This is a one-stop-solution for digital nomads, nomadic lifers & remote workers who want to register a nomad business online and don’t want to pay too much time and too much money along the process.
Living a nomadic lifestyle challenges you in many things but perhaps 1 of the most annoying things to organise is your digital company registration or where and how to register your business online. We know how frustrating this search can be. Before you know it you end up like the rabbit in Alice in Wonderland.
In this blog you learn where (or with whom) to register your digital nomad company or your (online) business . We did the search as well in 2018 and we stumbled upon a perfect solution. Our search was centered around the following 3 pillars, the solution needed to be:
- Flexible &
We found a perfect solution for our digital company registration. And hopefuly our knowledge and choice will help you to determin yours as well
- (The) Digital Company Registration solution
- Why do you need a Digital Company Registration?
- Where and how to register your Digital Nomad Company?
- Where do I pay my Digital Nomad Taxes?
- Why did we choose MyDigitalCompany?
- What does MyDigitalCompany offer?
- Digital Company Registration process
- Get your special Digital Company Registration discount
(The) Digital Company Registration solution
Our search ended with MyDigitalCompany (MDC). This online company offers a turnkey solution to manage and register your business online. MDC takes care of the compliance and the accounting for your business. So no more difficult paperwork for you to organise.
It depends on your needs and wishes but MDC starts with a one time fee of 499 EUR followed by a monthly membership of 69 EUR/mo. Including this monthly fee you will also be assigned to a special MDC coach.
Does this feel like a lot to you? After reading this blog you will know it is ‘in fact’ a very good bargain. We have the basic digital nomad company registration service. Everything neatly executed and the MDC coach is more or less 24/7 available.
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Why do you need a Digital Company Registration?
In general you need to have a digital company registration to collect money from your customers. And you need to have your nomad business registered because you need to pay taxes in the country where you deploy your business activities. A Nomad company registration also helps to be interpreted as reliable and professional by other companies.
And aside from these rules of thumb, you need an official nomad business registration to get access to:
Online business banking accounts
The number one thing you need when you start a business, or when you are already doing business, is a business banking account. To be able to open business banking accounts you need to have a (digital) business registration. Without your registration number you wouldn’t be able to open a business banking account.
Wellknown online banking accounts are offered by WISE, FIRE, Revolut, Monese, N26 and Payoneer (which is a payment processor as well). We use WISE. Super easy to use, friendly and good customer service. And they offer bank accounts in a lot of different currencies (USD, GBP, CAD, EUR etc). Everything online obviously.
If you do business you need to be able to collect money. It doesn’t matter what kind of nomad business you run. Everybody needs a tool to collect their money.
A well known payment processor is Paypal. Although Paypal is one of the older options available it is not always your best pick. Without any kind of warning they can freeze your money if they suspect you of being involved in shady dealings. If they freeze it is very hard to get your balance unfrozen again. Paypal is expensive as well. They charge a lot on every transaction.
A better pick would be for example Stripe. We use this payment processor too. They are free to open (just as Paypal), they charge less on a transaction and their customer support is very good. With Stripe you have a wide range of payment collecting possibilities as well, which makes you very flexible in payment possibilities for your customers.
Credit- or debit cards
Super useful and you don’t want to miss to get access to a business credit- or debit card. Most of them are free of charge in the first year if you order it via for example WISE.
WISE even offers completely digital business credit- or debit cards. So you don’t even need a plastic card anymore. Without a digital company registration it is hard or even impossible to get access to these necessary business tools to do business.
Where and how to register your Digital Nomad Company?
What kind of digital company registration is possible and where to register our business? This was in 2018 the start question of our search. And we added our three pillars (legal, flexible, affordable) later to the question.
Probably you have already collected some information on how to register a business online. You asked in your network and read some blogs about the topic. But none of them can give you all the answers you need to know or want to know. Which makes it more difficult to choose your pick. And companies who offer digital nomad company registration solutions are not always that cheap or even reliable.
Don’t worry, we know your process.
There are so many different rules, regulations and options out there. If you are not a specialist or very eager to learn about tax treaties between different countries it is almost impossible to make the right choice. And to study all the different rules about paying your digital nomad taxes is even harder.
We emailed 3 different offices who say they are specialised in these difficult “I don’t live nowhere” tax questions. Two of them didn’t even reply. And the third one politely declined us…
Where do I pay my Digital Nomad Taxes?
It is not necessarily obvious where to pay your (digital) nomad taxes if you live a nomadic lifestyle. A lot of variables come into the equation to determine where you pay your taxes. This is called your tax residency.
There are some rules of thumb. For example if you don’t stay more than 181 days in a country you don’t have to pay your personal taxes in that country. So in theory if you are always on the move and cross borders within 181 days you are exempt from those taxes.
Another rule or interpretation governments (tax authorities) use to determine your tax residency is what they define as the centre of your life. In order to decide or assess this centre of your life, the tax authorities use a number of criteria to assess where you should pay your nomad taxes.
A couple of those criteria are, to get you started, are:
- Where do you do your banking?
- In which country are you insured?
- Where do you earn your money?
- In which country are you registered?
- Where do you have real estate?
Living a nomadic lifestyle and earning your money in different countries isn’t making your answers to these questions easier.
Digital Company Registration – International digital nomad tax experts
To be honest we didn’t feel too excited to learn all about international tax law and treaties. For us it was important that we could delegate all the legal tax stuff to a trusted partner.
They will give you loads of information on tax related questions and so called lifestyle strategies. Be careful not to end up in the rabbithole 😉
We settled and chose MyDigitalCompany to solve our legal stuff.
Why did we choose MyDigitalCompany?
We chose to organise our digital company registration with the help of MyDigitalCompany (MDC).
Remember the three pillars we set to be answered positively in our search for an external partner. The solution needed to be legal, flexible and affordable. MDC met all three expectations.
First of all we wanted a legal solution for our nomad company registration. Nobody wants trouble with tax authorities and neither do we. Our context was pretty easy. We were not registered in our ‘home’ country anymore. And we never stayed longer than 3 to 4 months consecutively in the same country. This was it. We had some B2B activity and some B2C activity.
MDC examined our case diligently and we had an open conversation determining the pro’s and con’s of different legal forms such as a private limited company and a limited partnership. Together we chose the legal form necessary for that moment.
Depending on your personal situation the outcome could be that you pay 0% taxes over your business revenues.
You never know in advance how things will grow and what your future direction will be. With business it is the same. When you start you have little capital and perhaps later on you have enough capital.
Perhaps in the beginning you do everything by yourself as a real solopreneur but later on you need to delegate work, collaborate with partners and or hire employees.
Every situation requires a different legal entity. The good part of MDC is that their solutions grow with you.
It is all about the money, right? MDC offers one of the best deals out there. You pay a monthly fee of 69 EUR/mo and an initial start fee of 499 EUR. MDC is very pricing competitive in comparison with other companies and this was economically a perfect match and deal for us.
Other companies offered more expensive solutions without the service MDC offers (for example Free-Tax Today offers a simple limited partnership in the UK for 600 EUR for the first year and second year 350 EUR – note that this is only the nomad company registration).
What does MyDigitalCompany offer?
Okay let me now explain why the deal MDC offers is a very good bargain for you.
MDC always chooses the best options for you to work within the context of your personal situation and the kind of business activity you are undertaking. This means the business tools you start with are exactly the tools your business needs right now to function well. And they are chosen so that you can also grow your business activities
As said their pricing is built up with 2 elements. A start set up fee and a monthly fee.
Digital Company Registration Set-Up fee (499,- EUR) – it is an one time fee
MyDigitalCompany will organize your (digital) nomad business registration, open online business banking accounts and they choose the proper payment system that you will need to collect your money from clients. They also give you some online invoicing tools options to choose from that allows you to easily invoice your customers
At the same time you receive an official office/business address when they register your nomad company. This is your business foundation.
Monthly fee (69 EUR/mo)
Within the monthly fee MyDigitalCompany gives you access to a personal coach. This person will help you with all your business related questions. And you can organise and plan a video meeting as well if you like.
Personal MDC Coach
The questions you can ask your MDC coach are very broad. From business ideas, which online banking solutions can be even more interesting, where to pay your nomad taxes and to tax issues. The coach is always at your disposal to help you as quickly as possible with the best solution for you.
Accounting / Reporting
As said before MDC organizes, manages and takes care of all your accounting and they guarantee your business entity is always compliant with the rules. The only thing you need to do is upload your business expenses, business sales and salary in a shared google drive document. They take care of everything else.
Set up online business (banking) tools
To spread your earnings it makes sense to have multiple business banking accounts. Just ask your coach and he or she will open a new business banking account. The same applies to payment processors, invoicing tools and other business related tools. You only need to focus on your primary business goals, getting clients and delivering valuable work.
If you need assistance or help with paying your VAT in Europe they manage your VAT MOSS declaration as well. It all depends if paying VAT in your situation is necessary. You could be exempted as well.
Digital Company Registration process
MyDigitalCompany is very straightforward and easy to work with. If you choose to use their expertise and knowledge you will get a personalized answer asap.
The only thing you need to do is to fill in some personal information about yourself and some short description about your business and your business activities. Click to Register your Nomad Company and fill out the required information. Within 24 hours MDC will get back to you.
Bullet-wise the digital company registration process looks like this:
- Together you explore a possible business entity
- MDC studies your personal life situation (where are you resident, need to pay your taxes etc)
- Picking invoicing and payment collectors for your business activities
- Digital business registration, opening bank accounts, organizing your accounting and tax returns
- 24/7 access to your personal MDC coach.
After you finish your digital business registration setup, MyDigitalCompany will always accompany the growth, needs and requirements of your nomad business and will answer all your questions you have relating to your business needs.
Get your special Digital Company Registration discount
Thanks for reading this article almost to the end. This means it is time for a reward ;). We can offer you a special discount on your monthly fee. Of Course this is only available if you want to let MyDigitalCompany take care of your digital nomad company registration.
Subscribe to our newsletter and receive a 10 EUR/mo discount (15% off) on your monthly fee.
Get your 10 EUR monthly discount
Subscribe to our Newsletter!
No spam. Only valuable content for your Nomad Business activities.