Sell services only to web3 company in crypto. Which jurisdiction?

[MarkusCostigan]

Hi guys, the company should sell services exclusively to web3 companies and would only accept cryptocurrencies. Which jurisdiction would be best?

Let's say a company from the BVI, Singapore or UAE receives an invoice from Panama for example. Is this a problem of any sort? Considering that the vast majority are based in BVI, Seychelles, Belize, Singapore, Panama, UAE etc.

Thank you so much.

 

[Sols]

Why not incorporate where you live? That's usually the easiest unless where you live is very crypto hostile.

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This is the probably the answer to your question.

 

[EliasIT]

Wait, your customers are located in BVI, Seychelles, Belize etc ? Setup a UK LTD to work with the customers from these countries and transfer the money to a local company. Doing business with such countries, if located in EU, could put you in the spotlight of the tax office.

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My personal favorite thread posted in the Mentor Group. Group of investment companies to avoid licensing.

 

[ilke]

MarkusCostigan said:
Hi guys, the company should sell services exclusively to web3 companies and would only accept cryptocurrencies. Which jurisdiction would be best?

Let's say a company from the BVI, Singapore or UAE receives an invoice from Panama for example. Is this a problem of any sort? Considering that the vast majority are based in BVI, Seychelles, Belize, Singapore, Panama, UAE etc.

Thank you so much.
Click to expand...

There should not be a problem, no.

But consider your local tax implications. As @Sols said, it makes more sense to incorporate where you are resident/where the company would have a PE unless it's explicitly going to have problems with crypto (or if you don't want to play by the rules and PE taxation is unlikely to be enforced).

I don't think your customers would be affected by your company being in Panama. Maybe they don't want to make payments to a Panamanian company because of their own choices or potential lack of reputation.

Since you (presumably) will probably not need banking, you could maybe pick a cheap IBC jurisdiction as well, like Nevis.

 

[MarkusCostigan]

Thank you guys.

Let's say my business accepts crypto directly (without using intermediaries). How can I protect myself from crypto payments resulting from criminal activity?

Is it advisable to use tools like Chainalysis or something else?

 

[Burak]

MarkusCostigan said:
Thank you guys.

Let's say my business accepts crypto directly (without using intermediaries). How can I protect myself from crypto payments resulting from criminal activity?

Is it advisable to use tools like Chainalysis or something else?
Click to expand...

You can use payment processors, so they will handle such checks for you. Coinpayments, Confirmo, Cryptomus etc. should work for this. It costs around 0.5% - 1% per payment.

 

[MarkusCostigan]

Burak said:
You can use payment processors, so they will handle such checks for you. Coinpayments, Confirmo, Cryptomus etc. should work for this. It costs around 0.5% - 1% per payment.
Click to expand...

Thank you.

Between Panama and BVI which might be better (maybe the BVI has a slightly better reputation) ?.