Tax-Free Online Business + Bank Account to get PayPal?

Discussion in 'Offshore Company formation' started by Yakooza, Jan 20, 2019.

  1. Yakooza

    Yakooza Member

    Hi,

    I have an online business (selling online services) which I want to register it on a no-tax or low tax juristication BUT the most IMPORTANT thing is a way to get a Bussiness or Premier PayPal account + A credit card gateway like 2checkout to accept money. The business is legal and no need for animosity. The purpose is to save on tax! There is not many or any transaction to the business bank account. We only need a bank account to get a PayPal account with! All the PayPal fund will again be used to pay for the business costs and operation so no withdrawals.

    I have been looking at the following countries but I am confused, I hope you guys which are familiar can help me to find the best location and mention, why?

    1. Choice number one: Belize, Seychelles -- There is no tax. No audit and no headache but from my reading, cannot get PayPal merchant account? and 2checkout? but some says they do?
    2. Georgia, Their Virtual Zone seems very attractive with zero tax. but seems you cannot get PayPal or it is very hard to get a PayPal account over there? I also could not find a trusted agent.
    3. Labuan (Malaysia) which seems it is harder than what I thought to set it up over there so I remove it from my list.


    My questions are:
    1. What country do you suggest? What is the best? it does not matter where the country is located just the best which works?
    2. I have been reading some getting the business set up for example in Seychelles and bank account in Cyprus or somewhere. Would it work for my case to look something like that?
    3. MOST IMPORTANT, Do you recommend any company/agent which is truly professional/trusted and will do the whole process of the company, bank account etc.. from 0 to 100? The cost is not an issue. Just want a complete work.

    Thank you in advance!
     
  2. xzars

    xzars Building Trust Entrepreneur

    I'm not looking to answer all questions, just giving a few insights.

    You said you want a tax free solution, but do you know where the majority of your customers are? Who will buy your services?

    All else equal, it generally makes a sense to pick a location which is perceived as reputable in the eyes of your customer. Usually, that is a location close to your customer. Seychelles may be a completely unacceptable destination to send a payment to for a customer from EU, but perfectly fine for a customer from South Africa or India.

    Would your customer be comfortable with sending a payment to a Belize, Seychelles, Georgia? If you are not absolutely sure about that, better discard them as an option. With most payment gateways, your customer will see the registered address of your business at payment confirmation screen. Consider the country, but also the street address. Get a reputable virtual office address. Yes, it is online business, but if your customers Google your "business address" and come across a hundred scams that are registered on the same address provided by your incorporation mill, it will directly translate into less business.

    Do not over-estimate the value of PayPal. I see less and less customers opting for this payment method. Some alternatives to consider are Amazon Payments, Adyen, Stripe. Also banks offer credit card processing solutions.
     
    Yakooza likes this.
  3. Yakooza

    Yakooza Member

    Your points are right but it is not applied in this context. There are a global based customers and they do not really care where the business is registered so that is not a worry. Most probably customers even not going to notice as they pay with usual PayPal, Credit Cards and Cryptos (which is not a worry).

    Thanks,
     
  4. xzars

    xzars Building Trust Entrepreneur

    If reputation is not a concern, you can discard more elegant solutions and just go for Belize or Seychelles IBC. Both are cheap and low maintenance. You can get PayPal for either, Belize and Seychelles IBC. Ref: PayPal Global - All countries and markets - PayPal
     
    Yakooza likes this.
  5. Admin

    Admin Forum Moderator The Forum Cleaner

    Is just not that easy as that to get a PP account for a Seychelles or Belize company. But if you try please post your feedback here!
     
    Yakooza likes this.
  6. Yakooza

    Yakooza Member

    @Admin What are your suggestions? @xzars

    What set up would you suggest?

    Any trusted agent/company would you recommend?

    It would be good to go with a reputed country like UK or US but to me, it seems it is not an easy set up if I want to use any of those countries.
     
  7. Yakooza

    Yakooza Member

    Having a talk with offshorecorpgroup, and a few other companies it seems it is impossible to get a PayPal account in Belize or Seychelles. They recommended Cyprus and waiting for them to provide more information about Cyprus.

    I will update more.

    Do you guys recommend Cyprus?

    So far, it seems the options are:
    Cyprus
    Georgia

    What do you think?

    UK or US I have no information about them.
     
  8. negon

    negon hannibal the cannibal Mentor Group Business Angel Commercial Service

    You can open a PayPal with any country as long as the banking takes place in the same country. However, since it is almost impossible to get a bank account around Europe with the exception of Cyprus and Gerogia then these two countries are most often suggested in order to be able to do what you are looking for.

    Alternatives are to setup a UK company or other EU corp and use an EMI account to receive money from PP. There are threads on this forum you can search using Google to find more information.
     
    Yakooza likes this.
  9. fshore

    fshore Building Trust Entrepreneur

    Many countries have limited PayPal support, can only send not receive.
     
  10. negon

    negon hannibal the cannibal Mentor Group Business Angel Commercial Service

    Can you mention some EU country that has this limit? wondering ange¤%&
     
  11. fshore

    fshore Building Trust Entrepreneur

    Why EU countries ?? Probably none.
    Bvi is one where you can only send.
     
  12. negon

    negon hannibal the cannibal Mentor Group Business Angel Commercial Service

    you replied the above to my answer, so I read it as you say that there are EU countries that have limited PP accounts.
     
  13. kanakke

    kanakke Building Trust Entrepreneur Mentor Group Commercial Service

    I have no problemo with my paypalo account. works fine in and outward payments floating.
     
  14. Yakooza

    Yakooza Member

    May I ask where did you get your PayPal? Cyprus? With Cyprus Bank?
     
  15. 7889

    7889 Building Trust Entrepreneur Mentor Group

    May i ask, why do you want Paypal in Georgia and not a regular bank account? You won't be able to withdraw funds to anything other than US bank account with your Georgia PP anyway.
     
  16. kanakke

    kanakke Building Trust Entrepreneur Mentor Group Commercial Service

    Yeah, Cyprus all well setup! I'm fine.
     
    Yakooza likes this.
  17. Yakooza

    Yakooza Member

    We want it both but PayPal is the most important as many customers are paying with PayPal. From my understanding, It is not easy to get PayPal in Georgia. Anyone with success in Georgia can share their opinion?
     
  18. Yakooza

    Yakooza Member

  19. 7889

    7889 Building Trust Entrepreneur Mentor Group

    It works absolutely fine in Georgia both for private and business users.
     
  20. Yakooza

    Yakooza Member

    Okay, just wanted to update you guys about the process. Since it seems many people on here used Offshore Company Formation - We form your offshore company here and were happy with their services then I have decided to go with them. I just applied and paid for their highest plan today. I will update you about the process on this topic so noobs like me in the future can use it as a reference!

    Thanks