Offshore location

[Vince777]

Hello everyone,

What would be the best location to incorporate a company if I am building a website to allow people selling services to other people in cryptocurrency (so all the revenues are in crypto)?
SVG looks terrible (contacted many registered agents, websites, it's a complete mess) and I need to respect the UE black list

Thank you

 

[Sols]

SVG is indeed terrible.

Unless you have a compelling reason of forming a foreign company, just form a company where you live. Anything else will be all the complications of a local company plus the complications of the laws where you incorporate. Plus the complications of sorting out any discrepancies and tax credits between the two jurisdictions. Very messy.

Keep it simple.

 

[Cloudbanck]

SVG is indeed terrible.

Unless you have a compelling reason of forming a foreign company, just form a company where you live. Anything else will be all the complications of a local company plus the complications of the laws where you incorporate. Plus the complications of sorting out any discrepancies and tax credits between the two jurisdictions. Very messy.

Keep it simple.

If you live in a high tax country with efficient tax authorities, then it is usually best with a local company yes.

But if you live in Latam, Africa, Southeast Asia, Middle East, Caribbean/Pacific islands or some place like that, having a foreign company like a US LLC can come with lower tax, less costs and complications, and better bank access.

 

[Vince777]

If you live in a high tax country with efficient tax authorities, then it is usually best with a local company yes.

But if you live in Latam, Africa, Southeast Asia, Middle East, Caribbean/Pacific islands or some place like that, having a foreign company like a US LLC can come with lower tax, less costs and complications, and better bank access.

Yes, I live in France so the issue here is 1. I'll get destroyed by the taxes 2. They're not crypto-friendly and everything is overcomplicated when your revenues are in crypto and I might need a license.
Either I can open it in France and just do my best without complying to everything because I know it will not be easy, either I can open it in another country, but France might get on my back and be annoying

 

[inector]

Yes, I live in France so the issue here is 1. I'll get destroyed by the taxes 2. They're not crypto-friendly and everything is overcomplicated when your revenues are in crypto and I might need a license.
Either I can open it in France and just do my best without complying to everything because I know it will not be easy, either I can open it in another country, but France might get on my back and be annoying

Depends on your income.

If you are under 10K per month, France is the place for you, with EMIs and payment processors outside of France, that are crypto friendly. So you receive revenues outside, but report it to France with a French company. Zen is one EMI that is extremely crypto friendly and would onboard you. Regarding taxes, under 10K per month, you might use a lot for "business expenses".

After 10K per month, you can start looking into places like Romania and Bulgaria, but you would need to hire a director there, preferably an employee as well (+ fees to consult a local French lawyer if all will work).

My advice is to start the French company asap, because taxes are not a priority, it's the business idea that matters. Don't spend too much looking around.

 

[Vince777]

Depends on your income.

If you are under 10K per month, France is the place for you, with EMIs and payment processors outside of France, that are crypto friendly. So you receive revenues outside, but report it to France with a French company. Zen is one EMI that is extremely crypto friendly and would onboard you. Regarding taxes, under 10K per month, you might use a lot for "business expenses".

After 10K per month, you can start looking into places like Romania and Bulgaria, but you would need to hire a director there, preferably an employee as well (+ fees to consult a local French lawyer if all will work).

My advice is to start the French company asap, because taxes are not a priority, it's the business idea that matters. Don't spend too much looking around.

Thank you for your reply.

So, the best option would be to open the company in France for now (and just do our best to comply with the laws) and get the money out of France with crypto-friendly payment processors and EMIs. And then when we're ready, and maybe when we can get lawyers, we can look for a more optimal corporate scheme.

Thanks