Need a solution for a crypto business (Cashing crypto problem)

[johnstevenson637]

Hi,

I have a crypto business that receives revenue paid in crypto. I pay also my employees in crypto.

I have a problem because, in my country, banks don't allow cryptocurrencies transactions... so I can't cash.

At first, I got a simple idea... Which was to create an offshore company with an offshore bank account, create an exchange account, move my crypto to this exchange, transfer to fiat, and withdraw from the exchange to the offshore bank account. Then send this money from my offshore bank account to my corp here, and pay my taxes on the received money here, in my country.

Opening the offshore company, and the offshore bank account isn't a problem. The problem is with the crypto exchange, they mostly all verify your entity to accept bank wire withdrawal and the nominee director only signs the initial documents. The crypto exchanges I have checked (ie: Binance), require to download, fill, and sign some documents by the director. They even ask for KYC, which never a nominee director will assign to do.

So from what I have seen, it is impossible to get a verified exchange account without being the director and shareholder of the company... Is it possible to do this remotely or do I need to move to a location and open the company/offshore bank account locally?

What are my options? Is there another way to cash crypto to fiat without needing all these papers signed by the director of the entity?

Thank you much for your help!

PS: I'm looking for a tax heaven location for the offshore company, with no accounting required.

 

[CyprusLawyer101]

Which country are you located?
And how do you pay yoir employees in crypto ? P2P or through an exchange?
Do you have an account with an exchange ?
Maybe all you need is an account for your company with a bank which accepts proceeds from crypto.

 

[johnstevenson637]

Which country are you located?
And how do you pay yoir employees in crypto ? P2P or through an exchange?
Do you have an account with an exchange ?
Maybe all you need is an account for your company with a bank which accepts proceeds from crypto.

I am located in Canada and I pay my employee through crypto wallet to wallet (not through an exchange).

"Maybe all you need is an account for your company with a bank which accepts proceeds from crypto."

There no banks in Canada that accept cryptocurrencies for corporation. Also, the accounting for crypto is really complex, it is why I want to move to a country without accounting reporting.

 

[CyprusLawyer101]

I am located in Canada and I pay my employee through crypto wallet to wallet (not through an exchange).

"Maybe all you need is an account for your company with a bank which accepts proceeds from crypto."

Does that exist? A bank that accepts crypto deposit? and then convert to money for you?

As far as I know, no bank exist which does this, other than some banks oferring OTC solutions.
My intended suggestion above was that you could open an account with a crypto exchanged like Binance and once you exchange from crypto to fiat you then send them to a bank which would accept funds coming from a crypto exchange. Such banks to exist.

 

[johnstevenson637]

As far as I know, no bank exist which does this, other than some banks oferring OTC solutions.
My intended suggestion above was that you could open an account with a crypto exchanged like Binance and once you exchange from crypto to fiat you then send them to a bank which would accept funds coming from a crypto exchange. Such banks to exist.

Yeah, I edited my post, finally understood what you meant. The problem here not just with banks, it is also with accounting. It's another reason why I want to create an offshore company in a country without accounting required.

 

[CyprusLawyer101]

Yeah, I edited my post, finally understood what you meant. The problem here not just with banks, it is also with accounting. It's another reason why I want to create an offshore company in a country without accounting required.

Marshall Islands then

 

[VESTANON]

@johnstevenson637

two options exist as per your scenario

1.get a fully verified reputable EMI, attached with a bank offering swift facility. crypto is swapped on ramp and paid out via USD withdrawal method.

2. A High limit crypto Card, with Holding capacity of 10k$ anytime . Gives Access to 2,000$ Fiat ,daily access via your local ATM. reloadable with most popular cryptos...

 

[johnstevenson637]

@johnstevenson637

two options exist as per your scenario

1.get a fully verified reputable EMI, attached with a bank offering swift facility. crypto is swapped on ramp and paid out via USD withdrawal method.

2. A High limit crypto Card, with Holding capacity of 10k$ anytime . Gives Access to 2,000$ Fiat ,daily access via your local ATM. reloadable with most popular cryptos...

I like your option #1... Can you tell me more?

Any EMI to recommend? And is there a tutorial or article explaining the process described above? I never hear of RAMP so it's the first thing I will do now, read about it ^^

 

[369]

depending on the amount bitcoin ATM's could be also a solution

 

[johnstevenson637]

1.get a fully verified reputable EMI, attached with a bank offering swift facility. crypto is swapped on ramp and paid out via USD withdrawal method.

That may be the way to do... I'm just trying to understand why I need an EMI if I can withdraw directly from RAMP to my offshore bank account. Does the EMI replace the offshore bank account?

 

[CaptK]

RAMP only let’s you purchase (on ramp) and not sell (off ramp) for now.

Nominee is not the issue it’s bank fees for crypto friendly banks.

Check out Bankera

 

[bonox]

What is RAMP ?

 

[johnstevenson637]

RAMP only let’s you purchase (on ramp) and not sell (off ramp) for now.

Nominee is not the issue it’s bank fees for crypto friendly banks.

Check out Bankera

Ah okay I didn't know! That is good to know!

@bonox Ramp A P2P platform to buy crypto (From what I have understood)

 

[CyprusLawyer101]

Hi
Have you found a solution?
I was speaking earlier with an EMI which is providing OTC transactions ( crypto to fiat ) and they then deposit the fiat to an account you can open with them and then you can tranafer funds out anywhere. Let me know if this is of interest and I can PM you to discuss further.

 

[johnstevenson637]

Hi
Have you found a solution?
I was speaking earlier with an EMI which is providing OTC transactions ( crypto to fiat ) and they then deposit the fiat to an account you can open with them and then you can tranafer funds out anywhere. Let me know if this is of interest and I can PM you to discuss further.

I haven't found an ideal solution yet... I'm open to your solution please dm me

 

[tyrexoid]

That may be the way to do... I'm just trying to understand why I need an EMI if I can withdraw directly from RAMP to my offshore bank account. Does the EMI replace the offshore bank account?

is it about this RAMP ? Ramp - Corporate cards and finance automation that scales with you
I read through their "free free free" in pricing and don't understand how they make money lol. They have cool partner programs, discounts for services that we use. What is that cool thing, I've never heard of it, a payments management system for enterprise and startups? it can issue our own cards to employees and all for free? I don't get it... but I want to sign up to try see how it works hehe

 

[benchman]

Similar situation as OP here - wondering if you've still moved towards setting up offshore company? If so, which one and why?
Please let me know if you are able to PM me details!