Regarding, FATCA compliance for a new small business in Japan owned by a US citizen, I read parts of the related IRS website but still have basic questions. http://www.irs.gov/Businesses/Corporations/Information-for-Foreign-Financial-Institutions
- Q: Do I, the company, or both of us need to register?
- Q: Do I, the company, or both of us qualify for an exemption? I haven't found clear information online about exemption criteria.
- Q: If registration is needed, what forms must be filled out?
- Q: If reporting is required, what forms must be filled out?
- I'm sure the company needs to file FBAR
- I am a US citizen who has been living abroad in Japan for 4+ years.
- This summer I started a privately held stock corporation in Japan.
- I am the only owner.
- The company only exists in Japan and only has bank accounts in Japan.
- I will open a corporate bank account in Japan and fund it with 5,000,000 Japanese yen from my personal bank account in Japan.
- I am the only full time employee.
- The business will, in the future, make and sell smartphone applications for iPhone and Android. These apps will be sold in various countries.
- I will receive a monthly salary and will pay taxes on it to Japan.
- I qualify for the foreign earned income exclusion.
- I've been filing FBAR forms each year for my personal Japanese bank account.