- January 11: Submitted application online
- January 19: Sent email on pre-evaluation status for application completion. Talked with staff indicating one person is in charge of prequalifying all apps.
- January 21: Talked with prequalifier over phone and discovered application website was down.
- January 26: Requested a manual review if the application website was still down. It was down 9:00 PM PST, January 25, but it seems to be back up now.
- February 2: Called in on status update, and discovered pre-evaluation was complete. I should had received an email indicating a notarized affidavit and $750 application fees were required, but I didn’t receive that email for some reason. Mailed out via 3-Day Priority mail my notarized applications and Cashier’s checks for application fees.
DISCLAIMER: I AM NOT AN ATTORNEY OR CPA. I HAVE NOT CONSULTED ANY PROFESSIONALS, AND THIS IS BASED OFF RESEARCH ONLINE. NO ACTUAL EXPERIENCE. FOLLOW MY ADVICE AT YOUR OWN RISK!!!
♦ 4% Corporate Tax Rate (ACT 20)
♦ 0% Tax on Dividends (ACT 22)
♦ “Source of Income” not from the US are exempt from US Federal Income Tax (https://www.irs.gov/taxtopics/tc901.html).
“Source of Income” defined: http://www.nd.gov/spo/connectnd/1099-information/irs-def.pdf
Pay yourself market salary for Arm’s Length Transactions
STEP 1 – CREATE CORPORATION
United Corporate, $250.00
$150 for Minimum Registration Fee
Bylaws & Minutes
STEP 2 – APPLY FOR EIN
STEP 3 – APPLY FOR ACT 20 & 22
– Request Access for Company & Individual
– Go through process, hit “Save Application”
– Go Back to Main Screen
– See all documents needed to Upload
Criminal Background Check (https://oag.ca.gov/fingerprints/security) ~$50
Two Commercial Bank References
Social Security Card
Find the official list here: http://www.oeci.pr.gov/SiteCollectionDocuments/Instructions%20-%20DDEC%20Online%20Applications%20Platform.pdf
ACT 20: 6 months?
ACT 22: 2 – 3 Months?
TIME TO ACT NOW
MAP OF LOCATIONS
Dorado & Palmas Del Mar
PALMAS DEL MAR
Dorado Beach, a Ritz-Carlton Reserve
Peter Schiff moved there