Cyprus company, Cyprus bank account and Cyprus PayPal, what's the problem?

Discussion in 'Offshore Business Discussion' started by hiju, Jul 10, 2018.

  1. hiju

    hiju Trusted Member Mentor Group Business Angel

    Guys, I read more often that people seeking solution to setup a PayPal account for their business. Most often I read they try to do that for a Belize or Seychelles company and fail!

    I assume such people are on a low budget and that's why they can't get their business work as they want!

    What I don't understand is that people with sufficient money suffer to setup a solution in Cyprus! They claim it's impossible or they get declined. So here is my road map through this jungle!

    First I collected Cyprus darks, real ones! If you want to discuss this part do it in the Mentor Group if you don't have access by it or forget about it, don't start PM me about this crap.

    I then got a working Cyprus phone number a SIM card I ordered, took some time to figure out where to get it but finally found it without issues. This costed me only a few hundred, I think I can get it much cheaper next time but never mind.

    So I proceeded ti an Cyprus agent to get my company setup, I completed a few forms and supplied him with information as usual i.e. names and business description and such stuff, easy peasy..

    waiting.... 14 days later or so (didn't really care) the company was ready and they informed me we can proceed to the bank account opening with one of the major banks in Cyprus! it took some time to get to this part, the agent was slow, I offered him a few hundred more to speed up the process and suprisingly it helped :D I got my interview with the bank. I showed them my simple furniture website and told them I had a monthly turnover of 50K EURO they asked a few personal questions and of course how long I have been in business and similar stuff.

    A few days after I got the allocation letter for the bank account, remember, this is opened with darks prepared for my special use :D

    Now I headed over to the PayPal webpage from my Cyprus VPS! Signed up, they didn't approved the account at first, I called them and told them I wasn't speaking native Greek so we had to take it in English, they asked me to provide them with a letter that confirm that I'm allowed to open the account on behalf of the Cyprus company. Funny part, I just wrote this letter signed 2 times by me, the "dark man" and they were satisfied.

    Mission accomplished, I have a working setup now.

    The same is possible with 2co which also approved my business yesterday!

    Again, why people suffer to get this done?
    negon, NewMorty and Admin like this.
  2. Admin

    Admin Forum Moderator The Forum Cleaner

    great share, thanks for your insider information thu&¤#
    hiju likes this.
  3. NewMorty

    NewMorty Active Member

    When you created the furniture site did you have it closely match the money that you will be receiving from whatever you are using it for? So let's say each piece of furniture sells for £100+ on your spoof site do you have each sale coming in over that??

    Also about the Cyprus VPS could one use a portable web browser with a (Greece) proxy controlled by a web plugin?
  4. NewMorty

    NewMorty Active Member

    Also do you know if p*ypal and 2co know your not using the correct site from any API calls leaking the referrer?

    ^^^ All these questions have been baffling me for weeks.
  5. negon

    negon hannibal the cannibal Mentor Group Business Angel Commercial Service

    nice share of information, I wonder the same in regards to PayPal the static prices on the website should match the transactions coming in to the PP and 2co account or don't they care so far?
  6. realcat

    realcat Building Trust Entrepreneur

    You opened company with darks and bank account on your own name? Isn't owner supposed to be same for both?
  7. hiju

    hiju Trusted Member Mentor Group Business Angel

    I told them I do custom orders where the price can range from 15 and up to 2000 so they are informed. For instant a cloth closet can varia a lot and people can design it online as they want so the price change.
    I have only used a CYP vps!

    I provided them with 2 urls for my website, opened a ticket and told them that sales will come from the shop and from manual orders.
    No, why do you think so? darks are real darks not this shitty docs with fake data.
    NewMorty likes this.
  8. NewMorty

    NewMorty Active Member

    Thanks for answering the questions I'm just trying to clear things up as I am doing something similar but I think API calls keep on getting my spoof sites taken down (passing referral) as everything else is done with good stealth. But it could be that the sites I set up such as hosting/web design sites are too high risk in general and that could be why I'm next going to test with a very low-risk niche and see.

    I just wanted to ask when you mention the manual orders part how do you take payment for it online via an invoicing SAAS such as invoice ninja etc. I see these can act as a good proxy and not give anything up on the API call such as the same IP as the web hosting which I think is getting me.
  9. hiju

    hiju Trusted Member Mentor Group Business Angel

    that's the problem! you want to show the processors something more trustworthy!

    I ask people to pay by e-mail address that simple!
  10. negon

    negon hannibal the cannibal Mentor Group Business Angel Commercial Service

    This seems to be a valid solution OP - how long does it took for the entire setup to finish.
  11. hiju

    hiju Trusted Member Mentor Group Business Angel

    aprox 4 weeks in totla including planning of the setup.
  12. Maher

    Maher New Member

    What is the name of the Agent who Registered your company in Cyprus?

    You Paid them, and you didn't move to Cyprus until the Bank Interview Date?