Good E-Commerce setup

[Natsu]

Hi guys,
I'm selling online and would like to simplify business with no tons of papers as well as keep the maximum of money for me.
I'm buying products from China in dropshipping and you know how are customs declarations and VAT in EU...
Could you tell me if a Delaware company is good for e-commerce or if there are better setup ?
And could you advise me good banks that accept company from there ?
Sorry in advance for my bad english

 

[negon]

In regards to banks it's almost impossible to open anything useful and easy today.

Your best option is to setup a Belize corp. with Mister Tango bank account or if you have the budget setup the entire thing in Cyprus with MT account and 2checkout, PayPal or other payment processing.

Above works for most people around and is possible to setup without that much paperwork.

 

[happyjohn]

Have you guys considered to open a personal account with Bank of Cyprus or any other bank around? It seems all the rules apply for shelf offshore companies only!

 

[jim1688]

Hong Kong would be the best, it is part of China, so transferring funds to your supplier would be a breeze, quicker and there are cheap alternatives.
There is no VAT and first 2 mill profit is taxed at 8.25% only. However, it is very hard to open bank account in HK now.

Hi guys,
I'm selling online and would like to simplify business with no tons of papers as well as keep the maximum of money for me.
I'm buying products from China in dropshipping and you know how are customs declarations and VAT in EU...
Could you tell me if a Delaware company is good for e-commerce or if there are better setup ?
And could you advise me good banks that accept company from there ?
Sorry in advance for my bad english

 

[happyjohn]

HK banking is horrible to get! how do you want to go about it without personal visit and some reliable introducer by hand?

 

[Natsu]

Thanks a lot for your replies guys. I saw an easy way to open a HK bank account with a HK credit card (this solution is Neat) but company in HK seems to be tricky as it need a local there... Is it right ?

 

[Min Park]

Opening bank accounts are almost impossible. You will waste time (at less 2-3 months) and money with no luck.

 

[jim1688]

HK banking is horrible to get! how do you want to go about it without personal visit and some reliable introducer by hand?

Definitely need personal visit, and heaps of documents. HSBC in particular asked us for shareholders employment/business record 10 years back, including offer letter, resignation letter. Smaller banks are easier, but still requires you to come for interview.

Thanks a lot for your replies guys. I saw an easy way to open a HK bank account with a HK credit card (this solution is Neat) but company in HK seems to be tricky as it need a local there... Is it right ?

I am still unable to open HK company credit card, and their cards are only UnionPay, so pretty useless outside China. My bank required me to ensure there are 150% equivalent to the credit card limit sitting as balance in the account.

BTW you don't need a local if you mean by nominee, you can just use a corporate secretary there and my annual cost is only around 5000-7000HKD (800-1K USD) excluding auditing and corporate tax. I believe if you structure well, you can gain a lot of advantage by the up to 15% personal income tax rate, no VAT and 8.25% corporate tax rate for profit up to 2M HKD (as well as 0% if income is earned outside of HK).

 

[happyjohn]

Definitely need personal visit, and heaps of documents. HSBC in particular asked us for shareholders employment/business record 10 years back, including offer letter, resignation letter. Smaller banks are easier, but still requires you to come for interview.

You are prepared to do personal visit?