Question Looking for lightweight regulations

[max4]

I have a startup dropshipping business. I'm selling to people only inside the US (I'm European). Dropshipping basically means: The customer buys something from me, and I buy it for him from other sellers where the given product is cheaper. But in my home country (Hungary) has sticks rules about how you can prove your expenses, as I know only proper invoices accepted. I buy from sellers who don’t give such invoices. I always get some proof of purchase, but there are not proper invoices accepted by my country.

Is there any way to set up such a business?
Also, I have a lot of transactions with relatively low profit. High accounting fees might kill my profit.

 

[Gediminas]

Hey,

You could do your dropshipping business with the Seychelles company. The reputation of this jurisdiction is not best, but the job can be done anyway. Accounting wouldn't be necessary there, but you still want to keep your records, because financial institutions might ask for it.

With the Seychelles entity, you can open an account in one of the EMI's and your issues will be solved.

 

[max4]

Seychelles seems reasonable. Reputation is not important at all for this business. But I saw that it has been blacklisted by the EU.

Maybe create the Seychelles company as a Hong Kong entity is a good idea to cut accounting fees?

 

[tacokai]

Is Transferwise still accepting Seychelles companies? if not I wonder what banking they will be able to offer you.

What EMI's would that be @Gediminas ?

 

[Offshore Seychelles]

Is Transferwise still accepting Seychelles companies?

yes

 

[Gediminas]

What EMI's would that be @Gediminas

Try my favorite one.

 

[tacokai]

You mean Bankera, they are able to open an account for Seychelles companies if it is legit business, I knew you were the one that could help

 

[celizo]

I've heard from one agent in Seychelles that they recommend now to do financial statement with an audit. Seychelles work on a new law "Economic Substance Requirement" in order to be removed from the EU blacklist.