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    "Adapt or Die" - International Entrepreneurship in a Post Pandemic World
    "Adapt or Die" - International Entrepreneurship in a Post Pandemic World
    "Adapt or Die" - International Entrepreneurship in a Post Pandemic World
    Ebook177 pages1 hour

    "Adapt or Die" - International Entrepreneurship in a Post Pandemic World

    By derren joseph

    ()

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    About this ebook

    The present pandemic is perhaps the single most important event of our lives. It will shape our world in unimaginable ways. I wrote this book in the hope that it may help entrepreneurs like you and my clients. Entrepreneurs who operate internationally and must now pivot and retool themselves and their teams for what is to come.

     

    Of course, I must admit my more selfish motives. I too need to pivot and to adapt to the unfolding revolution. A revolution in the way we do business internationally.

    I wrote this book to improve my own chances of survival.

     

    I have spoken to around 150 people in my network. Some are well known but most are not. What they all have in common is that they have done business across borders and in many cases, across several countries. They have also done so with some degree of success. I have captured a few of the interviews as videos on our website htj dot tax

     

    It is my hope that this book helps you as it has helped me. My message? It's simple. You must diversify your lifestyle.

    LanguageEnglish
    PublisherHTJ Capital LLC
    Release dateMay 3, 2020
    ISBN9781393078562
    "Adapt or Die" - International Entrepreneurship in a Post Pandemic World
    Author

    derren joseph

    My name is Derren Joseph and I am resident in 3 great cities - Miami, London and Singapore, I'm part of an international tax team that works with 6, 7 and 8 figure International Entrepreneurs and Expats to legally minimize their global tax burden and protect their wealth. As an EA (Enrolled Agent), I have been admitted to practice before the IRS. I have 2 Masters degrees in Economics, a Certified Diploma from ACCA (Association of Chartered Certified Accountants in the UK), done Executive Education with Columbia Business School, and I have completed Advanced Tax coursework at both New York University and the University of London. Finally, I enjoy writing and giving seminars. 1. I've had my views published in the Singapore Business Review, Forbes Asia, the American Chamber of Commerce in Indonesia, the International Business Structuring Association (in the UK), Offshore Alert and the (Trinidad) Guardian. 2. I have given seminars on tax issues in the U.S., the U.K., Singapore, Indonesia, Malaysia, Vietnam, The Philippines, Hong Kong and the Caribbean.

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      Book preview

      "Adapt or Die" - International Entrepreneurship in a Post Pandemic World - derren joseph

      Chapter 1 - Post Pandemic Actions for International Entrepreneurs and Expats

      ––––––––

      Take Aways:

      1. A cycle of lock-downs and re-openings may become the new norm

      2. Countries allow their citizens to return but sometimes long term residents have been denied re-entry

      3. Therefore a Plan B for residency and / or citizenship is now a must for international entrepreneurs

      4.  Typically the narrative around second citizenship / residency may have revolved around tax planning

      5. The narrative will evolve to include health care systems, disaster preparedness, social stability, IT infrastructure (especially fast WiFi).

      6. Those who can afford it, will continue to curate a portfolio of citizenship / residencies  as they seek to avoid unrest, protect families and preserve wealth?

      7. International travel will be forever changed.  Expect to surrender more personal data and perhaps some type of Immunity or health passport

      8. Should we be unable to access our onshore / #offshore assets due to travel restrictions, we need to ensure that we have power of attorney, logistics and IT structures in place to manage and access our assets

      Review Your Portfolio of Citizenships and Residencies

      ––––––––

      In early March 2020, I was at home in Singapore as the pandemic began to worsen.  In mid-March 2020, I left to visit nearby Indonesia for what I thought would be a few days.  Before I could return, Singapore went into a more serious lockdown.  As an Employment Pass holder for 7 years, I thought it would not be an issue as the procedure only required that we apply online to the Ministry of Manpower to get permission to return to Singapore.

      At first I thought this to be a mere formality but my request was rejected and the email mentioned that Singapore was giving priority to taking care of Singaporeans.  This was a wakeup call for me to review my residency portfolio.  While waiting for 5 weeks in Indonesia, Singapore extended the lockdown several times.  Then Indonesia itself decided to tighten its own lockdown and shut its airports after giving less than 12 hours’ notice.  So, I had no choice but to return to my home in the US unless I wanted to be trapped in Indonesia while their airport was shut.  Of course, I am not alone as many of us found ourselves displaced during these lockdowns.  I know dozens of people locked out of Singapore, Malaysia, Thailand and the Philippines because of a combination of government policies and flight cancellations.

      Furthermore, when passing through Tokyo to return to the US in late April 2020, I recognised that some airlines / airports had a new protocol for deplaning passengers.  It was no longer by class (First and Business Class normally deplane before Economy).  Rather we deplaned by risk profile.  Passengers that had been to China eg would exit separately from those who had not been to designated high risk destinations within the last 14 days.

      Given that periodic lockdowns with short notice periods is the new norm, I realized it is now the right time to review my own residency portfolio.  Up to this point, I considered three places my home.  North Miami, London and Singapore.  I need First World cities where I can work and connect with internationally minded entrepreneurs.  Last year someone told me that Europe is about culture, America is about efficiency and Asia is about growth.  An interesting perspective but I do enjoy spending time in and doing business in these three parts of the world. 

      Singapore is a low tax jurisdiction so it is my permanent base, but I need to count my days in the U.K. and the U.S. to limit my tax exposure there as these are (relatively) high tax jurisdictions for me.  I realized that I needed another low tax base to act as a backup for when next I may be unable to access my home in Singapore.

      Before continuing with my story, I want to first introduce the concept of Flag Theory to those who may be unfamiliar with it.

      For those unfamiliar, I would suggest that you research the idea of Flag Theory.  For me, it is about de-risking yourself by ensuring that you and your assets are not under the control of any single jurisdiction.

      According to Wikipedia, Flag Theory is a term sometimes associated with a perpetual traveler.  An idea which proposes that individuals live in such a way that they are not considered a legal resident of any of the countries in which they spend time or operate. Given the present political environment, I think not having a tax residence is a poor strategy.

      However, I do advocate diversification whether to minimize governmental interference, or to maximize privacy.  The basic theory proposes that each of the following should be in a separate country:

      ●  Passport and citizenship – in a country that does not tax money earned outside the country or control actions.

      ●  Legal residence – in a tax haven.

      ●  Business base – where one earns one's money, ideally somewhere with low corporate tax rates.

      ●  Asset haven - where one keeps one's money, ideally somewhere with low taxation of passive income and capital gains.

      ●  Playgrounds - where one spends one's money, ideally somewhere with low consumption taxes.

      Now taxes should not drive the strategy given the range of tax planning tools available.  But it is one of many considerations.

      Please note that there are companies that carry the name Flag Theory registered in various jurisdictions.  Some offer services associated with this generic term.

      I’m surprised that more people do not know about economic migration options which give you the ability to plant flags all over the world.  If you run a successful business or have accumulated some wealth, very few countries do not have options for welcoming you.  We deal most commonly with the U.S., the U.K. and countries in South East Asia such as the Philippines, Malaysia, Singapore and Indonesia but we work with established Migration consultants that offer the entire world. 

      I have since spoken with and read expert opinions from some of the more reputable migration consultants in my network.  Please note that this is an area of professional practice infested with unscrupulous snake oil salesmen that act unethically and illegally.  So, ensure that your chosen team is indeed an established team, officially recognised and experienced.  Be

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