Offshore setup for a risky software business (>$20k/month)

[dissident]

Hi folks! I'm looking for a solid offshore setup.

Let me give some context: software a service online business, nothing illegal but might be eventually exposed to be sued by a private US company.
The money flows from customers (individuals & companies) to the company primarily through Paypal and other payment gateways.

- Privacy and secrecy is paramount. No CRS.
- Reduce tax burden as possible (I guess that's what an offshore is be about)
- Cheap setup and maintenance costs (ideally $1500-$3000/year).
- Easy access payment gateways and international bank accounts (Paypal, BlueSnap...).
- Easy way to take out money from the company for personal use.
- Remote setup and management.

Plus bonus:

- Layers of assets protection, especially from foreign liabilities (US companies mostly)

Some context:

- Shareholders are EU citizens.
- Remote management allowed, no substance needed.

I have been researching the following jurisdictions as possible candidates:

- Seychelles
- Belize
- Anguilla
- Nevis
- Georgia (specifically IT free zone)

Any suggestions or ideas would be very welcome!

 

[AlbanyJames]

Would you like a Red Ferrari or a Orange Lamborghini with that?

 

[dissident]

Would you like a Red Ferrari or a Orange Lamborghini with that?

I'm not really into cars tbh, just looking for some useful advice.

 

[AlbanyJames]

What you are asking for is almost impossible not to mention with the low 1.5-3k yearly budget.

 

[Clip]

- Seychelles
- Belize
- Anguilla
- Nevis
- Georgia (specifically IT free zone)

The problem with these locations is opening a bank account. Hong Kong is a good place for this kind of business, but the directors are public and a bit of hassle opening a bank account.

Seychelles can work with TransferWise, but they can freeze your account without reason and you are out of business.

 

[CaLViN]

You will not be able to open any proper bank accounts for companies from the countries in your list.

 

[Traveler]

You will not be able to open any proper bank accounts for companies from the countries in your list.

This isn't necessarily true for Georgia.

Then again, Georgia wouldn't tick the "Remote setup and management" box, as not only will banking be difficult without substance, it appears that VZ applications are also refused left, right and centre these days, unless the applicant can prove that real business is being conducted within the bounds of Georgia.

 

[avalanche]

Hi folks! I'm looking for a solid offshore setup.

Let me give some context: software a service online business, nothing illegal but might be eventually exposed to be sued by a private US company.
The money flows from customers (individuals & companies) to the company primarily through Paypal and other payment gateways.

- Privacy and secrecy is paramount. No CRS.
- Reduce tax burden as possible (I guess that's what an offshore is be about)
- Cheap setup and maintenance costs (ideally $1500-$3000/year).
- Easy access payment gateways and international bank accounts (Paypal, BlueSnap...).
- Easy way to take out money from the company for personal use.
- Remote setup and management.

Plus bonus:

- Layers of assets protection, especially from foreign liabilities (US companies mostly)

Some context:

- Shareholders are EU citizens.
- Remote management allowed, no substance needed.

I have been researching the following jurisdictions as possible candidates:

- Seychelles
- Belize
- Anguilla
- Nevis
- Georgia (specifically IT free zone)

Any suggestions or ideas would be very welcome!

Consider Armenia. Their IT license grants you zero tax status. Banks are maintaining secrecy and easy to open (they also work okay). Directors can be nominees I think. I dont know about legal protection from US though.

 

[user9823671]

I've been looking for something similar for a while.

The problem is, all the privacy / low tax jurisdictions are problematic for banks / payment processors / paypal.

Recently a user @happyjohn said they got a paypal account for a seychelles company, just need a local sim, but no further details given.

Layers of assets protection, especially from foreign liabilities (US companies mostly)

I have an idea of what you may be doing, so I am not sure the suggested jurisidictions are going to side with you, when a multi billion dollar tech company comes knocking at their door and definitely have the resources to pay for the information they want from these jurisdictions.

Maybe if you are making $200-$300k a year, think about spending more than $1-$3k on a setup that offers some more protection? (if such a thing exists)

 

[user9823671]

- Privacy and secrecy is paramount. No CRS.

That is going to make things even harder, as the CRS is from the bank account and pretty much all report and the ones that don't, am not sure I would be 100% trusting in them not to soon, or if asked to nicely ($$$)

 

[dissident]

You will not be able to open any proper bank accounts for companies from the countries in your list.

I don't understand why if it's so complicated, how the heck all these online company formation firms offer lots of packages for banking account services. Is it all fraud?

I have been suggested, in order to have access to solid payment processors, such as Stripe/Braintree, which is key for the business money flow, incorporate in UK, Gibraltar, Cyprus, Jersey or similar with nominees, then create an secondary structure to move funds into a more privacy-oriented jurisdiction also using nominees, such as Seychelles or Belize. That way, assets will be protected in case the first structure is exposed some lawsuit.

I tend to think in this cases about the worst-case scenario, in which they might prosecute individuals and not just corporations, but I lack international law knowledge to understand the full risks involved and how they can effectively prosecute assets.

I'm fine spending 5k-8k if the setup is solid and provides good privacy/assets protection.

 

[dissident]

What you are asking for is almost impossible not to mention with the low 1.5-3k yearly budget.

I see, what could be needed the budget then?

 

[CaLViN]

I don't understand why if it's so complicated, how the heck all these online company formation firms offer lots of packages for banking account services. Is it all fraud?

Correct.Its not all but %90 of them are fraud.They will not be able to open a solid and reputable bank account for you.
What they would offer is to have 1-2 EMI accounts and a bank account in a country or an island country which you can not even show on the world map.
The funny thing is that you will learn that after you pay them. )))

If you want to test them,just ask which banks they do offer accounts in.Try to get the names.

 

[dissident]

The funny thing is that you will learn that after you pay them. )))
If you want to test them,just ask which banks they do offer accounts in.Try to get the names.

That's exactly what I have asked, but they failed to name just one. False promises with no value.
EMIs are risky when managing certain volumes and I don't to end up being blocked.

Anyone knows any reputable, reliable provider that can help to setup a structure with safe local bank account. Thanks!

 

[user9823671]

I have been suggested, in order to have access to solid payment processors, such as Stripe/Braintree, which is key for the business money flow, incorporate in UK, Gibraltar, Cyprus, Jersey or similar with nominees, then create an secondary structure to move funds into a more privacy-oriented jurisdiction also using nominees, such as Seychelles or Belize. That way, assets will be protected in case the first structure is exposed some lawsuit.

When you get a lawsuit against you for your nominee business in the UK, do not expect them to protect you. You as the UBO will come out the second that lawsuit drops. Same as you, I have no idea of international law, but if they can show that you are the UBO of the UK company and moving profit to the offshore company, I imagine there are ways to prosecute you as well. Might want to speak to a lawyer in your country

 

[jscargo]

Even with 10 times more money than you are willing to spend for the company costs/maintenance, it would be quite impossible. Especially for CRS/Banking.

 

[Willblack]

Just a suggestion....is it at all possible to get paid in crypto? If yes...well...problem solved.

 

[Clip]

Just a suggestion....is it at all possible to get paid in crypto? If yes...well...problem solved.

Yes, I can convert Bitcoin to a salary of an Invoice

 

[Spinat]

You will not be able to open any proper bank accounts for companies from the countries in your list.

With a personal visit it should be possible to open a bank account even for such jurisdictions I would say.

 

[sullyferdinand]

Would you like a Red Ferrari or a Orange Lamborghini with that?

I don't understand why if it's so complicated, how the heck all these online company formation firms offer lots of packages for banking account services. Is it all fraud?

a company formation firm will register the company and ASSIST you with bank account in the country you will choose. they are not banks. NOBODY can guarantee a bank account without reviewing first your case. nobody will make a proper review for free as well...
if they reject the application, they will suggest another jurisdiction/bank
its not a fraud

YOU are the one one placing the order in a website without checking first if your actiivty/profile is suitable with the option you bought

do not go for the packages ''company registerd in X country + bank account''. Check first what is the best setup, do your research and get advise from those companies as well. do not rush buying
check with more than one service provider and then go for it

since you talk about eventually being sued, go for nevis
for the bank account you really dont need the assistance of anybody, you can do it remotely and by yourself in most of jurisdictions, no need to pay for a ''bundle''. just register the company
you dont want crs? and want everything remotely? and you hae a tight budget?
you dont have many options for serious banks....
have you heard about.....puerto rico?