Cyprus - Adult Business

[sus53321]

Hi all,


I want to start a company in the adult business.
Please note that the business is within legal constraints, and is meant for people in age of majority, so 18 years old or older.
For this business, I will need the legal structure, bank account and also a payment processor.
I am an European citizen, and the company should be within the EU preferably.


I have seen that many big companies from related industries are also located in Cyprus, therefore I see it as a promising jurisdiction.
So, the Cyprus Limited Liability Company (LLC) seems like the best option so far in my research.


Is really Cyprus the best option for adult business? If it is not, I am open to your suggestions.


Will be there any issue to open a Cyprus bank account for such company?


Which bank do you recommend?
I believe I will need a Merchant account where the payments coming from the payment processor can be deposited.


Regarding payments processors, I am aware that we will be considered a high-risk merchant, and we won't be able to work with some of the most popular ones, but there are a few options available according to what I have read, such as CC-Bill, Verotel, Epoch or SecurionPay.
The downside is that the fees are high.


Thank you in advance, I really appreciate your help.

 

[JohnLocke]

You want to check‌ with the first three on your list if they will accept a Cyprus company for‍ that purpose, if so you are almost there, the last one, forget about them, they⁠ are a broker and really amateur in what they are doing, that's our experience.

Should you fail with the Cyprus company you could possibly check the mentor group gold for⁤ additional high risk merchant account providers.

 

[sus53321]

Thank you very much for your message.

I haven't check with the payment processors companies‌ yet, as I believe that they might required that the legal structure is formalize first‍ before going through my request.
Should I do this first?

What do you think regarding⁠ Cyprus as jurisdiction for such kind of business?
Also, I am not fully sure which⁤ kind of bank account will I need for my business, as it seems that some⁣ of this payment processors also offer Merchant Account services.

 

[CyprusLaw]

Hi,

Cyprus is indeed a very good︈ option, with many of the big businesses of this industry having presence in Cyprus, such︉ as mindgeek for example.

With respect to banking solutions, even though the banks are not︊ 'hostile' to this type of businesses it could make it hard to open an account.︋ However, a number of Electronic Money Institutions are friendly towards adult businesses and therefore could︌ offer you banking solutions.

 

[cryptomi]

i am looking for the same exact thing and i came to your same conlusion‌ but i am also considering: BVI company and Wyoming LLC.

Wycoming llc should be cheaper‍ too and with good privacy but i am not sure if it is a good⁠ option because prostitution is illegal there and there may be the risk they consider the⁤ site as soliciting prostitution or things like that even if it is not the case⁣

 

[sus53321]

So, are you looking to do business in Europe with⁢ the company being based in USA?

 

[sus53321]

Thank you for your reply.

I am confused about the type of bank account⁢ that will I need for my business.
I believe I should have one bank account︀ for my company, to handle the assets of the company, etc, and then I will︁ need a merchant account to accept payments. For the merchant account, it seems that the︂ payment processor companies could also offer me this service.
Is this correct?

Also, is it︃ possible that you let me know the Electronic Money Institutions that would be willing to︄ work with my case?

 

[1nomad]

Paxum, Cosmopayments, ePayservices‍

 

[sus53321]

Thank you! I will check those