offshore company with no bank account?

[symon]

Hello,

I wonder if it is possible to setup an offshore company with no real bank account (no IBAN) ?

Basically I can setup a UK ltd with only a business paypal account for example so I can get paid by credit card and send invoices to my customer.

My goal is to deliver "digital assets" or IT services (scripting dev) to business customers (only).
It will not be my main activity so just pocket money.

I'd like to go for the most simple and efficient scheme.

Any advice?

 

[negon]

Why not check with PP what countries they support and then setup a company in the jurisdiction with the best privacy and lowest corporate tax?

 

[symon]

I understand that PP sharess account owner info (AEOI /CRS) and I'm concerned about privacy:
- what PP (or any other financial e-wallet service) will share ?

At some point I'd like to use the money without paying taxes in my own country (using prepaid card, gift card, direct payment from the company for private stuff...)

 

[Spinat]

That won't work if you read on the many threads on this forum you can see that most will report.

People say that if you keep the account with a 0 balance at the end of the year (31/12) your account won't get reported.

 

[symon]

People say that if you keep the account with a 0 balance at the end of the year (31/12) your account won't get reported.

Indeed.
So let's say I can buy anything I want under my company name, where is it possible to do so without this spending being disqualified because it is not relevant ?
example: buying a drone whereas the company is meant to deliver online training

 

[Spinat]

So let's say I can buy anything I want under my company name, where is it possible to do so without this spending being disqualified because it is not relevant ?

don't understand this. It's as long your bank account shows a fat zero (0) at the end of the year it don't get reported.

You don't need to do any accounting for offshore IBC's so how should anyone find out what you bought?

 

[symon]

Ok I'll not get reported by PP but I have to provide to the local tax authorities proof of my business expenses. I can't do whatever I want with my company's cash.

Eventually if my company is located in a country where the corporate tax is 0 they will not care but if I have a UK ltd there is a list of expense I'm allowed to do: Limited company expenses - what can you claim for? - Company Bug

 

[JohnLocke]

You want to stay away from most banks and financial services holding a banking license, they are the one that will report you.

 

[symon]

Hi!

so finally I think my setup is almost ready:
my UK PLC will trade with non uk customers (only EU) so 100% of the activity is offshore...
the EMI business account will receive the money (wire transfer or card) up to 5k/transaction.
At the end of the year, profit = 0

I wish I could use a business credit card because if I open a personal account I will have to disclose it to my local taxman...(e.g. revolut, paypal...) but business account is under the company name so I'm covered.
eventually it can be reported to UK taxman (?) but I don't really care I'm not UK resident...

I'm hesitating between mistertango, worldcore or Transferwise
mistertango mastercard is 2e/mo which is quite cheap.
Transferwise is UK based but I'm not going to convert euro to pound or vice versa, only the borderless account might be a solution but no debit card so far.

what do you think?