Incorporated in US but expenses in another country?

I'm forming a US C corporation in Delaware. Paid the service fees to a lawyer and everything's ready to be filed.

My goals are very simple as:

1. Having a US presence for user credibility,
2. Opening a US bank account,
3. Using advanced PayPal features only available to US entities,
4. If things go well, I will want to move it to US

Several of my websites will be transferred to this corp and the income flow will be going like this:

Customer payments -> corp PayPal account (used to be my personal
business account) -> corp bank account in US -> wire to my China or
Hong Kong bank account

Would there be any problem for me in terms of taxation?

One problem I can see now is that as the expenses are mostly incurred here in China, how do I deduct them from my revenue that is received to my United States bank account?

Apparently I don't want to be taxed for profits I didn't earn. Any advice on how I can make this work without paying an arm and a leg?

You should really get a professional consultation with a US CPA savy in international corporation taxation. Tax-wise, you might have been better off with a DE LLC, not a corp.

Consider this:

1. All corp income is taxed at corp rates (as a foreigner you cannot benefit from the pass-through taxation of a S-Corp structure, you could have benefited from a similar pass-through taxation with LLC).
2. Your payments to China/HK will be taxed (in the US!) and you'll have to withhold the taxes and remit them to the IRS (check rules and treaties, etc).
3. Your foreign entity will have to file non-resident tax returns in the US to get back the portion of the withheld funds that exceed your actual tax liability.
4. If your foreign entity is a subdivision of your US corp, it gets really messy and ugly.

Bottom line, you should first ask, and then do. I'm not a professional, and this is not a tax advice. It is my personal opinion that you've dig quite a hole for yourself. You should get a competent professional American CPA ASAP, and hold the papers and not file until you know exactly what you're getting yourself into.