Help with a full setup

[RAYMIND]

Hello
I'm starting a startup in the digital marketing niche, I'm planning to provide services worldwide such as: SEO, FB/GOOGLE Ads management...
The business is 100% online, I will need to receive the payments via PayPal, Credit Cards & Crypto.
I'm thinking of opening the company in Malta and opening the corporate bank account also in Malta,
But what I need is a solution for my personal banking,
I think if I opened my personal bank account in Malta I will need to pay taxes on income,
So is there any good suggestion?
I would love to have the personal bank account also in a European country,
Can you give me some suggestions?
Thank you

 

[myhand]

Setup a company in Cyprus, UK or Malta once setup travel to the country where the company is registered, ask the agent to go with you to the bank then open a PayPal account, mission accomplished.

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[RAYMIND]

khan said:
Setup a company in Cyprus, UK or Malta once setup travel to the country where the company is registered, ask the agent to go with you to the bank then open a PayPal account, mission accomplished.
Click to expand...

Thank you for the reply,
I'm not talking about the company formation process,
I'm talking about personal bank account for that setup.

 

[djaheim]

Its a Dilema, i need a full setup too. But the Beneficial ownership is a pain in the a*s. I've looked everwhere. Then there is CRS which is a completely kick in the guts.

 

[myhand]

RAYMIND said:
Thank you for the reply,
I'm not talking about the company formation process,
I'm talking about personal bank account for that setup.
Click to expand...

It's not a personal bank account you want for a company it is a corporate account, as I said, you will need to book a flight and let the agent take you by hand in order to get the account opened. You must o your homework if you want this to work. Means, have a good business plan ready, CV, website and something that show the bank how your business work- & cash flow is. Once company and bank account is done, you can proceed to paypal account opening.

djaheim said:
Its a Dilema, i need a full setup too. But the Beneficial ownership is a pain in the a*s. I've looked everwhere. Then there is CRS which is a completely kick in the guts.
Click to expand...

You need to differ between CRS and tax information exchange and to get a setup that works. It's complicated to setup something that works for both, you want to have a look in the mentor group to get further information.

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[James Turner]

RAYMIND said:
Hello
I'm starting a startup in the digital marketing niche, I'm planning to provide services worldwide such as: SEO, FB/GOOGLE Ads management...
The business is 100% online, I will need to receive the payments via PayPal, Credit Cards & Crypto.
I'm thinking of opening the company in Malta and opening the corporate bank account also in Malta,
But what I need is a solution for my personal banking,
I think if I opened my personal bank account in Malta I will need to pay taxes on income,
So is there any good suggestion?
I would love to have the personal bank account also in a European country,
Can you give me some suggestions?
Thank you
Click to expand...

Personal banking location is unlikely to change your personal tax position, but this will depend on the laws in the country you reside. It is unlikely that if you create a company in Malta and then choose to bank in the same location this will not mean personal taxes are also due in the same location. I think further information about your residential status is needed for an appropriate response to be given.

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[RAYMIND]

James Turner said:
Personal banking location is unlikely to change your personal tax position, but this will depend on the laws in the country you reside. It is unlikely that if you create a company in Malta and then choose to bank in the same location this will not mean personal taxes are also due in the same location. I think further information about your residential status is needed for an appropriate response to be given.
Click to expand...

So if I open a personal bank account in Malta, I will pay the taxes in my residential country and not Malta?

 

[James Turner]

This would normally be the case but it will depend on the tax laws in your country of residence which you have not shared with us yet.

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[RAYMIND]

James Turner said:
This would normally be the case but it will depend on the tax laws in your country of residence which you have not shared with us yet.
Click to expand...

Morocco

 

[James Turner]

You will be taxed on worldwide income in Morocco.

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[RAYMIND]

I will be taxed on the income of the company or the money on my personal bank account?

 

[James Turner]

As Morocco has a Controlled Foreign Company regime and you are taxed on worldwide income in Morocco the profits of the company will be taxable in Morocco at your rate of personal income tax. You should check this with a Moroccan accountant who can confirm the specific position in Morocco accurately for you.

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