Company and Bank formation for eCommerce store

[kevinfff]

Hi,
I am looking into formation of an offshore company and an offshore bank account, I was first looking into Seychelles but after reading some on this forum they do not seem like a good fit as they have become to complex to deal with, therefore I have looked into Belize and Nevis / Saint Kitts which seems to be a good country to form the company in.

I run a eCommerce store specializing in digital goods that have a yearly revenue exceeding a few million, and the main idea behind this company formation is basically to avoid VAT because the international competition does the same and I can't be competitive when the other international competitors avoid VAT.

My question is therefore if anyone has a suggestion of a good country to form a company with an extremely high level of anonymity and privacy. I would also need an offshore bank account that won't go under the grave the next day, I also value greatly its extremely high level of anonymity and privacy.

Would it be advisable to have a trust owning the company, maybe (if possible)?

Any suggestions are greatly appreciated, thank you!

 

[Internationaloff]

Belize and St. Kitts and Nevis are a good choice, but don't forget Saint Vincent and the Grenadines.
For higl level of privacy St. Kitts and Nevis and Saint Vincent and the Grenadines are one of the best choices.
If you want to increase the level of privacy, Bearer shares are permitted.
Two important quetions:
1. Where do you live?
2. Where your customers are based?

Have a nice day.

 

[kevinfff]

Belize and St. Kitts and Nevis are a good choice, but don't forget Saint Vincent and the Grenadines.
For higl level of privacy St. Kitts and Nevis and Saint Vincent and the Grenadines are one of the best choices.
If you want to increase the level of privacy, Bearer shares are permitted.
Two important quetions:
1. Where do you live?
2. Where your customers are based?

Have a nice day.

Thank you for your suggestions. To answer your two questions I am located in Northern Europe in Sweden and my customers are based in Europe as well as internationally (United States for instance), I will accept credit card payment and if possible PayPal payments through the new company and its bank account.

Do you have any suggestions for the bank account?

 

[Internationaloff]

Thank you for your suggestions. To answer your two questions I am located in Northern Europe in Sweden and my customers are based in Europe as well as internationally (United States for instance), I will accept credit card payment and if possible PayPal payments through the new company and its bank account.

Do you have any suggestions for the bank account?

You can open a St. Kitts and Nevis or Saint Vincent and the Grenadines or Belize company + offshore bank account and/or Leupay business + 2checkout.

 

[kevinfff]

You can open a St. Kitts and Nevis or Saint Vincent and the Grenadines or Belize company + offshore bank account and/or Leupay business + 2checkout.

Thanks, is it recommended to open a bank account in the same country as the offshore company, or does that not matter?

 

[Internationaloff]

Thanks, is it recommended to open a bank account in the same country as the offshore company, or does that not matter?

Not mandatory.

 

[kevinfff]

Thank you so much for your help, I looked into bearer shares as you mentioned earlier and the information I found is that they are being phased out in most countries making them useless in some countries, what are the costs to setup bearer shares and is it worth it to get some extra privacy or could I just use nominees?

 

[Internationaloff]

Thank you so much for your help, I looked into bearer shares as you mentioned earlier and the information I found is that they are being phased out in most countries making them useless in some countries, what are the costs to setup bearer shares and is it worth it to get some extra privacy or could I just use nominees?

Bearer Shares are permitted with custody by RA.
Nominee services are for privacy on corporate documents and not to hide UBO. For this is better a Fiduciary Service or new residency.

 

[negon]

I am looking into formation of an offshore company and an offshore bank account, I was first looking into Seychelles but after reading some on this forum they do not seem like a good fit as they have become to complex to deal with, therefore I have looked into Belize and Nevis / Saint Kitts which seems to be a good country to form the company in

To complex to deal with compared to Belize and St. Kitts?

My question is therefore if anyone has a suggestion of a good country to form a company with an extremely high level of anonymity and privacy. I would also need an offshore bank account that won't go under the grave the next day, I also value greatly its extremely high level of anonymity and privacy.

High anonymity and real banking! forget about it. If someone try to tell you this is a possible option for your business you should be sceptical! It's not going to work long term. As soon as you reveal your real information you will run a risk that sooner or later tis information is used against you!

I know there are people on this forum and around that will tell you that you can find banks that do not comply to any reporting agreements.. that's true but who can predict the future and would you trust your personal future to bankers that have been one big lie to all of us? For just about 4 years no one ever thought the world would look like what it does today!

 

[kevinfff]

To complex to deal with compared to Belize and St. Kitts?


High anonymity and real banking! forget about it. If someone try to tell you this is a possible option for your business you should be sceptical! It's not going to work long term. As soon as you reveal your real information you will run a risk that sooner or later tis information is used against you!

I know there are people on this forum and around that will tell you that you can find banks that do not comply to any reporting agreements.. that's true but who can predict the future and would you trust your personal future to bankers that have been one big lie to all of us? For just about 4 years no one ever thought the world would look like what it does today!

What I meant with too complex to deal with is because they ask for more documents under formation I believe it is also less anonymity.

I don't mind paying taxes, the issue is here the VAT and that is why I want high anonymity and it would not be fun to get the local tax agency to contact me with an invoice on unpaid VAT for the last three years my offshore company has been running with a bill of a few million. My guess is that there are no international supervision if companies pay VAT, the companies are however checked locally but in offshore countries such as Seychelles, Belize etc there is no supervision if companies acting outside of the country pays VAT or not to other countries, am I right?

What country do you recommend that has "high" anonymity and has a stable economy where my money won't disappear the next day, maybe a specific bank in mind?

 

[Internationaloff]

What I meant with too complex to deal with is because they ask for more documents under formation I believe it is also less anonymity.

I don't mind paying taxes, the issue is here the VAT and that is why I want high anonymity and it would not be fun to get the local tax agency to contact me with an invoice on unpaid VAT for the last three years my offshore company has been running with a bill of a few million. My guess is that there are no international supervision if companies pay VAT, the companies are however checked locally but in offshore countries such as Seychelles, Belize etc there is no supervision if companies acting outside of the country pays VAT or not to other countries, am I right?

What country do you recommend that has "high" anonymity and has a stable economy where my money won't disappear the next day, maybe a specific bank in mind?

If you need 2checkout St. kitts and Nevis or Saint Vincent and the Grenadises, because 2checkout don't accept Belize.

 

[kevinfff]

If you need 2checkout St. kitts and Nevis or Saint Vincent and the Grenadises, because 2checkout don't accept Belize.

Thank you, I have looked at St Kitts and Nevis and that seems like a reasonable place to make the formation of the company. However I am not sure about banking in places such as St. Kitts and Nevis because of their economic stability, are there reasonable alternatives for my "goal" to avoid VAT, is Europe possible?

 

[Internationaloff]

Thank you, I have looked at St Kitts and Nevis and that seems like a reasonable place to make the formation of the company. However I am not sure about banking in places such as St. Kitts and Nevis because of their economic stability, are there reasonable alternatives for my "goal" to avoid VAT, is Europe possible?

If AEOI is not a problem for you, use Leupay in Europe.

 

[kevinfff]

If AEOI is not a problem for you, use Leupay in Europe.

A question regarding Saint Kitts och Nevis, they have a treaty (TIEA) with the country I am a residence off. Is that a concern?

 

[Internationaloff]

A question regarding Saint Kitts och Nevis, they have a treaty (TIEA) with the country I am a residence off. Is that a concern?

There is a TIEA between Sweden and St. Kitts and Nevis and can be dangerous with an International rogatory request from Sweden to St. Kitts and Nevis.

 

[adoffshore]

Seychelles corp with darks is what you want to get rid of the TAX and other troubles!

 

[kevinfff]

Seychelles corp with darks is what you want to get rid of the TAX and other troubles!

I don't think that is a viable option with bigger sums with fake documents, I don't mind taxation of income & profit, I only mind the VAT. I run legal business selling digital items online, internationally but I need to get rid of the VAT to be competitive in my market with other competitors also not paying VAT.

I want to be able to withdraw the money in the future from a bank account located in St Kitts for example, how would I legally be able to withdraw the money after a few years and pay income tax in my own country for the money I withdraw without my local tax agency asking questions what my company does and if I have paid VAT, dividends? I can't withdraw bigger sums from a debit card, that would be insane. I am ready to declare it for income tax, of course. If it is legally possible?

 

[negon]

You can register a company in any country outside of the EU and that fit your budget and requirements. Most ofte Belize and St.Kitts may be the best option if you want privacy. However, I would not relay long term on these jurisdiction neither. I would bet 1 BTC on todays rate that within 5 years they will start share information too!

 

[kevinfff]

You can register a company in any country outside of the EU and that fit your budget and requirements. Most ofte Belize and St.Kitts may be the best option if you want privacy. However, I would not relay long term on these jurisdiction neither. I would bet 1 BTC on todays rate that within 5 years they will start share information too!

I agree with you, however as my goal is not to escape TAX rather to avoid VAT as my other competitors do in the same business sector I am in, I plan to take home the offshore money onshore legally small sums and then after a few years move to an offshore location and take out everything legally. I believe even if there was an exchange of information, how would the tax agencies investigate if I pay VAT for consumers in Europe? Is it their job to investigate if I pay VAT when consumers buy from my offshore company and I do not account for VAT to consumers all around the globe both inside of Europe but also outside of Europe?

That is why I want the company to be based outside of EU as there are no international supervision if companies pay VAT I presume?

 

[user9823671]

Bringing your profits back to Sweden will be easy if you do everything legally. As your business will be run from Sweden, you will be liable for Swedish taxes as if the business was registered in Sweden.

As for trying to avoid / evade having to charge VAT and stay legal, which is what it seems like you are trying to do. You need a tax expert. Find one and pay them for some time and they can give you definite answers