As far as I know, this wouldn't work for U.S. citizens, as they are taxed on world wide income. Residents of countries (like Canada) do not pay tax on world wide income, if person in question is considered a non-resident for tax purposes (ie not living in Canada).
I have no idea about the legal intricacies involved for US citizens, but that doesn't change the fact that there is no corporate tax for the HK setup I described.
