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Most Simple & Easy Setup for 1-person online business?

LegitBananas

LegitBananas

Mentor Group Silver
Jul 5, 2019
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#1
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Hey guys, I know a lot of you have complex businesses with dozens of employees and this can result in a headache and lots of paperwork with your offshore biz/bank.

But let's say you're a writer or YouTuber online and you don't have any employees and you get paid via wire transfer or PayPal by US companies. You live in the Canada. What's the easiest and safest bank (and in which country) to funnel your money to outside of your home country? And do you really need a corporation if your 'business' is just you writing or blogging, etc.?

Preferably bank can be opened online without visit. I've looked at Caye and Heritage bank which looked good, but then I read so many horror stories on this forum that makes me afraid to make a decision on which bank to trust. Some people tell me Belize is amazing and others say to stay away like the plague, and it just causes a bunch of confusion.
 
#3
Suzy Emerald said:
Belize is amazing for scuba diving, not for banking. Those horror stories are not just made up.
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Okay, so everyone says to stay away from Belize so I'll do that. Do you have any personal recommendations for jurisdictions that are more "safe" or at least have a better reputation which can be opened remotely?
 
#4
Go to UK
If you for some reason still want offshore - Dominica.
But note, that any EU country is always better.
You want safe bank - open a company in stable country. Netherlands, Germany, UK etc - all them have good banking system. As well together with classic bank you can get 1-2 digital banks like Revolut, Transferwise, Epayments, bunq - anything.
 
#5
joseph15 said:
Okay, so everyone says to stay away from Belize so I'll do that.
Click to expand...
You can do your own research on Belize to see if this is something you want to work with! Look into Georgia for short term, Mauritius for long term banking and even Cyprus if you have the money to setup something serious there.
 
#6
lrotter said:
Go to UK
If you for some reason still want offshore - Dominica.
But note, that any EU country is always better.
You want safe bank - open a company in stable country. Netherlands, Germany, UK etc - all them have good banking system. As well together with classic bank you can get 1-2 digital banks like Revolut, Transferwise, Epayments, bunq - anything.
Click to expand...

Any particular reason you like Dominica? Some people have also mentioned Costa Rica, Panama, and Mexico but it's hard to say which one is the best. They all look relatively stable and safe to me.
 
#7
Dominica is very easy and quick to set up.
Low operational costs.
Also recently it was excluded from EU black lists.
We don't operate in Costa Rica, Panama, and Mexico, so I can't give you solid feedback
 
#8
i suggest you look up the EU black list and look for countries that are not listed or have been removed. Then do a careful research on the countries, then once you arrive at a favorable conclusion you make your decision. I would suggest you not to keep all your money in one bank but open a dozen bank accounts and please include Mauritius as well.
 
#12
lrotter said:
Dominica is very easy and quick to set up.
Low operational costs.
Also recently it was excluded from EU black lists.
We don't operate in Costa Rica, Panama, and Mexico, so I can't give you solid feedback
Click to expand...

Do you have to go over to Dominica to open the bank account? I've been doing research on which banks in particular are good but there are basically no reviews on any of them
 
#15
khan said:
You can do your own research on Belize to see if this is something you want to work with! Look into Georgia for short term, Mauritius for long term banking and even Cyprus if you have the money to setup something serious there.
Click to expand...

What is your personal opinion of Belize? I have done research online and it is often referenced as being a great choice on blogs but it seems the people of this forum don't share those sentiments.

I also found a bank called "caye bank" which looks like it suits an internet entrepreneur perfectly, but again I read poor reviews on this forum. They claim 24% liquidity and Wayback machine shows that they've been around for 2 decades. So what's the problem?

It's so hard to pick a jurisdiction/institution to bank with because everyone tells you something bad about every available option. And when you ask them what IS a good alternative or choice, they become tight-lipped and don't share anything at all, in terms of specifics.

Only @lrotter shared something specific with me, but I still don't see any Dominica banks that openly state they can open accounts remotely.
 
#17
Suzy Emerald said:
Try paxumbank.com in Dominica. Or a Mauritius bank, EPB or an EMI.. Corps with jurisdictions like Belize or Seychelles it is very difficult to get decent banking these days if you may have found out by now.
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TBH I was just going to set up a corporation somewhere else and only have a bank account in Belize, I thought that would be easier. But thank you for your recommendations, I'll look into them.
 
#20
joseph15 said:
That's fine but my problem isn't setting up a corporation or LTD. i want to know the best place to send my money that won't cause me any stress or problems (bank).
Click to expand...

With or without CRS? Without CRS, CIM Banque in Switzerland should be an option maybe
 
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