Advice required for offshore company and banking with paypal

[fizzz]

Hi


I am setting up a business where I will be receiving payments from 20 to 30 different institutions around the world, however I will also be making a number of payments via Paypal.


My problem is that Paypal do not accept Offshore bank accounts and it is imperative that I have access to Paypal.


Initially the offshore company was set up with the BVI to escape the overbearing jurisdiction within my country and tax was never a reason.


However, tax minimisation seems like a great idea though not if it is going to land me in alot of trouble


I could have the money from my offshore bank account and have it transferred to my bank account within my own country to use paypal however that defeats the purpose on two fronts, one... you pay so much in incoming/out coming transfers so you might as well just have the funds transferred directly to my account at home. Secondly, I suppose transferring money into your bank from an offshore bank account exposes you to authorities of an existing offshore account


Is there away to use my offshore company and bank account to receive payments and make payments via Paypal whilst reaping the benefits of tax minimisation?


however reading other posts, it seems as though use of paypal automatically removes anonymity therefore reducing the ability to be creative with taxation - please correct me if im wrong.


Did i make an error in creating the company within the BVI? should I have created one elsewhere such as the Bahamas


Plus i did not use the nominee service however i have the option of paying additionally for it


Thanks

 

[JohnLocke]

however reading other posts, it seems as though use of paypal automatically removes anonymity therefore reducing the ability to be creative with taxation - please correct me if im wrong.

You are correct, it is difficult to stay anonymous if you want to make use of PayPal to accept payments! I have seen some "companies" selling so called debit and credit cards to verify a PauPal account but I don't know at all if this works, if it is an alternative to reveal personal information and finally if PayPal actually accept such things nor do I know if such cards are fake and even delivered.

Did i make an error in creating the company within the BVI? should I have created one elsewhere such as the Bahamas

It depends, as I read you the BVI nor Bahamas nor Panama will help you with your goals, you need to find a offshore jurisdiction that have DTA's in place, next you need a company with nominees appointed and you need some legal and tax advise to set this up, how much tax you will safe at the end of the day will depend on many different factors. You need to set things up legally and in a way it not leads anyones attention to what you are doing.

Plus i did not use the nominee service however i have the option of paying additionally for it

In your case you will need to appoint nominees even if it makes it more expansive and compliacted in certain cases.

 

[pesto]

Invoice your onshore company so it makes the payment to your offshore company! That's one of the much appreciated information I have found here and used to be the key in almost any of these offshore company constalations.


I also read about something like Liberty Reserve, e-gold, Alertpay and Moneybookers they seem to be the most legit of them all and open the doors to money laundering tools.