business in Belize or BVI, would that be an option?

pedroeibar1

My last post as this thread is going down the daft road.
You really need to think more seriously about this. You are in Vietnam, you are starting a business based there - i.e. where you are. That country is your centre of main interest, so why are you even thinking about Ireland? Belize and other places are just BS distractions, and useful only if you are trying to hide an investment in a large cement factory in Caavan. All businesses need credibility, hiding behind an Irish business name & trading style while operating from Vietnam is not going to instil confidence in any prospective customer – worse, it makes your operation look like a scam. And Belize would be worse again!

Deleted User wrote: »

………… I certainly won't go through the expense ………. before I know the business model works……..

If you are so lacking in confidence on the potential of the venture that you are afraid to invest a few hundred quid in a new start-up, just don’t do it. Give up now and stop wasting everyone's time.

Graham

Deleted User wrote: »

What would you do in my situation? I certainly won't go through the expense and heartache of dealing with the Vietnamese authorities before I know the business model works.

AbG, it sounds like you're asking for opinions on your solution without sharing what your problem is.

I'm guessing you're some kind of digital nomad and you're having problems setting up your venture from Vietnam when it comes to banking, signing contracts etc.

I know there's a couple of guys from Belfast doing a similar thing for a web/WordPress business. If my recollection is correct, they operate as a UK Limited company which I would imagine was setup (with bank accounts) before they started travelling.

Tell us what you're trying to do or what problems you're trying to address.

I'm a full time teacher with an uncertain future in a country where I can only own 49% of a business and payment gateways would be a nightmare. I understand what pedroeibar1 is saying but I don't think many would choose to set up here if it could possibly be avoided.

I'd rather set up a limited company anywhere else in the world which is why I'm now looking at Hong Kong or something. At least it's close to me so I could fly there to set stuff up. I'll be investing a lot of money in it and the less of that that's in Vietnam, the better.

Thanks for the advice everyone, I'll take it from here on my own.

pedronomix

An Irish "brass plate" company is more likely to cause problens with mecrhant accounts etc that help. You need proper professional advice. The only knowledge on the topic you appear to posess is as to what you do not like!

Mrs OBumble

Deleted User wrote: »

I'd rather set up a limited company anywhere else in the world

Realistically, you need to move to somewhere else in the world then.