Making my first company and THANK YOU!

[Wavez]

So first off, THANK YOU, to everyone on this forum for existing! It's extremely hard to find good information about these things.

I'm looking to open a offshore company, primarily to recive money from myself and "friends" and then invest and hold crypto.

From my own company in a top tier european country where I'm also a born resident I will invoice myself, or send a payment link from my future off shore company, charging myself for a service.
I could charge from paypal, some crypto payment service or anything - it does not have to be a traditional bank.

From there the money would be invested in crypto and stored or traded.

Now, please help!
In terms of budget UAE is far out of my price range as I'm young and only now getting my financal independence going, although I have some capital gatherd up.

My price range is more Seychelles or Belize.

So what do I need to be minfull off? What are common mistakes? Do I need traditional banking? If so, where? And good ragistars? Any registrars I can pay with crypto or payment visa link?
And most importantly, what questions should I be asking?

And againm THANK YOU!

 

[AMD]

Common mistake is to not have sufficient money to setup a proper offshore company with bank account, nor to buy a membership to mentor group to find the reliable providers and to think that a Seychelles or Belize company can take them anywhere!

Sorry to be that harsh on you, but if you only have 500$ to setup a SC company or BZ so you waste your money, spend them on some girl where you at least can get a bang for the buck maybe she throe in a blowjob too.

Serious, you don't need that company it is worthless, you can't find any proper banking, EMI's will reject you so payment processors.

The only thing that will work for you is a crypto payment gateway but you will need another entity for instant in the UK or Dubai to exchange the money.

Do more research here on OffshoreCorpTalk we are all here to help, this resources is the best on the entire Internet, search for post from our all be loved @Martin Everson and @Sols they are really good, and I mean REAL GOOD to explain up's and down's.

 

[Wavez]

Common mistake is to not have sufficient money to setup a proper offshore company with bank account, nor to buy a membership to mentor group to find the reliable providers and to think that a Seychelles or Belize company can take them anywhere!

Sorry to be that harsh on you, but if you only have 500$ to setup a SC company or BZ so you waste your money, spend them on some girl where you at least can get a bang for the buck maybe she throe in a blowjob too.

Serious, you don't need that company it is worthless, you can't find any proper banking, EMI's will reject you so payment processors.

The only thing that will work for you is a crypto payment gateway but you will need another entity for instant in the UK or Dubai to exchange the money.

Do more research here on OffshoreCorpTalk we are all here to help, this resources is the best on the entire Internet, search for post from our all be loved @Martin Everson and @Sols they are really good, and I mean REAL GOOD to explain up's and down's.

Okey! Thank you so much for the straight truth!


What would you say should be the minimum price to do it properly? And what would be the cheapest countries to do it properly in?

 

[Gediminas]

So first off, THANK YOU, to everyone on this forum for existing! It's extremely hard to find good information about these things.

I'm looking to open a offshore company, primarily to recive money from myself and "friends" and then invest and hold crypto.

From my own company in a top tier european country where I'm also a born resident I will invoice myself, or send a payment link from my future off shore company, charging myself for a service.
I could charge from paypal, some crypto payment service or anything - it does not have to be a traditional bank.

From there the money would be invested in crypto and stored or traded.

Now, please help!
In terms of budget UAE is far out of my price range as I'm young and only now getting my financal independence going, although I have some capital gatherd up.

My price range is more Seychelles or Belize.

So what do I need to be minfull off? What are common mistakes? Do I need traditional banking? If so, where? And good ragistars? Any registrars I can pay with crypto or payment visa link?
And most importantly, what questions should I be asking?

And againm THANK YOU!

Hey,

First, you mentioned that these companies will issue an invoice to you for services. I see many more negative than positive aspects as regards such a way of capital contribution.

By paying for services you would pay in the money you already have under your disposal and you already paid taxes on them in your country. It means that whatever you will take from that company will be taxable from the first EUR. More tax-effective and standard ways how you can contribute funds: you can simply pay share capital of the new company or give it a loan. Then you might take back the same amount with no taxes in your home country (you need to check local tax law) while remaining gains (profits from crypto trading) would be most likely taxable (either under local CFC or PE rules, since you are considering blacklisted jurisdictions). Again, it depends on your residency country.

You can try to work with such a setup, just to see how the business is going, but if you see that you wish to do something more, I would advise setting up a crypto investment fund (if you wish to collect funds from third-party investors) or company in non blacklisted jurisdiction which would be officially engaged in crypto activities (Lithuanian crypto authorized company, or company in DMCC (UAE) or you can have both in one structure.

 

[Wavez]

I would advise setting up a crypto investment fund (if you wish to collect funds from third-party investors) or company in non blacklisted jurisdiction which would be officially engaged in crypto activities (Lithuanian crypto authorized company, or company in DMCC (UAE) or you can have both in one structure.

Very interesting!

What are the reporting laws, and tax laws with such a Lithanian company? Price range?

 

[Gediminas]

Very interesting!

What are the reporting laws, and tax laws with such a Lithanian company? Price range?

Let's schedule a call to speak this through.

 

[Sirion]

I have a similar question actually, although has nothing to do with digital currencies. Just a simple business and bank account setting up for legitimate business

 

[LuckyFarmer]

@Gediminas: hi can you send me a Pm as well. I have similar queries and would be great to speak to you.

Let's schedule a call to speak this through.

 

[JackAlabama]

So first off, THANK YOU, to everyone on this forum for existing! It's extremely hard to find good information about these things.

I'm looking to open a offshore company, primarily to recive money from myself and "friends" and then invest and hold crypto.

From my own company in a top tier european country where I'm also a born resident I will invoice myself, or send a payment link from my future off shore company, charging myself for a service.
I could charge from paypal, some crypto payment service or anything - it does not have to be a traditional bank.

From there the money would be invested in crypto and stored or traded.

Now, please help!
In terms of budget UAE is far out of my price range as I'm young and only now getting my financal independence going, although I have some capital gatherd up.

My price range is more Seychelles or Belize.

So what do I need to be minfull off? What are common mistakes? Do I need traditional banking? If so, where? And good ragistars? Any registrars I can pay with crypto or payment visa link?
And most importantly, what questions should I be asking?

And againm THANK YOU!

Eariler this year, I was looking into doing what you did for another side venture of mine.
The "friends" part is exactly what it is tricky as these are third party funds which require a proper setup or creative legal approaches which some clients or yourself do not like as it shifts the risk / reward profile to either side. (But as a way to start out, you could explore).

I would maybe drop taking on the "friends" cash part.

You also do not want to do it in a shithole as no one besides your trusted core group of friends will trust you.

Long story short, UK would offer a good ecosystem with fiat/exchanges. You need fiat banking if your "friends" cannot get crypto themselves, which many do not want to because of fear of fuckups.

Lithuania as @Gediminas came up as did Estonia with the full licensing package. But it is in the eu, which I personally do not like nor is a business friendly place.
Mauritius is also an option and it would cost around 80k including the capital requirement from the top of my head, but the place is closed for over a year now and not everyone is comfortable to send that amount as startup cost to an African island.

 

[uplana]

I would maybe drop taking on the "friends" cash part.

no need for that, there are Trusts, Nominees, Law firms and many other instances that gladly will help you with this part on a commission basis.