I'm about to launch a product and need to register a company (in order to handle payments for my product, and get a merchant account). I'll give specific information on my own situation below, but my specific question is, if I incorporate offshore while still remaining a resident of my home country, will I really save on taxes? Or will I simply have to pay my taxes at home?
I'm a Canadian that travels full-time; although I am not physically in Canada, for tax purposes, I believe I am still considered a resident of Canada and will have my personal income taxed in Canada. I am currently considering incorporating in Singapore, though I have no plans of becoming a resident of Singapore. My alternative is to set up a corporation (or more likely just a sole proprietorship) back in Canada. What might be the best option from a tax perspective? I really don't have a good understanding of how I will be taxed. I have had some people say that I will be taxed according to Canada's corporate tax rates because I (the majority shareholder) am a resident of Canada, and I have had others tell me that I'll be taxed under Singapore's tax scheme.
Thank you for any help!