Indian resident ( FUNDED fx trader) - exploring individual or business offshore choices

[shubhankarch01]

Hello all members

Little bit of introduction

I am an Indian engineer who completed his MBA from USA in 2018, got his visa rejected and since then unemployed in India. Trying to get into FUNDED fx tgrading for reputable prop firms like
-FTMO(www.ftmo.com)

I am currently in process of proof of working system, but doing my hw to make sure I have options to get an offshore corporation and most important, a bank account so as to deposit my profit shares and pay low taxes when I start the operation.

Issues

My constraints are
- low sum to deposit and incorporate ( I am looking medium $$$$ 4 digits USD as thats what I can afford at first month)
- no bank reference letter ( I had a joint account in India and all bank accounts in USA closed due to low balance)
- the keyword of "currency trading" (despite no illegal or own funds per say)
- money must be paid through paypal or deposited in a real bank account

Options

I have pinged @Gediminas and @azb1 who are active members here for ideas and followed othe threads/
I just had a talk with www.turnerlittle.com agent

Seems my options are

- UAE: however the cost as downpayment surpasses my budget and a GoT character (namely, Denyrys) said that there are more charges and delays to get an id , and the banks might not be keen to start a corporate account for forex
- Estonia: however no real bank account so payments cant be received
- Georgia personal bank account: however, if it is so easy to have a personal account why isnt everyone opening an account ?
- Belize corp + BVI bank: however the areas might be under government radar and can get me into legal trouble or even money being lost
- Belarus: however no body here has ever seem to have opened one

I aint dismissing any option, but I know there are quite a few people in same curiosity and if the senior members can assist in suggesting more options and confirming or critique of the presented , it will open new avanues for a sizable crowd

 

[shubhankarch01]

Just had a chat with @Gediminas
incredible behavior from the gentleman to a low value customer(myself in this case ) and very prudent solutions he suggested,

we also discussed the constraints I mentioned( some of which might not be applicable to all asking for same solution)

I am NOT posting the particular solution now, but I request members to discuss the solutions here, for reasons I mentioned above

 

[troubled soul]

Before all this,
Do you really think ftmo is not scam??
Online review can be fake. I would suggest.
Do more research on ftmo ?? So many people fall for this type of scam.they are run by Indian and they are targeting indian people by saying they operated from London/new York. So many fake reviews. So many non sense only 0.01% chance that they are not scam. Remember in any ponzy scheme beginner get real money . After that everybody know what happen...

As you mention me in many post, as a friend,I would suggest you avoid this type of non sense.


And keep in mind that most retail forex does not accept company account. They only allow personal account.

And with small amount going offshore not worth, it may cost you more. As you already mention with small island bank you are risking all your money.

Why do not you try crypto trading??
With out any company registration drama?? No bank account needed???
You can do trading anonymous without any kyc . There are many option for that.you can start trading in next minute.

Forex and crypto trading are kind of same.

Hope this help

 

[shubhankarch01]

@azb1 thanks a ton, need some time to understand the full load of new nformation, will get back to you

 

[troubled soul]

As indian , you may know that forex trading and any kind of margin trading in overseas market is ban by Indian government (central bank)
By rules you can send upto $ 250,000 for investment purpose per year per person and that is only for cash account and not for margin account. (Capital control) You can only trade listed currency future on nse with your local indian broker.Basically forex trading is ilegal.

Forex scammer know that , you are not going to police as it is illegal. That's why they never caught you see indian scammer are very smart. Do not fall for this type of scam. Same like high risk payment gateway scam .
For more details go here Fund Recovery from blocked high risk merchant account

A startup formed in 2018 with £1 by some guy living under a tree in India.

These guys in India are very clever especially when they know high risk activity clients are not gonna go to police...lol.

Believe or not , sending money from Indian one or another means for margin trading. Any setup is ilegal in eye of Indian law.

Be careful dear.

 

[yeongsu]

I see a lot of Indians are interested in Forex trading and looking for a solution to bypass the law made by Indian government. When the law was enforced a couple of years back, every major fx brokers suggested their Indian customers to open a global account to keep trading. And it proved to be really beneficial, for the brokers. Idk how many people got their money stuck in their trading accounts.
I second @azb1 's comment and will suggest the same. Indian and European govts are really good at getting every single penny out of their citizen's pocket.
If you really want to go for the business trading account solution (with a reliable broker), please consider talking to a local CPA (that has an experience of such stuffs) to find out a decent way to transfer that money to your home country.

 

[shubhankarch01]

Hi @azb1 , @yeongsu

Thanks for your insight

Here are the answers

- FTMO is not a scam
- FTMO does accept company accounts and many people in India use FTMO and deposit money to ther persnal accounts
- Propreitory trade is allowedin India for residents - regardless of they are citizens of country India, because neither I am puttng any money to nor getting from a broker and by no wy I trading my own funds, many people do that lke I said
- Crypto might not work on the strategy for cfds on currency
- I am starting something offshore small without a big starting capital as I dont have any doesnt mean I intend to keep it little
- Like you said, India and EU are good at squeezing money from people when they grow big, sosending something small to setup offshore will be done easily under their radar, while creating a better environment to scale & grow

I mention you because you seem to be active and well versed in many business ecosystem across continents, and I take your advise with a lot of consideration

 

[troubled soul]

Hi @azb1 , @yeongsu

Thanks for your insight

Here are the answers

- FTMO is not a scam
- FTMO does accept company accounts and many people in India use FTMO and deposit money to ther persnal accounts
- Propreitory trade is allowedin India for residents - regardless of they are citizens of country India, because neither I am puttng any money to nor getting from a broker and by no wy I trading my own funds, many people do that lke I said
- Crypto might not work on the strategy for cfds on currency
- I am starting something offshore small without a big starting capital as I dont have any doesnt mean I intend to keep it little
- Like you said, India and EU are good at squeezing money from people when they grow big, sosending something small to setup offshore will be done easily under their radar, while creating a better environment to scale & grow

I mention you because you seem to be active and well versed in many business ecosystem across continents, and I take your advise with a lot of consideration

Best luck for your adventure