Let's sum up, Offshore comp+cyprus acc.+PayPal

[JohnnyC]

Hi all,


I have read the topics, but didn't get all the info I need so please help me out.


There is a offshore company in Anguilla, and we need to accepts payments via PayPal, let's fill in the missing parts together.


We plan to open a Cyprus bank account with the firm. ( would you rather suggest any other country?, If not read on), help us choose the better road:


1. With the cyp. bank acc. we can open a 2co account, and make a payoneer card to transfer funds to. (CON - 2co fees are higher than PayPal`s, name more CONS if you know of them).


2. With the cyp. bank acc.we want to open a PayPal acc. and to be able to use our funds freely. What else do we need? Is it only a nominee director to our firm from cyprus, with an local address, to verify a paypal acc? What are the extra costs then in this case? Is the PayPal acc in the firms name or his, how do we handle the funds after?


Thanks in advance!

 

[lavel]

1. With the cyp. bank acc. we can open a 2co account, and make a payoneer card to transfer funds to. (CON - 2co fees are higher than PayPal`s, name more CONS if you know of them).

Correct, that's how I managed my company and banking.

2. With the cyp. bank acc.we want to open a PayPal acc. and to be able to use our funds freely. What else do we need? Is it only a nominee director to our firm from cyprus, with an local address, to verify a paypal acc? What are the extra costs then in this case? Is the PayPal acc in the firms name or his, how do we handle the funds after?

You will need a local director from Cyprus to open a PP account, otherwise you can't prove the company to be a Cyprus company and to be managed in Cyprus, so your account will get limited or simply opened in your personal name. No additional costs for the PP account doing so, however, additional costs for the nominee apply.

 

[riskprocessor]

Oh, I didn’t know one can open up a 2co account with the Cyprus bank account, as well as get a payoneer card for fun transfer. I agree that this can make it easier to manage both the company operations and banking.


I think the criteria for opening a PayPal account with a Cyprus bank account too are simple and flexible. For example, once a local director from Cyprus has opened a PP account, you won’t face any problems while proving that your company is a Cyprus company. I am sure additional costs are not an issue with those who are serious about opening Cyprus bank accounts with offshore companies!

 

[JohnLocke]

Seems there is a solution to get a PayPal account verified etc. for a cyprus bank account, however, we need to get this all verified before we can put this in the mentor group for people to make use of it. Will update the thread here once we know if this is a solid solution.

 

[employme]

I find it interesting that in 2 years no one has still cracked the code to solve a solution for offshore bank account + paypal account, why not?

 

[busdriver]

Well, there seem to be a few options:
Did you check Labuan (costs roughly $7000 ($2000 for the company service provider + $5000 in tax) per year if you want no auditing, or $2000 + 3% of your profit plus auditing required) ?
Did you check Isle of Man (VAT can be an issue or an advantage)?

Actually do you need to withdraw the money to an offshore bank account? Maybe not ...
The company can pay a salary or what every by PayPal ... just saying
That something like Belize might work actually. I need to check on that idea...

PS: Please correct me if I am wrong ...

 

[starfang]

So question is how you connect your PayPal account to one of these entities. Do you know about some service in the Isle of Man that can connect the PayPal account to an offshore account belonging to an company in the Isle of Man?

 

[busdriver]

The isle of Man is part of the UK. So it should have the same few issues as you would have in the rest of the UK. ( I say "should" as I did not try is myself). BUT: VAT applies for transactions as it does in the rest of the UK which might be a big issue. It was for me to not think of the IoM anymore actually ...

 

[techtrader]

You have to open paypal account where you live not where your business is. This was confirmed by Paypal staff.

 

[busdriver]

Yes and no ... If it's for a company (like an LTD) than it would be the country if incorporation (might work elsewhere too, but you might need extra papers or it might be impossible - not sure)
If the account holder is a natural person (private account for example) it can be different from your home country. EG if you can provide a proof of address and have a bank account in Hong Kong a person without residence in HK can have a HK PayPal account.
So answering that questions is not as easy as one would hope.
Unfortunately HK is not really an offshore jurisdiction...

 

[techtrader]

I think it's impossible with nominees unless you get his ID. But if you are legit with papers I don't see why not.

 

[JohnLocke]

This would actually make sense even though that it is the oppsite we have heard for some time now. If it is just the ID of the nominees you need then it's not aproblem I know several severvices where this is possible.