Where should I start my business?

[randomjohn]

Hi,

So... I've got my online business which basically sells services (VPN and such, online stuff). There are 2 payment plans: once and monthly (recurring). What I would like to know is where should I settle down, which country is the best for my needs? My requirements are basically an offshore company with zero or minimal tax, anonimity (nothing illegal, but still), and probably (I guess) a bank account so I can process online payments. What companies and banks are good for this kind of businesses? What I would like to add is that if it's possible I would like to use Paypal as an option as well, but it's not a deal breaker for me. I know they're way too annoying when it comes to businesses like these, so if that's not possible I won't cry, but I still need some kind of credit card processing gateway.

Could you guys please give me some help with this? Preferably not in the "many thousands $s" category.

Thanks

 

[OTR365]

Georgian Republic has a virtual trade zone for IT-related companies. Basically you pay zero tax (only profits derived from inside Georgia are taxed). Setup fees etc. tend to be reasonable. There is relatively little info about this online, but you could e.g. check this: https://virtualzonegeorgia.com/ (I am not affiliated).

Full anonymity you can't accomplish in Georgia, but as of yet it is not part of CRS/AEOI.

 

[TurnedToRobot]

Have you tried this service @OTR365 they are brand new established, so some reviews would be nice

 

[OTR365]

I haven't tried it, so I can't vouch for or against.

I believe this is the government website for Virtual Zone: Virtual Zone - Home Page
The Virtual Zone legislation has existed for years, but Georgians are a bit new to this and haven't been marketing it much. It seems this is changing, as there are now several websites.

Sorry for spamming your thread @randomjohn, but I have to correct my first post: Nominee services are available. Owning a Georgian Republic company at least semi-anonymously seems to be possible.

My main personal bank account is Georgian. Visa/MC and wires work fine.

 

[JohnLocke]

You want to read the link provided carefully, it is actually well explained all of it there.

 

[TurnedToRobot]

I have so far zero experience with Georgia and for now I would only try to setup something there because I can see it works perfectly with darks. However, at the other hand I would recommend you to look into a full setup in Cyprus rather than going for some low cost strucutre which won't do what you are looking for.

I wonder if you don't have the money to setup something stable why you are looking into anything offshore at all?

 

[myhand]

Does someone know if it is possible to register a company directly here Virtual Zone - Home Page or do we need an agent to do the work?

 

[OffshoreSolutions]

Hello everyone,
I recently helped someone with this tax-free arrangement in Georgia, there are a few things you need to take into account:

1. The tax-free status is not granted just by creating your company in FTZ, you have to apply for it and you need to get approved by the board.
2. You do need an agent for such purposes unless you speak/write Georgian
3. If you wish to open a bank acct in Georgia you WILL have to travel, so take this into acct before starting. There are several banking options, but the possibilities of your account staying opened after approved will depend mostly on how much money you can actually put in there.
4. Time for the company to be incorporated and get the Tax free status: around a month and a half (documents need to be certified, translated and couriered to Georgia)

In general and this applies to ALL banking in Europe and Asia, banks are getting more strict about account openings and are following the rules and regulations of the OECD/BEPS, things have recently changed in Georgia and although they are not YET asking for substance or presence in Georgia, this is something that might change in the future.

 

[abdulkaddir]

UAE is a good option. You can try UAE as well.

 

[TurnedToRobot]

In general and this applies to ALL banking in Europe and Asia, banks are getting more strict about account openings and are following the rules and regulations of the OECD/BEPS, things have recently changed in Georgia and although they are not YET asking for substance or presence in Georgia, this is something that might change in the future.

What did I see in may endless comments on Georgia banking. I should have a crystal ball

 

[TurnedToRobot]

OP what exactly did you setup by now?

 

[avalanche]

I haven't tried it, so I can't vouch for or against.

I believe this is the government website for Virtual Zone: Virtual Zone - Home Page
The Virtual Zone legislation has existed for years, but Georgians are a bit new to this and haven't been marketing it much. It seems this is changing, as there are now several websites.

Sorry for spamming your thread @randomjohn, but I have to correct my first post: Nominee services are available. Owning a Georgian Republic company at least semi-anonymously seems to be possible.

My main personal bank account is Georgian. Visa/MC and wires work fine.

I'm quite frustrated by Georgian Virtual Zone. Applied almost one month ago. No response, no updates. My activity is clearly development of software yet government can give me no estimate on when my application will be completed. They just tell me "your application is being reviewed".

I wish I could just pay them to expedite the review process.