Offshore Company + Bank Account + Paypal Required

Discussion in 'Offshore Business Discussion' started by jawadhk, May 11, 2015.

  1. busdriver

    busdriver Member Entrepreneur

    So summarizing for PayPal:

    @ProtectAssets said
    - Gibraltar works (no withdrawal to local bank account) and
    - Hong Kong works (not really tax-free but offers withdrawal to a HK bank account).
    I can confirm Hong Kong works well with PayPal, but ... a HK company is not that cheap (accounting, auditing, BR/government fees, registered office), company needs to pay income tax on offshore income or needs to get exemptions (difficult/pricy) and opening a bank account became more difficult recently.

    @jawadhk said
    - Seychelles works (is not pricy, no withdrawal to local banks from PayPal).

    @pontiacG8 said
    - Cyprus works (and I found that somewhere else too, but with VPN and no withdrawal to local banks from PayPal)

    If that is true, why are people asking at all? Maybe it's not as easy ...

    I was looking at Belize and it seems it will work BUT ... it will be a bit tricky and might requite
    - VPN (dedicated/private IP, not shared like HideMyAss because PayPal knows those IP numbers)
    - a local (Belize) utility bill
    - a Belize issued Visa card (for verification and payout)
    Admin likes this.
  2. auric

    auric Offshore Agent Mentor Group Sponsor Business Angel

    Seems there is a solution to get a PayPal account with ID documents, Cyprus bank account and even Belize or other offshore company. You just need to buy it as an package.

    @busdriver don't you think it can be done with a VCC for Belize? or does it need to be from Belize at all, as far as I have seen it does not. VPS provider for Belize is already posted in the forum for this.
  3. busdriver

    busdriver Member Entrepreneur

    I think a local agent in Belize could format an IBC (with bank account) and also be it's (nominee?) director. Than the agent could also create and verify a PayPal account there. That agent would have all local documents needed (like proof of Belize address) and as director he would be the contact person for PayPal.
    I had such a case the past in HK, PayPal did not ask for a new proof of address (or any other documents) when the contact person (director) was changed later. One could assume that would be the same still/in Belize.

    @auric :
    VCC: I don't know if a VCC would do. If PayPal can check the country of the VCC, it would detect it's not from Belize.
    VPN: PayPal says they would only accept a Belize Visa card, but that is for pay-outs. I don't know what verification they do in countries where they don't offer withdrawal to the local bank account.
    I would expect PayPal to know the common VPN providers (like hide-my-ass). PayPal did know them years ago and block the log-in with one would connect from a VPN provider IP. But it should work if one would have a dedicated IP number (or RDP server with browser which would be safer and probably a bit more costly).
    Last edited: Jul 28, 2016
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  4. dotbloup

    dotbloup Offshore Agent Entrepreneur BANNED MEMBER

    for paypal, there is 2checkout, it is a payment gateway, which allows to pay through credit/debit card and paypal in Belize & Seychelles.
  5. dotbloup

    dotbloup Offshore Agent Entrepreneur BANNED MEMBER

    In Seychelles, Belize, BVI, Panama, people are required to link their Paypal account to a US bank account. They can't link to a local bank account. Consequently, it is useless to open a local bank account.

    In fact, it is not paypal but the USA that is behind this trick. To open a bank account in the US, a foreign company has to apply for a EIN which will allow the US tax authority (IRS) to monitor the revenue from this company and ask the director for taxes on US derived income on paypal revenue. (US customers who by something from you on paypal).

    The real trick that people did until know, they used to transfer the paypal amounts (company) to another paypal (private) from where they could do a wire transfer to "extract" the money they earned from Paypal to their bank account.
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  6. busdriver

    busdriver Member Entrepreneur

    Does PayPal indeed expects a citizen of Belize or the Seychelles to have a US bank account? Given the location I could maybe see a Belize business person having a US bank account. But a person from Seychelles - I don't think so. That's just not realistic.
    Admin likes this.
  7. Admin

    Admin Forum Moderator The Forum Cleaner

    Do you have any link or something to cross check this statement? I'm curious where this comes from.. I'm not surprised if it indeed comes from the US government.
  8. Admin

    Admin Forum Moderator The Forum Cleaner

    Actually it seems that it is possible you just need a VCC that match the country that you opened the account in. That's not difficult to get and also not expensive.
  9. dotbloup

    dotbloup Offshore Agent Entrepreneur BANNED MEMBER

    You have to make the difference between your company and yourself. In fact, Paypal obliges a company in Belize with a Paypal account to have a US bank account.
    Then, you have to ask an agent in the US to obtain an EIN code for this particular belize company.
    Then, you have to travel in the US to open a bank account for this belize company
    After X years, you may receive a letter from the IRS (US tax authority) in your country asking you to pay US tax on the income that you have made from Paypal coming from US citizens & IT WILL HURT

    Do you get a better picture now?
    auric likes this.
  10. busdriver

    busdriver Member Entrepreneur

    That applies to citizens of the Seychelles ? Hmm... I hope we will have one day an alternative to PayPal. Unfortunately no real alternative exists yet.
    auric likes this.
  11. Admin

    Admin Forum Moderator The Forum Cleaner

    Yes I get, thanks.

    Okay, lets discuss this a little further to share ideas :)

    Say I don't want to open a PayPal account for my Belize company but I open the account (using VPN) with PayPal Belize and in a persons name in Belize, I have the utility bill and passport and submit it to paypal. Now they will request me to verify the account with a credit card, I have a VCC (Belize) which I'm using to verify my account.. now I have a verified personal PayPal account.

    So far so good. Now I'm going to open an account with one of the banks in Belize in my own name (just for this example) and add this account to my PayPal account. To the bank I tell them that I have a partnership with another guy (the guys name that I used for the account opening) so they will accept the incoming transfers from PayPal.

    Now I have a PayPal account that I can use to accept payments from customers and I can withdraw the money to my bank account in Belize?

    How does that sound? did I miss something?

    If you think this EIN number is only for Belize and Seychelles accounts then I could do this with any other country.. BVI, Seychelles, Cook Islands, Cyprus, Latvia, Panama, Dominica, Gibraltar, Brazil?
    auric likes this.
  12. auric

    auric Offshore Agent Mentor Group Sponsor Business Angel

    Interesting topic, as doutbloup said SEYCHELLES and Belize require a EIN.. but OK if you can do the same with any other country.. let's have some discussion about it maybe we can find a solution all together :)
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  13. auric

    auric Offshore Agent Mentor Group Sponsor Business Angel

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  14. Admin

    Admin Forum Moderator The Forum Cleaner

  15. redeye

    redeye Corporate Services Mentor Group Sponsor

  16. suzy

    suzy Corporate Services Mentor Group Sponsor Entrepreneur Business Angel

    How to get a PayPal account even you got banned, your PayPal account is limited or what else the reason is that you can't use your PayPal account, you may want to read this thread Verified Paypal Accounts for every Country :) Here you find all what you need to reconcile / unlimit your PayPal account.
  17. hungryit

    hungryit Member Entrepreneur

    OP have you visit this forum lately there are solutions to your problems with PayPal even if you live in a banned country or your PayPal account has been limited you can find a way to resolve the issue.
  18. I'mRobot

    I'mRobot Offshore Agent Entrepreneur

    I need a solution for PayPal have been in contact with @auric as suggested by many members on this forum. Will let you know how it works once I get it setup :)
    hungryit likes this.
  19. hungryit

    hungryit Member Entrepreneur

    It will Work I hope for you.
  20. cutmetwo

    cutmetwo Active Member Entrepreneur

    I'm looking for exact this solution. Need company and paypal + bitcoin if possible?