Any reliable and trusted shelf companies provider ?

[IlyMily]

Hello,

I had a bad experience after incorporating an LTD in the UK where almost all EMI refuse to open a bank account for me or close it after a couple of months as they find my business a high risk (cosmetic surgery travel agency).

I am now willing to buy a shelf company based in the EU zone with a SEPA bank account in order to receive payouts from my payment processors.

Any reliable and trusted shelf companies provider recommendation would be very helpful.

Cheers

 

[CaptK]

Hi, so you receive your payment by card mostly?
I can definitely help you with that details below.

 

[IlyMily]

CaptK said:
Hi, so you receive your payment by card mostly?
I can definitely help you with that details below.
Click to expand...

My customers psy by card on stripe or checkout, then i receive payouts through these payment processors.

monthly turnover: over 200K euro

 

[lavel]

IlyMily said:
Hello,

I had a bad experience after incorporating an LTD in the UK where almost all EMI refuse to open a bank account for me or close it after a couple of months as they find my business a high risk (cosmetic surgery travel agency).

I am now willing to buy a shelf company based in the EU zone with a SEPA bank account in order to receive payouts from my payment processors.

Any reliable and trusted shelf companies provider recommendation would be very helpful.

Cheers
Click to expand...

You will still have to provide KYC when you buy such an entity how do you think this will help you in your situation. Still you will need to show the card processor a website or fake the entire setup, so you will end where you started, they will sooner or later figure it out and shut your illegal operation down.

 

[CyprusLaw]

Even when purchasing a shelf company you will need to pass through KYC, also the company will have to be transferred to you and therefore the bank/EMI will have to be informed of this change. Also, most of the EU countries (if not all) have implemented the UBO register meaning that having a nominee shareholder would not work either. If you want to set up a legitimate company Cyprus would be a good option, but you would still need to pass the KYC of the providers and of the banks/EMIs.

 

[IlyMily]

CyprusLaw said:
Even when purchasing a shelf company you will need to pass through KYC, also the company will have to be transferred to you and therefore the bank/EMI will have to be informed of this change. Also, most of the EU countries (if not all) have implemented the UBO register meaning that having a nominee shareholder would not work either. If you want to set up a legitimate company Cyprus would be a good option, but you would still need to pass the KYC of the providers and of the banks/EMIs.
Click to expand...

i have no problem going through the KYC, my company is fully legal and nothing shady around it, also i have 0% chargeback rate for over 3 years, it's just that most EMI's consider it high risk due to covid impact on the tourism industry.

i heard Cyprus won't allow non-residents to open a bank account, is that true ?

 

[lavel]

EMI's consider it high risk and don't want to open an account, that sounds strange but it would not surprise me. What risk has a regular EMI to take on a customer like you.

Payment processors I could imagine they will run far away from your business, but that's a different topic.

What has Transferwise / WISE told you?

 

[CyprusLaw]

IlyMily said:
i have no problem going through the KYC, my company is fully legal and nothing shady around it, also i have 0% chargeback rate for over 3 years, it's just that most EMI's consider it high risk due to covid impact on the tourism industry.

i heard Cyprus won't allow non-residents to open a bank account, is that true ?
Click to expand...

This is not exactly the case - you would need to show management and control in Cyprus to manage to open a bank account, but this is achieved through nominee directors etc. It's better to discuss directly with a Cyprus lawyer in order to be better advised on the structure.

 

[IlyMily]

lavel said:
EMI's consider it high risk and don't want to open an account, that sounds strange but it would not surprise me. What risk has a regular EMI to take on a customer like you.

Payment processors I could imagine they will run far away from your business, but that's a different topic.

What has Transferwise / WISE told you?
Click to expand...

Transferwise opened the account for 1 day then disabled access the next day without any transaction done.
Payment processors like STRIPE placed a hold on my payouts for 2 months to evaluate the risk of chargebacks but then lifted the hold in 30 days as i didn't receive any chargeback.