International Payments to BVI Entity

[apocalypticviews]

Hi, my question is simple

If I establish a company in BVI and open bank accounts wherever possible, how easy is it to receive international wire transfers from EU, UAE, SE banks? At what % will they stop the transactions and ask questions?

And regarding debit card payment processors, will the major ones like Stripe accept my entity?

Thank you in advancce

 

[Sols]

Not exactly...

How do you quantify ease?⁠

Place of incorporation is just one dozens of factors that go into determining whether a⁤ transaction is held for review. However, if all else is equal, a transaction involving⁣ a BVI company is more likely to be held for review than a transaction involving⁢ a UK or EU company.

But reality isn't that simple.

As a rule of thumb,︀ it's good to assume any transaction may be held for review. However, as long as︁ you have basic documents like invoices, statements, receipts, and agreements in order, such reviews needn't︂ be a big disturbance. If you work with a good bank/EMI, they will eventually learn︃ your normal transactional patterns and only ask you about new counterparties or unusual transactions.

None of the major ones will accept a BVI company. You︅ would need a card processor in the BVI, none of which work with offshore/non-resident companies.︆

People often solve this by forming a subsidiary in US, EU, or UK which opens︇ merchant accounts and processes payments on behalf of the offshore parent company.

 

[apocalypticviews]

Thank you, your answer confirms my worries.

I would be directly receiving payments from⁠ customers, so my concern is on their bank blocking the transfers.

Would Belize be any⁤ better?

Im just worried after I incorporate no decent banks will accept me or even⁣ if they do I wont be able to receive transfers or process debit card payments.⁢

Again thank you so much.

 

[Sols]

No difference. All these classic‌ tax havens are hopeless for card processing. You either need a subsidiary somewhere else or‍ you find a non-compliant solution that costs much more.

One of⁣ the reasons why incorporations in these kind of jurisdictions are decreasing year by year.

 

[Clearsky Network]

What is the business activity?
I doubt any⁣ good processor will accept an offshore company. Like mentioned above, it can be solved with⁢ EU/UK "Payment agent". Even with this set up, a lot will depend on the business︀ activity, UBO citizenship ect...

 

[Simon4466]

What is wrong with just using the BVI as the tax free holding and setting‌ up processing somewhere else? Or are you doing something fishy?