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]

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

monthly turnover: over 200K euro⁠

 

[lavel]

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

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

i heard Cyprus won't allow non-residents to open a bank︃ 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]

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 Cyprus︀ lawyer in order to be better advised on the structure.

 

[IlyMily]

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 hold︀ in 30 days as i didn't receive any chargeback.