Not sure which company to incorporate

[JohnLocke]

So far the banks i talked with said i can't open a UK bank account if i'm a non resident . Still finding if there is a way

Did you ask them if you do a personal visit and bring the DD documents if it's possible? There are EU laws with free trade in place in the EU so as an EU citizens you should be able to open an account if you have a valid business.

 

[hayabusa]

What bank in Latvia did you aproach if I may ask?
The banks in Cyprus don't offer any merchant account for credit card processing, unfortunatly, but there are sufficient of payment processors in the EU that can take your business for payment processing.

it's this www.baltikums.eu/ . they sure are strict . oh atleast for me since maybe because i'm from singapore .

 

[hayabusa]

Did you ask them if you do a personal visit and bring the DD documents if it's possible? There are EU laws with free trade in place in the EU so as an EU citizens you should be able to open an account if you have a valid business.

They did say , they could help setup for a merchant account for biz like ecommerce sites etc but not for crowdfunding. I did tell them i don't mind flying down to open the bank account.

 

[JohnLocke]

Okay I see, it may be a Visa or MC regulation specific to your business area and that's the problem. Sometimes it helps to get started with what is possible and work out a good relationship with the bank so on long term you may be allowed a possible solution for your business. This won't help you now I know, so you will need a short term solution and work on a long term in the meantime.

 

[hayabusa]

Yes , i guess i'll have to look for another option now . It's because of getting registered with stripe. If not, i could get your help to open an account in Cyprus

 

[JohnLocke]

Your welcome any time, if you have any sales related questions you may aproach our sales staff diretcly here /contact-us.html

 

[BelizeFinancial]

Is stripe good in pakistan for taking payment you know?

 

[hayabusa]

Is stripe good in pakistan for taking payment you know?

Hi i they don't support your country so you can't apply unless you have a company and bank account in one of their supported countries. That's the same problem i'm facing

 

[BelizeFinancial]

ahh ok and what you setup to work for stripe? is stripe.com correct?

 

[buzzoffshore]

Hi i they don't support your country so you can't apply unless you have a company and bank account in one of their supported countries. That's the same problem i'm facing

What solution did you find to solve your problem? Have you been looking into some Gibraltar, Anguilla, BVI or Cyprus company setup and approach some of the hundreds of payment service providers in Europe?

 

[JohnLocke]

ahh ok and what you setup to work for stripe? is stripe.com correct?

You will need to setup a company in the USA i.e. Delaware, Nevis or some of these tax havens there

 

[hayabusa]

What solution did you find to solve your problem? Have you been looking into some Gibraltar, Anguilla, BVI or Cyprus company setup and approach some of the hundreds of payment service providers in Europe?

I found a few other merchant account providers who is willing to accept crowdfunding biz but i need to setup a company in EU. So now i'm thinking if i should go with UK(cheaper to setup) or cyprus. I am also considering of starting a adult site but i'm not sure which bank in which country will be willing to accept adult biz.. unless i do not inform the banks i'm going to be doing crowdfunding or adult related biz. But i'm worried what if they found out and close my account? so i'll trying to find a good solution.

 

[hayabusa]

ahh ok and what you setup to work for stripe? is stripe.com correct?

You can get a company in UK, and a bank account in one of the countries they support. Take note, the bank must be in one of the EU country they support. You can also get a USA company but you must be able to travel to U.S to open the bank account and you will also need to apply for a EIN(employer identification number) .. and the get the EIN, you must apply for a ITIN. In my country to get the ITIN, i need to spend about $1000 sgd.


So as you see, it's must more difficult and time consuming to get one Incorporated in the U.S. And no, you can't use a bank in EU country for the USA company according to stripe.com. Hope this helps. So i'm going for a EU country that will stripe supports or i'll find a merchant account provider who is willing to accept crowdfunding biz with no rolling fees(this is imp for me ) And i'll have to pay the users 95% of the money they got. If the rolling fees is 10%, i'll have to fork out 5% of my own money. cheers

 

[hayabusa]

Does anyone know when opening a offshore bank account, do they request a digital or printed original copy of the company documents? will i have to ship the documents over to them ?

 

[clemens]

I found a few other merchant account providers who is willing to accept crowdfunding biz but i need to setup a company in EU. So now i'm thinking if i should go with UK(cheaper to setup) or cyprus. I am also considering of starting a adult site but i'm not sure which bank in which country will be willing to accept adult biz.. unless i do not inform the banks i'm going to be doing crowdfunding or adult related biz. But i'm worried what if they found out and close my account? so i'll trying to find a good solution.

For Adult billing there is only 1 payment processor (in my opinion) and that's CCBILL they seem to be expensive at first look but once you get started and get success with your business and get affiliates you will see they are every penny worth it. They will handle all billing and payment aspects for you and are the No.1 used 3rd payment processor in the Adult industry.


For your crowdfunding business I would start with a UK Company if you don't have the Money (or want to spend the Money) on a Cyprus corp. this get you started cheap and you can see where it all goes. If you are 100% sure this will Work for you a Cyprus Company is the only way to go for the beginning because of tax reasons later on.

 

[clemens]

You can get a company in UK, and a bank account in one of the countries they support. Take note, the bank must be in one of the EU country they support. You can also get a USA company but you must be able to travel to U.S to open the bank account and you will also need to apply for a EIN(employer identification number) .. and the get the EIN, you must apply for a ITIN. In my country to get the ITIN, i need to spend about $1000 sgd.


So as you see, it's must more difficult and time consuming to get one Incorporated in the U.S. And no, you can't use a bank in EU country for the USA company according to stripe.com. Hope this helps. So i'm going for a EU country that will stripe supports or i'll find a merchant account provider who is willing to accept crowdfunding biz with no rolling fees(this is imp for me ) And i'll have to pay the users 95% of the money they got. If the rolling fees is 10%, i'll have to fork out 5% of my own money. cheers

Seems to be the only solution in your case. Thank you very much for your information and shed some light on it was of great help.

 

[clemens]

Does anyone know when opening a offshore bank account' date=' do they request a digital or printed original copy of the company documents? will i have to ship the documents over to them ?[/quote']
Nope, everything is send by e-mail to you and to the Agent / bank.. pretty simple. There is only the final contract that you have signed that need to be send directly to the bank or agent by courier.

 

[hayabusa]

For Adult billing there is only 1 payment processor (in my opinion) and that's CCBILL they seem to be expensive at first look but once you get started and get success with your business and get affiliates you will see they are every penny worth it. They will handle all billing and payment aspects for you and are the No.1 used 3rd payment processor in the Adult industry.


For your crowdfunding business I would start with a UK Company if you don't have the Money (or want to spend the Money) on a Cyprus corp. this get you started cheap and you can see where it all goes. If you are 100% sure this will Work for you a Cyprus Company is the only way to go for the beginning because of tax reasons later on.

HI jpay, thanks for all the info , appreciate it . So far from the research i have done in regards to my country(singapore) even if i got a cyprus company incorporated... I'll still need to pay personal income tax for any amount i transfer to my local bank account. And also for both UK and cyprus companies, since i'll be making profits/sales outside of the country... it seems i don't have to pay tax as i'll be considered a non resident and without a permanent establishment in UK or crypus.


As you mentioned, UK is much cheaper to incorporate. So even if i got a cyprus company incorporate , i won't be paying taxes from sales/profits/ trades done outside of cyprus and since i won't get taxed in cyprus, i'll have to pay the tax in my country(singapore) . So it's like not much of a difference . Please correct me if i'm wrong as i want to make sure i am making the right decision. I don't mind getting a cyprus company incorporated but i don't see much difference with a UK company for my situation. thanks

 

[hayabusa]

Nope, everything is send by e-mail to you and to the Agent / bank.. pretty simple. There is only the final contract that you have signed that need to be send directly to the bank or agent by courier.

Oh ok thank you for this info. Do you think or is it advisable to tell the banks that i'll be doing a crowdfunding or adult related biz? i tried a few and they rejected such internet business. They did say they will allowed a internet retail/ecommerce business. So maybe i'm thinking i'll just tell them it's a online retail/ecommerce biz? would that work? will they check this or find out? thanks

 

[clemens]

Oh ok thank you for this info. Do you think or is it advisable to tell the banks that i'll be doing a crowdfunding or adult related biz? i tried a few and they rejected such internet business. They did say they will allowed a internet retail/ecommerce business. So maybe i'm thinking i'll just tell them it's a online retail/ecommerce biz? would that work? will they check this or find out? thanks

Always tell the truth, I need to clarify with you, wehn you say bank you mean a regular bank or one that is providing you with a Merchant account for payment processing i.e. credit Cards etc. ?