New company but where?

Discussion in 'Offshore Bank Accounts & EMI Accounts' started by Cabbage500, Jan 31, 2019.

  1. Cabbage500

    Cabbage500 Mentor Group Mentor Group

    Hi, Please can someone give some advice.

    I have a Seychelles IBC, Forex management company. I am a Bangladesh national as director. Last year we invoiced around 1.5 million euros.

    Getting a new bank accounts isn't easy, we have tried a few but often we get rejected. We have some EMIS like Transferwise and mistertango, but and im concerned if the EU/Mifid tomorrow decide that they don't want the EMIS to accept Seychelles or Bangladesh clients then we will be in trouble.

    Maybe its worth moving the company to a new jurisdiction within the EU like Bulgaria or somewhere else, so that we can get a bank account open?

    We charge our customers for trading on there forex trading accounts, and really don't want to charge VAT if it can be helped, and obviously the less tax the better.

    Any advice gratefully received.

    Thanks
     
    blueweb and ImKing like this.
  2. Cabbage500

    Cabbage500 Mentor Group Mentor Group

    I think i put this in the wrong section, not sure how to move it.
     
  3. negon

    negon hannibal the cannibal Mentor Group Business Angel Commercial Service

    You may be able to relocate your company to a European country and register it as Financial service company which not always require a license but which excempt the company from VAT! this is not cheap, considering that you operate in a €400 business at the moment the above will cost you more than 10 times this amount. I have no clue why people consider the slightest Bulgaria but if you feel good with it, do so.
     
  4. Cabbage500

    Cabbage500 Mentor Group Mentor Group

    Thanks Negon. OK im not overly worried about setup costs, as long as we get the correct setup in the end. I only thought about Bulgaria as tax rate was low. Can you suggest which countries in EU would be good for me to look at? or recommend anyone that can help me get this started? Thanks
     
  5. blizz

    blizz Trusted Member Mentor Group Business Angel

    Cyprus non resident 0% corporate tax? how low do you need it? I give a flying fuck about what people say about the legality of such setups I'm using it currently for the second year.
     
  6. optimus

    optimus New Member

    A financial services company license from Lithuania might be the cheapest option. Then you can have offices in any other jurisdiction in EU. You don't have to pay the corporate tax in Lithuania.
     
  7. ImKing

    ImKing Corporate Services Entrepreneur

    What's the cost, do you know it?
     
  8. optimus

    optimus New Member

  9. blizz

    blizz Trusted Member Mentor Group Business Angel

    Do you tried them to open a company?
     
  10. optimus

    optimus New Member

    This is about getting a payment provider license. It's quite a process, nothing you can just order. But the fees themselves aren't that high.
     
  11. Cabbage500

    Cabbage500 Mentor Group Mentor Group

    Ok to register as a financial services company seems great, without a license, as i imagine the license will be difficult to get. Do you know which country I can register in without a license? thanks
     
  12. blueweb

    blueweb Corporate Services Mentor Group Business Angel

    Most countries within Europe you can apply for a company setup for a Financial service company without to have a license but with 100% VAT exemption! So why would you apply for any license?
     
  13. Admin

    Admin Forum Moderator The Forum Cleaner

    The problem may be the business activity. If he apply for a bank account and mention what he is doing they may reject to open the account.
     
  14. Cabbage500

    Cabbage500 Mentor Group Mentor Group

    OK didn't know that. thanks

    Yes I think this is killing my chances to get bank accounts open. Any ideas how to solve this? If we are registered in EU country as a financial service company, do you think getting a bank account will be easier?
     
  15. Cabbage500

    Cabbage500 Mentor Group Mentor Group

    Who could help with this. Im happy to pay someone who can guide me? any recommendation is appreciated.
     
  16. Admin

    Admin Forum Moderator The Forum Cleaner

    Since it isn't allowed to spam the forum with suggestion you may either check signatures on different providers here or you sign up for Mentor Group access to get direct replies from providers that may be able to help you.

    A Financial Service license will make it much easier for your business to open a bank account, however, qeustion is, if it is really required to become licensed.