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UK Ltd for payment processing

#21
user9823671 said:
To who? The whole point would be solve the issue of paypal / payment processors not wanting to work with an offshore company (lets say seychelles but any really).
Although you are the UBO of both companies, only the UK company which processes payments will have that info publicly known.
Although CRS / AEIO (or whatever it is) / other standards may give you being the UBO of the seychelles company to governments / tax offices, this isn't public. So paypal / stripe / payment processes the uk payment front compny uses will never know.
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In the annual accounts. Not to PayPal etc
 
#23
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#26
mange38 said:
It actually makes sense and no it's not public. Basically you have to tell HMRC about transactions with related parties, since you'd own both companies.
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And they don't do anything with it? They don't try to argue that the offshore company really should be a UK company and charge you tax?

I've been looking for a setup off and on for a while now. One to protect my privacy from public lookups and to offer protection from frivolous law suits from over reaching entities throwing their weight around on their definition (and no one elses) of the law.

Offshore, such as seychelles would be good for this. But getting payment processors to work with you world wide is difficult as the bank you would get wouldn't be in same country and wouldn't be best jurisdiction and would be in a different country etc etc all raising problems.

But setting up a front payment company in the UK (my country of birth but no longer resident) would solve this if it all looked above board. Hell, wouldn't even mind actually running it as a proper payment processing company for other businesses (although I imagine the fraud aspect is hard).

I had always just assumed this was too simple a solution and there would be rules / laws against doing so, or something to make it not work, but from the information in this thread, it might be a solution.
 
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#27
"The whole point would be solve the issue of paypal / payment processors not wanting to work with an offshore company" - they would likely not want a UK payment processor as their client either. I just check the fine print of stripe and alike and they always keep the door open to close your account and freeze funds, EG if you are selling something that could be used in an illegal way or is high-risk (they decide what is high-risk).
Actually banks and processors are the more difficult part in the equation nowadays that HMRC, beside VAT maybe.
 
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#28
But it's not that difficult in regards to the structure. In one of our structures we use company A to only process paypal, stripe and btc payment, once every week the bank account belonging to company A sends all funds in one sum to company B which then put it in the books.

This is cleared with a tax advisor, one of the biggest in our country and everything is 100% legit to do that way.
 
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#29
There are lots of providers around, just do a Google search on this forum and you will find agency services like rapidcompanyformation and more.
 
#31
Loisir said:
Any update here guys ? Would be really nice to know did you setup the company
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Was thinking about this again and was searching google and this thread came up "perfect just what I wanted to know". Then realise I have been posting in the thread already lol.

Am also interested if anyone has done this and how they manage to get round the issue that stripe / paypal et al will not want to serve a business who itself is serving other businesses (especially if they are deemed high risj in offshore jurisdictions).

And also what are the implications from a liability point of view. Does the paymentprocessing business have any liability to the offshore business *if* it becomes known the UBO is the same.
 
#32
fxmonk said:
I got a UK company and was able to setup paypal account with it. You need a UK address and phone number which you can get from the registrar. I added my local debit card as the credit card verification option and use fire.com for the UK bank account option. I have a fully verified PP account and all it costed me was $30.
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and you have been using it to sell products online?
For how long?
How much monthly revenue?
Are you UK resident / citizen?
No issues opening business bank account with fire?
 
#33
#34
fxmonk said:
I haven't started using it as yet but it is fully verified with no limits. I am not a USA/UK/EU citizen. To open the fire account was easy.
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Once you start using, if can post back how it goes. Will be interesting to see. Paypal do have a reputation for moving the goalposts as you start to use them and what you push through them increases.
 
#35
Hello folks, I actually had an idea similar to the agency company for a offshore company.

In my case, Iam a non eu resident so iam an offshore identity that pays little tax in my home country. So please correct me if iam wrong... in such case why would I need a Seyschelles company of I can hire the UK ltd to do my payment processing. Same achieved right?

Second, similar to the agent company... what If iam a provider of professional services for the public facing company. This way they divert the income of the public company to me and the public company takes a piece also of 5%. Is this suspicious to HRMC? Or maybe it would work for amounts of 85k per year but to more then that?
 
#36
Admin said:
But it's not that difficult in regards to the structure. In one of our structures we use company A to only process paypal, stripe and btc payment, once every week the bank account belonging to company A sends all funds in one sum to company B which then put it in the books.

This is cleared with a tax advisor, one of the biggest in our country and everything is 100% legit to do that way.
Click to expand...
which company issues the invoices? company A? and does the company A charge anything for its services?
 
#37
Admin said:
But it's not that difficult in regards to the structure. In one of our structures we use company A to only process paypal, stripe and btc payment, once every week the bank account belonging to company A sends all funds in one sum to company B which then put it in the books.

This is cleared with a tax advisor, one of the biggest in our country and everything is 100% legit to do that way.
Click to expand...

Can you tell us more about this setup?
 
#38
GiGoGo said:
UK companies can be used in tandem with an offshore company to enjoy a tax rate of less than 5%. This type of structure is commonly known as an "Agency Company", where an onshore company acts as nominee or agent for an offshore principal. This set-up offers an onshore “face” with all the offshore benefits.

The offshore holds the IP, brands and valuable asset and licenses it to the UK Ltd
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Is it still possible in 2023 ?
 
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#39
You can do that in 2023 - working well for me. Have one UK LTD acting processing company for several sub companies, no tax in UK!
 
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