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Scotland Company + Bank Account + Paypal

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FullDISK

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Jan 31, 2017
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#1
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Dear,

I was thinking in open a offshore company in Scotland ( LP ), but first I need have sure about the bank and paypal account, for that reason I am open this thread in order to get some feedback from you guys.

What I think:
Scotland Company: What I say, a LP have 0% tax under profit if operate outside of Scotland (Like a Belize company). Also, I know that I need to submit a annual report for each renewal.
Im thinking in open in Scotland because the Paypal account. I think its the only offshore country that charge 0% tax and give me possibility to have a EU Bank account linked to PayPal. (Please let me know if I am wrong)

Bank Account: I need some bank that can be linked easyly to paypal and not required physical presence.
I was thinking in these: BlueOrange/Baltikums, WirecardBank and Bank of Cyprus.
I have contacted all them but no answer until now. I'm afraid I did not send an appealing email or to wrong email.

Paypal Account: Its important, since 90% of all my funds are via Paypal. In short, Clients prefers 90% Paypal.

I do not want link the C.Card to paypal, because the fees. Paypal charge high fees to withdrawal funds directly do CC. For that reason I prefer use a Bank Account linked to the Paypal Account.

All explained, can you guys give me your feedbacks and advises?

Thanks :)
 
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#4
Great I will have to do some research on this. I thought it was the same thing.. at least the transparency applied. Since it is Scotland I believe it must be the same for Shareholders and directors. However I would be happy to find out that there is a new entity that we can use with 100% privacy, but I have my doubts..

Will get in touch with a few services around to check out what is up and down here.. hopefully someone else can clarify in the meantime :)
 
#5
Welcome aboard OP :)

Maybe @busdriver or @Montecristo have some knowledge about this topic? I have send one of the professionals I know very well a request so we may find out what is possible. I cross my fingers that we will have some new company form here that we can use.
 
#6
In regards to the Scottish LP I have posted this Scottish limited partnership what you want to be aware of! which may be of interest for you.

FullDISK said:
I was thinking in these: BlueOrange/Baltikums, WirecardBank and Bank of Cyprus.
Click to expand...
Some good banks, but the Cyprus banks will not allow you to open an account directly with them, it requires an introducer. WireCard bank I know personally and you want to pick up the phone and call them.

FullDISK said:
Im thinking in open in Scotland because the Paypal account. I think its the only offshore country that charge 0% tax and give me possibility to have a EU Bank account linked to PayPal.
Click to expand...
I don't believe that this will work. Since PayPal will require you to reveal the information of each partner in your LP so they will require passport copy etc. for each partner. If you don't live in Scottland they will also refuse to open the business account for you. It is totally crazy how they put that rule into force but that's how it is.
 
#8
Well, I need to study better this option. Really I dont care about the privacy, what I want is 0% tax from the profit and not reports.
I dont think that paypal request the passport copy from the partners.

I also was reading about Cyprus Company, but I dont like of these 10% tax from the profit. Also, what i read was all companies now need to be audited, thats sucks.

What I need is simple: Offshore or Onshore Company, but with 0% tax from profit and no reports. The paypal and bank also are required.

Thanks anyway from the answer :)
 
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#9
FullDISK said:
Well, I need to study better this option. Really I dont care about the privacy, what I want is 0% tax from the profit and not reports.
I dont think that paypal request the passport copy from the partners.
Click to expand...
So you may try it and report back here. When I created a business account in PayPal they were asking right away for documents for the beneficial owners. This is normal and it would suprise me if they don't do that in your case.

FullDISK said:
I also was reading about Cyprus Company, but I dont like of these 10% tax from the profit. Also, what i read was all companies now need to be audited, thats sucks.
Click to expand...
You can register the company non-resident so it's 0% tax - I totally agree it sucks with the filing of financial report.

FullDISK said:
What I need is simple: Offshore or Onshore Company, but with 0% tax from profit and no reports. The paypal and bank also are required.
Click to expand...
I totally understand where you come from. What you are looking for may be possible to achieve with a other jurisdiction then Cyprus, Scottland etc. it would be imortant to find out which (low / no tax) jurisdictions PayPal can accept and then research what options there are to setup a company that pay 0% tax.
 
#11
Hi,

I think I will go with SLP

- 2 Managers (Can to be a natural persons or corporate bodies from any legal jurisdiction, but as I do need privacy, I will use my name, to facilitate the bank account process)
- 0% tax when operating outside from UK by non-residents
- No audit
- No accounters
- Required fill the annual return
- 2030EUR
- 1420EUR to renew (Seems a good price)

I was looking also in UK LLP and Cyprus LTD, but both requires a lot of the work at the end of the year, also will be expensive because Audits and Accounters... 150EUR/h depending of the accounts is not a good idea.

After my research what I conclued, SLP is the better solutions for a EU Business with less work and less prices.

Why not Cyprus and UK LLP?
Expensive and complicated to manage because the requeriments.
If the company costs 2k, you can count with +1.5k (depending) at the end of the year, to pay to Accounters and Audit.
Privacy is the same for all Juridictions, its possible add nominee for all.

Let me know your opinion :)
 
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#12
Now I would like to know @FullDISK did you setup your Scottish LP and if so, does it provide the privacy you were looking for? What did you finally pay for this entity?
 
#16
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#19
Hi,

Scottish LP is the right alternative to an offshore company (Belize, Seicheiles, etc...)
Advantages:
- No Reports (Only annual return)
- No audits
- Possusibility of 100% anonymous using nominees
- Trade in Europe
- Use paypal easy
- Opening EU Bank account
- Your name is not publicly displayed

Disadvantages:
- Opening Bank account (EU) lost all anonimity because need send to them you full entity.
- Opening Bank account (EU) require the passport from all Partners (eg: Belize corp. etc)


About the URL that I provided.
I have registered a LP company with them before. Very friendly via Skype, at the moment have a good relationship with them.
However I have closed the company because now I registered a UK LLP for best estruture for my life, and at the moment I do not need Anonymity.

Difference between Scott LP vs Cyprus

- Full reports and Audits
Cyprus: YES | Scott: NO
 
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#20
Additional info: If you do not have an bank account, you can confirm your paypal account easy with Monese Card. Instant UK account for mobile people | Monese

Only advantages :)
 
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