Exiting an IBC in Belize... What would you recommend instead ?

[negerscribou]

Hello,

It will be june 2021, new belizean IBC rules come into force !
I don't understand it and given the banking and payment processors difficulties I'm experiencing I intend to leave Belize for a new country of incorporation but where ?


French citizen but Europe digital nomad, I run since several years some online business linked to a belize IBC :

- IT development services agency
- Book publishing
- Customised jewellery

Majority of my customers are from Europe, Belize IBC scare a lot of customers...


I'm looking for an incorporation country with easy banking/payment processor options (such as Wise/Revolut + Paypal/Stripe) and low taxes with the best reputation possible. Here are some options I'm studying :


Delaware LLC
+: USA have good reputation for IT, no accounting obligation, low charges : Registered Agent | Corporate Guides | NW Registered Agent
-: Seem hard to have a bank & payment processor, especially in euros.


Hong-Kong
+: Accept stripe. Neat is cheap for incorporation + EUR banking
-: Bad reputation for customers, accounting obligation (don't even know the price)


If you have suggestions of other countries, feedbacks or a way to avoid negative aspects thanks you to share. I'm here to learn 🙂

Last edited by a moderator: May 22, 2021

 

[CryptoIsFreedom]

Either way, your money will probably come as USD/HKD and will be converted to EUR. It might be better to just hold it in USD.

Delaware costs seems to be around $1K yearly, while HK seems to be around $6K

 

[negerscribou]

Thanks you for your help 🙂
Main money come as EUR since I have a lot of european customer. That is why Delaware LLC or HK corp in facts I will need a multicurrency/EUR account such as Wise/Revolut/Neat... & of course EUR payment processor. Stripe seems the best.

Which country would you recommend for this according to my activities ?

 

[Thesingh]

negerscribou said:
Hello,

It will be june 2021, new belizean IBC rules come into force !
I don't understand it and given the banking and payment processors difficulties I'm experiencing I intend to leave Belize for a new country of incorporation but where ?


French citizen but Europe digital nomad, I run since several years some online business linked to a belize IBC :

- IT development services agency
- Book publishing
- Customised jewellery

Majority of my customers are from Europe, Belize IBC scare a lot of customers...


I'm looking for an incorporation country with easy banking/payment processor options (such as Wise/Revolut + Paypal/Stripe) and low taxes with the best reputation possible. Here are some options I'm studying :


Delaware LLC
+: USA have good reputation for IT, no accounting obligation, low charges : Registered Agent | Corporate Guides | NW Registered Agent
-: Seem hard to have a bank & payment processor, especially in euros.


Hong-Kong
+: Accept stripe. Neat is cheap for incorporation + EUR banking
-: Bad reputation for customers, accounting obligation (don't even know the price)


If you have suggestions of other countries, feedbacks or a way to avoid negative aspects thanks you to share. I'm here to learn 🙂
Click to expand...

What new IBC rules in Belize are you trying to run from? What troubles have you had with their banking and payment processors? Why are your customers afraid of Belize IC?

 

[negerscribou]

I'm not trying to run from new IBC rules, I don't understand them.
Even my belizean accountant & my legal advisor are not sure since it's new.

Thesingh said:
What troubles have you had with their banking and payment processors? Why are your customers afraid of Belize IC?
Click to expand...

Troubles is to get them :')
It's very difficult to be accepted being a Belize IBC (wise and some other EMI reject our application wheras we have business history) and cheap payment processor such as Stripe don't take Belize.
I'm looking for a location wich will be more accepted by them.

Customers think about bad quality (difficult to sell book, it services and jewelry with a Belize IBC).

 

[MagicMatt]

Belize changed the law to no longer allow IBCs to hold IP. A farce and damaging Belize even more as a good country to use for offshore. I will let my Belize IBC expire. Meanwhile I opened a Panama company with a Panama bank account. Opening the account took 5 months.

 

[uplana]

Wyoming and Delaware over Belize for sure. I would not touch Belize any longer, it's simply not worth anything any longer.

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[negerscribou]

Thanks you for your advices, I will go to Deleware then 🙂

 

[lostguy]

There are many good laternatives to Belize! For instant, Switzerland, Malta, Cyprus, UK.

So Bahamas, Cayman's, Honduras