Advice needed for company setup

[cjp1980]

I am looking to set up an eCommerce website to sell virtual online game currency. I will need to be able to accept card payments from customers, so I'll need either a merchant account or a third party payment processor.

The site's stock will be sourced from individual users, so I will also need to be able to make outgoing payments (local bank transfer with a service like TransferWise seems perfect for this). Alternatively, if the company can purchase crypto then I can use that as a means of payment.

I wish to remain 100% anonymous. Can I accomplish this using darks to set up a company in Cyprus, a Cyprus bank account (or EMI), a payment processor and a TransferWise account? If not, can you suggest any alternatives to this structure?

Now, the real question is: does this seem like a reasonable setup for a front to an online gambling operation? Essentially I need to faciliate money moving in and out from a country where this activity is not accepted.

I am hoping that I'll be able to create several similar setups to spread out/mitigate the risk, and keep total monthly transactions reasonably low (I'm assuming if one of these sites starts taking 1m+ in payments in a month, I may have problems).

I appreciate any advice that can be offered.

 

[negon]

cjp1980 said:
I wish to remain 100% anonymous. Can I accomplish this using darks to set up a company in Cyprus, a Cyprus bank account (or EMI), a payment processor and a TransferWise account? If not, can you suggest any alternatives to this structure?
Click to expand...

That's possible with darks. You will need real banks if it is a bank account you want to open! That means, the darks you are using will be manipulated in such way that you take out the picture of that person in the passport and put your own in there, so the bank will approve it.

If you want to open an EMI (which I would suggest you do) then you can simply use real darks and in some cases also fake darks to apply for an account. This will most often work just fine. Make sure the quality is high so they don't reject your docs.

For company and merchant account it isn't that important since your docs won't be checked the same way and you can work just fine with fake darks which are cheaper and easyu to get.

In order to help with the merchant account or simply to suggest a payment processor we may know a little more for instant:

have you been processing before?
If so, what's your chargeback ratio?
Is your website compliant with the card associations policy?

First shot would be to try Instabill, websitebilling and similar services as 3rd party payment processors for your business.

 

[cjp1980]

We have not been processing at all, and there is no website as of yet. Trying to get a better idea of the whole process to determine if it's a viable option, before moving forward.

After reading some other threads, I'm wondering do the EMI accounts carry a much higher risk for the amounts we're looking to process? We could be looking at 500k-1M EUR coming in, with 80-90% of that going back out (hopefully through TransferWise - or will we have issues with volume here too?), in any given month.

If there's any chance of the account being frozen with no way of retrieving the funds, then this won't work.

 

[negon]

Transferwise is good for "small amounts" everything below 20K euro / month would work fine. I have not tried them with higher amounts yet. What I do is to split the larger amounts 100K+ into several smaller transfers and using TW, AdvCash and Mr.T with different accounts each to move the money. Has been working for almost a year without any troubles.

 

[cjp1980]

Thanks auric, appreciate the information you've provided.

Do you have any other suggestions for payment processors? I've reached out to Instabill - just awaiting a response.

To reiterate, I need one that will accept a startup in the industry of virtual game currency, and will ideally receive 500k+ a month without issues. If this is not possible, then I will find a way to split this across multiple cover businesses.

 

[Samuel Newman]

cjp1980 said:
Thanks auric, appreciate the information you've provided.

Do you have any other suggestions for payment processors? I've reached out to Instabill - just awaiting a response.

To reiterate, I need one that will accept a startup in the industry of virtual game currency, and will ideally receive 500k+ a month without issues. If this is not possible, then I will find a way to split this across multiple cover businesses.
Click to expand...

it is not possible to handle such amount in EMI account
you need at least 10 accounts🙂)