Best structure to supplements business + merchant account

[rothko13]

Hello, I'm U.E. resident, I have an Irish company (under my name) and I'd like to open a totally separate entity, a complete new structure (holding) with the most secrecy in mind and using nominees services.

My main concern is open the companies in the right jurisdiction where I'll be able to get high risk merchant (s) account (s) in order to be able to sell supplements/pharmacy products avoiding wast of time and money and not be approved in the few high risk merchant accounts providers.

What I read so far point to open a seychells holding setup with a operational cypriot company/bank account.

Am I missing something here?

Thanks for everyone!

 

[JohnLocke]

Hi and welcome aboard in the MG forum 😉

I would recommend you to check with whatever merchant account provider first if they accept your business. What you will ask them is to provide a conditional pre approval. If they can accept your business then you can move forward with the agent of your choice and incorporate your business for instant in Cyprus, BVI or a 3rd place.

As you may already know, to sell pharmacy online legit it requires a license or you need a lawyers letter that guarantee the drugs sold to be legal for distribution in the countries you sell this products. Most often this is not the case that the merchant is able to get such documents. So you will need to make a cover up website for the real bank (not the acquiring bank for rocessing the credit cards) - that said, you need to be careful that you only receive payments to the bank account from the payment processor and that this processor is not already known by the bank and flagged to provide their service for "illegal" products sold online.

In regards to the company and total privacy it is going to be difficult. You need to be more clear towards who do you want total privacy, what are you afraid of?

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[rothko13]

Thanks for your answers. To be more clear I won't sell pharmacy products, I will sell "food supplements" like viatamins and nutra products so what I know this is not necessary licence.

The privacy that I'm looking for is only to total separate my other assets/business activities for this reason I'm thinking that open an offshore holding company in seychells and cyprus could help me to keep all entities "unlinked".

 

[rothko13]

I'm very happy to be member of this great community.

Regarding the "cover up website" could give me a better example what's mean?

Can you recommend, in your experience, which are the best high risk merchant providers that could accept conditional pre aprooval?

 

[JohnLocke]

rothko13 said:
Thanks for your answers. To be more clear I won't sell pharmacy products, I will sell "food supplements" like viatamins and nutra products so what I know this is not necessary licence.
Click to expand...

They will consider it the same as pharmacy usually! That's why they will require a lawyers letter confirming this to be non subscription and legal. Anyway, if I was you I would not enter into such discussion with the banks but simply setup a cover website.

rothko13 said:
The privacy that I'm looking for is only to total separate my other assets/business activities for this reason I'm thinking that open an offshore holding company in seychells and cyprus could help me to keep all entities "unlinked".
Click to expand...

True, it is a possible solution to do things. You want to wait with the Seychelles holding company until everything is approved in the Cyprus company to avoid any additional discussions with the payment service providers or even to get declined because of the structure.

Once everything is setup it can be done.

rothko13 said:
Can you recommend, in your experience, which are the best high risk merchant providers that could accept conditional pre aprooval?
Click to expand...

All of them can, there is no one better than others, usually you may want to look into Instabill and in the past GSPay.. but there are a few people that have a tight network of procesors they work with for high risk processing, these processors require high volume I know 500k/usd / month min.

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[negon]

There is a payment processor in Lebanon that I know of and that can handle this business. I can't remember what their name is but I will check and post here. Maybe I will simply ask him what requirements are for new merchants.

I assume your operation is a startup right?

 

[suzy]

Another processor is Durango Merchant service that have plenty of banks and payment service providers available. You may try one of these.

For your setup you may consider a similar solution to what I read from @auric here http://www.offshorecorptalk.com/threads/offshore-company-with-neteller-account-and-fake-docs.19532/ it would simply require you replace neteller with a different payment provider, just once that can accept wire transfers from your merchant account provider.

 

[rothko13]

auric said:
There is a payment processor in Lebanon that I know of and that can handle this business. I can't remember what their name is but I will check and post here. Maybe I will simply ask him what requirements are for new merchants.

I assume your operation is a startup right?
Click to expand...

Dear Auric, thanks for you support, I'm following all your extremely helpful comments on this fantastic group. Yes, I can confirm it's a startup. If you can get this information will help me a lot!

 

[rothko13]

Admin said:
They will consider it the same as pharmacy usually! That's why they will require a lawyers letter confirming this to be non subscription and legal. Anyway, if I was you I would not enter into such discussion with the banks but simply setup a cover website.

True, it is a possible solution to do things. You want to wait with the Seychelles holding company until everything is approved in the Cyprus company to avoid any additional discussions with the payment service providers or even to get declined because of the structure.

Once everything is setup it can be done.

All of them can, there is no one better than others, usually you may want to look into Instabill and in the past GSPay.. but there are a few people that have a tight network of procesors they work with for high risk processing, these processors require high volume I know 500k/usd / month min.
Click to expand...

Dear Admin, thanks for all answers. I didn't know about these numbers about high risk processors.

 

[rothko13]

suzy said:
Another processor is Durango Merchant service that have plenty of banks and payment service providers available. You may try one of these.

For your setup you may consider a similar solution to what I read from @auric here http://www.offshorecorptalk.com/threads/offshore-company-with-neteller-account-and-fake-docs.19532/ it would simply require you replace neteller with a different payment provider, just once that can accept wire transfers from your merchant account provider.
Click to expand...

Thank you Suzy, for one more precious help here, I'll check right now.

 

[JohnLocke]

Once you are setup you can try CNGPro.com they are a Dnaish processor I have total forgot about. They are loaded with investor money aprox 5 million EUR, small office and only 5 - 10 people in staff. They have been in business since 2003 keeping under the radar and doing all kind of shady stuff!

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[rothko13]

Admin said:
Once you are setup you can try CNGPro.com they are a Dnaish processor I have total forgot about. They are loaded with investor money aprox 5 million EUR, small office and only 5 - 10 people in staff. They have been in business since 2003 keeping under the radar and doing all kind of shady stuff!
Click to expand...

Hey Admin, thanks a lot for this information 😉

 

[negon]

I spoke with an processor, they don't take startups and only business with guaranteed 1M $ / month, so it may not be applicable to your business.

Tomorrow I will be speaking with another guy who has connections to some processors.

 

[rothko13]

Thank you @auric

I appreciate your help on this.