PayPal doesn't like non-resident companies. You can set something up in EU or US, get an EMI/bank account, and sign up. But once they start looking into where the owners and directors live, you'll run into problems. Ownership alone being foreign/out-of-region is usually not a problem, as long as you have directors and/or company operations where the company is incorporated.
To get around this you candeceive PayPal (which can lead to frozen funds and blacklisting — bad idea), relocate to a supported country, or establish a company in a supported country with local directors. The latter can be done in Cyprus or Malta quite easily. Just make sure it's the directors — not you — controlling the company on a day to day level.
You can use professional nominee directors for this, but even better would be to hire your own directors.