Hi,
I need advice from experts... I am living in Canada and most banks here refuse transactions related to Crypto... so here come the first issue... Can't cash my crypto to my corporate bank account here in Canada.
I know there is probably a workaround to resolve this issue but I have a second issue that is accounting-related. Accounting taxes for a crypto business is very complex and I want to avoid this complication.
So I decided to go ahead with setting up an offshore company. After many email exchanges with different service providers, they recommend me to go with St. Vincent de Grenadines (SVG) or British Virgin Islands (BVI). The reason is because I wanted no tax, and no accounting required.
They told me that in SVG, I didn't have any accounting to do at all, which would be amazing and make my life much simpler. For BVI, there is some basic accounting required but apparently, it can be outsourced for a cheap price.
Now the big problem I have is with the offshore bank account... The recommendations are shared;
1. Some recommend going with an EMI instead of an offshore bank account, and then, using a service like Ramp for swapping crypto to fiat. So according to this recommendation, that would be like;
Crypto wallet --> RAMP --> EMI (Bankera?) --> My Canadian bank account.
Note: Personally I don't like this option because I've checked for EMI that were crypto-friendly and seen that Bankera was recommended here.. but their price is just crazy... After a chat with them, they told me I needed to take the plan Class A which is 2400 EURO to set up, and then 200 EURO monthly fees. That is way too much for me.
2. Now come to recommendation #2... Which is to register an offshore bank account and do not disclose any crypto activities (This opens me to a lot more choices), and use a platform like SwissQuote.com to sell my crypto, and withdraw money to my offshore bank account. Because SwissQuote is an investment platform dealing with Stocks, Mutual Funds, Forex, Crypto, etc.. they are not specifically related to crypto so the bank just thinks I do general investments. So with this set up, that would be like;
Crypto wallet --> SwissQuote --> Offshore Bank Account --> My Canadian bank account
Note: This option seems good if that is working as recommended.
Now let me talk to you a bit more about my crypto business so you can recommend me better... I am building 2 crypto applications, they won't have their own tokens, so they are purely utility-based applications. One of them will offer security audits so it will receive crypto as payments from its clients. I don't know the revenue.. it could be like 50KUSD/yr. Nothing fancy.
For now, all employees are paid in crypto but it could be possible in the future that I need to pay employees in fiat.. so having the option to link my offshore banking account with Paypal or TransferWise would be a big plus.
I'm seeking for advice, and services to help me to set up everything. I want a simple but efficient offshore company structure.
My plan is to skip the complex accounting for my crypto business in moving it in an offshore location with NONE or very low accounting requirements, and then, send my profits like every quarter to my Canadian bank account, and then, pay my taxes on revenue received here in Canada.
Thank you in advance for your help guys!
I need advice from experts... I am living in Canada and most banks here refuse transactions related to Crypto... so here come the first issue... Can't cash my crypto to my corporate bank account here in Canada.
I know there is probably a workaround to resolve this issue but I have a second issue that is accounting-related. Accounting taxes for a crypto business is very complex and I want to avoid this complication.
So I decided to go ahead with setting up an offshore company. After many email exchanges with different service providers, they recommend me to go with St. Vincent de Grenadines (SVG) or British Virgin Islands (BVI). The reason is because I wanted no tax, and no accounting required.
They told me that in SVG, I didn't have any accounting to do at all, which would be amazing and make my life much simpler. For BVI, there is some basic accounting required but apparently, it can be outsourced for a cheap price.
Now the big problem I have is with the offshore bank account... The recommendations are shared;
1. Some recommend going with an EMI instead of an offshore bank account, and then, using a service like Ramp for swapping crypto to fiat. So according to this recommendation, that would be like;
Crypto wallet --> RAMP --> EMI (Bankera?) --> My Canadian bank account.
Note: Personally I don't like this option because I've checked for EMI that were crypto-friendly and seen that Bankera was recommended here.. but their price is just crazy... After a chat with them, they told me I needed to take the plan Class A which is 2400 EURO to set up, and then 200 EURO monthly fees. That is way too much for me.
2. Now come to recommendation #2... Which is to register an offshore bank account and do not disclose any crypto activities (This opens me to a lot more choices), and use a platform like SwissQuote.com to sell my crypto, and withdraw money to my offshore bank account. Because SwissQuote is an investment platform dealing with Stocks, Mutual Funds, Forex, Crypto, etc.. they are not specifically related to crypto so the bank just thinks I do general investments. So with this set up, that would be like;
Crypto wallet --> SwissQuote --> Offshore Bank Account --> My Canadian bank account
Note: This option seems good if that is working as recommended.
Now let me talk to you a bit more about my crypto business so you can recommend me better... I am building 2 crypto applications, they won't have their own tokens, so they are purely utility-based applications. One of them will offer security audits so it will receive crypto as payments from its clients. I don't know the revenue.. it could be like 50KUSD/yr. Nothing fancy.
For now, all employees are paid in crypto but it could be possible in the future that I need to pay employees in fiat.. so having the option to link my offshore banking account with Paypal or TransferWise would be a big plus.
I'm seeking for advice, and services to help me to set up everything. I want a simple but efficient offshore company structure.
My plan is to skip the complex accounting for my crypto business in moving it in an offshore location with NONE or very low accounting requirements, and then, send my profits like every quarter to my Canadian bank account, and then, pay my taxes on revenue received here in Canada.
Thank you in advance for your help guys!
