Business account for bitcoin trading

[Saulgood]

Hi there,

thanks to everyone spending time to read and reply in advance!! Including admin and the Mentor group hopefully.

UK citizen here working and living in England and also Turkish citizen. I'm currently paying tax through my full time employment only in UK. I don't currently own a company but planning to start one soon.

1. UK banks are not providing bank account for bitcoin trading. So as far as I know most traders are using cover businesses for this. What kind of business alternatives are out there to cover my bitcoin trading business? What would you recommend? IT consultancy? Buying and selling of goods? Investment company? Considering that profit would be low comparing with trade volume like %5 sometimes even less. Please advise.

2. I would like to start two companies for example. One in UK and another in offshore. I divide customers according to trade volume or urgency. And I intend to pay the tax of UK company's trade volume. In that case two companies would definitely need to be in different names?

3. Considering my nationalities any specific offshore or applying method is better for me or is that irrelevant?

4. Every offshore country's payment speed differs I think according to receiving bank account's country. Can we say some offshore countries bank accounts provide faster or instant payment to Europe? How can I find this info? Or again this is irrelevant because we will use EMIs?

Many thanks again

Sorry for long list. Anything you can reply really.

 

[JohnLocke]

What business are you into and what are your goals?

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[Saulgood]

I am full time employed now working for a company and my salary is not enough to apply for a mortgage in where I live. I need to show around £30k more annual income at least to apply for a mortgage of a nice place. I am confident and able to earn that extra income from bitcoin trading as in buying and selling bitcoin for pounds in England using some platforms such as localbitcoins.

I am into buying and selling bitcoins and experienced in this have some local reputation but when monthly amount gets bigger I'm always questioned by banks because it is a personal bank account.

My goal is:

1. To be able to buy and sell bitcoins but with no limitations, higher volume. That is for sure!! At some point resign and do this full time...
2. If I can be brave enough I would like to invest in opening my own cryptocurrency exchange and exchange not only bitcoin but also a few more currencies even my own ICO one day. Considering but not not must...
3. Also I am thinking of buying and selling new and second hand items in some countries starting from England where people list their items like ebay style but also accepting crypto currency as a payment system but I am 1)too far from this in terms of set up and 2)I am not sure to invest all my time, money and energy on such big project.

 

[JohnLocke]

Saulgood said:
1. To be able to buy and sell bitcoins but with no limitations, higher volume. That is for sure!! At some point resign and do this full time...
Click to expand...

What about the major trading platforms like kraken.com and similar?

Saulgood said:
2. If I can be brave enough I would like to invest in opening my own cryptocurrency exchange and exchange not only bitcoin but also a few more currencies even my own ICO one day. Considering but not not must...
Click to expand...

Huge project and may sooner or later require a license! At the moment people say it don't require a license. You may look into Switzerland or Belize in order to get this started.

Saulgood said:
3. Also I am thinking of buying and selling new and second hand items in some countries starting from England where people list their items like ebay style but also accepting crypto currency as a payment system but I am 1)too far from this in terms of set up and 2)I am not sure to invest all my time, money and energy on such big project.
Click to expand...

Sounds like a great idea. However, shouldn't you not focus on just one thing at a time to avoid everything get mixed?!

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[Saulgood]

Amazing. Thanks a lot. I'm only looking an answer to my original thread point 1. I need to start a limited company in UK to cover my bitcoin trading business. Any ideas? What type of business is used generally? I thought buying and selling online of goods might cover but is consultancy better idea or an investment company? Thank you

 

[RayanNorthrop]

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