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SVG or Costa Rica company for a standard e-business?

kokunut

kokunut

Mentor Group Lifetime
Nov 19, 2024
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#1
I'm considering setting up a new company for an entirely new venture.

It's medium risk, doesn't require much infrastructure, but I will need a bank account or at least an EMI, of course.

Between the two, which jurisdiction makes it easiest to obtain some form of banking?
 
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#2
Jurisdiction is just one of many factors that determine the difficulties getting banking. But if this is indeed medium risk, then Costa Rica is better than SVG in most cases as it is more transparent and doesn't have as bad a reputation as SVG does. Costa Rica falls more into the "unknown" category rather than "tax evasion and money laundering".

The main headache with Costa Rica is that you will need documents translated (sworn translation) to English to open bank/EMI accounts. Getting those docs for renewals can take weeks in some cases, so plan ahead and order them early.
 
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#6
Houdini said:
What banking is available for a CR company if you know that @Sols ?
Click to expand...
check this thread
Sols

Post in thread 'EMI or bank for Costa Rica company'

Your chances of success are probably zero. This is an extremely unattractive proposition for banks/EMIs.

You can try some high risk EMIs like FinXP, Valyuz, Nexpay, Verifo, Bankera/Pervesk, Wallter, and Bilderlings, though. They might accept it, but probably not be able to offer you USD or even GBP. EUR and SEPA only in many cases.
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No personal experience sorry.
 
#9
If you have a fully legitimated SVG company and legit business there is no problem with PayPal account for your company.

beside that I would not recommend paypal for any serious business.
 
#11
If you are looking to setup in South America then consider Panama, as @Sols mentioned the main headache with South America Incorporations is the Translation from Spanish to English and with Panama as a Jurisdiction you avoid this because the MoA has an English Translation always already attached.

SVG is not really a streamlined Jurisdiction in the Caribbeans at all and it's basically only used in 2025 on a commercial scale when dealing with Crypto Currencies because Crypto isn't regulated in SVG yet but for a E-Business like you mentioned all Mainstream EMI's like Wise, Revolut or Payment Gateways like PayPal are basically not available.
 
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#12
Fred said:
If you are looking to setup in South America then consider Panama, as @Sols mentioned the main headache with South America Incorporations is the Translation from Spanish to English and with Panama as a Jurisdiction you avoid this because the MoA has an English Translation always already attached.
Click to expand...
how much do you charge for a simple package like this i.e. company and bank account ?
 
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#13
Houdini said:
how much do you charge for a simple package like this i.e. company and bank account ?
Click to expand...
0% Tax PANAMA Offshore Company all-inclusive

Offshore Company Formation - no Audit & Accounting requirement with NON-CRS Bank Account (No Exchange of Information).

1. Offshore Company Formation in Panama - 0% Corporate Tax, 100% Privacy (No Public Company Register), no Audit & Accounting requirements, including Nominee Director.

2. NON-CRS Offshore Bank Account in Hong Kong and United Kingdom - no monthly costs and Flat Fee's on Transfers.

3. Crypto Exchange Account in Hong Kong including Off-Ramp Method - EUR/USD to USDT - USDT to EUR/USD.

Timeline - Costs

Timeline: 5 Business Days
Costs: 6,300 EUR
 
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#14
Fred said:
0% Tax PANAMA Offshore Company all-inclusive

Offshore Company Formation - no Audit & Accounting requirement with NON-CRS Bank Account (No Exchange of Information).

1. Offshore Company Formation in Panama - 0% Corporate Tax, 100% Privacy (No Public Company Register), no Audit & Accounting requirements, including Nominee Director.

2. NON-CRS Offshore Bank Account in Hong Kong and United Kingdom - no monthly costs and Flat Fee's on Transfers.

3. Crypto Exchange Account in Hong Kong including Off-Ramp Method - EUR/USD to USDT - USDT to EUR/USD.

Timeline - Costs

Timeline: 5 Business Days
Costs: 6,300 EUR
Click to expand...
considering your offer very soon.
 
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#15
I have to admit, an SVG company sounds really tempting, and so does one in Costa Rica.

But I’m having a hard time finding any kind of reliable banking solution for either. The options I’ve come across either charge high setup fees, like Kingdom Bank, which I’m not ready for yet, or I run into concerns about the bank’s credibility. Especially with Costa Rica, the banking sector isn’t exactly in great shape right now, with all the ongoing bankruptcies.
 
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