International Payments to BVI Entity

[apocalypticviews]

Hi, my question is simple

If I establish a company in BVI and open bank accounts wherever possible, how easy is it to receive international wire transfers from EU, UAE, SE banks? At what % will they stop the transactions and ask questions?

And regarding debit card payment processors, will the major ones like Stripe accept my entity?

Thank you in advancce

 

[Sols]

apocalypticviews said:
Hi, my question is simple
Click to expand...

Not exactly...

apocalypticviews said:
If I establish a company in BVI and open bank accounts wherever possible, how easy is it to receive international wire transfers from EU, UAE, SE banks? At what % will they stop the transactions and ask questions?
Click to expand...

How do you quantify ease?

Place of incorporation is just one dozens of factors that go into determining whether a transaction is held for review. However, if all else is equal, a transaction involving a BVI company is more likely to be held for review than a transaction involving a UK or EU company.

But reality isn't that simple.

As a rule of thumb, it's good to assume any transaction may be held for review. However, as long as you have basic documents like invoices, statements, receipts, and agreements in order, such reviews needn't be a big disturbance. If you work with a good bank/EMI, they will eventually learn your normal transactional patterns and only ask you about new counterparties or unusual transactions.

apocalypticviews said:
And regarding debit card payment processors, will the major ones like Stripe accept my entity?
Click to expand...

None of the major ones will accept a BVI company. You would need a card processor in the BVI, none of which work with offshore/non-resident companies.

People often solve this by forming a subsidiary in US, EU, or UK which opens merchant accounts and processes payments on behalf of the offshore parent company.

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This is the probably the answer to your question.

 

[apocalypticviews]

Sols said:
None of the major ones will accept a BVI company. You would need a card processor in the BVI, none of which work with offshore/non-resident companies.
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Thank you, your answer confirms my worries.

I would be directly receiving payments from customers, so my concern is on their bank blocking the transfers.

Would Belize be any better?

Im just worried after I incorporate no decent banks will accept me or even if they do I wont be able to receive transfers or process debit card payments.

Again thank you so much.

 

[Sols]

apocalypticviews said:
Would Belize be any better?
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No difference. All these classic tax havens are hopeless for card processing. You either need a subsidiary somewhere else or you find a non-compliant solution that costs much more.

apocalypticviews said:
Im just worried after I incorporate no decent banks will accept me or even if they do I wont be able to receive transfers or process debit card payments.
Click to expand...

One of the reasons why incorporations in these kind of jurisdictions are decreasing year by year.

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This is the probably the answer to your question.

 

[Clearsky Network]

apocalypticviews said:
Hi, my question is simple

If I establish a company in BVI and open bank accounts wherever possible, how easy is it to receive international wire transfers from EU, UAE, SE banks? At what % will they stop the transactions and ask questions?

And regarding debit card payment processors, will the major ones like Stripe accept my entity?

Thank you in advancce
Click to expand...

What is the business activity?
I doubt any good processor will accept an offshore company. Like mentioned above, it can be solved with EU/UK "Payment agent". Even with this set up, a lot will depend on the business activity, UBO citizenship ect...

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[Simon4466]

What is wrong with just using the BVI as the tax free holding and setting up processing somewhere else? Or are you doing something fishy?