Recent content by alibran

I was assuming you've used the MB account with your UK company - at least, that's what I took your first post to mean. So your company bank statements will show movement of money between your bank account and your MB account. There are a lot of "ifs" involved in this, but what it comes down...

It might work in the sense that MB would allow you to do it. I don't know personally, having never used them. But it would be a weakness in your privacy because your MB account would show a link between your UK and offshore companies. And since the MB account is in the name of the UK...

I don't think it's necessary to use a VPN every time you access your PP account once it's set up, so you should only need it when you open your Cyprus PP account (although, having said this I've only accessed my UK PP account from countries within Europe, so I'm not sure if they're so relaxed...

PayPal is country specific in the sense that you can only use a bank account located in the country you chose for you PP account when you opened it (in many cases you can also use a US bank account). I've accessed my UK PP account and withdrawn from it to my UK bank account from all over Europe...

Presumably you'll be selling worldwide via Clickbank, so it will be in your interests to incorporate in Seychelles. If you incorporate in Cyprus, you will have to charge 15% VAT and pay corporation tax on your profits. I think this is 10% in Cyprus, although you might want to confirm this.

Yes, that's why Seychelles is particularly desirable at the moment. And why it's convenient if you happen to live in a country that hasn't signed many :)

I'm not sure about all banks - I would imagine they do - but I know not all accounts have it. I have a very basic current account with a bank in the UK, with no overdraft facility or anything, and I don't have access to the bank's IBAN and SWIFT facilities with that account. Maybe you should...

From what I understand, having your bank account and company in different countries increases privacy - if that's something you need.

Spain has definitely signed with Netherlands Antilles, Aruba, Trinidad and Tobago, Bahamas, Cayman Islands, Andorra, and they're in negotiation with Gibraltar. That was what I found on Google. There could be more.

So you use their services because you think you can get an account really fast with them!

OK, I understand you only have to charge your customers 15% VAT and you only have to pay 10% corporate tax, but why is this better than no VAT and no corporate tax? I'm not trying to be difficult. I just don't get it. How is locating your company in a tax free country that you don't live in...

Thanks, Admin. I think I'm making sense of it now. That's really for the future, but at least it's helping me to work out what's best to do. I'll send an email with some more specific questions to your support team.

OK, now I'm confused again. How would I be busted for tax evasion if I was declaring all my income and paying tax on it in my home country? Because they assumed I must be doing something wrong because I had an offshore company? Surely they'd have to investigate first (at which point they'd...

I'm also a bit confused about the financial benefits of incorporating in Cyprus as opposed to fully offshore. I know you can claim back the VAT you pay to your European suppliers with a Cyprus company, but if your company is outside the EU, your EU suppliers should be invoicing you at 0% VAT...

No worries, I'm just trying to get things 100% clear in my head. There's so much conflicting information out there, and I need to know it's possible to do what I'm attempting before I pay out a lot of money getting the company and bank account set up. It's looking quite positive at the moment...