Credit Card Processing for Belize IBC?

[akao]

we'll probably set up a belize company to run our ecommerce store (100% legit stuff, clothing / makeup / accessories) - selling mostly to the US and Europe

i'm looking for a payment gateway and i'm having a hard time finding one (as each and every one has some extra requirements)

- paypal (signed up for a paypal business belize account) but in order to withdraw money, i'll need a US bank account - where can i easily get a US bank account? transferwise doesn't offer USD for belize - strange enough, i noticed they offer USD for seychelles... for my regular / personal paypal account, i use a debit card to withdraw all the money, would i be able to do that with a belize paypal account?
- 2checkount - i read on this forum that you need the company and bank account to be registered both in belize - and also have a business presence / location there - is that true? i have contacted them about this, but i got no reply in 24 hrs (which makes me wonder how serious are they)
- we should be able to open a bank account in belize at caye bank - but also i have not read a single good thing about it.
- what options are there for us to be able to process cards?

 

[Mr Magoo]

.... based on your findings you may conclude Belize is not the best place to incorporate these days. Check Advcash for card and payment processing options. Be very cautious with BZ banks, especially with USD. Your money isnt insured and can be frozen overnight without (reasonable) explanation.

 

[akao]

Mr Magoo said:
.... based on your findings you may conclude Belize is not the best place to incorporate these days. Check Advcash for card and payment processing options. Be very cautious with BZ banks, especially with USD. Your money isnt insured and can be frozen overnight without (reasonable) explanation.
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i know bz is not the best option, but it's probably the only option that fits our needs (zero or low tax and most importantly, NO accounting / auditing) - if anyone has a better option (not seychelles) where we don't need to do accounting and still can process cards without too much hassle, i'm all ears...

 

[Mr Magoo]

Take into account that although you dont have an accounting obligation for a BZ IBC, be prepared that e.g. a bank can ask for a Balance and P&L. Having an accountant prepare these for you shouldnt be that much of problem though. Just keep a comprehensible administration .

 

[user9823671]

akao said:
i know bz is not the best option, but it's probably the only option that fits our needs (zero or low tax and most importantly, NO accounting / auditing) - if anyone has a better option (not seychelles) where we don't need to do accounting and still can process cards without too much hassle, i'm all ears...
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why not seychelles if TW have said they will work with paypal?

 

[JohnLocke]

If you at any time find a payment processor that is willing to accept your Belize or Seychelles setup then please do us a favor and post the processor here, it will be of great help to many around here.

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[akao]

not seychelles + tw firstly because i don't really trust tw and secondly because all payments processors i talked to openly reject seychelles (and accept belize, with some conditions).

 

[user9823671]

Why do you live / are tax resident. You do understand just opening a business in Belize /Seychelles doesn't mean you can legally pay 0% tax. Any bank you open will report you to your home country which will then (most likely) consider you a local company and tax you accordingly to CFC laws.

 

[akao]

user9823671 said:
Why do you live / are tax resident. You do understand just opening a business in Belize /Seychelles doesn't mean you can legally pay 0% tax. Any bank you open will report you to your home country which will then (most likely) consider you a local company and tax you accordingly to CFC laws.
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yes, i have no problem paying personal taxes, i just don't want to pay corporate taxes and deal with accounting / audits (or have to pay VAT). so what card processing system can you recommend for belize?

 

[user9823671]

akao said:
yes, i have no problem paying personal taxes, i just don't want to pay corporate taxes and deal with accounting / audits (or have to pay VAT). so what card processing system can you recommend for belize?
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You WILL have to pay corporate taxes for any offshore company you run, as it will be considered onshore (tax resident) in your home country. Also, there will be additional hassle / paperwork for running an offshore company that is considered on shore. This is AS WELL AS local personal taxes

Have a read of CFC / controlled foreign companies:
https://en.wikipedia.org/wiki/Controlled_foreign_corporation

Then the CRS / common reporting standard for how your home country will find out
https://en.wikipedia.org/wiki/Common_Reporting_Standard

As for banking in belize / payment processors for online sales for a Belize company, from what I have read on here, it is not possible. Or at least, not easy and lots of frustration and issues. But no personal experience.

 

[sullyferdinand]

akao said:
i know bz is not the best option, but it's probably the only option that fits our needs (zero or low tax and most importantly, NO accounting / auditing) - if anyone has a better option (not seychelles) where we don't need to do accounting and still can process cards without too much hassle, i'm all ears...
Click to expand...

Anguilla, Bahamas, BVI, Canada, Cayman, Florida, Delaware,Nevis, Panama, St Vincent, St Lucia, Samoa, Seychelles, Vanuatu are also countries with 0% tax (0% tax in THOSE countries, you still have to pay wherever you are resident) and no accounting

Still, its better to pay 5-10% taxes and be able to open an account in normal countries rather than have a useless IBC

 

[akao]

sullyferdinand said:
Anguilla, Bahamas, BVI, Canada, Cayman, Florida, Delaware,Nevis, Panama, St Vincent, St Lucia, Samoa, Seychelles, Vanuatu are also countries with 0% tax (0% tax in THOSE countries, you still have to pay wherever you are resident) and no accounting

Still, its better to pay 5-10% taxes and be able to open an account in normal countries rather than have a useless IBC
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Are you sure you don't need to do any sort of accounting / reporting in Delaware, Florida or Canada? Those are top options, i don't mind paying taxes, i just don't want to mess with accounting / reporting / filing

 

[user9823671]

akao said:
Are you sure you don't need to do any sort of accounting / reporting in Delaware, Florida or Canada? Those are top options, i don't mind paying taxes, i just don't want to mess with accounting / reporting / filing
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Have a read of peoples experience trying to open a bank account for a US LLC as a foreigner. Very difficult, maybe possible if you make a visit in person, but without a SSN if you get a bank account then getting a payment processor is difficult

 

[JohnLocke]

user9823671 said:
Have a read of peoples experience trying to open a bank account for a US LLC as a foreigner. Very difficult, maybe possible if you make a visit in person, but without a SSN if you get a bank account then getting a payment processor is difficult
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I can only second that.. I have requested evidence from many in order to help all of us to understand if it is possible or not to open a bank account in the USA. So far and until today I have not seen anything valid.

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[JustAnotherNomad]

@akao Where do you live? You can't legally avoid corporate income tax and accounting without economic substance. What you are trying to do will not work without breaking the law if you live in a high-tax country.

@Admin I have heard from several people that it's possible to get US bank accounts for foreign-owned LLCs. But you either have to go there in person or have somebody else open the account for you. You can't do it online.

 

[JohnLocke]

JustAnotherNomad said:
@Admin I have heard from several people that it's possible to get US bank accounts for foreign-owned LLCs. But you either have to go there in person or have somebody else open the account for you. You can't do it online.
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If you search the forum I can read that exact same maybe 1000 times, but you may also see that the reply I have made each time is the same! No real solution to make this happen, not to speak about online, that will never happen unless you use a middleman.

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[JustAnotherNomad]

I think people don't want to burn the options that still exist. From what I've heard, it's possible even in bigger banks in Florida. I'm not sure about other states.

 

[MarkRakins]

Admin said:
I can only second that.. I have requested evidence from many in order to help all of us to understand if it is possible or not to open a bank account in the USA. So far and until today I have not seen anything valid.
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First, as a frame of reference - we are working with CIS clientele for the most part, who always have problems with accounts and processing.
US bank accounts are a good option ONLY if the signer goes to the branch in person. All those 'remote' options do exist, but they are either costly, or unreliable, or even outright questionable. As a non-resident alien you wanna have your company papers, EIN, ITIN, and a lease agreement (simple co-working can work, but not with all banks). If you have all of the listed, chances of getting an account are pretty solid.

 

[sullyferdinand]

Citibank, Wells Fargo can easily open account for Delaware,Florida companies
cant be done remotely
cant be done without EIN

 

[JustAnotherNomad]

@sullyferdinand Even if they share their address with thousands of other companies?