Global Merchant Account for Offshore High-Ticket Business

[menych]

We're a multimillion-dollar company in the legal space currently incorporated in Canada.

Most of our clients are in the U.S. and Canada.

We are now considering options for relocating our business out of North America for taxation purposes.

We're looking for merchant accounts that operate internationally.

The initial questions are:

• Which zero- or low-tax jurisdictions are OK for incorporating the business in terms of being able to set up a merchant account that accepts credit card payments from Americans and Canadians?
• Which zero- or low-tax jurisdictions are NOT OK for incorporating the business in terms of being able to set up a merchant account that accepts credit card payments from Americans and Canadians?
• Which zero- or low-tax jurisdictions are OK for setting a bank account to link a merchant account that accepts credit card payments from Americans and Canadians?
• Which zero- or low-tax jurisdictions are NOT OK for setting a bank account to link a merchant account that accepts credit card payments from Americans and Canadians?
• Which merchant account providers would you recommend?
• Even while operating from Canada, we notice that some of our American customers sometimes get slammed by their banks with "international credit card payment" fees. We want to make sure that does not become the norm with the new merchant account provider once we move the business out of North America.

Would hugely appreciate your guidance.

We're very early in the decision-making process on this. Our current idea is to incorporate the company in BVI and have the owner move to Dubai on the personal side. Would appreciate your comments on this as well.

THANK YOU!

 

[NicolasMaduro]

If the owner moves to UAE why are you not just incorporating in UAE as well?

 

[JohnLocke]

NicolasMaduro said:
If the owner moves to UAE why are you not just incorporating in UAE as well?
Click to expand...

second that, maybe @Fred or @Gediminas want to join the thread for better help.

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[menych]

NicolasMaduro said:
If the owner moves to UAE why are you not just incorporating in UAE as well?
Click to expand...

No good reason. As I mentioned, we're at the very beginning of our offshore journey. We thought that BVI has better reputation with merchant account services and US customers, but are very much open to hearing others' opinions. That's why I joined the forum.

 

[EliasIT]

UK Ltd and RBS worldpay may be the option for you, if you really have millions in asset I would take a trip to the UK, appoint a lawyer and an accountant, pay them a 100K and ask them to make things happen ASAP.

It's not difficult. You could do the same in the BVI, but I believe that you will have a image problem at some point.

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[NicolasMaduro]

menych said:
No good reason. As I mentioned, we're at the very beginning of our offshore journey. We thought that BVI has better reputation with merchant account services and US customers, but are very much open to hearing others' opinions. That's why I joined the forum.
Click to expand...

1: Incorporate in UAE and get the residency visa at the same time.

2: Open a bank account with Neobiz Mashreq or RAK bank.

3: Open Stripe account in UAE. There is also other possibitilies.

Biggest Challenge is probaly getting a traditional bank in UAE. There is some Freezones you should avoid, but ask @Fred

Alternative is UK LLP with Stripe and UAE residency. Then its also 0% tax.

Opening in BVI will make it nearly impossible to get merchant account, unless you actually have an office there, and many times you will need to have 6 months of previous processing with 0.5% chargeback.

 

[menych]

Thank you for your feedback so far. Quite a bit of food for thought. Investigating Stripe right now.

I see several people mentioned @Fred . Would love for him to chime in as well.