Music Marketing Company with Seychelles, Payment Gateway Problems.

moneyrequired

Building Trust
Entrepreneur
The Stripe account IS in the name of the LTD but the bank account linked is in the name of Seychelles, not the UK LTD.

The UK LTD has no bank accounts and financially speaking receives no payments.

Not sure what's the legality of this though. Certainly isn't compliant with Stripe...
In short - this is a crime.
I heard that Stripe report sales to tax authorities. If this is a true described solution isn't stable.
 

fshore

Trusted Member
Business Angel
The Stripe account IS in the name of the LTD but the bank account linked is in the name of Seychelles, not the UK LTD.

The UK LTD has no bank accounts and financially speaking receives no payments.

Not sure what's the legality of this though. Certainly isn't compliant with Stripe...
Company income is taxable even if its cash, bitcoin etc. You don't need a bank account to produce taxable income. The stripe account can be viewed as a kind of bank account, and you transfer it then on to another company's bank account.
 

Sols

Building Trust
Entrepreneur
The scheme proposed here will stop working when Stripe checks the Company House for your annual accounts and find either none or ones for a dormant company. Until then, scheme can work so long as the recipient bank account is in the same name as the UK company. But there is a risk of bounced payment if the recipient financial institution looks at more than just company name and also looks at company address (especially country). If they see, for example, Music Marketing Ltd in UK and Music Marketing Ltd in Seychelles, you might have a problem.

That doesn't change the general and overall illegality of it all, of course.
 

Neilbali

Member
Hi guys, as the title says, I have Music Marketing Company registered in Seychelles with a combination with Bank Account in Dubai- we are using Ari Global (ACCOUNT RECEIVABLES INTERNATIONAL ) my apoligies if I can't post links.

So basically we are being refused by every single payment processor, be it PayPal, 2Checkout, Stripe, Square, Wix Payments, Paddle, WireCard, BrainTree etc.
As I personally understand the problem is with Seychelles rather than the business module itself.

What structure would you suggest for me to take a look at? I need the payment gateway back up running ASAP we are loosing money because of this, website payments is not working and half of the clients doesn't understand how transfers/wire works.

I do have a transferwise business account if that changes something.

I'm open for discussion, help and criticism.
email me at [email protected]
 

Neilbali

Member
at B2B Pay we specalise in providing bank accounts to global companies. naturally lot of our companies also need credit card processing and we have a bunch of card processors who support high risk entities and also high risk jurisdictions. can connect you to them.
 

LazyFox

Active Member
depends. for customers from EU, USA; canada, China, India, HK, Singapore, NZ, AUS. this is not a requirement. but for all others we need to see a local account.
For a company registered in Seychelles, what are your requirements and the process?
 

Neilbali

Member
For a company registered in Seychelles, what are your requirements and the process?
I can email you the list of documents we need. lot easier but generally speaking we need a couple of filled form plus the below. financials are not a must.

example:
Please read the list of documents carefully and provide all the below documentation

Step 1: Please fill in the attached form (for companies or legal entities only)

Step 2: Basic Onboarding Documentation

1) Incorporation document or certificate of incorporation, Articles of association, and Memorandum of association.
2) Official document showing who the directors and shareholders are.
3) For 2 directors their proof of Identity (Passport is ideal) and Proof of Address (Utility bill, Bank statements, official government documents no older than 3 months) .
4) For shareholders who owns more than 25% a proof of identity and Proof of address (in most cases it will be a director so it does not need to be repeated)

*Incase of corporate groups:
1) Incorporation document for the Parent of the subsidiary and shareholders registry for parent.
2) Signed organisation chart by director of the company (if it is a group).

Step 3: Proof of Business to verify your business:
1) Information on the business activity, brochures, product or customer information.
2) Copy of Financial Statements
3) Invoices from customers and to suppliers
4) Bank statements for last three months.
 

LazyFox

Active Member
I can email you the list of documents we need. lot easier but generally speaking we need a couple of filled form plus the below. financials are not a must.

example:
Please read the list of documents carefully and provide all the below documentation

Step 1: Please fill in the attached form (for companies or legal entities only)

Step 2: Basic Onboarding Documentation

1) Incorporation document or certificate of incorporation, Articles of association, and Memorandum of association.
2) Official document showing who the directors and shareholders are.
3) For 2 directors their proof of Identity (Passport is ideal) and Proof of Address (Utility bill, Bank statements, official government documents no older than 3 months) .
4) For shareholders who owns more than 25% a proof of identity and Proof of address (in most cases it will be a director so it does not need to be repeated)

*Incase of corporate groups:
1) Incorporation document for the Parent of the subsidiary and shareholders registry for parent.
2) Signed organisation chart by director of the company (if it is a group).

Step 3: Proof of Business to verify your business:
1) Information on the business activity, brochures, product or customer information.
2) Copy of Financial Statements
3) Invoices from customers and to suppliers
4) Bank statements for last three months.
Thank you for the details. All good, but what if the company doesn't have any bank account then what for "4) Bank statements for last three months."
 

user9823671

Building Trust
Entrepreneur
and they are ok with a seychelles company? No problem?

Did they want to know company / personal tax ID numbers?

Did they require extensive KYC?

What payment methods do they allow? Do they service world wide? I have been in contact with some processors who wouldn't process US payments for an offshore company.


It is a hard process to get it started .
In what way?


Overall, how have you found having a seyechelles company for (what I assume is) an online company receiving regular subscription payments?
 

Decanl

New Member
and they are ok with a seychelles company? No problem?

Did they want to know company / personal tax ID numbers?

Did they require extensive KYC?

What payment methods do they allow? Do they service world wide? I have been in contact with some processors who wouldn't process US payments for an offshore company.



In what way?


Overall, how have you found having a seyechelles company for (what I assume is) an online company receiving regular subscription payments?
Yes they were completely okay with IBC Seychelles. They didn't ask for company/or personal tax ID numbers.
They didn't ask any addition information about KYC, just the usual stuff, average order value, subscription or no, monthly volumes and all that.

Payment methods are VISA/DEBIT Cards those were the main ones that I did need, they also do offer QIWI, WebMoney, Yandex Money, SEPA.

They do work worldwide, I have open accounts in USD/EUR and RUB.

The process was hard because it was so time consuming, it took me like 5-8 weeks to get it up and running.
Seychelles IBC is great for my business type and if you think outside the box you can always find a good solution.
 

rewindghost

New Member
Yes they were completely okay with IBC Seychelles. They didn't ask for company/or personal tax ID numbers.
They didn't ask any addition information about KYC, just the usual stuff, average order value, subscription or no, monthly volumes and all that.

Payment methods are VISA/DEBIT Cards those were the main ones that I did need, they also do offer QIWI, WebMoney, Yandex Money, SEPA.

They do work worldwide, I have open accounts in USD/EUR and RUB.

The process was hard because it was so time consuming, it took me like 5-8 weeks to get it up and running.
Seychelles IBC is great for my business type and if you think outside the box you can always find a good solution.
I contacted their support few weeks ago, they said Seychelles IBC is no problem but they cannot provide credit card processing to these accounts.
Last week I provided them all the documents and they denied the application because of "high risk" and no further explanation..
 
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