Hong Kong Nominees for PayPal/Stripe [Urgent]

[netmillions]

Hello,

I am acquiring a business that handles all of its subscriptions through PayPal/Stripe. Unfortunately, Stripe accepts a very limited number of countries: Stripe: In Ihrem Land

To maintain the subscriptions, I am planning to incorporate in Hong Kong and using a nominee. However, I am struggling to find nominees that would provide their documentation for PayPal/Stripe verification (ie. utility bills). Could anyone here point me in the right direction?

Of course, I have no issue disclosing the ultimate beneficiary information to the government. I just don't want to jeopardize the income by being a resident of a country that Stripe doesn't support.

As the transfer is time sensitive, I am happy to pay extra to execute this quickly.

 

[OffCap]

This is a bit of confusion, nominees don't do that what you're looking for is a signer or trustee. You have to understand they will be taking on liability and risk by signing on so they aren't going to be so willing to do that.

 

[netmillions]

This is a bit of confusion, nominees don't do that what you're looking for is a signer or trustee. You have to understand they will be taking on liability and risk by signing on so they aren't going to be so willing to do that.

Thank you for the clarification. Would you know an agency that can facilitate this?

 

[OffCap]

You could try searching for fiduciaries, trust providers, director services there are many in HK I don't have any I can specifically recommend. Be aware though it will add a lot to your annual costs.

 

[fshore]

First, if you're buying a running business have you thought about that you would have to restart all subscription if you change the paypal and stripe account?
You can use company address as personal address in paypal, they only ask for proof of address for the company, not the contact person (unless this has changed recently)

 

[netmillions]

You could try searching for fiduciaries, trust providers, director services there are many in HK I don't have any I can specifically recommend. Be aware though it will add a lot to your annual costs.

I don't mind the extra costs. If you know - or anyone else here - knows any providers for this, please do let me know.

First, if you're buying a running business have you thought about that you would have to restart all subscription if you change the paypal and stripe account?
You can use company address as personal address in paypal, they only ask for proof of address for the company, not the contact person (unless this has changed recently)

Yes, both PayPal and Stripe permit subscription transfers. Otherwise, no one would buy online businesses.

Regarding your second question, both PayPal and Stripe require director and shareholder information: Company ownership and director requirement : Stripe: Help & Support

As such, I would require the person to serve as a nominee shareholder, director and signatory.

I am happy to pay for these services and complete any KYC to put them at ease.

 

[JohnLocke]

Is it most the PayPal account that is important for you?

 

[netmillions]

Is it most the PayPal account that is important for you?

Stripe is more important. However, PayPal accounts for <10% of the revenue.

 

[fshore]

Regarding your second question, both PayPal and Stripe require director and shareholder information: Company ownership and director requirement : Stripe: Help & Support

Yes, but Paypal might not require you to live in Hong Kong. Or they might not require proof of HK address for you personally.
I'm not sure about Stripe in HK, but in the US they don't require the contact person to reside in the US.

 

[netmillions]

If I have to set it up for Stripe anyway, might as well use the same for Hong Kong to cover my bases.

I live in a tax-free jurisdiction, so there is always the risk that PayPal will change their mind about my residence in the future.

 

[JohnLocke]

but in the US they don't require the contact person to reside in the US.

That's the same for Sweden and Denmark.