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Did you do that?

Yes, of course. And that's what I have been told too (Switzerland or Estern Europe). But as I am focussing on a PayPal account, company and bank need to be in the same country (see title of this discussion: Offshore Company + Bank Account + Paypal Required)

Labuan: I am planing to do something in Labuan at the moment. I met a set-up provider who would cover both (Labuan and UAE) and he advised (in my case) Labuan would be a slightly better fit. From a second provider I heard PayPal would be possible for a Labuan company. Pricing has been confirmed...

Cyprus could be - not sure.

Yes, that would be very interesting. Also where did you do it? PayPal is not keen to do business with companies in the traditional offshore jurisdictions ... So far it only seems possible in Labuan and UAE at setup costs in the $4000-range.

That depends on who you let do the job and how much of the necessary work you do. Like someone would have to talk to the auditor who will ask questions and provide (maybe create) some extra paperwork. You can do it yourself or have someone coping with that (I do the second). Your annual costs...

why do you think so? there is no disadvantage in having one in HK. well, you have to make a tax declaration but the whole process can be outsourced (from accounting to auditing)

PayPal (or card) you can complain and get your money back and the identity is checked. I think card payment is even better than PayPal in that sense. Anyway, they would not cheat, I think. I used a guy called Jason Ho (genacct.com). The formation went OK. But he has no good bank contacts anymore...

I ordered from the internet - was no problem. Pay with PayPal or card to be safe. Use one with a real local HK phone number (physical landline, check online for details). I guess you if you do that, it would be fine.

@haslan My experience is pretty good with company setup service providers. I experienced no scam at all. But I was lucky and was living H for a while. The providers might not tell you that opening a bank account is subject to luck ;) Maybe an expensive lawyer can help with the bank account too...

Before it was just very much reduced, it being free now sounds even better. ... Hmm ... do US$200-300 really make such a difference? Especially if you can't get a HK bank account and for that matter also not a PayPal account. Da wiehert der Amtschimmel as they say in Germany ... The HK...

I think that a HK company can open a bank account in Cyprus (but never tried) . If you only need the HK company but no HK bank account, I'd say any local HK agent is OK. I used always used the cheapest I could find ;) For company formation, secretary and registered office, they where OK . Check...

@utibi I would not say anyone would hold your company hostage. You can always close it. Or maybe even don't close it, just let it die.

@JimBeam : sorry to hear about your troubles ... UAE - offshore company or freezone? Do you need PayPal?

more safe - hmm .... you want to travel there? ;)

why St. Kitts? what is special about it, compared to more common Seychelles or Belize? (Just curious)

Register a company - no prob at all. Opening a bank account - most agent lost their contacts to banks because most worked with HSBC but HSBC changed their ideas of which kind of customers they want. Some agents might have contacts to other banks - but I am not sure. Also keep in mind in order to...

yes, I think one can stay anonymous, if one doesn't play by rules.

Yes, you might. But of course that would not be an anonymous account (like the good old Swiss number account - that was totally legal.) Providing false documents or documents of a different person can lead to the bank freezing the funds or legal action against the beneficiary. The beneficiary...

@Gunter : did you check on the aspect of CRS (Common Reporting Standard)? All traditional offshore tax havens are taking part and will have to provide account details of accounts that are held to the country of tax residence (where you are liable to pay income or corporate taxes) based on YOUR...