Forming a company in Cyprus, good option for a SaaS Company?

[g0vz]

Hello everyone,

We are small company based in Canada, and we are looking to incorporate offshore now.
Based on my research i found cyprus is a good option for me, but i just want to make sure before i proceed further.

We are running a legit SaaS business and we are making around 50 to 60k per month and we are processing all payments on stripe for the last 2 years.

Main objective is to move offshore get some tax reduction.

Questions related to Cyprus.

1. Which are the payment processors / gateways available in Cyprus and what's the approval rate?
2. Do banks provide USD accounts? and will the provide a credit / debit card? (credit card with a deposit).
3. We have few remote employess located around the world, is it possible to wire out money easily to our employees easily from a Cyprus company?

And , again Cyprus is the best choice for me or is there anything better than Cyprus.

HK & SG was an option but HK not sure whether banks will approve and SG needs 30k deposit.

Let me know whats best for me.

 

[JohnLocke]

g0vz said:
1. Which are the payment processors / gateways available in Cyprus and what's the approval rate?
Click to expand...

You can use any EU payment processor for a Cyprus company, i.e. WireCard, RSB WorldPay etc.

g0vz said:
2. Do banks provide USD accounts? and will the provide a credit / debit card? (credit card with a deposit).
Click to expand...

Yes, and YES it's a visa debit card

g0vz said:
3. We have few remote employess located around the world, is it possible to wire out money easily to our employees easily from a Cyprus company?
Click to expand...

Yes, no problem they support all types of transfers i.e. SEPA, IBAN and Swift. No problems and directly from within the Internet banking.

Pretty easy to go around.

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[g0vz]

Admin said:
You can use any EU payment processor for a Cyprus company, i.e. WireCard, RSB WorldPay etc.


Yes, and YES it's a visa debit card

Yes, no problem they support all types of transfers i.e. SEPA, IBAN and Swift. No problems and directly from within the Internet banking.

Pretty easy to go around.
Click to expand...

Thanks for the response, have one more question.
Our incoming funds will be in USD, the bank account which will be opened will be in USD or EUR?
And is it possible to wire payments out in USD itself if account is in USD?

And which is the most trusted agency which i can go with if i want to form a cyprus company and what documentation they require?

Thanks

 

[negon]

g0vz said:
Our incoming funds will be in USD, the bank account which will be opened will be in USD or EUR?
Click to expand...

you can open both with Cyprus banks, no problem at all!

g0vz said:
And is it possible to wire payments out in USD itself if account is in USD?
Click to expand...

yes it's possible directly from your USD account.

g0vz said:
And which is the most trusted agency which i can go with if i want to form a cyprus company and what documentation they require?
Click to expand...

depends, if it is all white go with offshorecorpgroup.com I use them on a regular basis the same as many others here.

If it is with darks, we are a few guys here that can help! 😉

 

[hiju]

1 vote for offshorecorpgroup.com have used them before and have been fine.

 

[g0vz]

auric said:
you can open both with Cyprus banks, no problem at all!


yes it's possible directly from your USD account.


depends, if it is all white go with offshorecorpgroup.com I use them on a regular basis the same as many others here.

If it is with darks, we are a few guys here that can help! 😉
Click to expand...

Thank you for your reply @auric , i was checking offshorecorpgroup and i just want to know whether i should choose Nominee Director & Virtual office.
Do you think it's necessary, i have no idea on this so let me know.
Or can i do that part later?
And for applying for payment processor is it mandatory to have a virtual address in Cyprus?

@hiju Thanks for your suggestion.

 

[negon]

I would appoint nominees after the approval of the merchant account. It makes things much easier.

Again, only use nominees if privacy matters i.e. you don't want your name listed public anywhere.

 

[hiju]

you can always appoint nominees after the company is registered. Just consider the costs, the company need to draft new incorporation documents to reflect the new director and shareholders.

Anyway, as @auric already pin pointed it's way easier to go through the process to apply for a merchant account and bank account without nominees.