Help with Offshore Formation, do I need it?

[micgrez]

So basically I am an Norwegian citizen with an unregistered Digital marketing agency that I’d like to offer our marketing services to Australian businesses.

We have to provide our worldwide income to the authorities in Norway, but can be exempt from taxes if we work abroad for over 12 months, which I probably will. I’m looking to keep as much as I can and get taxes as little as possible, while also being legal. Having the business offshore means no corporate tax, which is one reason why i'd like my business to be registered offshore.

What are my best options in terms of tax? Where should I set up the offshore company and banking in order to be able to process payments from worldwide? Mainly Australia and the States.

Any tips?

Cheers!

 

[JohnLocke]

When you say processing payments worldwide, do you mean credit card payments online? or you only accept payments by wire transfer?

Your answer depends on where it would be possible for your to incorporate at all.

 

[micgrez]

When you say processing payments worldwide, do you mean credit card payments online? or you only accept payments by wire transfer?

Your answer depends on where it would be possible for your to incorporate at all.

Yeah both preferably. I was thinking Seychelles with bank account in Cyprus? I could get away with the corporate tax in that way, correct?

Thanks!

 

[Martin Everson]

What are my best options in terms of tax? Where should I set up the offshore company and banking in order to be able to process payments from worldwide? Mainly Australia and the States.

You need to start firstly with where are you going to be resident. Forget any talk of offshore until you resolve your personal tax situation. Your personal tax situation 100% determines the treatment of any offshore company you setup.

 

[micgrez]

You need to start firstly with where are you going to be resident. Forget any talk of offshore until you resolve your personal tax situation. Your personal tax situation 100% determines the treatment of any offshore company you setup.

It'll be Norwegian Resident for tax purposes. So I would pay 20-40% tax depending on the income I pay myself.

 

[JohnLocke]

Well, Seychelles is not working with any payment service provider that will accept your business. You want to find the payment processor first and then the offshore jurisdiction! People are doing this mistake almost everytime. They focus on the offshore jurisdiction, avoid tax and all this stuff but not the real problem.

Find the processor of your choice and then find out what jurisdiction they support so you can find out which of the jurisdictions / country is the best for your needs.

On a note, preferable is not a good answer when you look for help, you must be clear to what it is you require.

I don't want to sound rude, but I would like to make the point clear where to start IF payment processing is a requirement!

 

[micgrez]

Well, Seychelles is not working with any payment service provider that will accept your business. You want to find the payment processor first and then the offshore jurisdiction! People are doing this mistake almost everytime. They focus on the offshore jurisdiction, avoid tax and all this stuff but not the real problem.

Find the processor of your choice and then find out what jurisdiction they support so you can find out which of the jurisdictions / country is the best for your needs.

On a note, preferable is not a good answer when you look for help, you must be clear to what it is you require.

I don't want to sound rude, but I would like to make the point clear where to start IF payment processing is a requirement!

Gotcha! Yeah no worries at all, totally understand. Really appreciate the help. Honestly I thought it was about the bank account when it came to payment processors, my bad.

What if I only offered Wire payments. Then had the bank account in Cyprus in the name of the Seychelles company take the payments. Would that be doable? I am pretty much only selling an monthly service, so wire works as well. I guess I do not really need a payment processor...

Thanks again for the help!

 

[James Turner]

I think you would find Cyprus banking for a Seychelles Company impossible to obtain given the new shell company directive issued to Cyprus banks.

 

[JohnLocke]

Well at the moment it seems not to be possible to open Cyprus bank accounts for Seychelles or any other offshore company unless you incorporate your business in Cyprus.

However, you could also look into Mister Tango or similar EMI providers for banking which will give you a much wide range of offshore jurisdictions to look into.

 

[micgrez]

Well at the moment it seems not to be possible to open Cyprus bank accounts for Seychelles or any other offshore company unless you incorporate your business in Cyprus.

However, you could also look into Mister Tango or similar EMI providers for banking which will give you a much wide range of offshore jurisdictions to look into.

Sorry for all the questions. Why is that so? I literally emailed Offshore Corp yesterday and they said it would be fine to Order a Seychelles Company and Cyprus account through them.

So you're saying I could just use Mister Tango with the offshore company instead, in the company's name? Cheers

 

[JohnLocke]

Sorry for all the questions. Why is that so? I literally emailed Offshore Corp yesterday and they said it would be fine to Order a Seychelles Company and Cyprus account through them.

So you're saying I could just use Mister Tango with the offshore company instead, in the company's name? Cheers

Maybe because they may got the pciture that your business falls under some of the rules here:
Important! - Quick update for Offshore company and Cyprus bank account opening Aug 2018

So you're saying I could just use Mister Tango with the offshore company instead, in the company's name? Cheers

if you read the forum, yes that's actually possible and what most are doing.

 

[JohnSeed]

So basically I am an Norwegian citizen with an unregistered Digital marketing agency that I’d like to offer our marketing services to Australian businesses.

We have to provide our worldwide income to the authorities in Norway, but can be exempt from taxes if we work abroad for over 12 months, which I probably will. I’m looking to keep as much as I can and get taxes as little as possible, while also being legal. Having the business offshore means no corporate tax, which is one reason why i'd like my business to be registered offshore.

What are my best options in terms of tax? Where should I set up the offshore company and banking in order to be able to process payments from worldwide? Mainly Australia and the States.

Any tips?

Cheers!

A seycheller company with a Cyprus bank account is not fully excluded - it also depends on your business, but it has become very difficult at the moment.

 

[Stefano3323]

If you are planning to get credit/debit payment you can look at mister tango or even stripe. If you want to focus on only wire transfer you can just open a transfer wise account and connect that to your business in Seychelles.

For TW you will first need to set up a personal account an only after you will be able to connect the business account. Seychelles will not ask to submit financial records at the end of the year but probably you will need to keep them considering you will pay personal tax in Norway.

 

[micgrez]

A seycheller company with a Cyprus bank account is not fully excluded - it also depends on your business, but it has become very difficult at the moment.

Bank account in Puerto Rico maybe then?

If you are planning to get credit/debit payment you can look at mister tango or even stripe. If you want to focus on only wire transfer you can just open a transfer wise account and connect that to your business in Seychelles.

For TW you will first need to set up a personal account an only after you will be able to connect the business account. Seychelles will not ask to submit financial records at the end of the year but probably you will need to keep them considering you will pay personal tax in Norway.

Gothca, would stripe accept a Seychelles business? I couldn't find it on their website. And which bank should I pick to transfer the Stripe payments to?

THANKS for all the help guys! Appreciate it.

 

[Stefano3323]

Bank account in Puerto Rico maybe then?



Gothca, would stripe accept a Seychelles business? I couldn't find it on their website. And which bank should I pick to transfer the Stripe payments to?

THANKS for all the help guys! Appreciate it.

Sorry made a terrible mistake, nop Stipe doesn't accept Seychelles businesses. You will need to go with transferwise for the wire transfer, on that I'm 100% sure it will work. And you can use it as bank account.

 

[blizz]

Bank account in Puerto Rico maybe then?

were you able to setup a bank account in Puerto Rico? if so, how did you do that?