Cyprus is the best for online businesses

[dotbloup]

I want to share the following because i faced the issue by the past and wasted lots of time for nothing:

Cyprus company + Cyprus bank is the best for an online businesses because:

• For paypal accounts, you need a cyprus bank which will issue a credit card from Cyprus which will allow to withdraw money from Paypal. A Cyprus paypal account and a latvian credit card does not work
• In 2checkout, the bank country should be equal to the company country. a Belize bank will not work with a Cyprus company but a Cyprus bank with a Cyprus company will work. Otherwise, you have to lie about the company residence and if someday something goes wrong. It is over you don't have cashflow anymore
• In Coinbase for bitcoins, Coinbase accepts Cyprus. Coinbase on the other hand does not accept Gibraltar, Belize, Hong Kong
• In Skrill, it is possible to get paid through mastercard / Visa to a Cyprus merchant account. A Belize merchant account can't be paid through Mastercard Visa.

It is possible to find VPN for Cyprus.

It is possible to find phone forwarding for Cyprus. On the other hand, there is no such a thing for Belize, Gibraltar, Seychelles, BVI

 

[negon]

I can only agree with you dotbloup after the last 14 days testing I can see that you can archieve all your goals that you may have to start an online business. You can get privacy, 2checkout account, PayPal account, regular merchant account and a real bank account with IBAN account number.

Still it matters what business you are into, but if you are into regular business i.e. T-Shirts, Traveling, E-Books, Internet Marketing and similar, you won't get any troubles to setup your business in Cyprus.

You don't need to travel or have a real office with staff in Cyprus. Everything is handled remote and you will end up with a Virtual Internet Setup.

 

[JohnSeed]

I agree. Everytime I apply for an account may it be a merchant, PayPal, Bank or what else I do I never had a single problem when I show them my Cyprus company incorporation documents! Honestly the best investment I have done for my business ever. 100% flexibility and almost 0% tax to pay!

 

[andreas]

Second all replies and OP. Cyprus has been awesome for my business needs! Never had a single issue anywhere!

 

[Max]

Hi guys,

I'm in the process of registering a Cyprus company and bank account now in order to open PayPal merchant account.
The thing is that I'm physically not in Cyprus, I will be beneficiary of the company, but official director is nominal.

I have several questions regarding this:

1. Can I register PayPal account to my name and show general power of attorney to PayPal in case of request? Or it's better to register it to nominal director and then add myself as second account holder?
2. Do they verify company and account holder somehow other than just verifying bank account?
3. Can I state my non-Cyprus cell phone and login to my account from non-Cyprus IP? Or it's better to use VPN?

Do they really care about all this stuff or it's just enough to have Cyprus company + Cyprus bank account?
I'm desperate now, because there are no information about all these question on PayPal website.

Thanks a lot in advance for you replies!

Max

 

[JohnLocke]

1. Can I register PayPal account to my name and show general power of attorney to PayPal in case of request? Or it's better to register it to nominal director and then add myself as second account holder?

You want to register the PP account in the name of the nominees.

2. Do they verify company and account holder somehow other than just verifying bank account?

In some cases they do, they look up the DUNS number in the registry here D-U-N-S Number

3. Can I state my non-Cyprus cell phone and login to my account from non-Cyprus IP? Or it's better to use VPN?

Always use VPN to be sure your account don't get limited.

Do they really care about all this stuff or it's just enough to have Cyprus company + Cyprus bank account?

This is not enough, you may search the forum there are countless threads about this same topic. This will give you a better picture of all of it.

BTW, please open a new thread if you have more questions since yours are not relevant to this thread!!

 

[Max]

You want to register the PP account in the name of the nominees.


In some cases they do, they look up the DUNS number in the registry here D-U-N-S Number


Always use VPN to be sure your account don't get limited.

This is not enough, you may search the forum there are countless threads about this same topic. This will give you a better picture of all of it.

BTW, please open a new thread if you have more questions since yours are not relevant to this thread!!

Thank you so much for such a wide and helpful reply!
P.S. Sorry about missing the thread.

 

[jfugger]

How do you fix the issue of OECD automatic tax information exchange since the bank always knows the UBO -Cyprus coming into effect now in 2017

 

[jfugger]

PS found this site, $1590 for Cyprus incorporation + Bank account
Offshore Bank Account in Cyprus.
Don't know how trustworthy this company is or which bank is it